The choice to refinance your student loans is a great way to tackle college debt and lower your monthly payments. Learn about the best banks to refinance and consolidate student loans and start saving!

Making any decision that has to do with your finances is a big step and an important task. Finances are tricky, and it’s crucial to approach it in the right way and weigh your options.

According to CNN, student loan debt in the United States has recently reached $1.5 trillion, which means there are a fair amount of college graduates still in debt. While no one likes to be in debt, lots of people are constantly looking for new ways to approach paying off their student loans in an efficient way. Refinancing your student loans is an option when trying to save money in the long run, so it’s definitely something to consider.

When you start to think about refinancing your student loans you may be on the fence about it because it may or may not be the best step for you. You’ll want to way the pros and cons of refinancing to decide what is the right decision for you and your finances.

Before making the decision you may want to think about a few things like, how much money you owe, what you can afford, and if there has been a change in your credit score or salary recently.

Want To Reduce Your Student Loan Payments?

COMPARE YOUR OPTIONS

If you have done your research and are ready to refinance then you'll benefit from learning about our top 5 picks for refinancing student loans.

Our Top 5 Picks for Student Loan Refinancing

Top Student Loan Refinancing Lenders
ReFi Loan Types
Variable Rates (APR)
Fixed Rates (APR)
Eligible Degrees
Terms (Years)
 
Laurel Road
Variable & Fixed
2.80% - 5.90%
3.37% - 7.02%
Undergrad
& Graduate
5, 7, 10, 15, 20
VISIT LAUREL ROAD
Sofi
Variable & Fixed
2.58% - 7.07%
3.25% - 7.25%
Undergrad
& Graduate
5, 7, 10, 15, 20
VISIT SOFI
lendkey
Variable & Fixed
2.56% - 7.94%
3.15% - 8.12%
Undergrad
& Graduate
5, 7, 10, 15, 20
VISIT LENDKEY
earnest
Variable & Fixed
2.57% - 5.87%
3.25% - 6.32%
Undergrad
& Graduate
5, 7, 10, 15, 20
VISIT EARNEST
Commonbond
Variable, Fixed & Hybrid
2.76% - 7.03%
3.18% - 7.25%
Undergrad
& Graduate
5, 7, 10, 15, 20
VISIT COMMONBOND

Benefits from These Student Loan Refinancing Banks

Most people are still searching Google for the following terms:

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Rest assured, when you choose to refinance your student loans with a new company, they may have a set of benefits for their customers. Some refinancing companies have options to make bi-weekly payments to help with interest or to even have the flexibility to skip a payment during a difficult month. It is good to research your potential companies before choosing who to refinance with and base your choices on the benefits they give.

The choice to refinance your student loans can be a great way to tackle college debt and lower your monthly payments. Everyone wants to save money, and refinancing could be the option for you to pay off your debt sooner and possibly build up your savings a little bit more. While refinancing your loans may not be the best option for everybody, weighing your options will help decide if refinancing might be good for you and your bank account. With lower interest rates, refinancing may help you save a lot of money on your overall student loan debt.

Have any questions about the best banks to refinance student loans? Leave us a comment below.

Interested in refinancing student loans?

Here are the top 5 lenders of 2019!

Lender
Variable APR
Eligible Degrees
Visit Partner
Laurel Road
2.80% – 5.90%
Undergrad
& Graduate
VISIT LAUREL ROAD
Sofi
2.58% – 7.07
Undergrad
& Graduate
VISIT SOFI
lendkey
2.56% – 7.94%
Undergrad
& Graduate
VISIT LENDKEY
earnest
2.57% – 5.87%
Undergrad
& Graduate
VISIT EARNEST
Commonbond
2.76% – 7.03%
Undergrad
& Graduate
VISIT COMMONBOND

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