Most Reliable Student Loan Refinance in 2022

Discover offers student loan refinance options for those who may wish to restructure an existing federal or private student loan; they may want to reduce the stress of financial obligations. Those interested have plenty of repayment options which gives lots of flexibility, especially for struggling borrowers. 

You can refinance loans of $5,000 or above. You can also choose whether you’d like a fixed or variable interest rate. One of the immediate benefits of receiving a student loan refinance from Discover is that they don’t change any usual fees typically associated with student debt. Three are no fees for application, prepayment, origination, or penalties for late payments or insufficient funding. 

If you change your mind about the student loan refinance rates you agreed to or the loan terms within three days after final disclosure, you can request a cancelation without any penalties or charges. Borrowers have a wide array of choices for repayment which include deferment, payment reduction, forbearance, payment extension, and more. Applying is also very easy and can be done online via their website.

A limitation of Discover that other student loans refinance companies have is that you can’t refinance postgraduate loans. Compared to the competition, they also impose higher interest rates.

Discover gets mixed reviews from customers but generally leans towards the positive side. While many complained about the high-interest rates, their flexible repayment schemes are still a great advantage to many.

College Ave’s loans are available for all levels of education like graduate, undergraduate, or other career programs. The loans are sanctioned quickly and you will immediately be informed whether you’re approved after filing your information.

It does not charge any application or orientation fee. But the late fee is $25 or 5% of the unpaid monthly payment.
College Ave has not disclosed the exact FICO credit score required to qualify for the loan. However, you must have a score of mid-600 with an 80% debt-to-income ratio. Applicants must also have several years of credit history to get approved. Luckily, prequalification is possible.

The loan amount begins from $5,000, with most degrees getting $150,000, and select professional degrees being approved for $300,000. You can also get a co-signer to increase your chances of getting approved.

College Ave Student Loans offers a 0.25% rate reduction if you opt for automatic payments.

Credible lets eligible borrowers choose the best student loan refinancing options through their web platform. The service is offered to those who meet the minimum requirements and can be applied to private and federal student loan accounts.

Note, however, that Credible itself is not the lender, rather, serves as a platform that lets you compare and choose from the many financial institutions collated on their website.

Knowing where to refinance your student loans is quick and easy. You can start your application form by clicking on the Find My Rate button. Inquiries at this stage are soft inquiries so this will not impact your credit score.

After filling out all the necessary information, you’ll be taken to the next page where you’ll see the various offers from different online lenders you’re qualified for. Once you’ve chosen a lender that suits your preferences, you can start applying! At this point, your information will be verified. If everything is consistent, you’re likely to get the same rates previously offered.

Some of the best banks to refinance student loans that have partnered with Credible include Advantage, Brazoz, Citizens Bank, College Ave, and more. Since Credible is not the direct lender, experiences may vary depending on which particular lender is being used.

CommonBond’s student loan refinancing is available for qualified graduates who want to reset their student debt payments. They have competitive rates and offer flexibility on repayment schemes to give borrowers the most amount of breathing room.

To qualify for any of their student loan refinance options, the borrower must have graduated with a bachelor’s degree or higher. The school that the borrower has attended must be authorized to receive federal aid, and the borrower must have a minimum credit score of 680. Other standard requirements to be eligible include being a US citizen, or at least a permanent resident. The service is available to customers across 48 states, excluding Nevada and Mississippi. 

One of the best areas of CommonBond’s program is forbearance. CommonBond stretches its forbearance for up to 24 months, which is longer than some of the highly demanded student loan refinancing companies out there. If the borrower becomes permanently disabled, the loan will automatically be forgiven. Monthly payments can also be deferred if the borrower enters an internship, fellowship, or residency – as long as a signed job offer letter can be presented. 

For additional benefits, customers who give successful referrals to CommonBond are awarded a $200 referral bonus. CommonBond is also lauded for its customer service, where each borrower can be assigned a dedicated representative upon request. As for loan payoff, once a borrower gets approved, CommonBond can process a payoff within five business days.

For those looking for some of the most diverse student loan refinance options, LendKey has a great platform that connects borrowers with credit unions and community banks. LendKey’s services are offered to eligible borrowers who prefer transactions with smaller financial institutions.

The application process begins with a prequalification assessment through their website. In the student loan refinancing section, you can click on the Check Your Rate button to start filling out the necessary information. You’ll be asked for personal details such as your name and address; note that only citizens of the US or those who have permanent resident status are eligible to apply.

You must have already completed an associate, bachelor, master, or doctorate to qualify. You’ll also be asked for your end goal with the loan: trying to pay it off fast or paying less per month, for example. This will help LendKey determine the most attractive student loan refinance rates and program options to offer based on your particular situation.

After providing all the information needed, the system will generate a quote with the initial interest rates. The process is only a soft check, so an inquiry does not affect your credit score. Loan terms can be five, seven, ten, 15, or 20 years. If you’d like to pay for full or part of your mortgage ahead of schedule, LendKey has no prepayment penalties. Forbearance offered is also generous, which stretches up to 18 months. 

LendKey, however, does not offer services in Nevada, Maine, North Dakota, West Virginia, and Rhode Island. They also do not offer deferment for those who joined the military. 

If you’re looking to refinance your student debt to give you financial breathing room, SoFi offers its services at zero fees, though the qualifications are rather steep. For those who are eligible, SoFi can offer the best options to refinance student loans.

To begin with applying, there are standard qualifications such as asking if you are a US citizen or permanent resident over the age of 18. The next criteria are more scrutinizing. For one, you need to have excellent credit: you should have a credit score of 700 or above. You must have a stable income and employment, and you also must have graduated with an associate degree or higher from a top-ranking school with Title IV accreditation. 

If a borrower becomes suddenly unemployed, SoFi has a forbearance program as unemployment protection. This comes in helpful for such situations, but compared with the forbearance programs of other private student loan refinance companies, SoFi’s is nothing special. For those who are under their entrepreneurship program, they offer a six-month deferment. Keep in mind that interest continues to accrue during forbearance and deferment periods, though.

SoFi’s unique perks and additional benefits include eligibility to get their other loans at discounted rates, an invitation to member-exclusive events, one-on-one career coaching services, and investing advice with licensed financial advisors.