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Student Loan Refinance Process
Updated On November 2, 2021
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Now that you have made the decision to refinance your student loans, it is time to understand the student loan refinance process. Over the past five years, the process to refinance student loans has been simplified considerably. Gone are the days of piles of paperwork, long wait times, and bureaucracy.
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Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
APR
5.24% - 9.99%
6.24% - 9.99%
5.24% - 9.99%
View Details
Overview
Variable APR:
6.24% - 9.99%
Fixed APR:
5.24% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.44% - 9.99%
6.24% - 9.99%
5.44% - 9.99%
View Details
Overview
Variable APR:
6.24% - 9.99%
Fixed APR:
5.44% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.19% - 9.74%
5.84% - 9.75%
5.19% - 9.75%
View Details
Overview
Variable APR:
5.84% - 9.75%
Fixed APR:
5.19% - 9.74%
Minimum Credit Score:
680
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.48% - 8.69%
5.28% - 8.99%
5.28% - 8.99%
View Details
Overview
Variable APR:
5.28% - 8.99%
Fixed APR:
5.48% - 8.69%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
3.99% - 9.99%
5.99% - 9.99%
3.99% - 9.99%
View Details
Overview
Variable APR:
5.99% - 9.99%
Fixed APR:
3.99% - 9.99%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
6.99% - 10.99%
7.29% - 12.44%
6.99% - 12.44%
View Details
Overview
Variable APR:
7.29% - 12.44%
Fixed APR:
6.99% - 10.99%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.44% - 9.75%
5.49% - 9.95%
5.44% - 9.95%
View Details
Overview
Variable APR:
5.49% - 9.95%
Fixed APR:
5.44% - 9.75%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.24% - 12.18%
5.55% - 12.18%
5.24% - 12.18%
View Details
Overview
Variable APR:
5.55% - 12.18%
Fixed APR:
5.24% - 12.18%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000
Details
Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
Disclosures: SoFi | Earnest | NaviRefi | ELFI | Splash Financial | Citizens | Laurel Road | LendKey
So, what does the student loan refinance process look like? Here are 6 steps to make the student loan refinance process seamless for you:
1. Student Loan Refinance Process: Easy Application
- All the student loan refinance applications are online and you receive a student loan interest rate offer typically within 2 minutes
- The total student loan refinance application may take less than 15 minutes to complete
- Co-signers and parents can also apply online as well
2. Select Your Loan
- You can choose a fixed or variable student loan interest rate
- You can choose your loan term and decide how fast you want to pay off your student loan
3. Submit Your Loan Documentation
- You can submit your documentation online
- Some lenders will allow you to take a photo of your documents, or even submit via text
- Key documents include your:
– Driver’s license or passport (or government issued ID)
– Transcripts / Diploma to verify your degree
– Payoff statement from your current lender (if refinancing)
– Monthly rent amount or mortgage payments
– Two most recent pay stubs or tax returns (or offer letter of employment)
4. Lender Underwriting Review
- The lender will review your submitted documents and credit report
- The lender will apply its proprietary credit model to ensure that you meet all its underwriting criteria
You’re Approved!
5. Review Disclosures & Sign Loan Documentation
- Review truth in lending and other disclosure statements
- Sign your student loan documentation
6. Your Student Loan Is Disbursed
- If you refinance your student loans, your lender will issue you a new student loan and directly pay off your existing student loan from your existing lender
- If you borrow a new student loan, your lender will send the funds directly to your school
Refinance With SoFi
