Many lenders and student Loan companies now offer ways to consolidate both federal and private loans into a single loan. Often borrowers are now graduates with better credit and a higher income than when they initially took out loans. That means they can qualify for significantly lower interest rates and better terms with a consolidated loan.
Best Student Loan Refinancing Companies
| Lender | Rates | Loan Term | Key Details | |
|---|---|---|---|---|
Citizens Bank | Fixed: 3.74%+ Variable: 2.21%+ | 5, 10, 15, 20 year | • Refinance up to $300k • Broad list of eligible schools • Discount up to 0.5% | |
College Ave | Fixed: 4.75%+ Variable: 2.63%+ | 5, 7, 10, 12, 15 year | • Refinance $5k to $150k • Min household income $75k | |
CommonBond | Fixed: 3.50%+ Variable: 2.23%+ | 5, 7, 10, 15, 20 year | • Autopay (ACH) rate reduction of 0.25% available • Minimum income of $50k • No maximum loan balance | |
EDvestinU | Fixed: 4.75%+ Variable: 2.63%+ | 15, 20 year | • Refinance up to $200k • Auto pay (ACH) rate reduction of 0.25% available • Min income of $30k | |
iHELP | Fixed: 4.75%+ Variable: 3.25%+ | 10, 15, 20 year | • Refinance $10K to $250k • $24k min income or $18k with cosigner | |
MEFA | Fixed: 4.95%+ Variable: 3.41%+ | 15 year | • Refinance $10K+ (no max) • $24k min income | |
RISLA | Fixed: 3.49%+ | 5, 10, 15 year | • Only for RI residents & grads • 0.25% Autopay discount • Add cosigner for best rates |
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Compare your consolidation and refinance options
We recommend the lenders above because we’ve thoroughly vetted them in 33 areas within four major categories — legal compliance & financial stability, breadth of product coverage, product attributes, and customer experience.
One of the advantages of shopping for a loan on Credible.com is that we’re a multi-lender marketplace – you can compare the actual loans, rates, and terms that you qualify for from multiple lenders, without sharing any of your contact information with lenders.
However, our team has also researched other institutions, and we’ve found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. You can find each lender below, along with information on rates, terms, eligibility, and more.
The average borrower saves $19k refinancing with Credible. Find out how much you can save in 2 minutes →
The full list of student loan consolidation and refinancing companies
Alliant Credit Union
Offering: Private and federal student loan consolidation and refinancing
Minimum loan amount: $10K
Maximum loan amount: $75K (undergraduate) and $100K (graduate)
Rates: Variable rates only, starting at 3.75% APR (with 0.4 percent autopay discount)
Terms: up to 25 years
Eligibility:
- Original loans cannot be from a for-profit institution, community college, or trade school
- Minimum income of $40K and must have worked for current employer for 2 years
- Must be member of Alliant to apply, which requires membership in specific groups
- No application fee
Citizens Bank
Offering: Private and federal student loan consolidation and refinancing
Minimum loan amount: $10K
Maximum loan amount: $90K (undergraduate), $130K (graduate), and $170K (professional degree)
Rates: Fixed rates between 3.74% – 8.49% APR and variable rates starting at 2.14% -8.42% APR (lowest rates include 0.25% auto-pay discount and 0.25% loyalty discount)
Terms: 5, 10, 15 and 20-year term
Eligibility:
- Must be in repayment to qualify and have made 3 full on-time payments (or 12 if you do not have a BA degree from an accredited school)
- Minimum household income of $24K (for borrower or co-signer) and strong credit score
Benefits:
- 0.25% rate deduction if borrower or co-signer has account with Citizens Bank
- Co-signer release option after 36 consecutive on-time payments
- No prepayment penalty, origination fee, or application fee
CollegeAve
Offering: Student loan consolidation and refinancing for federal, private, and Parent PLUS loans.
Minimum loan amount: $5K
Maximum loan amount: $150,000 (undergraduate and graduate loans), $250,000 (medical, dental, pharmacy or veterinary doctorate degrees)
Rates: Fixed rates between 4.15% – 7.00% APR and variable rates starting at 2.63% -6.13% APR (lowest rates include 0.25% autopay discount)
Terms: 5, 7, 10, 12 and 15-year term
Eligibility:
- Must have a bachelor’s degree or higher to qualify. Refinancing available for current graduate students who hold an undergraduate degree.
- Borrower must have a combined total household income of at least $75,000 or a cosigner must be added
Benefits:
- 0.25% autopay discount.
- No application or origination fees
CommonBond
Offering: Private and federal student loan consolidation and refinancing
Maximum loan amount: None
Rates: Fixed rates of 3.5%-7.74% APR, variable rates of 2.23%-6.03% APR, and hybrid rates of 3.82-6.26% APR for the first 5 years (rates include 0.25% autopay discount)
Terms: 5, 10, 15, and 20-year loan term
Eligibility:
- Available to both undergraduate and graduate degree holders from over 2,000 colleges and universities nationwide
Benefits:
- Deferment options and forbearance available for economic hardship
- No prepayment penalty or origination fees
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Purefy (formerly CordiaGrad)
Offering: Student loan consolidation and refinancing for federal and private loans, including Parent PLUS loans
Minimum loan amount: $20K
Maximum loan amount: $350K
Rates: Fixed rates of 3.95%-6.25% APR and variable rates of 3.0%-4.70% APR (rates include 0.5% rate reduction for autopay from Purefy Checking Account. A 0.25% discount for autopay from any checking account is also available)
Terms: 5, 8, and 12-year loan terms
Eligibility:
- Must be 23 years old, have worked at least 2 years, and have strong credit history
- Applicants must be employed for at least two years (waived for practicing MD/DO/DDS borrowers)
Benefits:
- Rate discount of 0.5% if you open a Purefy Checking Account and enable autopay
Darien Rowayton Bank
Offering: Student loan consolidation and refinancing for federal and private loans, including Parent PLUS loans
Minimum loan amount: $5K
Rates: Fixed rates of 4.45%-7.45% APR and variable rates of 3.89%-6.54% APR (with 0.25% autopay discount)
Terms: 5, 7, 10, 15, and 20-year term options
Eligibility:
- Must be working professional with BA or grad degree
Benefits:
- Forbearance available for short-term economic hardship
- No prepayment penalty or origination fee
Earnest
Offering: Private and federal student loan consolidation and refinancing
Rates: Fixed rates of 3.5%-7.45% and variable rates of 2.14%-5.79% (with 0.25 percent autopay discount).
Terms: 5-20-year term options
Eligibility:
- Must be 18, be employed or have an offer letter, either have already graduated or will graduate in 6 months
- Live in an eligible state
- Original loans must be from an accredited institution
Benefits:
- No prepayment penalty, origination fee, or application fee
- Can switch between fixed and variable rates for no charge
- Offers bi-weekly payment cycle
- Forbearance, unemployment protection
- Deferment for up to 3 years if the borrower goes back to school
EdvestinU
Offering: Student loan consolidation for federal and private loans
Rates: Fixed rates 3.94% – 7.54% APR and variable rates between 2.47% – 6.07% APR (with 0.25% autopay discount)
Minimum loan amount: $7,500
Maximum loan amount: $200K
Terms: Consolidation loans offered on 5, 10, 15 or 20-year terms
Eligibility:
- Borrower or cosigner must have income of $30K for loans up to $100K and income of $50K for loans over $100K
- Original loans must be from an accredited, degree-granting school that has not gone into default
Benefits:
- Forbearance for economic hardship
- Co-signer release option after 36 months of consecutive on-time payments
- No prepayment penalty, origination fee, deferment fee, or application fee
First Republic
Offering: Student loan consolidation and refinancing for federal and private loans
Minimum loan amount: $60K
Maximum loan amount: $300K
Terms: 5, 7, 10 and 15-year terms
Rates: Fixed rates 1.95% – 3.75% APR, variable rates 1.98% – 3.33% with 5 percent discount for First Republic ATM Rebate Checking account with autopay, direct deposit and online banking
Eligibility:
- Must have First Republic ATM Rebate Checking Account (which requires a$500 minimum deposit)
- Must have worked in your current industry for 24 months
- Must apply in-person
Benefits:
- No prepayment penalty, origination fee, or annual fee
iHelp
Offering: Student loan consolidation and refinancing for federal and private loans, including Parent PLUS loans
Minimum loan amount: $10K
Maximum loan amount: $150K (undergrad) and $250K (grad)
Terms: 10 or 15 years on fixed-rate loans, 20 years for variable-rate loan
Rates: Fixed rates 4.75% – 9% APR; variable rates 3.25% – 9.25%
Eligibility:
- Graduated, 24-month interest only, and standard principal and interest repayment plans available
- Must have attended an eligible school.
- Must have two years positive credit history and income of $24K for past two years for consolidation loans
Benefits:
- Co-signer release option after 24 months of consecutive on-time payments
- Up to 24 months of forbearance for economic hardship and up to 24 months of partial payments
- 2% fee at time of disbursement
- No origination fee or repayment fee
LendKey
Offering: Student loan consolidation and refinancing for federal and private loans
Minimum loan amount: $7,500
Maximum loan amount: Maximum of $125K (undergrad) and $175K (grad)
Rates: Fixed rates starting at 3.25% APR, variable rates starting at 1.97% APR with autopay discount where available
Terms: 5, 7, 10, 15 and 20-year loan terms
Benefits:
- Offer interest-only repayment for first 4 years
- Co-signer release option after 12-36 consecutive on-time payments
- No origination fee
- Loans funded by community lenders like credit unions and community banks
Link Capital
Offering: Student loan refinancing and consolidation offered to medical school graduates in or out of residency
Rates: Fixed rates starting at 3.38% APR, variable rates starting at 2.79% APR (with 0.25% autopay discount)
Minimum loan amount: $15K
Maximum loan amount: Maximum of $450K
Terms: Multiple loan term products available
Benefits:
- Refinance up to $450,000
- Payments are eligible for deferment during residency
- Offers 3-month grace period deferment and 0.25% autopay discount
MEFA
Offering: Student loan refinancing and consolidation
Rates: Fixed rates 4.95%-6.85% APR, variable rates 3.32%-6.32%
Minimum loan amount: $10K
Maximum loan amount: None
Terms: 15 years
Benefits:
- No application, origination or disbursement fees
- No degree required
Eligibility:
- Borrower must have an annual income of at least $24,000
- Refinance federal, private, and ParentPLUS loans
Navy Federal Credit Union
Offering: Private student loan consolidation and refinancing
Minimum loan amount: $7,500
Maximum loan amount: Maximum of $125K (undergrad) and $175K (grad)
Rates: Fixed rates starting at 4.00% APR, variable rates starting at 2.99% APR with 0.25% autopay discount
Terms: 15 year loans
Benefits: Co-signer release option after 12 consecutive on-time payments
Eligibility:
- Must be a member of Navy Federal Credit Union (requires affiliation with Armed Forces, DoD, or National Guard)
- Loans serviced by LendKey
Pave
Offering: Offers personal loans to help pay off existing student loan debt.
Minimum loan amount: $3K
Maximum loan amount: $25K
Rates: 7.18% – 31.16% APR
Terms: 2-3 years
Eligibility:
- 1 – 6% origination fee
- Must have credit score of 660 or higher and must have income, a job offer,or be planning to enroll in a course
- Loans only available in select states
- No co-signers
Benefits:
- Prides itself on tailor-made loans and transparency
RISLA
Offering: Student loan consolidation and refinancing for private/non-federal and PLUS loans
Rates: Fixed rates from 3.49% – 6.74% APR (with co-signer and 0.25 percent autopay discount) and 3.99% – 7.89% APR (without co-signer, with 0.25 percent autopay discount)
Terms: 5, 10, and 15-years
Eligibility:
- The Rhode Island Student Loan Authority now offers student loan refinancing to borrowers in all states.
Benefits:
- Rate discount of 0.25% for autopay
- No prepayment penalty or origination fee
SoFi
Offering: Student loan consolidation and refinancing for federal and private loans, including Parent PLUS loans
Minimum loan amount: $10K
Maximum loan amount: No maximum
Rates: Fixed rates from 3.50%-6.74% APR and variable rates from 2.24%-6.04% APR (with 0.25 percent autopay discount).
Terms: 5, 7, 10, 15, and 20-year loan terms
Eligibility:
- Must be employed or hold job offer to start work within 90 days
- Must hold degree from accredited school
- Not available in Nevada
Benefits:
- Forbearance and unemployment protection for up to 12 months
- Offers career assistance like interview coaching, resume review, and negotiating tactics
- No prepayment penalty or origination fee
Upstart
Offering: Platform that provides personal loans for any purpose including student loan consolidation and refinancing
Minimum loan amount: $3K
Maximum loan amount: $35K
Rates: APR starting at 4.89%
Eligibility:
- Minimum FICO score of 640 and proof of income required
- No co-signers
Benefits:
- No prepayment penalty, but there is origination fee of 1-6%
- Disburses loan amount one day after application in approved
Wells Fargo
Offering: Student loan consolidation and refinancing for private loans only with Wells Fargo Private Consolidation Loan
Minimum loan amount: $5K
Maximum loan amount: $120K
Terms:15 and 20 years
Rates: Fixed rates from 6.24% – 10.99% APR, variable rates from 3.74% – 8.74% APR (low APRs include 0.25% autopay discount and 0.25% customer loyalty discount)
Benefits:
- Interest rate discount of 0.25% for autopay, discount of .25% with previous Wells Fargo student loan or other qualifying account
- Co-signer release option after 24 consecutive on-time payments
- Up to 2 months of forbearance
- No prepayment penalty or origination fee
The rates above reflect APR and include discount unless otherwise stated. Valid as of Feb. 15, 2016.
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More information about student loan consolidation and refinancing
Should you consolidate private & federal loans together?
Often, borrowers wonder how to consolidate student loans if they have both federal and private debt, or if they should at all. Luckily, many student loan companies now offer options to consolidate private and federal student loans together. Frequently borrowers are now graduates with better credit and a higher income than when they initially took out loans. That means they can qualify for significantly lower interest rates and better terms with a consolidation loan. This is great for borrowers, but what’s the catch? When including federal loans in student loan consolidation, borrowers may sacrifice benefits that come with federal loans, such as access to loan forgiveness programs and income-driven repayment plans.
Different types of lenders
More and more student loan companies are entering the market for student loan consolidation and refinancing. There are a variety of types of lenders, including traditional banking institutions, credit unions, and new, nontraditional lending options. The traditional banks offer credibility but often have higher interest rates and sometimes stricter eligibility requirements. Credit unions offer similar loan options as traditional big banks, but they are less corporate and more customer and community-focused. Credit unions often offer lower interest rates than the big banks but may have a lower maximum loan amount. The new, nontraditional financial startups offer loan consolidation and refinancing that is more personalized with a focus on customer communication and ease of access.
All in all, there is no shortage of options when it comes to student loan consolidation and refinancing companies. We have outlined the offerings of 19 of the main student loan consolidation companies above to help you find the best student loan consolidation company for your specific needs.
Refinance with Credible
You can use the Credible platform to request personalized rate quotes from the student loan refinance lenders listed above — Citizens Bank, CollegeAve, CommonBond, iHelp, RISLA, MEFA and EdvestinU — without sharing your personal information with lenders or affecting your credit score.
Finding the best companies to help you refinance your student loans does not have to be a difficult process. This knowledge can help bring you one step closer to debt relief and well as peace of mind, knowing that you are not overpaying on your student loans.
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Credible is a multi-lender marketplace that allows borrowers to request competitive loan offers from vetted lenders, without affecting their credit scores.
The post The 19 best student loan consolidation and refinancing companies in 2017 appeared first on Credible Blog.
