5 Best Student Loan Refinance Companies In 2024

5 Best Student Loan Refinance Companies In 2024

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by Micah James — 2 months ago in Finance 6 min. read
1527

Updated On 02 January 2024

Looking for the best student loan refinance companies this year? Get the top lenders names in this blog.

Student loan refinance companies can help you pay off your debts at lower monthly interest rates and save money in the long run.

In this blog, explore the best student loan refinance companies without cracking your head.

Best Student Loan Refinance Companies In 2024

👉 RISLA – Best for graduate and undergraduates

👉 Credible – Best to find low-interest loan terms

👉 SoFi – Trusted student loan refinancing firm

👉 PenFed – Best for parents

👉 Earnest – Best for flexible repayment terms

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Know the reasons why we choose these refinancing private student loans. Read on to acknowledge our top picks for the best student loan refinancing companies of 2024.

1. RISLA – Best for graduate and undergraduates

RISLA student loan refinance company

Why we choose it: RISLA is undoubtedly the best student loan provider and we kept at the top of the list because of its varying borrower protection program.

Particularly, the program covers income-based repayment protection against temporary financial setbacks. There is a payment forbearance program in which borrowers can lower student loan payments for a short period.

Another reason to like this firm is its forgiveness scheme upon permanent disability or death of a student. Considering RISLA for refinancing student loans is a good option.

Pros:

  • In-school refinancing available
  • No hidden fees involved
  • Rewards schemes for internships and nurses

Cons:

  • Only offers fixed-rate loans
  • No cosigner release
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RISLA Refinancing Student Loan Highlights

  • Minimum income requirements – $40,000
  • Minimum credit score – No minimum credit score
  • Loan amount – $7,500 to $250,000
  • Loan terms – 5, 10, and 15 years
  • Eligible loan types – Federal and private
  • Fixed interest rate – 5.79%-8.74% APR

2. Credible – Best to find low-interest loan terms

Credible best for low rates loans

Why we choose it: We choose Credible in second place because it provides risk-free and accurate loan rates from top lenders. Users can explore dozens of top lenders’ student loan rates by filling out a single application form and comparing them for better savings.

At the click of a button, you have a list of transparent and reliable lenders for personal, student, and mortgage loans. Use the apply button to contact the top lenders for inquiries.

Pros:

  • No risk, no spam
  • 100% free to use
  • Parent and student loan refinancing

Cons:

  • Repayment policies vary by company
  • Credible Refinancing Student Loan Highlights
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Credible Refinancing Student Loan Highlights

  • Minimum income requirements – Vary by lenders
  • Minimum credit score – Vary by lenders
  • Loan amount – $5,000 up to total balance
  • Loan terms – 5-20 years
  • Eligible loan types – Federal and private
  • Fixed interest rate – 4.90% – 11.83% APR
  • Variable interest rate – 5.28% – 14.51% APR

3. SoFi – Trusted student loan refinancing firm

Trusted student loan refinancing firm

Why we choose it: We picked SoFi as a trusted refinancing student loan at number three. Borrowers can gain many advantages from SoFi members such as competitive fixed rates, absolute zero origination fees, lower monthly payments, etc.

The additional advantages of refinancing with SoFi are career coaching, financial planning, and estate planning discounts. You have to pass pre-qualification online, then select your rate and term and wait for the paperwork to be complete.

Pros:

  • Forbearance programs
  • Parent loan refinancing is available
  • Special payment plans for medical residency

Cons:

  • High credit score needed
  • Does not allow co-signer releases
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SoFi Refinancing Student Loan Highlights

  • Minimum income requirements – Does not disclose
  • Minimum credit score – Does not disclose
  • Loan amount – $5,000 up to total balance
  • Loan terms – 5-20 years
  • Eligible loan types – Federal and private
  • Fixed interest rate – 5.24% – 9.99% APR APR
  • Variable interest rate – 6.24% – 9.99% APR

4. PenFed – Best for parents

PenFed Credit Union Best for parents

Why we choose it: PenFed is a brilliant service provider in student debt and federal parent PLUS loans. We liked it because PenFed Credit Union allows parents to refinance student loans and transfer them to their children as long as requirements are pursued.

Also, most lenders restrict transferring debt to another person’s name, but this could be possible with PenFed. So, it’s an invaluable recommendable for parents looking for student loan refinancing.

Pros:

  • Cosigner release is available
  • Graduates can take over Parent PLUS loans
  • Spouses can refinance their student loans together

Cons:

  • No autopay discountPenFed Refinancing Student Loan Highlights
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PenFed Refinancing Student Loan Highlights

  • Minimum income requirements – $42,000 to $50,000
  • Minimum credit score – 670 and high
  • Loan amount – $7,500 minimum, $300,000 maximum
  • Loan terms – 5 to 15 years
  • Eligible loan types – Federal and private loans
  • Fixed interest rate – 7.74%-9.93% APR
  • Variable interest rate – Unavailable

5. Earnest – Best for flexible repayment terms

Best for flexible repayment terms

Why we choose it: Earnest is mentioned in this list because its customizing loan repayment benefits borrowers to pick the monthly payment that fits their budget, and locate the repayment term based on that amount. For example, borrowers can set terms for an uncommon number like 7.5 years.

Additionally, it does offer private and federal loans at lower rates including biweekly or monthly payment selections. You can adjust in payment date for each month and even skip a payment without penalties.

Pros:

  • Customizable payments
  • Monthly and biweekly payments available
  • Make extra or early payments with no fees

Cons:

  • No co-signer releases
  • Not available in Kentucky or Nevada
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Earnest Refinancing Student Loan Highlights

  • Minimum income requirements – Does not disclose
  • Minimum credit score – 650 and high
  • Loan amount – $5,000 up to $500,000
  • Loan terms – 5 to 20 years
  • Eligible loan types – Federal and private loans
  • Fixed interest rate – 5.19% – 9.74% APR (includes 0.25% autopay discount)
  • Variable interest rate – 5.72% – 9.74% APR (includes 0.25% autopay discount)

Pros And Cons Of Student Loan Refinance Companies

Following are the pros and cons of considering debt providers for student loan refinancing.

Pros:

  • They may provide a range of financial products and services such as savings accounts, investment opportunities, and financial planning, including refinancing student loans.
  • Considering debt lenders may also provide you with access to professional advice and support to better manage your finances.
  • Refinancing with a reputable lender may positively impact your credit score. Timely payments and a good history of borrowing help improve your credit profile.

Cons:

  • Usually, their terms and conditions are rigid and sometimes hard to familiarize in the head.
  • Some private loans may have prepayment penalties or fees for paying off the loan early.
Also read: The Top 10 In-Demand Tech Skills you need to have in 2021

Final Thoughts

Before ending this blog, some recommendations to help you choose the right student loan refinance providers.

  • Investigate the reputation of potential lenders.
  • Compare interest rates and fees from different lenders.
  • Consider the quality of customer support offered by the lender
  • Ensure that the lender provides options for deferment or forbearance.

That’s all in this blog. Thanks for reading 🙂 Have a good day!

Frequently Asked Questions

What is the difference between federal and private student loans?

Federal student loans are offered by the government and often have fixed interest rates, income-driven repayment plans, and forgiveness options. Private student loans are offered by private lenders and may have variable interest rates.

How do I compare interest rates and fees for student loans?

Compare the interest rates and fees associated with different lenders. Consider the overall cost of the loan, including any origination fees.

Can I defer or forbear student loan payments?

Consider RISLA and SoFi debt providers as they provide forbearance programs at a glance along with many other schemes.

Should I consult with a financial aid advisor?

Yes, seeking guidance from a financial aid advisor at your school is recommended. They can teach you the application process, and provide personalized advice as well.

Micah James

Micah is SEO Manager of The Next Tech. When he is in office then love to his role and apart from this he loves to coffee when he gets free. He loves to play soccer and reading comics.

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