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Student Loan Refinance: Top 5 Lenders 2021/2022

student loan refinance

Student loan refinance lenders can help you reduce your student debts and manage your finance. Too much students debts can hinder you from getting other loans, for instance, a mortgage.

A student loan refinance company can be a bank, credit union, or online lender. The company is usually private. They pay off your student loans and give you a new loan. The new loan will come with an interest rate that’s related to your income, credit history, and other characteristics.

Sometimes, you can even refinance federal PLUS loans your parents took to help pay for college expenses.

Refinancing your student loans is a great choice if your current loans have higher interest rates than the new one and you or your co-signer have a great credit score and stable income.

Seeing how important student loan refinance lenders can be to you, we have decided to help you find some of the best around. They are:

Table of Contents

MEFA

MEFA is The Massachusetts Educational Financing Authority. This student loan refinance company is state-based and nonprofit. The company offers student loan refinancing to students in the US.

You don’t need to have a degree or graduate to work with this refinance lender. MEFA does not have a specific forbearance limit. Though, the company states that says it will enable borrowers to modify their payment plans if due to financial hardship.

The fixed and variable rates offered are the same. Thus, you are better off picking a fixed-rate option because you will be assured that it won’t increase in the future. Additionally, it doesn’t charge any fees. This is inclusive of late fees.

2. Laurel Road

is an online-only student loan refinance lender. It was acquired by KeyBank in 2019. It offers some benefits to students in the healthcare sector.

If you are a bachelor’s or graduate student, studying in the healthcare field, you will be eligible for refinancing. You can refinance your loan from the final semester of school if you have an employment offer. Undergraduates in other fields can refinance after being employed for 12 months. You are also eligible if you are an Associate’s degree graduate working in certain healthcare fields.

Also, you can refinance federal PLUS loans that your parents took out to help you with college. And, you can release your co-signers after 36 monthly payments.

3. Earnest

earnest student loan refinance lender
Earnest is an online student loan refinance lender that was founded in 2013. It provides student loans to graduates and those still in college. It also offers student loan refinancing.

You can choose the term of your loan length and repayment term. Earnest has a great forbearance policy. The types of loans available are undergraduate, graduate, parent Loans, refinance, MBA, medical school, and law school.

There are no origination, application, or late fees.

4. Rhode Island Student Loan Authority (RISLA)

RISLA is a nonprofit student loan refinance lender which is based in Rhode Island. It offers only fixed interest rate refinances loans for borrowers in the US.

It works on an income-based repayment plan. Through this plan, you will pay 15% of your income for a period of 25 years if you can’t afford your payments. However, RISLA charges late fees and doesn’t provide a co-signer release policy.

5. CommonBond

This student loan refinance lender offers loans from as low as $1000. Founded in 2011, it is a refinance company for undergraduate, graduate, MBA, medical and dental studies. It offers 24 months of forbearance due to financial hardship.

There is the hybrid loan option, that enables you to pay on a fixed interest rate for the first five years of a 10-year loan term, then pay a variable rate for the other five years.

You do not need a co-signer for medical, dental, and MBA loans. But, you need one for undergraduate and graduate loans. There is an origination fee for MBA, dental and medical loans.

6. Online student loan refinance lender: SoFI

online student loan refinance lender



This student loan refinance company was founded by students at Stanford business in 2011. Initially, it was focused on student loan refinancing but added private loans in 2019.

The types of loans SoFI offers are undergraduate, graduate, MBA, medical school, law school, parent loan, and refinance. Also, it works with borrowers that have associate’s degrees to refinance.

With SoFI, there is no limit on the amount you can refinance. And, there are no origination fees, application fees, or late fees.

7. Citizens Bank

Citizens Bank is a commercial bank that was founded in the 1800s, in Rhode Island. Now, it also functions as a student loan refinance lender. Only U.S. citizens and permanent residents can apply directly for Citizens Bank student loans. Anyway, non-citizens can use the help of co-signers who are citizens or permanent residents with good credit.

You don’t need to graduate before you can refinance with Citizens Bank. If you don’t have a degree or have an associate’s degree, you need to have made 12 timely payments after leaving school in order to refinance.

The type of loans offered by Citizens Bank are Undergraduate, Graduate, Refinance, Parent Loan, MBA, Medical School, Dental School, Law School, International Student Loan.

It also offers co-signer release after 36 payments.

8. Discover

Discover doesn’t require you to have graduated in order to refinance. However, this student loan refinance company doesn’t offer a co-signer release.

There are hardship repayment options that are over the usual 12 months of forbearance for refinance borrowers in conditions of exceptional need. There are no fees required.

9. PenFed

Pentagon Federal Credit Union, PenFed is a student loan refinance lender that offers its services through a partnership with Purefy, an online-only student loan provider. It provides both student and parent loans.

Once you have been preapproved for a loan, you are required to be a member of PenFed Credit Union before you can refinance. Then, you will also have access to other financial products as a PenFed member.

As a graduate, you can refinance your parent’s federal PLUS. And, spouses can refinance their separate student loans together, as a single loan.

There are no origination fees or application fees.




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Written by Favour Etinosa

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