The 6 Best Banks to Refinance and Consolidate Student Loans in 2014

The 6 Best Banks to Refinance and Consolidate Student Loans in 2014

  10:06 PM    Anonymous

---

Finding the right bank to refinance or consolidate your student loans is confusing.By Andrew JosuweitBlogFeaturedFederal Student Loan RefinancingThe 6 Best Banks to Refinance and Consolidate Student Loans in 2014Updated: September 4, 2014Finding the right bank to refinance or consolidate your student loans is confusing.Fortunately, we’ve highlighted a few banking organizations to help you find private and federal student loan refinancing or consolidation options that fit your financial situation.Keep in mind, most banks require a minimum of 640 credit score (FICO), 45% maximum monthly Debt-to-Income Ratio, minimum monthly gross income of $2,000, and of course, a college degree or certificate of enrollment if still in school. If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!Our picks for student loan refinancing:1) SoFi – Social FinanceRefinancing and consolidation for private and federal student loansMust have completed an eligible undergraduate or graduate degree program2.66% APR to 5.29% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR3.63% APR to 7.74% APR (with autopay) fixed rates5, 10 or 15 year repayment termsNo origination fees or prepayment penaltiesAvailable for undergraduate and graduate student loansMedium credit score, salary, and debt-to-income requirementsUnemployment protection – loan payments are paused and they help find new jobCareer support – complimentary coaching for SoFi membersEntrepreneur program – qualified applicants can receive loan deferrals and mentorshipLearn More2) cuStudentLoansRefinancing and consolidation for private and federal student loansMust have completed an eligible undergraduate or graduate degree program3.97% APR to 7.47% APR variable rate consolidation student loans, capped at 18% APR15 year repayment term with no origination feeCosigner release available after 12 consecutive payments4 years Interest-Only Repayment Option availableMedium credit score, salary, and debt-to-income requirementsNetwork of Non-Profit Credit Unions help keep rates low.25% Interest Rate Reduction with automatic payments via ACHLearn More3) Darien Rowayton BankRefinancing and consolidation for private and federal student loansMust be an alumni of an MBA, Law, Medical/Dental (post-residency), and Engineering graduate degree program who meet the underwriting criteria2.88% – 4.23% variable rate student loan consolidations and refinancing options3.75% – 6.50% fixed rate student loan consolidations and refinancing options5, 10, 15, 20 year repayment termsMaximum variable rates capped at 9% for 5,10,15 year terms. For 20 year term, maximum rate cap is 18% APRMedium credit score, salary, and debt-to-income requirements.25% Interest Rate Reduction with automatic payments via ACHLearn More4) Charter One BankRefinancing and consolidation for private student loans4.99% fixed rate student loan refinancing for eligible applicants (see repayment examples)2.55% plus one-month LIBOR variable interest rate student loan refinancing for eligible applicants (see repayment examples)15 or 20 year repayment term options (see repayment examples)No application, origination or disbursement feesMedium credit score, salary, and debt-to-income requirementsAccepts most degree programs and institutionsMinimum Loan to Refinance: $10,000Learn More5) CommonBondRefinancing and consolidation for private and federal student loansMust be an alumni of an MBA, Law, Medical (post-residency), or Engineering graduate degree program within the CommonBond school network2.65% – 5.98% APR variable rate financing (with autopay)3.625% – 7.49% APR fixed rate financing (with autopay)5, 10, and 15-Year Repayment Terms0.25% Interest Rate Reduction with automatic payments via ACHMedium credit score, salary, and debt-to-income requirementsUnemployment protection – loan payments are paused and they both help find new jobs and hire eligible graduates for short-term consulting projectsAccess to CommonBond Community – Events, networking opportunities, and perksSocial good – for every fully funded degree through CommonBond, they fund the education of a student in need abroad for a yearLearn More6) Education Success LoansConsolidate and Refinance Private Student Loans and Federal Student Loans25 Year Repayment Term1 Year Fixed 4.99%* then variable rate for the term of the loan5 Year Fixed 5.99%* then variable rate for the term of the loan10 Year Fixed 7.99%* then variable rate for the term of the loan*Denotes Auto-Pay: 0.25% Interest Rate Reduction with automatic payments via ACHNo Origination Fees or Prepayment Penalties Eligibility Requirements:Have received a bachelor’s degree or higher from a Title IV eligible schoolHave graduated at least 30 months prior to application dateMeet our credit criteria, either individually or with a Co-BorrowerHave a minimum of $5,000 ($15,001 if in Kentucky) in private student loans to consolidateSupply acceptable proof of income of at least $24,000 annuallyBe a US Citizen or Permanent Resident and continue to be a Permanent resident of DC or any state in the continental United States other than AZ, IA, IL or WI.
Source Link: https://studentloanhero.com