Are you looking to refinance your Student Loans in 2021? With interest rates at historic lows, now is a great time to consider refinancing your student loans to potentially save money on your monthly payments and reduce the total amount you pay over the life of your loan. In this article, we will highlight the top 5 best interest rates for refinancing student loans in 2021.
1. LendKey
LendKey offers some of the lowest interest rates for student loan refinancing. They work with credit unions and community banks to offer competitive rates and flexible repayment options. Borrowers can choose from fixed or variable interest rates, with rates starting as low as 2.95% APR. LendKey also offers a cosigner release option for borrowers who qualify, allowing them to remove a cosigner from the loan after making a certain number of on-time payments.
2. SoFi
SoFi is another top lender for student loan refinancing, offering fixed rates as low as 2.74% APR and variable rates as low as 2.49% APR. SoFi also offers a suite of benefits for borrowers, including career coaching, unemployment protection, and member events. Borrowers with a good credit score and stable income may qualify for the lowest rates, making SoFi a popular choice for refinancing student loans.
3. Earnest
Earnest is known for its flexible underwriting criteria, making it a great option for borrowers who may not qualify for traditional lenders. Earnest offers fixed rates starting at 2.99% APR and variable rates starting at 1.99% APR. Borrowers can customize their repayment terms to fit their financial goals, with options to choose the term length and monthly payment amount. Earnest also offers a Precision Pricing feature, which allows borrowers to tailor their interest rate by selecting a different monthly payment.
4. Splash Financial
Splash Financial is a newer player in the student loan refinancing market, but they offer competitive rates and a user-friendly online platform. Splash Financial partners with banks and credit unions to offer fixed rates as low as 2.63% APR and variable rates as low as 1.88% APR. Borrowers can apply for refinancing online in minutes and receive a rate quote without affecting their credit score. Splash Financial also offers a referral program, allowing borrowers to earn cash rewards for referring friends and family.
5. CommonBond
CommonBond is another top lender for student loan refinancing, with fixed rates starting at 2.59% APR and variable rates starting at 2.01% APR. CommonBond stands out for its social mission, as they donate a portion of their profits to fund education in underserved communities. Borrowers can choose from multiple repayment terms and interest rate options, with the ability to apply online and receive a rate quote in minutes. CommonBond also offers a hybrid loan option, which combines the benefits of fixed and variable interest rates.
In conclusion, refinancing your student loans can be a smart financial move in 2021, especially with interest rates at historic lows. By comparing the top 5 best interest rates for refinancing student loans, you can find a lender that offers competitive rates and benefits that align with your financial goals. Whether you choose LendKey, SoFi, Earnest, Splash Financial, or CommonBond, refinancing your student loans can help you save money on your monthly payments and pay off your loans faster. Don’t wait any longer – start exploring your refinancing options today and take control of your student loan debt.
1. LendKey
LendKey offers some of the lowest interest rates for student loan refinancing. They work with credit unions and community banks to offer competitive rates and flexible repayment options. Borrowers can choose from fixed or variable interest rates, with rates starting as low as 2.95% APR. LendKey also offers a cosigner release option for borrowers who qualify, allowing them to remove a cosigner from the loan after making a certain number of on-time payments.
2. SoFi
SoFi is another top lender for student loan refinancing, offering fixed rates as low as 2.74% APR and variable rates as low as 2.49% APR. SoFi also offers a suite of benefits for borrowers, including career coaching, unemployment protection, and member events. Borrowers with a good credit score and stable income may qualify for the lowest rates, making SoFi a popular choice for refinancing student loans.
3. Earnest
Earnest is known for its flexible underwriting criteria, making it a great option for borrowers who may not qualify for traditional lenders. Earnest offers fixed rates starting at 2.99% APR and variable rates starting at 1.99% APR. Borrowers can customize their repayment terms to fit their financial goals, with options to choose the term length and monthly payment amount. Earnest also offers a Precision Pricing feature, which allows borrowers to tailor their interest rate by selecting a different monthly payment.
4. Splash Financial
Splash Financial is a newer player in the student loan refinancing market, but they offer competitive rates and a user-friendly online platform. Splash Financial partners with banks and credit unions to offer fixed rates as low as 2.63% APR and variable rates as low as 1.88% APR. Borrowers can apply for refinancing online in minutes and receive a rate quote without affecting their credit score. Splash Financial also offers a referral program, allowing borrowers to earn cash rewards for referring friends and family.
5. CommonBond
CommonBond is another top lender for student loan refinancing, with fixed rates starting at 2.59% APR and variable rates starting at 2.01% APR. CommonBond stands out for its social mission, as they donate a portion of their profits to fund education in underserved communities. Borrowers can choose from multiple repayment terms and interest rate options, with the ability to apply online and receive a rate quote in minutes. CommonBond also offers a hybrid loan option, which combines the benefits of fixed and variable interest rates.
In conclusion, refinancing your student loans can be a smart financial move in 2021, especially with interest rates at historic lows. By comparing the top 5 best interest rates for refinancing student loans, you can find a lender that offers competitive rates and benefits that align with your financial goals. Whether you choose LendKey, SoFi, Earnest, Splash Financial, or CommonBond, refinancing your student loans can help you save money on your monthly payments and pay off your loans faster. Don’t wait any longer – start exploring your refinancing options today and take control of your student loan debt.
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