Best Bank To Refinance Student Loan
If you have student loan debt, it can feel like a huge weight on your back. And if you’re looking for a way to relieve that burden, refinancing might be an excellent option. Refinancing means taking out a new loan with better terms than the one you already have—usually at lower interest rates and longer repayment periods. But while this may sound good in theory, it’s not always easy to find the right lender or even the right kind of loan. So here are my top picks for banks that offer student loan refinancing:
Optimal Blue Student Loan Marketplace®
The Optimal Blue Student Loan Marketplace® is the best online platform to refinance student loans. If you have federal or private student loans, are looking for a new loan as well as repaying your existing debt, this lender is an excellent choice.
If you’re worried about the application process, don’t be! There are no origination fees, prepayment penalties or application fees with this lender. You will also avoid annual fees and hidden costs with no income verification or credit check required.
SoFi
If you have a strong credit score and a good income, SoFi might be your best bet.
- There are no origination fees with SoFi.
- You can choose to pay your loan off in full at any time without penalty or interest.
If you’re not sure if SoFi is the right lender for you, here’s what else they offer:
PenFed
PenFed was founded in 1935 as the United States Army Aviation Finance Office. It has since evolved into a federal credit union that serves more than 650,000 members. PenFed offers a variety of loan products, including student loans and home equity lines of credit. They also offer refinancing options for existing student loans from other lenders.
PenFed is one of the best banks to refinance your student loans because they pride themselves on their excellent customer service and competitive rates.
Citizens Bank
Citizens Bank offers a student loan refinance program with fixed rates starting at 3.99% APR. You can use the Citizens Bank Student Loan Refinance Calculator to determine if you qualify for this program and what your monthly payments would be.
Citizens Bank’s student loan refinance program may be ideal for borrowers who:
- Wish to reduce their monthly payment and lower their overall interest rate.
- Want a fixed rate product that does not have an introductory or variable interest rate period.
First Republic
First Republic Bank is a national bank that has been in business since 1983. First Republic is also a full-service private bank, which means it offers all the services you’d expect from any other type of bank—savings accounts, checking accounts, credit cards and mortgages—plus some extras like investment planning and wealth management services.
First Republic’s student loan refinance program allows you to consolidate multiple federal or private loans into one easy monthly payment at an interest rate up to 2 points lower than what you’re paying now (but never lower than 6%). There’s no origination fee for this product either!
Earnest
Earnest is a great option for borrowers who want to refinance their student loans. They have a great reputation, as they’ve been in business since 2012 and have helped tens of thousands of people successfully get out of debt.
Earnest is also a good choice for borrowers who have higher credit scores (720+) and make more than $50,000 per year. This is because Earnest looks at your income when deciding whether or not you qualify for refinancing so having higher earnings will make it easier for you to be approved by them.
If you do decide that Earnest refinancing is right for you, be sure to check out their customer service department! Their representatives are some of the best around – they always take care of their customers quickly and efficiently which makes everyone happy!
Wells Fargo
Wells Fargo is a good option if you are looking to refinance a student loan. Wells Fargo offers a wide range of student loan refinancing options and also has a variety of repayment plans for existing loans.
Wells Fargo is one of the best banks in the country, offering many financial solutions for students and graduates who need help with their loans.
Just make sure you do your research!
Just make sure you do your research!
After all, you don’t want to be stuck with a bad deal.
As you can see, there are many options for refinancing your student loans. It’s important to do your research and understand what each lender offers. If you have any questions or would like help finding the right lender, please reach out to us at [email protected]