Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. Nerd Wallet has partnered with Credible, a student loan refinancing marketplace.
On Credible, you’ll fill out one application for multiple lenders, all of which are listed in the chart below.
This means refinancing isn’t an option for graduates who are struggling to pay their student loan bills.
To qualify, you need credit in the mid-600s or higher and a steady income, or access to a co-signer.
Student loan refinancing is not the same as federal consolidation. The best refinance lender for you depends on your priorities.
offer benefits and protections that do not transfer to private lenders.
This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.
Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
For more details about how the process works, read our Credible review.
When you refinance a federal student loan, a lender pays it off and issues you a new, private loan.
Note about the updates: Since we first wrote this post, more information about the top private lenders and their repayment programs has become publicly available.
For instance, all our post originally said about Discover was that “Discover encourages struggling borrowers to call its ‘Repayment Assistance Department.'” We were vague because, well, Discover was vague too.
There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times.