BEST STUDENT LOAN REFINANCE OFFERS

The Best Student Loan Refinance Options in 2021

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If you’re someone who is struggling with student loan debt, you’re not alone. According to recent studies, the average student loan borrower graduates with over $37,000 in student loan debt. These high levels of debt can cause stress and anxiety for borrowers, making it difficult to make ends meet. However, there is hope – student loan refinancing.

Refinancing your student loans can help you reduce your monthly payments, lower your interest rates and even help you pay off your debt faster. But with so many different options out there, how do you know which one is the best for you? In this article, we will explore the best student loan refinance options available in 2021.

What is student loan refinancing?

Student loan refinancing is the process of taking out a new loan to pay off your existing student loans. When you refinance your loans, you are essentially trading in your old loans for a new one with different terms and interest rates. This can be a great way to save money and make your loan payments more manageable.

How to choose the best student loan refinance option for you

Choosing the right student loan refinance option can be a daunting task, but it doesn’t have to be. There are a few key factors to consider when selecting a lender, including interest rates, repayment terms, and fees.

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Interest rates are one of the most important aspects to consider when choosing a lender. The lower the interest rate, the less you will pay in interest over the life of your loan. You’ll also want to think about whether you want a fixed or variable interest rate loan. Fixed interest rates stay the same throughout the life of your loan while variable interest rates can fluctuate over time.

Repayment terms refer to how long you have to repay your loan. Some lenders offer longer repayment terms, which means you’ll have more time to pay off your loan but will ultimately pay more in interest. Other lenders offer shorter repayment terms, which means you’ll pay your loan off faster but the monthly payments will be higher.

Lastly, you’ll want to look at any fees associated with the loan. Some lenders charge origination fees, which can be a percentage of the loan amount. You’ll also want to see if there are any prepayment penalties, which can be charged if you pay off your loan early.

The Best Student Loan Refinance Options in 2021

Now that you know what to look for in a student loan refinance option, let’s take a look at some of the best lenders available in 2021.

1. Credible

Credible is a marketplace that allows you to compare multiple lenders all in one place. They offer both fixed and variable interest rate loans and have no origination fees or prepayment penalties. They also offer a referral program where you can earn up to $1,000 for referring friends and family.

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2. Earnest

Earnest is a lender that uses a unique underwriting process to determine the interest rate and repayment terms for each borrower. They offer both fixed and variable interest rate loans and have no origination fees or prepayment penalties. They also offer a flexible repayment plan, allowing borrowers to change their payment date or amount if needed.

3. SoFi

SoFi is a lender that offers both student loan refinancing and personal loans. They offer both fixed and variable interest rate loans and have no origination fees or prepayment penalties. They also offer career coaching and other member benefits to help borrowers succeed in their careers.

4. Discover

Discover is a lender that offers a range of financial products, including student loan refinancing, personal loans, and credit cards. They offer both fixed and variable interest rate loans and have no origination fees or prepayment penalties. They also offer a 0.25% interest rate discount for automatic payments.

5. CommonBond

CommonBond is a lender that offers student loan refinancing as well as other financial products like personal loans and mortgages. They offer both fixed and variable interest rate loans and have no origination fees or prepayment penalties. They also offer a unique “Social Promise” program where they donate money to education-related causes for every loan they fund.

Conclusion

In conclusion, if you’re struggling with student loan debt, student loan refinancing can help you save money and make your payments more manageable. When choosing a lender, be sure to consider interest rates, repayment terms, and fees. And remember, there are many great lenders out there, so be sure to shop around and find the one that’s right for you. Thanks for reading, and we’ll see you in our next informative article.