Best Student Loan Refinance Companies of April 2021
Federal student loan borrowers: Do not refinance right now
If you can afford it, making payments today while rates are at 0% helps you pay down your principal balance faster. ... Such protections include forbearance and deferment options, income-driven repayment plans and student loan forgiveness programs.
Current student loan refinance rates
| Terms | Fixed APR range |
|---|---|
| 5, 7, 10, 15 or 20 years | 2.95% - 7.63% |
| 5, 7, 10, 15 or 20 years | 2.98% - 5.79% |
| 5, 7, 10, 15 or 20 years | 2.58% - 5.99% |
| Ready to compare all your student loan refinancing options with the lenders above? Compare lender rates now | |
Best Mortgage Refinance Companies of 2021
Student loan refinancing can save you money on interest and simplify your monthly payments by combining multiple loans into one. ... Refinancing your student loans also shouldn't hurt your credit score — as long as you go about the process the right way.
You need good or excellent credit to qualify for student loan refinancing. Lenders' minimum credit score requirements range from 650 to 680.
Since you can currently only refinance with a private lender, you'll no longer hold federal student loans. As a result, you'll lose access to helpful federal programs, such as income-driven repayment. Income-driven repayment plans adjust your monthly payments when you're having trouble making them.
There is no reason to refinance your loans unless you end up paying less in interest. Use the student loan refinancing calculator below to find out how much you could save. You can qualify. You generally need a credit score at least in the high 600s and enough income to consistently pay your debts and other expenses.
Student loan refinancing rates are low right now. But you probably shouldn't take advantage of them if you have federal student loans. Refinancing with a private lender costs you access to government programs. ... If you have private student loans, refinancing remains a good option if you can lower your interest rate.
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