Best rates for consolidating college loans
Today, So Fi now helps student debt borrowers to refinance student loans nationwide.Borrowers can select the loans they would like to refinance with So Fi, who will pay them off and issue new loans with new terms.Below we've ranked the leading student loan refinancing and consolidation companies.It's free to apply, and the process usually takes about 15 minutes. You might know the basics of refinancing and consolidating student loans, and what each lender offers in general, but you need to know so much more before choosing a lender.The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.*To check the rates and terms you qualify for, So Fi conducts a soft credit inquiry.Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 2.540% APR assumes current 1 month LIBOR rate of 1.88% plus 0.91% margin minus 0.25% ACH discount. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above.For the So Fi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly.
So Fi, aka Social Finance, has quickly positioned itself as one of the best student loan refinance lenders on the market.Lastly, borrowers can select from 5, 7, 10, 15, and 20-year repayment plans.Origination fees are fees charged to borrowers for taking out a loan and are usually added to the principal balance.Before you start an application, most lenders require a minimum FICO credit score of 660, 40 percent maximum monthly debt-to-income, and ,000 in yearly gross income.
If you meet those requirements, you're likely a great applicant for student loan refinancing and consolidation.APRs for variable rate loans may increase after origination if the LIBOR index increases.