Student loan refinance is a great way to reduce the financial strain of multiple student loans. Talented, young entrepreneurs who start their business right after completing a bachelors or masters finance degree can greatly benefit from student loan refinance option. It is basically a new loan that helps you pay off both federal and private student loans. By refinancing your student loans, you have to pay a single loan at a comparatively lower interest rate. What’s more, student loan refinance options can even consolidate previously consolidated loans. If you are considered eligible to receive student loan refinance, your monthly loan repayment amount will decrease considerably. This is a great option for graduates who want to use their money start a business after graduation. You can think of it as student business loan. However, to make the most of student loan refinance, you have to select the best student loan refinance options available. In this post, some of the best options have been explained to help you choose.
Purefy is an online-only lender with great student loan refinance options. This company is particularly great if you are married and would like to refinance loans together with your partner. This student loan refinancer offers deferment and forbearance for those times when you need it most. You will never have to worry about not being able to make a payment. In addition, the online lender has co-signer releases available if you need those services. Consider learning more about Purefy if you want to refinance loans with a partner or significant other.
One of the best student loan refinance options, Earnest helps in saving interest amount over $1000 through personalizing the interest rates. Earnest offers fixed interest rate of 3.50% and variable interest rate starting from 1.90%. But, as an added advantage, the borrowers can easily switch from fixed to variable interest rates at any point in the loan’s lifetime. Choosing Earnest also gives you access to a dashboard where you can set exact monthly payments, change payment amount and make early payments without fees. There are many other benefits that Earnest offers like no application fee or origination fee, optional bi-weekly payment cycle and unemployment protection. In addition, it lets you skip payment to make it up later and deferment of payment up to 3 years, if you choose to study further. All in all, Earnest is a very convenient student loan refinance option for students who know the cost of debt. The added payment flexibility can help you save to start your business.
A popular student loan refinance company, Social Finance (SoFi) offers both refinancing and consolidation services. Started by a group of Stanford business students, SoFi provides fixed loans starting from 3.50% interest rates and variable loans starting from 1.90% interest rate. In addition to lower interest rates SoFi also gives unemployment protection by pausing payments in case you lose employment. In case your start up fails, you will still have some protection on your student loan debt. Moreover, its excellent career services and entrepreneur programs enable borrowers to launch their career with confidence. Its easily accessible customer service and quick application process a maximum term of 20 years make SoFi a hassle free student loan refinance option.
LendKey is yet another beneficial student loan refinance company that takes help of local credit unions to offer best interest rates. It has been formed by several non-profit credit unions across USA. By applying with LendKey you will get student loan refinance through a community bank. Aiming to reduce borrower’s financial obligations, LendKey has even started offering more competitive interest rates on top of their other investment planning services. As of now, you can get 3.25% fixed rate on 5 year loan plan and variable interest rates starting from 1.93%. With LendKey you need not worry about hidden charges like origination fees or penalties on paying in advance. Furthermore, LendKey offers personalized student loan refinance quotes and pay only interests up to four years. Greater chance of approval and competitive interest rates make LendKey a popular student loan refinance option.
A comparatively new entrant in the student loan marketplace, CommonBond is already serving around 700 graduate programs across USA. This borrower friendly student loan refinance company has raised $100 million in funding to make student debts easier to bear. Presently, CommonBond offers three types of student loan refinance options, variable rates, fixed rate and hybrid rates. With CommonBond you can get lowest student loan refinance interest rates. Their variable rates start from 1.93% and fixed interest rate starts from 3.50%, which is miles better than the APR on your first credit card. Along with low interest rates you will gain benefits like no hidden charges or prepayment penalty, deferment options and borrower protection with CommonBond. The fact that both graduates and undergraduates can get student loan refinance through CommonBond makes it a more practical choice.
Darien Rowayton Bank
Based in Darien, Connecticut, the Darien Rowayton Bank has become a student loan refinance option of thousands of students exchanging money with various institutions. Its unbelievably low interest rates considerably cut down the student loan repayment burden of borrowers. At present, Darien Rowayton Bank is offering fixed rates from 3.50% and variable rates starting from 1.92%. Besides, borrowers can choose from eight advantageous refinance and consolidation options with Darien Rowayton Bank. But, stricter eligibility criteria makes Darien Rowayton Bank student loan refinance slightly harder to get approved for.
CollegeAve Student Loans
CollegeAve is an excellent option for student loan refinance, perhaps one of the best available. This refinance lender offers fixed APR rates from 4.15% to 6.75% based on credit worthiness. In addition, their variable rates are incredible as well, from 2.63% to 5.88%. However, CollegeAve may not be the refinancing option for everyone, as you must have a credit score of at least 750 to be considered. If you need to refinance student loans with a balance of $5,000 to $250,000 and you have a great credit score, consider CollegeAve student loans.
Student loan refinance makes managing various student loans easier for those of us who do not quite have a wealth engine of a career just yet. It allows the recent graduate save money for their business while improving his or her credit score. A comparatively lower interest rate and flexible pay back terms make student loan refinance options more pragmatic. Though there are several different student loan refinance companies, you can select the most favorable option by comparing their pros and cons. Then, you’ll have the increased financial resources to launch your first start up and start paying them back.
Image from http://stopout.org/tag/student-loan/