One of the most common praises of SoFi (aside from the ease and speed) is the different options. They have refinancing plans to fix just about any customer out there.
Another feature which makes SoFi stand out is their Unemployment Protection. If you were to lose your job, as long as it wasn’t due to your actions, then you can apply for forbearance through SoFi.
You can do this every three months for 12 months. You’ll still occur the interest on the loan, but it gives you time to find a new job without having to worry about the loan.
6. Earnest
There are a lot of benefits to choosing Earnest as your refinance company. One of the most notable is its flexibility.
Unlike a lot of other loan companies, Earnest lets you customize the payment and loan term. You can pick anywhere between five years and 20. The other lenders out there have set plans you have to fit into.
They allow for refinancing amounts of anywhere from $5,000 to $500,000, which should fit just about anyone’s needs. They have fixed rates starting at 2.98%, as of 3/, which is some of the lowest rates you’ll find on the market.
As far as fees go, you won’t find many. They don’t have any late fees, application fees, or prepayment penalty feespared to other companies that nickel and dime you for every possible thing, it’s refreshing.
There is one hiccup for applicants refinancing through Earnest. They don’t allow co-signers. For some people, this could be the make or break for getting refinanced.
Earnest offsets this by looking at more than just credit history. They take a lot of factors into consideration when looking at an application.
7monbond
Commonbond is unique from other student loan providers on multiple levels, starting with feesmonbond does not charge an application fee or an early payment penalty, but it isn’t completely free of fees.
Unlike its competitors, Commonbond loans come with an origination fee of 2% of the loan amount, which is similar to that of a federal student loan.
But Commonbond also mirrors federal loans in a way that benefits you, with the most flexible repayment options on the market.
Commonbond offers four options for repayment: deferment, $25 payments or interest-only payments while enrolled, or full payments. With each of these options comes a six-month grace period, which many student loan providers don’t offer.
The online-only lender offers loans up to 100% of attendance, 5-15-year terms, fixed and variable interest rates, and cosigner release after two years of faithful payments.
8. LendEDU
Similar to Credible, LendEDU is a marketplace for student loans. The site also offers refinancing loans, personal loans, credit card offers, and more.
After a quick soft credit check (which won’t hurt your credit score), LendEDU matches you with the best loans you’re eligible for. From there you can easily apply with the lenders of your choice.
Rather than going through the hassle of multiple applications for loans you may not even be eligible for, you can let LendEDU weed through the eligibility requirements for you.
LendEDU is also a great resource to take advantage of as you navigate through the world of financial aid, reviewing lenders, and providing you with https://worldpaydayloans.com/payday-loans-in/ informational courses and guides.
9. LendKey
Neither a marketplace nor a loan provider, LendKey is a student loan servicer, one that partners with banks and local credit unions to provide low-interest loans.
Instead of working with the bank that is funding your loan, you communicate with and make payments to LendKey. LendKey’s structure allows it to offer unusually low interest rates in addition to no origination or early payment fees.
