Student Loans Refinancing Programs

Learn about student loans and find out the top student loans refinancing programs available for you today!

Every year, there are thousands of college students who rely on loans to help them finance their education. The majority of this money is doled out by the government. But for some, paying these loans can be very hard. That is why we created a comparison chart of the top student loans refinancing programs that will help you out with your student loan debts. Check out in this article.

What is Student Loan Refinancing Programs?

Student loan refinancing is the process of getting a new loan with a new interest rate. Basically, you can refinance your federal and private student loans which involves paying off your old loan by obtaining a new one. The new loan that you have purchased will have different repayment terms, and it should have a better interest rate.

Bear in mind that student loan refinancing is different than debt consolidation. A lot of people use these terms interchangeably. Debt consolidation basically refers to taking out a direct consolidation loan and combining all of your federal student loans into one loan with just only one interest rate.

While there are some undeniable similarities with refinancing, consolidation does not offer interest savings. Private student loan borrowers are not eligible for consolidation. And because of this, private loan borrowers opt to refinance.

One of the main benefits of refinancing is its potential to save thousands of dollars in interest over the life of the loan.

Should You Refinance Your Student Loans?

Student loan refinancing is one of the best ways to make payments for your student loan more manageable, but there are still important things to consider before you decide to refinance your student loans.

During the process of refinancing, you are basically applying for a private loan. So if you already have private loans, this might be an issue. But if you have federal student loans, you might have to give up your student loan protections like the following:

Income-Driven Plans – Once you refinance your federal student loans, you will not be eligible for income-drive plans like income-based repayment and pay as you earn anymore. You might think that you do not need these options right now, but if the times get tough, these income-driven plans could be a lifesaver.

Deferment and Forbearance – If you fall on the severe financial crisis, postponing your payments by the use of deferment or forbearance could be a great help. But if you refinance, you might have limited options to defer your loan payments.

Loan Forgiveness – Federal students loans have loan forgiveness options through the Public Service Loan Forgiveness program, Teacher Loan Forgiveness Program and many more. These loan forgiveness programs have their own set of terms and conditions, but it won’t be available for you if you refinance your loans.

Our Final Words

Student loan refinancing is an excellent option for students who are having a hard time paying their student loans. That is why we have these top student loans refinancing programs to give us more options on how to make our financial problems more manageable.

Refinancing your student loans is a great way to save money on your student loans, but it is still a significant financial decision. You might want to carefully study the costs and benefits of these student loan refinancing program and choose the right plan for you.

Top 10 Student loan refinancing and Student loan refinancing websites

We ranked the best Student loan refinancing websites so that you can find what you need.

Last updated: 2022-11-28

Rank

Provider

Description & Features

Site

1

★★★★★

295 Data points

Refinance Student Loans: Compare Top 8 Lenders Now ...
Refinance Student Loans: Compare Top 8 Lenders Now ...
When you refinance student loans, you lower your payments by consolidating your private or federal student debt into a new loan with a lower rate. Banks and online lenders offer fixed or variable ...

2

★★★★★

273 Data points

7 Best Banks to Refinance and Consolidate Your Student ...
7 Best Banks to Refinance and Consolidate Your Student ...
Although refinancing can simplify your debt by combining multiple loans into one, it’s different from federal student loan consolidation. You refinance student loans with a private lender, but you consolidate loans by taking out a direct consolidation loan from the federal government.

3

★★★★★

253 Data points

11 Secrets To Refinancing Your Student Loans - forbes.com
11 Secrets To Refinancing Your Student Loans - forbes.com
If you want to refinance your student loans but are not sure if you will get approved, here are the inside tips that you need to know. Refinancing your student loans allows you to consolidate your ...

4

★★★★

234 Data points

Refinance Student Loans with SoFi | Federal and Private
Refinance Student Loans with SoFi | Federal and Private
SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612.

5

★★★★

217 Data points

Refinance student loans today! - LendingTree
Refinance student loans today! - LendingTree
Education Loan Finance is a refinancing program offered through SouthEast Bank. They strive to provide manageable payments, affordable rates, and flexible terms for students looking to refinance their student loans. Founded in 2006, Laurel Road is an FDIC-insured bank providing carefully crafted ...

6

★★★★

201 Data points

Best Student Loan Consolidation & Refinance Lenders of ...
Best Student Loan Consolidation & Refinance Lenders of ...
With private student loan refinancing, a private lender repays your student loans, which may include private and federal loans. The lender issues a new loan based on your creditworthiness. You may be able to save money and lower your monthly payment by refinancing your student loans with an interest rate reduction.

7

★★★★

186 Data points

7 Best Options to Refinance Student Loans - MagnifyMoney
7 Best Options to Refinance Student Loans - MagnifyMoney
Additional Student Loan Refinance Companies. In addition to the Top 7, there are many more lenders offering to refinance student loans. Below is a listing of all providers we have found so far. This list includes credit unions that may have limited membership. We will continue to update this list as we find more lenders: Traditional Banks

8

★★★

172 Data points

Refinance Student Loans | Check Your Rate | Citizens Bank
Refinance Student Loans | Check Your Rate | Citizens Bank
One Affordable Loan for All Your Student Loan Debt. Free yourself — and your budget — from costly student loan debt. With a Citizens Bank Education Refinance Loan, you can save an average of $2,784 per year 2 by refinancing and consolidating all your private and government, and undergraduate and graduate loans, into one affordable loan. Lower your interest rate, reduce your monthly payment ...

9

★★★

160 Data points

Loan Consolidation | Federal Student Aid
Loan Consolidation | Federal Student Aid
If you currently have federal student loans that are with different loan servicers, consolidation can greatly simplify loan repayment by giving you a single loan with just one monthly bill. Consolidation can lower your monthly payment by giving you a longer period of time (up to 30 years) to repay your loans.

10

★★★

148 Data points

Consolidate your Federal Student Loans | StudentLoans.gov
Consolidate your Federal Student Loans | StudentLoans.gov
If you have multiple student loans you may be able to combine them into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated. A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you.

Student loan refinancing videos considered

We analyzed 2,852 hours of the most informative Student loan refinancing videos. These videos stood out the most:

Local Student loan refinancing near you

First Republic Bank

163 Canal St, New York, NY 10013

First Republic Bank

443 Park Ave S, New York, NY 10016

First Republic Bank

10 Columbus Cir, New York, NY 10019

First Republic Bank

2160 Broadway, New York, NY 10024

First Republic Bank

320 Park Ave, New York, NY 10022

First Republic Bank

442 6th Ave, New York, NY 10011

First Republic Bank

1230 Avenue Of The Americas, New York, NY 10020

CommonBond

524 Broadway, Fl 6

First Republic Bank

148 E 79th St, New York, NY 10075

Useful Student loan refinancing Resources

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This comparison site is made up of our own opinions and views. The ranking is determined at our discretion and is not to be used for accuracy purposes. We can provide this service at no charges thanks to a combination of referral fees and advertising income we receive from various publishers and service providers. These payments may affect our rankings and the score we assign to websites, products, and vendors. Our ratings do not imply endorsement of any kind. This website's information, rankings, and vendor list is subject to change without notice at any time.