PLACES TO REFINANCE STUDENT LOAN

The Best Places to Refinance Student Loans in 2021

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If you’re struggling with your student loan debt, refinancing could be a smart move. Refinancing your student loans allows you to lower your interest rate, save money on monthly payments, and pay off your loans faster. But where should you refinance your student loans? With so many lenders out there, it can be tough to know which one is right for you. In this article, we’ll take a closer look at the best places to refinance student loans in 2021.

1. SoFi

SoFi is one of the most well-known online lenders for student loan refinancing, and for good reason. SoFi offers some of the lowest interest rates in the industry, and it doesn’t charge any origination fees. Plus, SoFi offers unique perks like career coaching and entrepreneurship support.

If you have a good credit score and a steady income, SoFi could be a great choice for you. However, SoFi is notorious for having strict eligibility requirements, so not everyone will qualify for a loan.

2. Earnest

Earnest is another popular option for student loan refinancing. Like SoFi, Earnest offers competitive interest rates and doesn’t charge any application or origination fees. But what sets Earnest apart is its flexibility.

Earnest allows borrowers to customize their loan terms to fit their needs. You can choose your loan term, monthly payment, and even the day of the month that your payment is due. The downside? Earnest doesn’t offer as many perks as some of its competitors.

3. CommonBond

CommonBond is a newer player in the student loan refinancing game, but it’s made a name for itself by offering some of the lowest interest rates in the industry. In addition to low rates, CommonBond offers an easy application process and a quick turnaround time.

CommonBond also has a social mission. For every loan it funds, the company also helps fund the education of a child in need through its partnership with Pencils of Promise. So, if you’re looking for a lender that aligns with your values, CommonBond might be the right choice for you.

4. Splash Financial

If you’re a medical professional or dentist, you might want to check out Splash Financial. Splash offers tailored loan options specifically for those in the healthcare field, with competitive interest rates and no hidden fees.

Plus, Splash offers a unique referral program that allows you to earn up to $1,000 for every friend you refer who refinances their loans with Splash. If you work in healthcare and want to refinance your student loans, Splash might be the perfect choice for you.

5. LendKey

LendKey is a unique lender that partners with community banks and credit unions to offer student loan refinancing options. Because LendKey works with smaller, local lenders, it can often offer lower interest rates than bigger lenders like SoFi and Earnest.

Additionally, LendKey offers a cosigner release program, which allows you to remove your cosigner from your loan after you’ve made a certain number of on-time payments. This can be a huge relief if you have a cosigner on your loans and want to release them from their obligation.

6. Laurel Road

Laurel Road is a great option for borrowers with high credit scores and high income levels. If you qualify, Laurel Road can offer some of the lowest interest rates in the industry, as well as flexible loan terms.

Additionally, Laurel Road offers unique perks like a specialized program for dental and medical professionals that includes lower interest rates and tailored loan options.

7. PenFed Credit Union

PenFed Credit Union is a great choice for borrowers who want the stability of working with a credit union. PenFed offers competitive interest rates and a range of loan terms to fit your needs.

Plus, PenFed offers some unique perks like a 0.25% discount on your interest rate if you sign up for autopay, and the ability to apply for loan forgiveness in the case of death or disability.

8. Aspire Federal Credit Union

Aspire Federal Credit Union is another credit union that offers student loan refinancing options. Aspire offers competitive interest rates and a range of loan terms, as well as deferment and forbearance options if you need to pause your payments for any reason.

What sets Aspire apart is its dedication to financial education. The credit union offers a range of resources to help you stay on top of your finances, including webinars, calculators, and articles on personal finance.

9. Discover

Discover is a well-known credit card issuer, but it also offers student loan refinancing options. Discover offers competitive interest rates and flexible loan terms, as well as a range of loan repayment programs.

Additionally, Discover offers a unique “Certified Private Loan” option, which allows you to refinance your federal loans with a private loan from Discover. This can be a great option if you’re looking to simplify your payments or lower your interest rate.

10. Citizens Bank

Citizens Bank is another traditional bank that offers student loan refinancing options. Citizens Bank offers competitive interest rates and flexible loan terms, as well as the option to add a cosigner to your loan.

What sets Citizens Bank apart is its customer service. The bank has a dedicated team of loan specialists who can help you through every step of the refinancing process, and its website offers a wealth of resources to help you make informed decisions about your loans.

Conclusion: Best Places to Refinance Student Loans in 2021

If you’re struggling with student loan debt, refinancing could be a smart move. By refinancing your loans, you can lower your interest rate, save money on monthly payments, and pay off your loans faster.

In this article, we’ve highlighted the best places to refinance student loans in 2021. From SoFi and Earnest to CommonBond and LendKey, there’s a lender out there that’s right for you.

Remember, when you’re choosing a lender, it’s important to shop around and compare your options. Consider things like interest rates, fees, loan terms, and customer service before making your decision.

Thanks for reading, and we’ll see you in the next article!

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