Loan Amount: | Depends |
Credit Score: | Poor to Excellent |
APR: | 2.81% VARIABLE APR OR 3.64% FIXED APR |
Loan Term: | 5 - 20 years |
Save Money with Student Loan Refinancing
The average student graduates college with more than $30,000 dollars in student loans. Those that go on to graduate school will graduate with even more debt, many times in the six figures for professional degrees. Borrowers don’t always realize that their loans are costing them more than they think. Interest is tacked on to the loan amount (i.e., principal) making the total cost of the loan greater. While there is no way to eliminate student loan debt without paying it off, there are some tactics to reduce the overall cost of the principal and interest combined. One way is with a student loan refinance.
What is Student Loan Refinancing?
Refinancing student loans allow you to do a few things. If you have multiple loans, you can combine them into one brand new loan making it more convenient to stay on top of personal finances. You’ll also sometimes have the opportunity to release cosigners on your existing loans eliminating them from any liability for your loans. But probably most exciting is the opportunity to save money. With a student loan refinance, you are replacing all of your existing student loans (or a single student loan if you only have one) with a new loan with new terms. By qualifying for a lower interest rate or reducing the payback period of the new loan, you could save thousands in interest over the life of the loan.
Benefits of Using LendKey:
Lower Your Payments
You can reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your loan when you refinance student loans.
Simplify Your Finances
Through our lenders you'll be able to refinance student loans, both federal and private, including graduate loans, into one convenient loan at a great rate.
No Origination Fees
When you refinance student loans through us, our lenders won't charge you any origination fees.
Flexible Options
Many of our student loan refinance lenders offer various repayment options, including interest-only payments for the first four years.