Best Bank For Refinancing Student Loans

SoFi

SoFi offers loans for students and graduates who need help paying off their student loan debt. They offer several repayment plans, including fixed interest rate for 5 years and then a variable rate for the remaining balance. Their website is user-friendly and makes refinancing student loans quick and easy. There’s no credit check and they have special deals with lenders to provide low rates for customers.

Capital One 360

Capital One360 gives you access to personal financing options through a variety of different products. You can apply for a secured card, unsecured card, or line of credit through them. They work with borrowers with bad credit or no credit at all. If you’re looking for a short term solution, their cash advances are great way to get fast money when you need it.

American Express Centurion

The AmEx Centurion Card is a high-end travel card offered by American Express that provides clients with priority boarding, lounge access, and more. These perks do cost a monthly fee though, starting at $450, along with a yearly maintenance fee of around $350. But if you can afford these fees, the benefits are worth it.

Chase Slate & Plus

Chase Slate & Plus is the graduate-level version of the Slate card. And just like its name says, it comes with even more benefits than the standard Slate. Chase Slate & Plus has no annual fee, making it a good option for those who want to make use of the perks without having to pay any fees.

Barclaycard ArrivalPlus World Elite MasterCard

This is an ultra-premium reward card that caters to frequent travelers. It includes free checked baggage; priority security screening; expedited border clearance; access to airport lounges across the globe; and much more. The ArrivalPlus is worth the annual fee of $0 and the $95 application fee.

ING Direct Premier Rewards Visa Signature

ING Direct Premier Rewards Visa Signature is a basic rewards visa that offers 4% cash back on purchases. While 5% cash back is offered with their Gold Premier Rewards Visa Signature, 1% cash back is earned for traveling and shopping online. You can earn unlimited 2% cash back on everyday spending.

Citi ThankYou Preferred Select Credit Card

Citi ThankYou Preferred Select credit cards give you 6x points per $1 spent on dining out, gas stations, office supplies, and other categories. Points can be redeemed for gift cards – either physical or digital ones. Digital cards include Amazon, Macy’s, Kohl’s, iTunes, Target, and others. The annual fee is $45 and the minimum credit score requirement is 600.

Best Bank For Refinancing Student Loans

There are many reasons why refinancing student loans is a great idea. First off, student loans have some of the highest interest rates out there. While they may seem enticing at first, over time the interest rate adds up. Second, if you refinance your loan, you could save thousands of dollars in interest over the lifetime of your loan. Third, you could potentially qualify for lower payments depending on your situation. When considering refinancing student loans, here are five things you should know before taking the leap.

Read Your Contract

Before signing anything, make sure you understand what’s included in your contract. You want to make sure everything is spelled out clearly since the fine print can change over time. Also, don’t be afraid to ask questions; lenders are often willing to work with borrowers who aren’t familiar with the terms.

Shop Around

Refinancing your student loans shouldn’t cost you a fortune. That said, you want to get the best deal possible. LendEDU does a deep dive into the market to find the lenders who offer the lowest rates.

Know Your Credit Score

Your credit score is one thing you’ll need to keep in mind when refinancing. When looking at your options, you want your score to fall somewhere between 680 – 720. Anything higher than that and you might not be eligible for the best deals.

Consider Other Options

If your current repayment plan isn’t working for you, you have several options. One of the biggest changes is paying the principle amount immediately instead of making monthly payments. Another option would be switching to an income based repayment plan where you pay back only what you can afford each month.

Check Monthly Payments

The last thing you want to do is sign documents without fully understanding what you’re getting yourself into. Make sure you review both the term sheet and final agreement before signing anything. These two documents should spell out exactly what you’re agreeing to, including any additional fees associated with refinancing.

Best Bank For Refinancing Student Loans

This video was created as part of a larger project for school. We were asked to go over the different types of student loans out there and explain how they work and what we think about them.

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Best Bank For Refinancing Student Loans

FedLoan Servicing Inc

FedLoan is one of the largest student loan servicing companies in the entire country. Their service team is highly trained, professional, and able to provide you with any type of advice for refinancing your loans. If you have federal loans serviced by them then their rates are some of the lowest around, and they offer low monthly payments for your balance.

Sallie Mae

If you have private student loans with Sallie Mae, then you should know that they offer competitive interest rates and flexible payment options. What makes them unique is their customer service department who will work with you to find the best repayment option for your unique situation. They also offer help with consolidation if you have many private loans at once.

Nelnet

Nelnet specializes in providing customers with affordable and competitive student loans. Unlike other banks, most of their services are free of charge. Many people choose them over other lenders simply due to their outstanding customer service.

Great Lakes Education Loan Corporation

The GLEdC offers their clients a variety of loan types for both personal and business purposes. Whether you need a standard undergraduate loan, graduate school loan, or medical loan, they have you covered. Also, they specialize in offering bad credit student loans, which are great for students with poor credit or no credit history.

National Collegiate Trust

NCTrust is considered to be one of the leading student loan providers in the US today. They understand how stressful paying back thousands of dollars in student loans can be for college graduates. That’s why they make sure to keep their customers informed about current news and updates regarding the education lending market.

Citibank

Citibank is one of the most well-known financial institutions in the world. Their website is simple to use and they are available 24/7 via phone. They are known for their affordable rates, quick approval processes, and flexible payment plans.

Capital One 360

Capital One360 was created to give students and borrowers access to the best of both worlds. They offer competitive rates and excellent customer service while giving consumers control of their money by letting them set spending limits and automate recurring payments.

Best Bank For Refinancing Student Loans

CITIBANK

Citibank is an American financial institution based out of New York City and offering services throughout the United States. Citibank offers many different types of loans including personal, auto, small business, home, and education loans. They have been around since 1911 and was once known as the “Bank of the Stars” due to their close ties to the Hollywood industry. In 2011, Citibank acquired The US Trust Company (USTrust), which included the Washington Mutual banking system.

CHASE BANK

Chase bank, headquartered in Manhattan, New York City, is one of the oldest banks in America. Chase is well-known for their branch network across the country; they offer accounts for consumers, businesses, mortgages, and even credit cards. Chase is also well-known for their investment products of stock market investments, savings bonds, mutual funds, certificates of deposit, and more. In 2008, JPMorgan bought Chase for $20 billion dollars and took over its banking operations while keeping the name.

U.S. BANCORP

U.S. Bancorp is the largest independent provider of student loan servicing in the nation. As of 2015, U.S. Bancorp has serviced over $150 billion dollars worth of student loans. U.S. Bank Corporation operates under the name U.S. Baccorp. Both companies were founded by James D. Wolfensohn in 1934.

SALLIE MAE

Sallie Mae is the world’s leading company offering private student loan refinancing. Their website serves over 10 million students each year. Founded in 1968, Sallie Mae was created after the government passed the Higher Education Act in 1965. Today, Sallie Mae is headquartered in California.

NATIONWIDE CREDIT UNION

Nationwide Credit Union provides private student loan refinancing service to thousands of students every month. Nationwide Credit Union was founded in 1928 and currently operates in 40 states nationwide.

SUNTRUST FINANCE INC

SunTrust Finance Inc., headquartered in Birmingham, Alabama, is the second largest privately held lender in the United States. SunTrust Financial Services has provided student loan refinancing to students for over 25 years.

AMERICAN STUDENT MONEY

American Student Money (ASM) is the only national student loan refinancing company owned and operated by students for students. Founded in 2013, American Student Money is committed to providing students with low rates, flexible payment options, and honest customer service. ASM currently services over 1,000 schools, universities, and colleges nationwide.

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