Considering refinancing your student loans? Finding the right student loan refinancing company can save you thousands of dollars in the future. Here are five things to look for when choosing the right company for you.
2018 Best Student Loan Refinance Services in America
So you’ve decided to refinance your loans but you're not sure which student loan refinancing company is the best fit for you. Below, we list five factors all great refinancing services have.
When you are looking into a student loan refinancing service, you want to be able to find as much information on the service as possible. Due to the competitive nature of loan refinancing and the ever-changing interest rates, many companies choose not to share their rates and terms on their website even though you can always call to inquire.
However, there are a few companies that will provide you with information such as interest rates, loan terms, and loan ranges. Some companies may also supply additional information like frequently asked questions and educational blogs.
When it comes to transparency, there are a few outstanding companies, including SoFi, Credible, and Earnest.
This should be high on the list of requirements when you are looking to refinance and save money in the long run. Most student loan refinancing companies offer fixed and variable interest rates, and interest rates range from around 2.10% to 8.38%.
Reputable student loan refinancing companies often offer additional perks. For example, SoFi's extra benefits include exclusive networking events, feedback on your resume, salary negotiation tips, and career counseling. Many lenders like LendEDU even offer credit cards, personal loans, and educational blogs.
Although student loan refinancing is relatively new, longevity in this industry is a plus. SoFi was founded in 2011 and has been one of the frontrunners in the student loan refinance industry since. Other long running competitors include Earnest in 2013 and LendEDU in 2014.
Because refinancing plays a large role in your future finances, checking reviews can help you determine if a company and their customer service are right for you. The BBB, Trustpilot, Yelp, and Google reviews are good places to find the answers to the following questions:
Once you find the right company for you, saving money through student loan refinance is right around the corner.