- Advantage Education Loan
Advantage Education Loans is a refinancing option available to U.S. citizens or residents of Kentucky. This lender offers fixed-rate loans exclusively. The application process is fee-free, and borrowers can refinance up to $500,000 of educational debt with repayment terms of 10, 15, or 20 years. Parents are also eligible to apply for refinancing.
Pros: Advantage Education Loans provides various benefits, including forbearance options, refinancing solutions for individuals who haven’t completed their degree, and the opportunity to qualify for loans without prepayment or origination fees.
Cons: The downside is the absence of variable rate options. Moreover, Advantage Education Loans does not disclose the minimum credit score required for qualification, and potential borrowers must undergo a hard credit check to determine eligibility and loan repayment terms.
Using Credible’s free online tool, borrowers can compare multiple lenders, including Advantage Education Loan, and obtain refinance rates within minutes.
- Brazos
Brazos offers refinancing options to Texas residents who have a minimum annual income of $60,000. Borrowers can refinance up to $149,000 of undergraduate debt or $249,000 of graduate student loans with Brazos. Both variable and fixed rate loans are available. Borrowers can choose repayment terms of five, seven, 10, 15, or 20 years, and economic hardship forbearance allows for a pause in payments for up to a total of 12 months, if necessary.
Pros: The benefits of refinancing with Brazos include no origination or prepayment fees, as well as the option to select variable or fixed rate loans.
Cons: However, a significant disadvantage is the high minimum annual income requirement for eligibility. Additionally, Brazos does not offer cosigner release, which is another drawback for borrowers considering refinancing with this lender.
Using Credible’s free online tool, borrowers can compare multiple lenders, such as Brazos, and access refinance rates within minutes.
- Citizens Bank
Citizens Bank offers nationwide refinancing options to U.S. citizens, permanent residents, and resident aliens with an eligible cosigner. To qualify for refinancing with this lender, borrowers must have a minimum of $10,000 in student loans. They can refinance up to $149,000 in undergraduate loans or $150,000 in graduate loans. Fixed-rate loans are available, and repayment terms of five, seven, 10, 15, or 20 years are offered. Cosigner release is available after 24-36 months of on-time payments.
Pros: Borrowers benefit from the choice between variable or fixed rate loans, the opportunity to refinance without completing their degree, and no prepayment or origination fees.
Cons: However, there are some drawbacks, including the absence of a disability discharge option and the undisclosed minimum credit score requirement. On the positive side, potential borrowers can determine their eligibility with just a soft credit check.
Using Credible’s free online tool, borrowers can compare multiple lenders, such as Citizens Bank, and access refinance rates within minutes.
- College Ave
College Ave offers loans to U.S. citizens and permanent residents, excluding residents of Maine. Borrowers have the option to choose between fixed-rate and variable loan options. Repayment terms of five, seven, 10, 12, 15, or 20 years are available, and forbearance is offered in cases of financial hardship. It is possible to apply for refinancing with a soft credit check, and borrowers can refinance up to $149,000 in undergraduate debt or $150,000 in graduate debt.
Pros: The major advantages of borrowing with College Ave include no prepayment or origination fees, the option of variable or fixed rates, and the ability to apply with only a soft credit check.
Cons: Unfortunately, the downsides include the unavailability of loans for residents of Maine and the lack of disclosure regarding the minimum credit score required for approval.
Using Credible’s free online tool, borrowers can compare multiple lenders, like College Ave, and obtain refinance rates within minutes.
- EdvestinU
EdvestinU offers student loan refinance loans to residents from any state, facilitated through the non-profit New Hampshire Education Assistance Foundation. The maximum amount that can be refinanced for undergraduate loans is $249,000, while the maximum balance for graduate loans is $199,000. Borrowers have the option to choose between a fixed-rate loan or a variable rate loan.
Pros: EdvestinU provides several advantages, including the choice between fixed or variable rate loan options, the ability to apply while still enrolled in school, and the opportunity to refinance without completing a degree. There are no origination fees or prepayment penalties.
Cons: However, borrowers are required to provide two personal references for approval, and an 800 credit score is necessary to qualify for the lender’s most competitive rates.
Using Credible’s free online tool, borrowers can compare multiple lenders, such as EdvestinU, and access refinance rates within minutes.