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Refinance your student loans today and save your hard-earned money!

Rescue your money from high interest student loans by comparing student loan refinance products from multiple lenders.

  • Fixed Rate APR
  • 3.25%-7.26% ^
  • Variable Rate APR
  • 2.67%-6.31% ^
  • Loan Terms (Yrs.)
  • 5, 7, 10, 15, 20
  • Fixed Rate APR
  • 4.65%-7.50% *
  • Variable Rate APR
  • 4.13%-7.13% *
  • Loan Terms (Yrs.)
  • 5-15
  • Fixed Rate APR
  • 3.19%-6.69% 1
  • Variable Rate APR
  • 2.39%-6.01% 1
  • Loan Terms (Yrs.)
  • 5, 7, 10, 15, 20
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Understanding student debt

Student loan debt in the U.S. is one of the hottest topics in the news today. Unfortunately, there are some pretty mind-boggling statistics:

  • In 2016, student loan debt surpassed credit card debt in the nation with borrowers owing over $1.3 trillion in educational loan debt.
  • 17 percent more borrowers have defaulted on their federal student loans in 2016 than in 2015.
  • And, an unfortunate and troubling side effect: this crushing student loan debt is limiting the housing recovery’s momentum by undermining an entire generation of potential buyers.
  • If you’re one of the 53 million borrowers looking for student loan debt solutions, you’re far from alone. However, there are options. Student loan refinancing is currently available to help ease the burden of repayment.

    Student Loan Refinance variable interest rates as low as 2.39% APR!

How does a student loan refinance work?

You can refinance both your federal student loans and your private student loans through a private lender, such as a bank or one of the lenders offered by LendingTree. Refinancing your loans will combine all of them into one loan with one monthly payment. Your interest rate will be based off of your credit score, so if it’s higher than when you first applied, you should score an incredibly low rate.

If you’re planning on taking advantage of federal loan forgiveness programs, you may not want to refinance your federal loans. Refinancing your federal student loans will disqualify you from any forgiveness programs. However, if you are ineligible for loan forgiveness, a refinance is the best way to lower your payments. To help determine if refinancing is right for you use our student loan refinancing calculator below.

 

Calculate your new payment

Check out our student loan refinance calculator and estimate how much you could save with refinancing.

Is refinancing right for you?

When to consider

  • If you are financially secure with stable employment
  • If you currently have a high interest rate (especially for private student loans)
  • If you can lower the amount of interest paid over the life of the loan
  • If you are looking to eliminate debt as soon as possible

When to avoid

  • If you have an unstable income and/or employment situation
  • If you plan to utilize an income-driven repayment plan in the future
  • If you intend to take advantage of federal loan forgiveness
  • If you are nearing the end of repayment

Why refinance student loans?

For one, it is a form of debt relief and can help ease the burden of your debt load and provide solutions to several issues that make it difficult to pay off your loans. If you feel bogged down by your student loan debt and finances are tight, there are several factors that might motivate you to refinance student loans.

One single loan payment

If you have several student loans with different interest rates, you can consolidate everything into a single new loan with one interest rate. Juggling multiple loan payments can be difficult to keep up with, especially when you have multiple lenders. Not to mention, some student loan servicers buy and sell loans, so you could wind up paying different lenders than the original servicer that you used.

This will allow you to have all your student loans in one place so you can be more organized and track your progress better.

Locking in a lower interest rate

One of the best solutions refinancing can provide is a lower rate on your student loans. If you have good credit and a stable monthly income, you can apply to refinance in an attempt to get a much lower interest rate than the one you currently have. This is a wise option, especially if you have high-interest private student loans. With a lower interest rate, you can pay less on your loans overall since more of your payment will go toward the principal balance.

When you consider refinancing your student loans, it’s important to run the numbers beforehand and compare your options to make sure this solution will actually help you pay off your loans faster and/or save more money over the life of your term.

Lower your monthly payment

If your minimum student loan payment is too high, it could have a negative effect on your current lifestyle, making it difficult to pay your rent, pay for food, or cover other living expenses. Refinancing provides you with the opportunity to lower your interest rate, which in turn will lower your monthly payment.

You may also have the opportunity to extend your loan term and lower your monthly payments. However, with this option, you may be paying more interest over the life of the loan if you don’t pay it off early since you’ll have a longer term.

Repay your loans faster

The sooner you are able to relieve yourself of student loan debt, the better, right? If you’re able to secure a lower interest rate by refinancing, you may be able to shorten your term and pay off your loans sooner. However, keep in mind that shortening your student loan term often means your monthly payments will increase.

Paying off your student loans faster saves you more money now and in the future because you can cut out thousands of dollars in interest payments that you would have paid for with a longer loan term.

Still wondering exactly how to refinance?

Ready to get started?

If you feel trapped to your student loan payments and your high monthly payments are preventing you from living your life, refinancing can be a great way to lower your interest rate and reduce your monthly payment.

Let us help! Our lenders offer a variety of options aimed at saving you most money they can.

 

Compare rates for free

Borrower Profile

If you have a Bachelors, Masters, or PhD, you are eligible to refinance your student loans. Lenders generally work with individuals with good credit and who are currently employed.

 

Required Documents Checklist

  • A picture of your driver’s license
  • A pay stub
  • A screenshot of your current student loans