If you have any private student loans, one of the best ways to save money on them is by refinancing your student loans. I have refinanced my loans not just once, but twice through two different banks. I was able to bring my interest rate down from 7.92% to it’s current 5.49%. Even if you are only able to save a few hundred dollars, I think it is worth the short amount of time to fill out an application. This two percent drop in interest will save me thousands of dollars over the life of these loans. I’m hoping to be able to share some banks and servicers that you can use to get student loan refinancing. This list will make it easier for those looking to do the same thing that I did – save money on your private student loans through refinancing!
Here’s a list of bank and loan providers and information about the loans they provide, so that hopefully you can make a more informed decision when looking to refinance .
- Max Variable Rate is 8.95% or 9.95% depending on loan length
- Career services program if you are looking for a job or become unemployed
- Entrepreneur Program that offers 6 months of deferment
- Max Variable Rate is unlimited
- 0.25% discount offered if you have a Checking or Savings account with Citizens already
- If you have a co-signer, they can be released from the loan after 36 payments in a row (3 years)
- Max variable rate of 9% (5,10,15 year loans) or 18% (20 year loan)
- 0.25% discount is only offered to those with a DRB Checking account
- Max variable rates 8.95%, 9.95%, or 11.95% depending on length of the loan
- Personal experience: weight given to investments, savings accounts, checking accounts, etc
- Sliding scale to customize an increased payment and a lower interest rate
- Max variable rate is unlimited
- These loans are only offered to those holding graduate, professional, or doctorate degrees
- Networking opportunities with fellow graduates in the Common Bond network
- For every degree fully funded on the Common Bond platform, they fund the education of a student in need abroad for a full year
- Max variable rate is unlimited
- 0.25% discount applied if you have a Wells Fargo checking account
- 0.25% discount applied if you already had a loan with Wells Fargo
- 0.50% discount applied if you have a Wells Fargo PMA account
Who should try to get student loan refinancing:
- If you have any private student loans with an interest rate of 5.5% or higher
- If you have a job with a decent income or a co-signer that has one. If you parents already co-signed on your loans this will only help both of you!
- If you had a decent credit score or a co-signer that has one
Who should not try to get student loan refinancing:
- If you only have government student loans, these offer additional protections and payment options you don’t want to lose
- If your private student loan already has an interest rate lower than 5.5%
- If you have not secured a job yet – work on that first! Most of these companies will deny you without a steady income and a poor credit score (unfortunately)
If you find any other banks or student loan providers that start offering a competitive interest rate for student loan refinancing, leave a comment or send me a note and I’ll add them to this list! Please always read the fine print and the terms carefully before accepting any of these loans. Make sure you are selecting the right term and interest rate for you, so that you don’t end up paying more over the life of your loan.
Article Updated: 05/10/2015