Best Rate For Student Loan Refinance

Best Rate For Student Loan Refinance

Although student loans can be a great way to pay for school, they come with some significant downsides. The most obvious one is the high interest rates that many students face after graduation. If you’re lucky enough to have an excellent credit score and low interest rates, it might be time to consider refinancing your student loans. Here are a few things to keep in mind before refinance:


SoFi is a great option for borrowers with good credit, as they have the lowest minimum credit score requirement. SoFi offers a range of fixed and variable rates with the following terms:

  • Consistent repayment (CR)—Consistent Repayment options allow you to pay off your loan in ten years or less by extending your monthly payments over a longer period of time. Monthly payments are based on an annual interest rate.
  • Income-based repayment (IBR)—Income-based Repayment programs will consider your income when determining your monthly payment amount and how long it takes to pay off your debt. Monthly payments are based on 10% of discretionary income (money made after taxes and certain deductions).

If you have loans from multiple lenders, SoFi can consolidate them into one easy loan that makes it easier for you to track repayment progress and manage payments online. In addition, their program offers flexible loan terms so that students can tailor their loans to meet specific needs; there are no prepayment penalties either!


CommonBond is a student loan refinancing company that offers variable and fixed rate loans. The company was founded in 2012 and has grown to become one of the largest private student loan lenders in the country, with over $4 billion in student loan balances under management.

CommonBond offers three types of loans:

  • Fixed rate loans – A fixed rate means your interest rate will not change over time, but it also means you won’t benefit from any savings if interest rates drop.
  • Variable rate loans – Variable rates adjust monthly, so they can be lower than fixed rates during periods when interest rates are low and higher than fixed rates during periods when they’re high.
  • Hybrid loans (variable-to-fixed) – This type of loan allows you to choose an adjustable or fixed payment plan at the beginning of your term (up to 10 years). If you choose an adjustable payment plan, after a period of time that can vary based on your choice between three months or five years depending on whether your original term was shorter or longer than five years respectively) CommonBond will convert it into a fully-paid fixed rate loan with no penalties applied


Earnest is a student loan refinancing company that offers private student loan refinance options to borrowers. Earnest boasts a 4.5/5 star rating on TrustPilot, Glassdoor and Reddit, which makes it one of the highest-rated companies in this field.

Earnest also has several unique features that make it stand out from other lenders:

  • The company offers its borrowers three different repayment plans (Graduated Payment Plan, Extended Repayment Plan and Standard Repayment Plan) as well as forbearance options if needed;
  • For borrowers who have more than one eligible federal loan with multiple balances remaining on each account, Earnest allows them to consolidate their loans into one single monthly payment;
  • Borrowers may also be able to take advantage of their recently introduced Parent Plus Loan program which helps parents refinance their own high-interest debt—or even reduce it entirely—by giving them access to lower interest rates while they help fund their child’s education expenses


LendKey is a nonprofit lender that provides student loan refinancing options to borrowers with federal, private, and alternative loans. LendKey was founded in 2013 and began offering refinancing services in 2014. Since then, they’ve provided more than $1 billion in refinance loans to over 200,000 borrowers across the country.

LendKey offers student loan refinancing for all types of borrowers—including individuals who are current on their payments but want to lower their interest rates or term lengths; those who are struggling to make payments due to unemployment or unexpected expenses; and even those who have defaulted on their loans but want help getting back on track with repayment.


  • Credible is a good option if you have a high credit score.
  • Credible is also a good option if you have a low credit score.
  • Credible is also another option for those with higher incomes, too!

The best time to refinance student loans is when your credit score is high and the interest rates are low.

The best time to refinance student loans is when your credit score is high and the interest rates are low.

The best way to increase your credit score is to pay your bills on time, which will help you build a positive payment history.

The best way to get a good interest rate is to have a good credit score, so that you can qualify for low interest rates on other loans like mortgages or car financing.

In conclusion, it’s clear that the best time to refinance student loans is when your credit score is high and the interest rates are low. If you have good credit and a low interest rate on your federal student loans, then refinancing may be worth considering. However, if you have bad credit or no credit history at all (e.g., because you’re just starting college), then don’t worry about refinancing right now—it won’t help!

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