Best Student Loan Refinance Companies of May 2021
- Best Overall: RISLA.
- Best Refinancing Marketplace: Credible.
- Best Rates: Splash Financial.
- Best Benefits: SoFi.
- Best for No Fees: Discover Student Loans.
- Best Repayment Options: CommonBond.
- Best for Student Who Didn’t Graduate: Citizens Bank.
- Best for Spousal Loans: PenFed Credit Union.
Beside above, is it worth it to refinance student loans?
You should refinance your student loans if you would save money, you can qualify and your finances are stable. … If you have federal loans and are struggling to make consistent payments, refinancing is not for you. Instead, consider federal student loan consolidation or an income-driven repayment plan.
| Lender | Best For | Fixed APR* |
|---|---|---|
| Earnest | Flexible repayment options | Starting at 2.98% |
| LendKey | Long repayment terms | 2.95% to 7.63% |
| College Ave | No fees | 3.34% to 5.69% |
| Splash Financial | Low rates | 2.63% to 6.25% (without autopay) |
Consequently, is there a downside to refinancing student loans?
The biggest drawback of refinancing your student loans is giving up the protections that you otherwise receive with federal loans, such as income-driven repayment plans.
Does Refinancing student loans hurt your credit?
Refinancing your student loans doesn’t typically cause a great deal of damage to your credit. … This won’t affect your credit at all, because it involves only a soft credit pull. Only if you find an offer you like and move forward with a full application will your chosen lender perform a hard credit check.
What credit score do I need to refinance my student loans?
650 to 680