Reconsolidating student loan
Student loan refinancing is not the same as federal consolidation. The best refinance lender for you depends on your priorities.Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. When you refinance a federal student loan, a lender pays it off and issues you a new, private loan.
Plus, as a member, you’ll have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to So Fi events, and more.Magnify Money is an independent, advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.We do not let compensation from our advertising partners impact the order in which products appear on the site.Get started by checking your rates online in just two minutes.No origination fees in most states, no prepayment penalties. Whom do I contact if I have questions about consolidation?
There is no cap on the interest rate of a Direct Consolidation Loan.
You may be looking for ways to refinance your student loans at a lower interest rate, but don’t know where to turn.
We have created the most complete list of lenders currently willing to refinance student loan debt. Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score.
There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.
You will find all of the necessary information below.Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and $24,000 in yearly gross income.
Whether you’re looking to refinance federal student loans, pay off loans sooner, or get a lower monthly payment (maybe all three), we offer a range of rates and terms.