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Are you feeling overwhelmed by your student loan payments? Refinancing your student loans might be the smart move you're looking for. It can lead to lower interest rates, smaller monthly payments, or even help you pay off your debt faster. But, with so many banks out there, how do you choose the right one?
Don't worry, we've got you covered! In this article, we're diving into the best banks for refinancing your student loans. We'll explore what makes each one stand out, so you can make an informed decision that fits your financial needs. Let's get started on your journey to a more manageable student loan experience!
Our Top Picks for Student Loan Refinancing and Consolidation
The choice to refinance your student loans is a great way to tackle college debt and lower your monthly payments. Learn about the best banks to refinance and consolidate student loans and start saving!
Compare the best lenders to refinance student loans like LendKey, Earnest and SoFi.
- Easy online application
- 0.25% APR discount with autopay
- No hard credit pull required
- Customized loan terms
- Instant interest rate estimate
- Incomplete degrees are accepted*
- No hidden fees
- 0.25% rate discount with AutoPay
- Graduate, Parent PLUS, private loans
Making any decision that has to do with your finances is a big step and an important task. Finances are tricky, and it’s crucial to approach it in the right way and weigh your options.
According to CNN, student loan debt in the United States has recently reached $1.5 trillion, which means there are a fair amount of college graduates still in debt. While no one likes to be in debt, lots of people are constantly looking for new ways to approach paying off their student loans in an efficient way. Refinancing your student loans is an option when trying to save money in the long run, so it’s definitely something to consider.
When you start to think about refinancing your student loans you may be on the fence about it because it may or may not be the best step for you. You’ll want to way the pros and cons of refinancing to decide what is the right decision for you and your finances.
Before making the decision you may want to think about a few things like, how much money you owe, what you can afford, and if there has been a change in your credit score or salary recently.
If you have done your research and are ready to refinance then you'll benefit from learning about our top 5 picks for refinancing student loans.
Who's eligible?
Each lender has its own qualifications but you'll want to demonstrate that you have a solid history of repaying back debt, have a decent credit score, and have a stable income.
Even if you aren't making a six figures salary, you should look into if you're eligible to refinance. The average recent grad who has refinanced their student loans had an average income of $54,000 and a student loan balance of $49,320, according to Credible.
Credible knows this space well and offers student loan refinancing and private student loans. After providing some quick information to Credible, they will find you the best rate from up to 10 lenders. Credible will even give you $200 if you find a better rate somewhere else.
Refinance Student Loans with Credible
- Compare prequalified refinancing rates from up to 10 lenders
- Credible users save an average of $18,000
- Fill out a simple 2-minute form to compare rates
- Checking your rates won't affect your credit score
So if even if you do not think you are eligible for student loan refinancing, it doesn't hurt to check and it doesn't hurt your credit score.
What can refinancing do for you?
Refinancing can sound confusing, but it isn't. Searching for “best student loan refinance reddit” comes up with a ton of results but the goal of your refinancing your student loans is to pay less on your loans over the long term.
Refinancing your federal student loans or private student loans can get you a lower rate and possibly favorable repayment terms.
According to CNN, On average, borrowers who refinanced reduced their rate by 1.7 percentage points, cut their term by five years and can expect to save $18,668 over the life of the loan, according to the report.
Where to refinance?
The lenders in the table below are our picks for the best banks to refinance student loans and consolidate student loans and start saving more money in 2024! These lenders don't charge origination fees or closing fees and provide the best rates.
Benefits from these student loan refinancing banks
Rest assured, when you choose to refinance your student loans with a new company, they may have a set of benefits for their customers. Some refinancing companies have options to make bi-weekly payments to help with interest or to even have the flexibility to skip a payment during a difficult month. It is good to research your potential companies before choosing who to refinance with and base your choices on the benefits they give.
The choice to refinance your student loans can be a great way to tackle college debt and lower your monthly payments. Everyone wants to save money, and refinancing could be the option for you to pay off your debt sooner and possibly build up your savings a little bit more. While refinancing your loans may not be the best option for everybody, weighing your options will help decide if refinancing might be good for you and your bank account. With lower interest rates, refinancing may help you save a lot of money on your overall student loan debt. best student loan refinance reddit
Other resources to help pay down your student loans
If you are looking for ways to pay off your student loans here are some helpful resources:
- Creative Ways To Pay Off Student Loans Faster Than Ever
- How to Survive and Thrive While on a College Budget
Have any questions about the best banks to refinance student loans? Leave us a comment below.
