As of September 14, 2020, the following rates apply on parent refinancing loans, including a 0.25% autopay discount: Read the full review: Lauren Road Student Loans. Lawyers earning high salaries should aim to pay loans as quickly as possible to minimize interest costs. Doing so can help free up money for other bills, save money on interest, or help you pay your student loans off … Most people refinance their student loans to consolidate multiple loans into a single debt, snatch up a lower interest rate, or lower monthly payments. Federal Parent PLUS Loans have the highest interest rate of any federal loan. If you have these types of loans, refinancing can be a smart decision. Please be advised that the operator of this site accepts advertising compensation from certain companies that appear on the site, … However, you can pay off your student loans … Our opinions are our own. Read hundreds of customer reviews. Must have a degree: At least an associate degree for select professions. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. This suspension does not apply to private student loans. According to Experian, Americans carry $35,620 in student loan debt, on average. If your loans have a high interest rate, your loan balance can quickly balloon out of control. It provides access to live support seven days a week and free financial coaches to help with many aspects of money management, not just student loan payments. While CommonBond has some tough competition for student loan refinancing, it pulls ahead thanks to offering some of the best interest rates. Pentagon Federal Credit Union, or PenFed, is the highest-rated among the credit unions we've reviewed that offer student loan refinancing. Note: Currently, all payments for certain types of federal student loans are suspended until December 31, 2020. Student loans don’t have to weigh down your finances. But certain lenders excel at serving certain types of customers. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Over time, you can save thousands of dollars and pay off your loans years ahead of schedule. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility. For borrowers with private student loans… Laurel Road is one of the few lenders that offers refinancing for Parent PLUS Loans and allows you to transfer your loans into your child's name. Loan terms range from five to 15 years, and there are variable and fixed interest rates. As of Oct. 8, 2020, the following rates apply: If you took out student loans to pay for your child's education, you might be stuck with a high interest rate. VARIABLE APR RISLA. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Terms and Conditions Apply. Terms and conditions apply. Not all borrowers receive the lowest rate. This free student loan refinance calculator shows you how much money you can save when you refinance student loans. Prodigy Finance is the only private lender that offers student loan refinancing to international working graduates in the U.S. Prodigy’s loan doesn't require a U.S. credit history or a Social Security number. Be sure to explore both options to see what might be available to you. Earnest. If you qualify, you could snag a lower interest rate on this new loan. Subject to credit approval. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Best for: Overall, High Loan Amounts, Flexible Repayment Earnest offers loans with competitive rates, high maximum loan amounts, and repayment flexibility for borrowers—making it our #1 best place to refinance student loans.. Earnest: Best MBA and law school loan refinancing. With PenFed, you can refinance between $7,500 and $300,000 of student loan debt. An easy way to connect to smaller banking options for refinance which can often save borrowers big money. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Two features make CommonBond stand out from other lenders: As of Dec. 2, 2020, CommonBond offers the following rates (rates include a 0.25% autopay discount): Read the full review: CommonBond Student Loans, If you didn't graduate from school, you'd struggle to find a lender willing to work with you. "Refinance Student Loans." Our partners cannot pay us to guarantee favorable reviews of their products or services. PenFed's student loan refinancing product is powered by a company called Purefy. Of companies and lenders below allow borrowers to have graduated with at least a bachelor 's degree which we! 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