Introduction: Best Student Loan Refinance Companies: Save Big in 2024
Refinancing student loans is a smart financial strategy that can help reduce interest rates, lower monthly payments, and save thousands over the life of your loan. Whether you’re consolidating multiple loans or looking for flexible repayment options, selecting the right lender makes all the difference. In this article, we explore the Student loan refinancing companies. like Earnest, SoFi, Splash Financial, and LendKey.
Each lender offers unique benefits, such as no early payment penalties, co-signer removal options, and unemployment protection, making it easier for borrowers to manage and pay off their loans efficiently.
Let’s dive into the top lenders and find the one that suits your financial goals!
Top Student Loan Refinance Companies: Save Time and Money
So today we’re going to be breaking down some of the top student loan refinance companies. Now refinancing your student loans only takes a couple of hours but can save you thousands and thousands of dollars. So let’s go ahead and go through this list and see which company might work best for you.
Earnest Student Loan Refinance
So when we hop on here the first company we’re going to see is Earnest. Now Earnest is a company that is going to allow you to do a couple of really awesome things:
- First and foremost, it is entirely free to refinance your student loans with them.
- There are no early payment penalties, so if you’re somebody who wants to pay down your loan even faster, you can definitely do so.
- You can adjust payment dates, so if certain dates work best for you, you can go that route.
- You can also do bi-weekly auto pay, which helps a lot of people to knock down those student loans even faster.
- The really cool thing about Earnest is that they actually analyze beyond just the credit score. They look at other portions of your history, such as paying rent or your phone bill, which will have an effect when looking at your credit score.
- You can combine multiple loans, so if you have loans from different companies or schools, you can actually have those all combined. Student loan refinancing companies.
- You can skip one payment per year, maybe if something is going on and you need to skip a payment. Keep in mind that that payment does get tacked on to the end.
- Earnest also offers disability and death benefits, which is a big deal when it comes to student loans because those are one of the only things that are not forgiven. However, Earnest will still give you that forgiveness, but you have to make sure you follow along with the stipulations to get those benefits.
- Additionally, there is a $100 bonus currently for refinancing your student loans, which I will have a link to them and everybody else we talk about in the show notes down below. If you want to click on that link, it supports the channel and takes you right to the page with that nice little bonus.
SoFi Student Loan Refinancing Options
Now next up here is going to be with SoFi. So SoFi is also free to refinance as well, and there are also no early payment penalties. Here are some key points:
- There is a $5,000 minimum, so you want to make sure that you’re refinancing a decent amount with them.
- There is an auto pay discount, so if you want to save some money, you can have everything through auto pay.
- There is also unemployment protection. If something happens to you, you can actually get your loans put on furlough until you can get back on your feet.
Key Considerations for SoFi
Now you cannot remove a cosigner, so this is something you want to keep in mind if you have a parent or somebody else cosigning these loans with you. You do also have to have a credit score of 650 or more. The really cool thing with SoFi is if you go ahead and refinance with them through the link in the show notes, you get a $300 bonus for going through and completing that. Not only are you saving on the interest, but you’re getting that nice bonus on top of it.
Splash Financial: Best for Medical Loans
Now next up here is going to be with Splash Financial. This is also a free-to-refinance company, and there are also no early payment penalties. You might be able to see a trend of the companies I’m recommending, which are all free to refinance and pretty much have no early payment penalties. Student loan refinancing companies.
Top Features of Splash Financial
Those are all really important to me, and I want to make sure that I pass on these great offers to you as well. Now Splash Financial also has a $5,000 minimum, so we need to make sure that you have a decent amount in student loans to refinance. They’re actually great for medical student loans. If you are in medical school and need a refinance, Splash Financial originally focused on refinancing medical loans, so they have a nice specialty in helping those students.
Co-Signer Removal Options and Credit Score Needs
With Splash Financial, you can actually remove a co-signer. If you have a family member or a friend who co-signed with you, you can get them removed. You need to have a 650 credit score during the process. There is a soft pull when checking your credit, but most of these companies perform the same soft pulls. Once everything is processed fully, it will result in a hard pull on your credit.
LendKey Student Loan Refinancing
Now next up here is going to be LendKey. Just like the other ones, it’s free to refinance, with no early payment penalties and also a $5,000 minimum.
LendKey: Features and Benefits
This option is great for medical loans, and you can remove a co-signer as well. LendKey only requires a 650 credit score and offers forbearance for up to 18 months. Keep in mind that those 18 months will still be added towards the back end if needed.
Understanding Credit Pulls and Rate Comparison
You can also check your rates without triggering a hard credit pull, but if you go through the entire process, your credit will eventually undergo a hard pull once your loan is officially refinanced.
Frequently Asked Question (FAQS)
Conclusion
In conclusion, refinancing your student loans can be a game-changer, helping you save money and manage your payments more effectively. Whether you choose Earnest, SoFi, Splash Financial, or LendKey, each company offers unique benefits tailored to your needs. Student loan refinancing companies. Be sure to consider key factors such as minimum loan amounts, cosigner options, and credit score requirements when making your choice. For the best deal, take the time to compare rates and features, and don’t forget to take advantage of any available bonuses. Start your refinancing journey today and take control of your financial future!
Q1: What is the benefit of refinancing student loans with Earnest?
A: Refinancing with Earnest offers several advantages:
- It’s completely free, with no early payment penalties.
- You can adjust payment dates to match your preferences.
- They assess your financial history beyond credit scores, including rent and phone bill payments.
- Multiple loans can be consolidated into one, simplifying management.
- Earnest offers a unique $100 bonus for refinancing and includes disability and death benefits.
Q2: How does SoFi help during unemployment when refinancing student loans?
A: SoFi provides unemployment protection, allowing you to pause payments during financial hardship. This feature ensures borrowers have time to get back on their feet without defaulting on their loans.
Q3: Which student loan refinance company specializes in medical student loans?
A: Splash Financial focuses on refinancing medical student loans. They also offer a co-signer removal option and require a minimum loan amount of $5,000.
Q4: What is the minimum loan amount required for SoFi and Splash Financial refinancing?
A: Both SoFi and Splash Financial require a minimum loan amount of $5,000 to be eligible for refinancing.
Q5: Can co-signers be removed from student loans with Splash Financial and LendKey?
A: Yes, Splash Financial and LendKey allow borrowers to remove co-signers after meeting specific requirements, providing greater flexibility for both parties involved.
Q6: What are the benefits of using LendKey for student loan refinancing?
A: LendKey offers:
- No early payment penalties and a $5,000 minimum loan requirement.
- Co-signer removal options and 18-month forbearance in case of financial difficulty.
- Rate comparison without triggering a hard credit pull initially.
Q7: Does Earnest offer any bonuses for refinancing student loans?
A: Yes, Earnest currently offers a $100 bonus for refinancing student loans, making it an attractive option for borrowers looking to save money.
Q8: What credit score is needed to refinance with SoFi and Splash Financial?
A: Both SoFi and Splash Financial require a minimum credit score of 650 to qualify for refinancing.
Q9: What makes Earnest stand out from other student loan refinance companies?
A: Earnest analyzes your financial history beyond credit scores, allowing payments like rent and phone bills to influence loan approval. Additionally, borrowers can skip one payment per year if needed.
Q10: How does LendKey handle hard and soft credit pulls for refinancing?
A: LendKey initially performs a soft credit pull to display potential rates. A hard pull occurs only after the refinancing process is officially finalized.