Student loan debt now stands at a whopping $1.3 trillion. There are more than 44 million borrowers. And we’re coming up on the season when many recent graduates start paying down their student loans.
For federal student loans, one must consider loan forgiveness and repayment plan options. Beyond these considerations, the interest rate is, of course, a key consideration. For those with a solid job and decent credit history, you may be a candidate for student loan refinancing.
This option can give you a much lower rate on your student loans. The lower rate, in turn, can save you thousands of dollars over the life of the loan. Several sites track student loan refinancing options, including Student Loan Hero and Dough Roller.
Here are 6 student loan refinancing options to consider:
SoFi was one of the first comers to the student loan refinancing market. It has a quick online pre-approval application, and you can choose your own loan repayment plan. Its rates are competitive, as are its repayment terms. It also offers APR discounts when you enroll in automatic payments.
SoFi only refinances loans for graduates with at least a Bachelor’s degree from a Title IV accredited university or program. Its credit and income requirements are also fairly strict, putting SoFi refinancing out of reach for many recent graduates.
Available Terms: Five to twenty years, fixed and variable rates
Rates: Fixed rates start at 3.350%, and variable rates start as low as 2.795%.