Private Student Loans

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Private Student Loans Archives - Sparrow Nest

Student Loan Refinancing

Student Loan Refinancing Archives

Student Loan Refinancing Archives - Sparrow Nest

<h2 id="brazos-snapshot-" class="wp-block-heading"><strong>LendKey Snapshot</strong></h2>
<p>LendKey offers both private student loans and student loan refinancing. By connecting borrowers with a network of 100+ lesser-known credit unions and community banks, LendKey allows you to work with smaller lenders with low rates and good customer service, rather than traditional lending institutions. LendKey’s student loan refinance offering is available to graduates with strong credit and stable income. It’s best if you want to work with a credit union or community bank to access loan offers you otherwise might have overlooked.</p>


Pre-qualify

<h2 id="best-features" class="wp-block-heading"><strong>Best Features</strong>: <strong>LendKey Student Loan Refinance </strong></h2>
<h3 id="3-work-with-a-non-profit-rather-than-a-traditional-lender-" class="wp-block-heading"><strong><em>Work with credit unions and community banks</em></strong></h3>
<p>LendKey allows you to access refinance offers from a network of non-traditional lenders that you otherwise might have overlooked. On its platform, LendKey connects you with hundreds of community banks and credit unions simultaneously. While the credit unions and community banks don’t have the name recognition that some of the traditional banks and online lenders have, they typically offer lower rates and personalized customer service. In addition, the credit unions and community banks are often non-profits, so you’ll be working with a lender that has your best interest in mind.</p>


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Easily refinance your student loans

<h3 id="4-competitive-interest-rates-" class="wp-block-heading"><strong><em>Competitive interest rates and zero fees for qualified borrowers</em></strong></h3>
<p>When looking to refinance your student loan, finding a low interest rate is typically a top priority. If you qualify for a LendKey student loan refinance, you’ll have access to competitive interest rates from credit unions and community banks that you might not be able to find elsewhere. While most of the lenders on LendKey’s platform do not charge any origination fees, application fees, or prepayment penalties, some may charge late fees or insufficient funds fees. The terms will vary depending on which lender you choose, so be sure to read the terms and conditions of your loan carefully.</p>


<h3 id="5-choose-from-a-variety-of-repayment-terms-between-5-and-20-years-" class="wp-block-heading"><strong><em>Offers up to 18 months of forbearance due to economic hardship or natural disaster</em></strong></h3>
<p>If you experience economic hardship or a natural disaster, LendKey offers generous forbearance options (a pause on your repayment due to financial hardship, unemployment, or a disability).</p>
<p>On 5, 7, and 10-year loans, LendKey allows you to postpone payments for up to four months at a time, for up to 12 months total.</p>
<p>On 15 and 20-year loans, LendKey offers up to 18 months of forbearance, in six-month increments. While LendKey handles forbearance on a case-by-case basis, it can be a helpful safety net if you were to fall into financial hardship.</p>


<h3 id="6-offers-up-to-12-months-of-forbearance-due-to-economic-hardship-natural-disaster-or-military-duty-" class="wp-block-heading"><strong><em>Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance</em></strong></h3>
<p>When you borrow through LendKey’s platform, you’ll get free access to special borrower benefits that help you achieve your financial and personal goals. These benefits include:</p>
<p><strong><em>Career Assistance: </em></strong>LendKey partners with NextJob to offer free tools and online resources to help you succeed, including:</p>
<ul>
<li>Online mock interviews</li>
<li>A resume builder</li>
<li>Hidden job opportunities waiting to be uncovered</li>
<li>A personality test to help you find the right career path</li>
</ul>
<p><strong><em>Credit Health Analysis: </em></strong>To help you reach your financial goals, LendKey has partnered with Curu, a platform that provides comprehensive credit analysis designed to help you improve your credit health</p>
<ul>
<li>Curu analyzes your spending, net worth, and credit utilization to generate personalized tasks that show your path to credit success.</li>
<li>Curu displays your real-time financial account information all in one place so you always know where you stand.</li>
<li>Curu sends you notifications for upcoming credit card payment due dates so you’ll never miss a payment again.</li>
</ul>
<p><strong><em>Federal Student Loan Assistance: </em></strong>LendKey partners with Savi to provide an online, concierge service that searches across 150+ federal loan forgiveness and repayment options and recommends a path forward based on a borrower’s unique financial situation and goals. Savi then automates and digitizes the application process to reduce mistakes, simplify the process, and save time.</p>
<ul>
<li>Access a free, instant estimate of monthly savings</li>
<li>Detect eligibility &amp; simplify enrollment for national and state repayment and forgiveness programs</li>
<li>Receive 1:1 support as needed from a team of student loan experts</li>
</ul>


Find my rates

Compare your personalized, pre-qualified rates from these lenders in minutes.

<p>If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking <b>Apply</b> below.</p>


The latest rates from Sparrow’s partners

<h2 id="drawbacks" class="wp-block-heading"><strong>Drawbacks</strong>: <strong>LendKey Student Loan Refinance</strong></h2>
<h3 id="8-strict-eligibility-criteria-" class="wp-block-heading"><strong><em>Strict eligibility criteria</em></strong></h3>
<p></p>
<p>In order to qualify for student loan refinance through LendKey, borrowers must meet the following criteria:</p>
<ol>
<li>A U.S. citizen or permanent resident</li>
<li>Graduated with at least an associate degree</li>
<li>You or your cosigner have a credit score of 660</li>
<li>You have an annual income of $24,000 per year, or $12,000 per year with a cosigner</li>
</ol>
<p>LendKey’s strict eligibility criteria excludes non-U.S. citizens/permanent residents, non-graduates, parents, and those who don’t meet the credit or income requirements.</p>
<p><strong>Not a U.S. citizen or permanent resident?</strong> Prodigy Finance has looser residency requirements. In addition, SoFi offers student loan refinance to international students who have a U.S. citizen as a cosigner.</p>
<p><strong>Haven’t earned an associate’s degree?</strong> <a href="http://www.campusdoor.com/EDvestinU/Refi/HigherEd-15/qualify.aspx?Sparrow=affiliate-000-000">EDvestinU</a> accepts borrowers without a degree.</p>
<p><strong>Don’t have a credit score of 660 (or a creditworthy cosigner)?</strong> Earnest accepts borrowers with a lower credit score.</p>
<p><strong>Don’t have an annual income of $24,000?</strong> SoFi doesn’t have a minimum income requirement.</p>
<p>If you do not meet LendKey’s criteria for a student loan, you may want to <a href="https://www.sparrowfi.com/student-loan-refi">look elsewhere</a> to refinance your private student loan. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/student-loan-refi">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. And best of all, it won’t impact your credit score</p>

<h3 id="9-no-cosigner-release-" class="wp-block-heading"><strong><em>Varying cosigner release policies</em></strong></h3>
<p>Most private student lenders require or strongly encourage you to apply with a cosigner. Given that young people generally have no/limited credit history, a cosigner can help you qualify for better loan terms.</p>
<p>If you earn less than $24,000 per year or have fewer than 36 months of credit history, a cosigner is required in order to borrow from LendKey.</p>
<p>Unfortunately, it’s not clear how quickly you can release your cosigner from your LendKey loan. Since LendKey partners with credit unions and community banks (each of which have their own internal policies), you will need to check with your specific lender to confirm their cosigner release policy.</p>


<h3 id="10-no-biweekly-payment-via-autopay-" class="wp-block-heading"><strong><em>Loans aren’t available in certain states</em></strong></h3>
<p>LendKey does not offer student loan refinance to borrowers who live in Maine, Nevada, North Dakota, Rhode Island, or West Virginia. If you live in any of these states, try using our <a href="https://www.sparrowfi.com/student-loan-refi">rate comparison tool</a> to see which refinance lenders you qualify with.</p>


<h3 id="11-students-cannot-take-over-parent-plus-loans-that-parents-took-out-on-their-behalf-" class="wp-block-heading"><strong><em>No biweekly payment via autopay</em></strong></h3>
<p>When you repay your student loan, your payments are due monthly by default. Instead, some borrowers choose to make biweekly payments via autopay &#8212; where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.</p>
<p>Unfortunately, when you borrow through LendKey, you don’t have the option to make biweekly payments via autopay.</p>
<p>You do, however, have the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With LendKey, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.</p>


<h3 id="11-students-cannot-take-over-parent-plus-loans-that-parents-took-out-on-their-behalf-" class="wp-block-heading"><strong><em>You may have to become a member of a credit union</em></strong></h3>
<p>One of the major advantages of borrowing through LendKey is that the platform allows you to access loan offers from a network of non-traditional lenders (credit unions and community banks) that you otherwise might have overlooked.</p>
<p>Unfortunately, that also means you may have to become a member of the institution you borrow from, which typically costs around $5. Although the process of becoming a member of a credit union is relatively simple, it adds another step to the borrowing process that traditional banks and online lenders don’t require.</p>


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Get pre-qualified in just 2 minutes

<h2 id="isl-education-lending-eligibility-criteria-repayment-options-more" class="wp-block-heading"><strong>LendKey Eligibility Criteria, Repayment Options &amp; More</strong></h2>
<h3>Fees and Terms</h3>


<h3 id="eligibility-requirements-financial" class="wp-block-heading"><strong>Eligibility Requirements (Financial)</strong></h3>


<h3 id="eligibility-requirements-personal" class="wp-block-heading"><strong>Eligibility Requirements (Personal)</strong></h3>


<h3 id="repayment-options" class="wp-block-heading"><strong>Repayment Options</strong></h3>


<h3><strong>Customer Service</strong></h3>


<p></p>
<h2 id="faq" class="wp-block-heading"><strong>LendKey FAQs</strong></h2>
<h3><strong>Is LendKey a legitimate lender?</strong></h3>
<p>Yes, LendKey is legitimate. The platform connects borrowers with credit unions and community banks offering private student loans to undergraduates, graduate students, and parents, as well as student loan refinancing. Since its founding in 2009, LendKey has helped fund $3.1 billion in loans for 99,000-plus borrowers — it also services more than $2 billion worth of student loans.</p>

<h3><strong>Is LendKey available in all 50 states?</strong></h3>
<p>LendKey is available to borrowers in all 50 states, except Maine, Nevada, North Dakota, Rhode Island, and West Virginia.</p>


<h3><strong>How long does it take to get a LendKey student loan?</strong></h3>
<p>Submitting an application through LendKey takes a few minutes. Once you’ve submitted your loan application, LendKey will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.</p>
<p>It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.</p>


<h3><strong>What happens if I don’t qualify for a LendKey student loan?</strong></h3>
<p>If you don’t qualify for LendKey student loan refinance, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or try with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/student-loan-refi">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. Best of all, it won’t impact your credit score.</p>


<h3><strong>Are LendKey student loans federal or private?</strong></h3>
<p>LendKey’s student loans are private. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.</p>


<h3><strong>Does applying for a loan through LendKey hurt my credit score? </strong></h3>
<p>In order to estimate what rate you qualify for, LendKey conducts a <a href="https://www.sparrowfi.com/blog/whats-a-soft-credit-inquiry-whats-a-hard-credit-inquiry">soft credit check</a> &#8212; this does not affect your credit score. If you choose to accept the LendKey refinance offer, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.</p>


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<h2 id="brazos-snapshot-" class="wp-block-heading"><strong>LendKey Snapshot</strong></h2>
LendKey offers both private student loans and student loan refinancing. By connecting borrowers with a network of 100+ lesser-known credit unions and community banks, LendKey allows you to work with smaller lenders with low rates and good customer service, rather than traditional lending institutions. LendKey’s student loan refinance offering is available to graduates with strong credit and stable income. It’s best if you want to work with a credit union or community bank to access loan offers you otherwise might have overlooked.

<h3 id="9-no-cosigner-release-" class="wp-block-heading"><strong><em>Varying cosigner release policies</em></strong></h3>
Most private student lenders require or strongly encourage you to apply with a cosigner. Given that young people generally have no/limited credit history, a cosigner can help you qualify for better loan terms.

If you earn less than $24,000 per year or have fewer than 36 months of credit history, a cosigner is required in order to borrow from LendKey.

Unfortunately, it’s not clear how quickly you can release your cosigner from your LendKey loan. Since LendKey partners with credit unions and community banks (each of which have their own internal policies), you will need to check with your specific lender to confirm their cosigner release policy.

<h3 id="10-no-biweekly-payment-via-autopay-" class="wp-block-heading"><strong><em>Loans aren’t available in certain states</em></strong></h3>
LendKey does not offer student loan refinance to borrowers who live in Maine, Nevada, North Dakota, Rhode Island, or West Virginia. If you live in any of these states, try using our <a href="https://www.sparrowfi.com/student-loan-refi">rate comparison tool</a> to see which refinance lenders you qualify with.

<h3 id="11-students-cannot-take-over-parent-plus-loans-that-parents-took-out-on-their-behalf-" class="wp-block-heading"><strong><em>No biweekly payment via autopay</em></strong></h3>
When you repay your student loan, your payments are due monthly by default. Instead, some borrowers choose to make biweekly payments via autopay -- where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.

Unfortunately, when you borrow through LendKey, you don’t have the option to make biweekly payments via autopay.

You do, however, have the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With LendKey, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.

<h3 id="11-students-cannot-take-over-parent-plus-loans-that-parents-took-out-on-their-behalf-" class="wp-block-heading"><strong><em>You may have to become a member of a credit union</em></strong></h3>
One of the major advantages of borrowing through LendKey is that the platform allows you to access loan offers from a network of non-traditional lenders (credit unions and community banks) that you otherwise might have overlooked.

Unfortunately, that also means you may have to become a member of the institution you borrow from, which typically costs around $5. Although the process of becoming a member of a credit union is relatively simple, it adds another step to the borrowing process that traditional banks and online lenders don’t require.

<h2 id="isl-education-lending-eligibility-criteria-repayment-options-more" class="wp-block-heading"><strong>LendKey Eligibility Criteria, Repayment Options &amp; More</strong></h2>
<h3>Fees and Terms</h3>

$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees; and up to $300,000 for medical, dental or veterinary degrees.

<strong>Ability to transfer a parent loan to the student</strong>

<strong>Application or Origination Fee</strong>

Yes (If payment is not made within 15 days of the due date, the late fee is $5 to $10, depending on the lender).

<h3 id="eligibility-requirements-financial" class="wp-block-heading"><strong>Eligibility Requirements (Financial)</strong></h3>

24,000 per year, $12,000 per year with a cosigner.

<strong>Typical Credit Score of Approved Borrowers or Cosigners</strong>

<strong>Typical Income of Approved Borrower</strong>

<strong>Maximum Debt-to-Income Ratio</strong>

<strong>Ability to qualify if you’ve filed for bankruptcy</strong>

<h3 id="eligibility-requirements-personal" class="wp-block-heading"><strong>Eligibility Requirements (Personal)</strong></h3>

Borrowers must be U.S. citizens or permanent residents.

Available to borrowers in all 50 states, except Maine, Nevada, North Dakota, Rhode Island, and West Virginia.

<strong>Must have attended a school authorized to receive federal aid</strong>

<strong>Percentage of borrowers who have a cosigner</strong>

<h3 id="repayment-options" class="wp-block-heading"><strong>Repayment Options</strong></h3>

On 5, 7, and 10-year loans, postpone payments for up to four months at a time, for up to 12 months total. On 15 and 20-year loans, postpone payments for up to six months at a time, for 18 months total.

<strong>Death or Disability Discharge</strong>

Not guaranteed by the loan agreement, but common practice, according to LendKey.

<strong>Loan discharge if cosigner dies or becomes disabled</strong>

Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: No.

<h3><strong>Customer Service</strong></h3>

<strong>In-house Customer Service Team</strong>

<strong>Process for Escalating Concerns</strong>

<strong>Borrowers get assigned a personal customer service representative</strong>

<strong>Average time from approval to payoff</strong>

<h2 id="faq" class="wp-block-heading"><strong>LendKey FAQs</strong></h2>
<h3><strong>Is LendKey a legitimate lender?</strong></h3>
Yes, LendKey is legitimate. The platform connects borrowers with credit unions and community banks offering private student loans to undergraduates, graduate students, and parents, as well as student loan refinancing. Since its founding in 2009, LendKey has helped fund $3.1 billion in loans for 99,000-plus borrowers — it also services more than $2 billion worth of student loans.

<h3><strong>Is LendKey available in all 50 states?</strong></h3>
LendKey is available to borrowers in all 50 states, except Maine, Nevada, North Dakota, Rhode Island, and West Virginia.

<h3><strong>How long does it take to get a LendKey student loan?</strong></h3>
Submitting an application through LendKey takes a few minutes. Once you’ve submitted your loan application, LendKey will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.

It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.

<h3><strong>What happens if I don’t qualify for a LendKey student loan?</strong></h3>
If you don’t qualify for LendKey student loan refinance, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or try with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/student-loan-refi">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. Best of all, it won’t impact your credit score.

Eligibility criteria excludes part-time students, parents, and non-U.S. citizens/permanent residents

Loans aren’t available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia

Biweekly payment via autopay is not available

You may have to become a member of a credit union

Work with a credit union or community bank, rather than a traditional lender

Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance

<h3><strong>Are LendKey student loans federal or private?</strong></h3>
LendKey’s student loans are private. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.

<h3><strong>Does applying for a loan through LendKey hurt my credit score? </strong></h3>
In order to estimate what rate you qualify for, LendKey conducts a <a href="https://www.sparrowfi.com/blog/whats-a-soft-credit-inquiry-whats-a-hard-credit-inquiry">soft credit check</a> -- this does not affect your credit score. If you choose to accept the LendKey refinance offer, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.

<h2 id="best-features" class="wp-block-heading"><strong>Best Features</strong>: <strong>LendKey Student Loan Refinance </strong></h2>
<h3 id="3-work-with-a-non-profit-rather-than-a-traditional-lender-" class="wp-block-heading"><strong><em>Work with credit unions and community banks</em></strong></h3>
LendKey allows you to access refinance offers from a network of non-traditional lenders that you otherwise might have overlooked. On its platform, LendKey connects you with hundreds of community banks and credit unions simultaneously. While the credit unions and community banks don’t have the name recognition that some of the traditional banks and online lenders have, they typically offer lower rates and personalized customer service. In addition, the credit unions and community banks are often non-profits, so you’ll be working with a lender that has your best interest in mind.

<h3 id="4-competitive-interest-rates-" class="wp-block-heading"><strong><em>Competitive interest rates and zero fees for qualified borrowers</em></strong></h3>
When looking to refinance your student loan, finding a low interest rate is typically a top priority. If you qualify for a LendKey student loan refinance, you’ll have access to competitive interest rates from credit unions and community banks that you might not be able to find elsewhere. While most of the lenders on LendKey’s platform do not charge any origination fees, application fees, or prepayment penalties, some may charge late fees or insufficient funds fees. The terms will vary depending on which lender you choose, so be sure to read the terms and conditions of your loan carefully.

<h3 id="5-choose-from-a-variety-of-repayment-terms-between-5-and-20-years-" class="wp-block-heading"><strong><em>Offers up to 18 months of forbearance due to economic hardship or natural disaster</em></strong></h3>
If you experience economic hardship or a natural disaster, LendKey offers generous forbearance options (a pause on your repayment due to financial hardship, unemployment, or a disability).

On 5, 7, and 10-year loans, LendKey allows you to postpone payments for up to four months at a time, for up to 12 months total.

On 15 and 20-year loans, LendKey offers up to 18 months of forbearance, in six-month increments. While LendKey handles forbearance on a case-by-case basis, it can be a helpful safety net if you were to fall into financial hardship.

<h3 id="6-offers-up-to-12-months-of-forbearance-due-to-economic-hardship-natural-disaster-or-military-duty-" class="wp-block-heading"><strong><em>Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance</em></strong></h3>
When you borrow through LendKey’s platform, you’ll get free access to special borrower benefits that help you achieve your financial and personal goals. These benefits include:

<strong><em>Career Assistance: </em></strong>LendKey partners with NextJob to offer free tools and online resources to help you succeed, including:
<ul>
 	<li>Online mock interviews</li>
 	<li>A resume builder</li>
 	<li>Hidden job opportunities waiting to be uncovered</li>
 	<li>A personality test to help you find the right career path</li>
</ul>
<strong><em>Credit Health Analysis: </em></strong>To help you reach your financial goals, LendKey has partnered with Curu, a platform that provides comprehensive credit analysis designed to help you improve your credit health
<ul>
 	<li>Curu analyzes your spending, net worth, and credit utilization to generate personalized tasks that show your path to credit success.</li>
 	<li>Curu displays your real-time financial account information all in one place so you always know where you stand.</li>
 	<li>Curu sends you notifications for upcoming credit card payment due dates so you’ll never miss a payment again.</li>
</ul>
<strong><em>Federal Student Loan Assistance: </em></strong>LendKey partners with Savi to provide an online, concierge service that searches across 150+ federal loan forgiveness and repayment options and recommends a path forward based on a borrower’s unique financial situation and goals. Savi then automates and digitizes the application process to reduce mistakes, simplify the process, and save time.
<ul>
 	<li>Access a free, instant estimate of monthly savings</li>
 	<li>Detect eligibility &amp; simplify enrollment for national and state repayment and forgiveness programs</li>
 	<li>Receive 1:1 support as needed from a team of student loan experts</li>
</ul>

If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking <b>Apply</b> below.

<h2 id="drawbacks" class="wp-block-heading"><strong>Drawbacks</strong>: <strong>LendKey Student Loan Refinance</strong></h2>
<h3 id="8-strict-eligibility-criteria-" class="wp-block-heading"><strong><em>Strict eligibility criteria</em></strong></h3>


In order to qualify for student loan refinance through LendKey, borrowers must meet the following criteria:
<ol>
 	<li>A U.S. citizen or permanent resident</li>
 	<li>Graduated with at least an associate degree</li>
 	<li>You or your cosigner have a credit score of 660</li>
 	<li>You have an annual income of $24,000 per year, or $12,000 per year with a cosigner</li>
</ol>
LendKey’s strict eligibility criteria excludes non-U.S. citizens/permanent residents, non-graduates, parents, and those who don’t meet the credit or income requirements.

<strong>Not a U.S. citizen or permanent resident?</strong> Prodigy Finance has looser residency requirements. In addition, SoFi offers student loan refinance to international students who have a U.S. citizen as a cosigner.

<strong>Haven’t earned an associate’s degree?</strong> <a href="http://www.campusdoor.com/EDvestinU/Refi/HigherEd-15/qualify.aspx?Sparrow=affiliate-000-000">EDvestinU</a> accepts borrowers without a degree.

<strong>Don’t have a credit score of 660 (or a creditworthy cosigner)?</strong> Earnest accepts borrowers with a lower credit score.

<strong>Don’t have an annual income of $24,000?</strong> SoFi doesn’t have a minimum income requirement.

If you do not meet LendKey’s criteria for a student loan, you may want to <a href="https://www.sparrowfi.com/student-loan-refi">look elsewhere</a> to refinance your private student loan. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/student-loan-refi">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders all bidding for your business. And best of all, it won’t impact your credit score

LendKey's student loans allow you to work with smaller lenders with low rates and good customer service. Compare their rates to other lenders:

LendKey Student Loan Refinancing: 2024 Review

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Sparrow Team

<h2 id="brazos-snapshot-" class="wp-block-heading"><strong>EdvestinU Snapshot</strong></h2>
<p>EdvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corp. They offer private student loans and student loan refinancing to students across the country. In order to qualify for EdvestinU&#8217;s student loan refinancing, you do not need to be from New Hampshire or even have graduated school. EdvestinU&#8217;s refinance offering is best for those who do <strong>not have</strong> a degree and are looking to refinance up to $200,000 of student loans.</p>


<h2 id="best-features" class="wp-block-heading"><strong>Best Features of Refinancing with EdvestinU</strong></h2>
<h3 id="3-work-with-a-non-profit-rather-than-a-traditional-lender-" class="wp-block-heading"><strong><em>Work with a non-profit, rather than a traditional lender</em></strong></h3>
<p>EdvestinU has been helping families across the country finance the cost of their college education for nearly 60 years. EdvestinU is not affiliated with any school. As a non-profit, its goal is to save you money by offering the most competitive rates possible. While EdvestinU doesn’t have the name recognition that some of the traditional banks and online lenders have, it offers low rates and personalized customer service.</p>


<h3 id="4-competitive-interest-rates-" class="wp-block-heading"><strong><em>You can refinance your student loan without a degree</em></strong></h3>
<p>While most lenders require you to have graduated in order to refinance your student loan, EdvestinU accepts borrowers who don’t have a degree. This is a huge benefit to borrowers who left school before earning their degree.</p>
<p>Regardless of whether or not you have earned your degree, you will still need to meet EdvestinU&#8217;s credit and income requirements to qualify for refinancing.</p>
<ul>
<li><strong>Credit Score:</strong> You’ll need a credit score of at least 700.</li>
<li><strong>Income:</strong> You’ll need $30,000 in gross income if you plan to refinance less than $100,000. You’ll need $50,000 in gross income if you plan to refinance more than $100,000.</li>
</ul>
<p>If you do not meet that criteria, you could still be eligible for refinancing if you apply with a cosigner who does.</p>


<h3 id="5-choose-from-a-variety-of-repayment-terms-between-5-and-20-years-" class="wp-block-heading"><strong><em>Exclusive benefits for New Hampshire residents</em></strong></h3>
<p>EdvestinU, as well as many other private student lenders, offers a 0.25% discount if you enable automatic payments. This is the lender’s way of incentivizing you to turn on autopay so that you don’t miss a payment.</p>
<p>EdvestinU has taken this to another level by offering New Hampshire residents a 1% rate reduction on fixed rate loans and a 0.25% rate reduction on variable loans.</p>
<p>EdvestinU also offers in-person support and counseling to borrowers from New Hampshire.</p>
<p>If you’re a New Hampshire resident, EdvestinU might be the best option for you.</p>


<h2 id="drawbacks" class="wp-block-heading"><strong>Drawbacks of Refinancing with EdvestinU</strong></h2>
<h3 id="8-strict-eligibility-criteria-" class="wp-block-heading"><strong><em>Maximum loan of $200,000 is lower than most lenders</em></strong></h3>
<p>While other lenders often will refinance loans up to the total cost of attendance, the maximum loan amount that EdvestinU will refinance is $200,000. Accordingly, EdvestinU is a great option if you are refinancing relatively smaller student loans. However, if you are refinancing loans from medical school or graduate school that exceed $200,000, you might want to <a href="https://www.sparrowfi.com/student-loan-refi">consider other lenders</a> that accept larger loans.</p>


<h3 id="9-no-cosigner-release-" class="wp-block-heading"><strong><em>Students cannot take over parent PLUS loans that parents took out on their behalf</em></strong></h3>
<p>If your parent has taken out a Parent PLUS loan or a private student loan in their name, some lenders give your parent the option to transfer the loan to your name (so long as you are the primary applicant). However, EdvestinU <strong>does not </strong>allow students to refinance parent PLUS loans in the student’s name.</p>
<p>If you are a parent who took out a parent PLUS loan, you can still refinance that loan through EdvestinU &#8212; it will just be in your name, not the student’s name.</p>
<p>If you’re looking for a lender that does allow you to transfer parent PLUS loans to the student, you may want to consider <a href="https://www.sparrowfi.com/blog/sofi-review-student-loan-refinance-2022-2023">SoFi</a>.</p>


<h2 id="asla-eligibility-criteria-repayment-options-more" class="wp-block-heading"><strong>EdvestinU Eligibility Criteria, Repayment Options &amp; More</strong></h2>
<h3>Fees and Terms</h3>


<h3 id="customer-service" class="wp-block-heading"><strong>Customer Service</strong></h3>


<h2 id="faq" class="wp-block-heading"><strong>EdvestinU FAQs</strong></h2>
<h3><strong>Is EdvestinU a legitimate lender?</strong></h3>
<p>Yes, EdvestinU is a legitimate lender that has close to sixty years of experience lending and refinancing in higher education.</p>


<h3><strong>Is EdvestinU available in all 50 states?</strong></h3>
<p>Yes, EdvestinU is available in all 50 states. </p>

<h3><strong>How long does it take to get an EdvestinU student loan?</strong></h3>
<p>Submitting an application through EdvestinU takes a few minutes. Once you’ve submitted your loan application, EdvestinU will immediately return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.</p>
<p>It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.</p>


<h3><strong>What happens if I don’t qualify for an EdvestinU student loan?</strong></h3>
<p>If you don’t qualify for an EdvestinU student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/sign-up">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.</p>


<h3><strong>Are EdvestinU student loans federal or private?</strong></h3>
<p>EdvestinU loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including <a href="https://www.sparrowfi.com/blog/top-6-college-scholarship-sites">grants and scholarships</a>.</p>


<h3><strong>Does applying for a loan through EdvestinU hurt my credit score? </strong></h3>
<p>In order to estimate what rate you qualify for, EdvestinU conducts a <a href="https://www.sparrowfi.com/blog/whats-a-soft-credit-inquiry-whats-a-hard-credit-inquiry">soft credit check</a> &#8212; this does not affect your credit score. If you choose to accept the EdvestinU loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.</p>


<h2 id="brazos-snapshot-" class="wp-block-heading"><strong>EdvestinU Snapshot</strong></h2>
EdvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corp. They offer private student loans and student loan refinancing to students across the country. In order to qualify for EdvestinU's student loan refinancing, you do not need to be from New Hampshire or even have graduated school. EdvestinU's refinance offering is best for those who do <strong>not have</strong> a degree and are looking to refinance up to $200,000 of student loans.

<h2 id="asla-eligibility-criteria-repayment-options-more" class="wp-block-heading"><strong>EdvestinU Eligibility Criteria, Repayment Options &amp; More</strong></h2>
<h3>Fees and Terms</h3>

Yes, five percent of the monthly payment.

$30,000 if you plan to refinance less than $100,000; if you plan to refinance more than that, the minimum income is $50,000.

Must be a U.S. citizen or a permanent resident.

Yes, but interest-only payments are due during the deferment.

Yes, you can postpone payment while undergoing rehab for a disability.

<strong>Economic Hardship Deferment</strong>

Yes, borrowers are eligible for 12 months of economic hardship deferment, in three-month increments, over the life of the loan.

Discretionary forbearance is available for 12 months.

Yes, after 36 months of consecutive, on-time payments. Borrowers must also have a credit score greater than 749 and a minimum gross income of $30,000.

<h3 id="customer-service" class="wp-block-heading"><strong>Customer Service</strong></h3>

<h2 id="faq" class="wp-block-heading"><strong>EdvestinU FAQs</strong></h2>
<h3><strong>Is EdvestinU a legitimate lender?</strong></h3>
Yes, EdvestinU is a legitimate lender that has close to sixty years of experience lending and refinancing in higher education.

<h3><strong>Is EdvestinU available in all 50 states?</strong></h3>
Yes, EdvestinU is available in all 50 states.

<h3><strong>How long does it take to get an EdvestinU student loan?</strong></h3>
Submitting an application through EdvestinU takes a few minutes. Once you’ve submitted your loan application, EdvestinU will immediately return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.

It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.

<h3><strong>What happens if I don’t qualify for an EdvestinU student loan?</strong></h3>
If you don’t qualify for an EdvestinU student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s <a href="https://www.sparrowfi.com/sign-up">free search engine</a>. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.

<h3><strong>Are EdvestinU student loans federal or private?</strong></h3>
EdvestinU loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including <a href="https://www.sparrowfi.com/blog/top-6-college-scholarship-sites">grants and scholarships</a>.

<h3><strong>Does applying for a loan through EdvestinU hurt my credit score? </strong></h3>
In order to estimate what rate you qualify for, EdvestinU conducts a <a href="https://www.sparrowfi.com/blog/whats-a-soft-credit-inquiry-whats-a-hard-credit-inquiry">soft credit check</a> -- this does not affect your credit score. If you choose to accept the EdvestinU loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.

Maximum loan of $200,000 is lower than most refinance lenders

Students cannot take over parent PLUS loans that parents took out on their behalf

Work with a non-profit, rather than a traditional lender

You can refinance your students loans without a degree

Exclusive benefits for New Hampshire residents

<h2 id="best-features" class="wp-block-heading"><strong>Best Features of Refinancing with EdvestinU</strong></h2>
<h3 id="3-work-with-a-non-profit-rather-than-a-traditional-lender-" class="wp-block-heading"><strong><em>Work with a non-profit, rather than a traditional lender</em></strong></h3>
EdvestinU has been helping families across the country finance the cost of their college education for nearly 60 years. EdvestinU is not affiliated with any school. As a non-profit, its goal is to save you money by offering the most competitive rates possible. While EdvestinU doesn’t have the name recognition that some of the traditional banks and online lenders have, it offers low rates and personalized customer service.

<h3 id="4-competitive-interest-rates-" class="wp-block-heading"><strong><em>You can refinance your student loan without a degree</em></strong></h3>
While most lenders require you to have graduated in order to refinance your student loan, EdvestinU accepts borrowers who don’t have a degree. This is a huge benefit to borrowers who left school before earning their degree.

Regardless of whether or not you have earned your degree, you will still need to meet EdvestinU's credit and income requirements to qualify for refinancing.
<ul>
 	<li><strong>Credit Score:</strong> You’ll need a credit score of at least 700.</li>
 	<li><strong>Income:</strong> You’ll need $30,000 in gross income if you plan to refinance less than $100,000. You’ll need $50,000 in gross income if you plan to refinance more than $100,000.</li>
</ul>
If you do not meet that criteria, you could still be eligible for refinancing if you apply with a cosigner who does.

<h3 id="5-choose-from-a-variety-of-repayment-terms-between-5-and-20-years-" class="wp-block-heading"><strong><em>Exclusive benefits for New Hampshire residents</em></strong></h3>
EdvestinU, as well as many other private student lenders, offers a 0.25% discount if you enable automatic payments. This is the lender’s way of incentivizing you to turn on autopay so that you don’t miss a payment.

EdvestinU has taken this to another level by offering New Hampshire residents a 1% rate reduction on fixed rate loans and a 0.25% rate reduction on variable loans.

EdvestinU also offers in-person support and counseling to borrowers from New Hampshire.

If you’re a New Hampshire resident, EdvestinU might be the best option for you.

<h2 id="drawbacks" class="wp-block-heading"><strong>Drawbacks of Refinancing with EdvestinU</strong></h2>
<h3 id="8-strict-eligibility-criteria-" class="wp-block-heading"><strong><em>Maximum loan of $200,000 is lower than most lenders</em></strong></h3>
While other lenders often will refinance loans up to the total cost of attendance, the maximum loan amount that EdvestinU will refinance is $200,000. Accordingly, EdvestinU is a great option if you are refinancing relatively smaller student loans. However, if you are refinancing loans from medical school or graduate school that exceed $200,000, you might want to <a href="https://www.sparrowfi.com/student-loan-refi">consider other lenders</a> that accept larger loans.

<h3 id="9-no-cosigner-release-" class="wp-block-heading"><strong><em>Students cannot take over parent PLUS loans that parents took out on their behalf</em></strong></h3>
If your parent has taken out a Parent PLUS loan or a private student loan in their name, some lenders give your parent the option to transfer the loan to your name (so long as you are the primary applicant). However, EdvestinU <strong>does not </strong>allow students to refinance parent PLUS loans in the student’s name.

If you are a parent who took out a parent PLUS loan, you can still refinance that loan through EdvestinU -- it will just be in your name, not the student’s name.

If you’re looking for a lender that does allow you to transfer parent PLUS loans to the student, you may want to consider <a href="https://www.sparrowfi.com/blog/sofi-review-student-loan-refinance-2022-2023">SoFi</a>.

EdvestinU offers private student loans and student loan refinancing. Learn more about their benefits and drawbacks:

EdvestinU Student Loan Refinancing: 2024 Review

<p>Refinancing your student loans can save you thousands over the life of your loan. By refinancing, you can swap your current student loan(s) for a new loan with a better interest rate or terms.</p>
<p>If you have excellent credit or stable income, or a cosigner who does, you may benefit from refinancing your student debt. To begin the process of refinancing, explore the best student loan refinancing options from our lending partners below.</p>


<h2 id="h-compare-student-loan-refinancing-rates" class="wp-block-heading"><strong>Compare Student Loan Refinancing Rates </strong></h2>
<p>Finding the right refinancing option should be a simple. Use <a href="https://www.sparrowfi.com/">Sparrow</a> to find the <a href="http://sparrowfi.com/student-loan-refi" target="_blank" rel="noreferrer noopener">best student loan refinance option</a> <strong>for you</strong>. Sparrow shows you the most important information and simplifies the entire process.</p>
<p><strong>&gt;&gt; MORE:</strong> <a href="https://www.sparrowfi.com/student-loan-refi">Compare your personalized student loan refinance options</a></p>


<h3 id="h-arkansas-student-loan-authority-asla" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/arkansas-student-loan-authority-refinancing-review">Arkansas Student Loan Authority (ASLA)</a></h3>
<p>The Arkansas Student Loan Authority offers student loan refinancing to Arkansas residents or students who have attended a school in the state. They offer competitive rates and flexible terms to those who qualify. <a href="https://asla.accountcenter.studentloan.org/refinance/default/welcome?ref=arspar&amp;utm_source=sparrow&amp;utm_medium=referral&amp;utm_campaign=spar-refi&amp;qfid=affiliate-000-000">ASLA</a> is best if you either live in or attended school in Arkansas and want competitive interest rates and flexible loan terms.</p>


<h3 id="h-brazos" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/brazos-student-loan-refinance-review">Brazos</a></h3>
<p>Brazos is a nonprofit lender that provides student loan refinancing to Texas residents. While you do need to have at least an undergraduate degree to refinance with Brazos, you will receive competitive interest rates and flexible terms if you qualify. <a href="https://studentloans.com/student-loan-refinance.html?mc=0000009i">Brazos</a> is best if you are a Texas resident and have at least an undergraduate degree, though the degree does not have to be from a Texas school.</p>


<h3 id="h-college-ave" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/college-ave-student-loan-refinancing-review">College Ave</a></h3>
<p>College Ave offers student loan refinancing and is known for their strong customer service, competitive interest rates, and flexible loan terms. For example, <a href="https://www.collegeavestudentloans.com/application/?SC=CARF01&amp;ACT=US&amp;utm_campaign=affiliate%20ongoing&amp;utm_source=sparrow&amp;utm_medium=aggregator&amp;utm_content=apply&amp;brand=college%20ave&amp;product=refi&amp;p_aff=sparrow&amp;goal=acquisition&amp;agg_ref_id=affiliate-000-000">College Ave</a> offers 6- or 9-year loans, which is unlike many other private lenders. College Ave is best if you want access to good customer service and a flexible repayment term that better matches your budget.</p>


<h3 id="h-earnest" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/earnest-review-student-loan-refinance">Earnest</a></h3>
<p>Earnest offers student loan refinancing with customizable repayment plans, allowing you to choose your repayment term down to the month. <a href="https://partner.earnest.com/referral/67b24d45-5441-47b1-b1a3-cff2107aba71?utm_source=sparrow&amp;utm_medium=referral&amp;utm_content=affiliate-000-000">Earnest</a> also has forward-looking eligibility requirements and offers competitive interest rates. Earnest is best if you don’t have a cosigner and want a repayment plan customized to your situation.</p>


<h3 id="h-invested" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/invested-student-loan-refinance-review">INvestED</a></h3>
<p>INvestED offers student loan refinancing to Indiana residents and students who attended school in Indiana. They offer a variety of repayment options, competitive interest rates, and flexible terms. <a href="https://www.investedindiana.org/lending/refi/invested-refi-loan/?ref=SPRaffiliate-000-000">INvestED</a> is best if you live in Indiana or attended school in Indiana and want access to different repayment options.</p>


<h3 id="h-isl-education-lending" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/isl-education-lending-student-loan-refinancing-review">ISL Education Lending</a></h3>
<p>ISL Education Lending is a nonprofit student lender offering both private student loans and student loan refinancing. <a href="https://www.iowastudentloan.org/refinance-loan/student-loan.aspx?ref=SPAR&amp;utm_source=sparrow&amp;utm_medium=referral&amp;utm_campaign=reset&amp;campaign=sparrow">ISL Education Lending</a> is best if you want to work with a nonprofit lender, want competitive interest rates, or want to refinance without having a degree.</p>


<h3 id="h-lendkey" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/lendkey-student-loan-refinance-review">LendKey</a></h3>
<p>LendKey’s student loan refinancing is a good option if you have graduated, have a strong credit score, and have stable income. A great feature of <a href="https://www.lendkey.com/student-loan-refinancing/?sk=AFF-sparrowfi-affiliate-000-001&amp;utm_source=AFF-sparrowfi&amp;utm_medium=referral&amp;utm_campaign=AFF">LendKey</a> is that they will connect you with a network of 100+ lesser known credit unions and community banks so you can work with and take out loans from smaller institutions. LendKey is best if you are a creditworthy borrower and want to work with smaller lenders with low rates and good customer service.</p>


<h3 id="h-nelnet-bank" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/nelnet-bank-student-loan-refinance-review">Nelnet Bank</a></h3>
<p>Nelnet Bank offers student loan refinancing for both private and federal student loans, including Parent PLUS loans. <a href="https://www.nelnetbank.com/partners/sparrow/?utm_source=sparrow&amp;utm_medium=paidreferral&amp;utm_campaign=refi_sparrow_referral&amp;utm_content=sparrow&amp;product_code=r&amp;subID=affiliate-000-000">Nelnet Bank</a> also offers a flexible forbearance policy and competitive interest rates. Nelnet Bank is best if you are looking for competitive rates and want the ability to refinance <a href="https://www.sparrowfi.com/blog/parent-plus-loan-forgiveness-everything-you-need-to-know">Parent PLUS loans</a>.</p>


<h3 id="h-sofi" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/sofi-student-loan-refinance-review">SoFi</a></h3>
<p>SoFi is one of the biggest student loan refinancing companies in the industry. You have to have an associate’s degree or higher to qualify, but if you do qualify, you’ll have access to a wide variety of repayment options and exclusive member benefits. <a href="https://refer.sofi.com/c/2776865/843614/11190?adcampaigngroup=refi&amp;adnetwork=BD&amp;sharedID=">SoFi</a> is best if you have at least an associate’s degree, are a creditworthy borrower, and want to take advantage of their borrower benefits.</p>


<h2 id="h-frequently-asked-questions-about-student-loan-refinancing" class="wp-block-heading"><strong>Student Loan Refinancing FAQs</strong></h2>
<p> </p>
<h3 id="h-can-i-refinance-just-my-private-student-loans" class="wp-block-heading"><strong>Can I refinance just my private student loans? </strong></h3>
<p>Yes. You can refinance just your private student loans.</p>

<h3 id="block-6fc1d2a7-43df-47d3-914d-fe361c902e21" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-heading rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Heading" data-block="6fc1d2a7-43df-47d3-914d-fe361c902e21" data-type="core/heading" data-title="Heading"><strong data-rich-text-format-boundary="true">Is it a good time to refinance private student loans? </strong></h3>
<p id="block-a7e0f4b6-533e-4ffe-b2f5-32fc728956e8" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-paragraph rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Paragraph" data-block="a7e0f4b6-533e-4ffe-b2f5-32fc728956e8" data-type="core/paragraph" data-title="Paragraph" data-empty="false">Yes. You can refinance private student loans at any time. If you have federal student loans, however, we recommend waiting until the <a href="https://www.sparrowfi.com/blog/student-loans-are-on-hold-what-should-you-do">federal student loan forbearance</a> is over.</p>
<p id="block-20d5daaa-5fa2-4be3-8c25-d6a33f920a49" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-paragraph rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Paragraph" data-block="20d5daaa-5fa2-4be3-8c25-d6a33f920a49" data-type="core/paragraph" data-title="Paragraph" data-empty="false"><strong>&gt;&gt; MORE:</strong> <a href="https://www.sparrowfi.com/blog/when-should-i-refinance-my-student-loans">When should I refinance my student loan?</a></p>


<h3 id="h-can-you-refinance-a-private-student-loan-into-a-federal-one" class="wp-block-heading"><strong>Can you refinance a private student loan into a federal one?</strong></h3>
<p>No. Because private student loans are provided by private financial institutions, you cannot transfer them to federal student lenders. However, you can <a href="https://www.sparrowfi.com/student-loan-refi">refinance</a> a federal student loan into a private student loan.</p>


<h3 id="h-what-is-a-good-interest-rate-for-student-loan-refinancing" class="wp-block-heading"><strong>What is a good interest rate for student loan refinancing?</strong></h3>
<p>The goal of student loan refinancing is to secure a lower interest rate or better terms than what you currently have. So, any interest rate lower than what you currently have would be a good interest rate.</p>
<p><strong>&gt;&gt; MORE: </strong><a href="https://www.sparrowfi.com/blog/what-is-the-average-student-loan-interest-rate">What is the average student loan interest rate?</a></p>


<p><em>Sparrow&#8217;s goal is to give you the tools and confidence you need to improve your finances. Many or all of the products shown here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.</em></p>


Refinancing your student loans can save you thousands over the life of your loan. By refinancing, you can swap your current student loan(s) for a new loan with a better interest rate or terms.

If you have excellent credit or stable income, or a cosigner who does, you may benefit from refinancing your student debt. To begin the process of refinancing, explore the best student loan refinancing options from our lending partners below.

Not available to borrowers without a degree, visa holders, or those with parent PLUS loans

Doesn’t allow spousal consolidation loans

Choose any loan term between 5 and 15 years including nonstandard terms such as 6 or 9 years

<h3 id="h-earnest" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/earnest-review-student-loan-refinance">Earnest</a></h3>
Earnest offers student loan refinancing with customizable repayment plans, allowing you to choose your repayment term down to the month. <a href="https://partner.earnest.com/referral/67b24d45-5441-47b1-b1a3-cff2107aba71?utm_source=sparrow&amp;utm_medium=referral&amp;utm_content=affiliate-000-000">Earnest</a> also has forward-looking eligibility requirements and offers competitive interest rates. Earnest is best if you don’t have a cosigner and want a repayment plan customized to your situation.

Refinancing is unavailable in Kentucky and Nevada

Variable interest rates aren’t available for borrowers in all states

Student borrowers cannot take over parent PLUS loans that parents took out on their behalf

Option to skip one monthly payment every year

<h3 id="h-invested" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/invested-student-loan-refinance-review">INvestED</a></h3>
INvestED offers student loan refinancing to Indiana residents and students who attended school in Indiana. They offer a variety of repayment options, competitive interest rates, and flexible terms. <a href="https://www.investedindiana.org/lending/refi/invested-refi-loan/?ref=SPRaffiliate-000-000">INvestED</a> is best if you live in Indiana or attended school in Indiana and want access to different repayment options.

Only available to students that are residents of or attended school in Indiana

You can’t refinance parent PLUS loans in your name

Cosigner release option after 48 months of timely payments

Offers up to 36 months of academic deferment

<h3 id="h-isl-education-lending" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/isl-education-lending-student-loan-refinancing-review">ISL Education Lending</a></h3>
ISL Education Lending is a nonprofit student lender offering both private student loans and student loan refinancing. <a href="https://www.iowastudentloan.org/refinance-loan/student-loan.aspx?ref=SPAR&amp;utm_source=sparrow&amp;utm_medium=referral&amp;utm_campaign=reset&amp;campaign=sparrow">ISL Education Lending</a> is best if you want to work with a nonprofit lender, want competitive interest rates, or want to refinance without having a degree.

Only one loan repayment term for in-school refinancing

<h3 id="h-lendkey" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/lendkey-student-loan-refinance-review">LendKey</a></h3>
LendKey’s student loan refinancing is a good option if you have graduated, have a strong credit score, and have stable income. A great feature of <a href="https://www.lendkey.com/student-loan-refinancing/?sk=AFF-sparrowfi-affiliate-000-001&amp;utm_source=AFF-sparrowfi&amp;utm_medium=referral&amp;utm_campaign=AFF">LendKey</a> is that they will connect you with a network of 100+ lesser known credit unions and community banks so you can work with and take out loans from smaller institutions. LendKey is best if you are a creditworthy borrower and want to work with smaller lenders with low rates and good customer service.

<h3 id="h-nelnet-bank" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/nelnet-bank-student-loan-refinance-review">Nelnet Bank</a></h3>
Nelnet Bank offers student loan refinancing for both private and federal student loans, including Parent PLUS loans. <a href="https://www.nelnetbank.com/partners/sparrow/?utm_source=sparrow&amp;utm_medium=paidreferral&amp;utm_campaign=refi_sparrow_referral&amp;utm_content=sparrow&amp;product_code=r&amp;subID=affiliate-000-000">Nelnet Bank</a> also offers a flexible forbearance policy and competitive interest rates. Nelnet Bank is best if you are looking for competitive rates and want the ability to refinance <a href="https://www.sparrowfi.com/blog/parent-plus-loan-forgiveness-everything-you-need-to-know">Parent PLUS loans</a>.

Not accessible to international students or borrowers with student visas

You can refinance parent PLUS loans in your name

Offers 12 months of forbearance due to economic hardship or natural disaster

Cosigner release option after 24 months of timely payments

<h3 id="h-sofi" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/sofi-student-loan-refinance-review">SoFi</a></h3>
SoFi is one of the biggest student loan refinancing companies in the industry. You have to have an associate’s degree or higher to qualify, but if you do qualify, you’ll have access to a wide variety of repayment options and exclusive member benefits. <a href="https://refer.sofi.com/c/2776865/843614/11190?adcampaigngroup=refi&amp;adnetwork=BD&amp;sharedID=">SoFi</a> is best if you have at least an associate’s degree, are a creditworthy borrower, and want to take advantage of their borrower benefits.

Students can refinance parent PLUS loans in their own name

Comes with borrower protections (forbearance and deferment)

Includes membership perks like career coaching, job search assistance, and wealth management

<h2 id="h-compare-student-loan-refinancing-rates" class="wp-block-heading"><strong>Compare Student Loan Refinancing Rates </strong></h2>
Finding the right refinancing option should be a simple. Use <a href="https://www.sparrowfi.com/">Sparrow</a> to find the <a href="http://sparrowfi.com/student-loan-refi" target="_blank" rel="noreferrer noopener">best student loan refinance option</a> <strong>for you</strong>. Sparrow shows you the most important information and simplifies the entire process.

<strong>&gt;&gt; MORE:</strong> <a href="https://www.sparrowfi.com/student-loan-refi">Compare your personalized student loan refinance options</a>

<h2 id="h-frequently-asked-questions-about-student-loan-refinancing" class="wp-block-heading"><strong>Student Loan Refinancing FAQs</strong></h2>
 
<h3 id="h-can-i-refinance-just-my-private-student-loans" class="wp-block-heading"><strong>Can I refinance just my private student loans? </strong></h3>
Yes. You can refinance just your private student loans.

<h3 id="block-6fc1d2a7-43df-47d3-914d-fe361c902e21" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-heading rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Heading" data-block="6fc1d2a7-43df-47d3-914d-fe361c902e21" data-type="core/heading" data-title="Heading"><strong data-rich-text-format-boundary="true">Is it a good time to refinance private student loans? </strong></h3>
<p id="block-a7e0f4b6-533e-4ffe-b2f5-32fc728956e8" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-paragraph rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Paragraph" data-block="a7e0f4b6-533e-4ffe-b2f5-32fc728956e8" data-type="core/paragraph" data-title="Paragraph" data-empty="false">Yes. You can refinance private student loans at any time. If you have federal student loans, however, we recommend waiting until the <a href="https://www.sparrowfi.com/blog/student-loans-are-on-hold-what-should-you-do">federal student loan forbearance</a> is over.</p>
<p id="block-20d5daaa-5fa2-4be3-8c25-d6a33f920a49" class="block-editor-rich-text__editable block-editor-block-list__block wp-block is-multi-selected is-partially-selected wp-block-paragraph rich-text" role="document" contenteditable="true" aria-multiline="true" aria-label="Block: Paragraph" data-block="20d5daaa-5fa2-4be3-8c25-d6a33f920a49" data-type="core/paragraph" data-title="Paragraph" data-empty="false"><strong>&gt;&gt; MORE:</strong> <a href="https://www.sparrowfi.com/blog/when-should-i-refinance-my-student-loans">When should I refinance my student loan?</a></p>

<h3 id="h-can-you-refinance-a-private-student-loan-into-a-federal-one" class="wp-block-heading"><strong>Can you refinance a private student loan into a federal one?</strong></h3>
No. Because private student loans are provided by private financial institutions, you cannot transfer them to federal student lenders. However, you can <a href="https://www.sparrowfi.com/student-loan-refi">refinance</a> a federal student loan into a private student loan.

<h3 id="h-what-is-a-good-interest-rate-for-student-loan-refinancing" class="wp-block-heading"><strong>What is a good interest rate for student loan refinancing?</strong></h3>
The goal of student loan refinancing is to secure a lower interest rate or better terms than what you currently have. So, any interest rate lower than what you currently have would be a good interest rate.

<strong>&gt;&gt; MORE: </strong><a href="https://www.sparrowfi.com/blog/what-is-the-average-student-loan-interest-rate">What is the average student loan interest rate?</a>

<em>Sparrow's goal is to give you the tools and confidence you need to improve your finances. Many or all of the products shown here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.</em>

<h3 id="h-arkansas-student-loan-authority-asla" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/arkansas-student-loan-authority-refinancing-review">Arkansas Student Loan Authority (ASLA)</a></h3>
The Arkansas Student Loan Authority offers student loan refinancing to Arkansas residents or students who have attended a school in the state. They offer competitive rates and flexible terms to those who qualify. <a href="https://asla.accountcenter.studentloan.org/refinance/default/welcome?ref=arspar&amp;utm_source=sparrow&amp;utm_medium=referral&amp;utm_campaign=spar-refi&amp;qfid=affiliate-000-000">ASLA</a> is best if you either live in or attended school in Arkansas and want competitive interest rates and flexible loan terms.

Ability to refinance several types of loans

Offers 0.25% interest rate reduction for opting into auto-debit payments

<h3 id="h-brazos" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/brazos-student-loan-refinance-review">Brazos</a></h3>
Brazos is a nonprofit lender that provides student loan refinancing to Texas residents. While you do need to have at least an undergraduate degree to refinance with Brazos, you will receive competitive interest rates and flexible terms if you qualify. <a href="https://studentloans.com/student-loan-refinance.html?mc=0000009i">Brazos</a> is best if you are a Texas resident and have at least an undergraduate degree, though the degree does not have to be from a Texas school.

Work with a nonprofit, rather than a traditional lender

Variety of repayment terms ranging from 5 to 20 years

<h3 id="h-college-ave" class="wp-block-heading"><a href="https://www.sparrowfi.com/blog/college-ave-student-loan-refinancing-review">College Ave</a></h3>
College Ave offers student loan refinancing and is known for their strong customer service, competitive interest rates, and flexible loan terms. For example, <a href="https://www.collegeavestudentloans.com/application/?SC=CARF01&amp;ACT=US&amp;utm_campaign=affiliate%20ongoing&amp;utm_source=sparrow&amp;utm_medium=aggregator&amp;utm_content=apply&amp;brand=college%20ave&amp;product=refi&amp;p_aff=sparrow&amp;goal=acquisition&amp;agg_ref_id=affiliate-000-000">College Ave</a> offers 6- or 9-year loans, which is unlike many other private lenders. College Ave is best if you want access to good customer service and a flexible repayment term that better matches your budget.

SoFi is great if you have at least an associate’s degree or are a creditworthy borrower. Explore other student loan refinancing options:

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