Student loans can be overwhelming, especially with the rising costs of education and the pressure of repayment. However, with the right strategies and tools, you can take control of your student loan and work towards financial freedom. In this article, we 'll explore effective ways to manage and pay off your student loans, while recommending reliable companies that offer solutions to help ease the process.
Top 10 Companies to Help Tackle Your Student Loan
Here are 10 legitimate companies that provide tools, refinancing, and management options to help you tackle your student loan effectively.
1. SoFiPros: Offers competitive interest rates, flexible repayment terms, and no fees for refinancing. They also provide career services for members.
Cons: Only available for borrowers with good credit scores. Limited eligibility for federal student loan consolidation.
Why recommend: SoFi is a great choice for individuals with good credit who are looking to refinance and lower their interest rates. They also provide personal loans and career support.
2. EarnestPros: Offers flexible payment plans, no fees, and the ability to adjust monthly payments. Also, Earnest allows you to refinance federal and private loans.
Cons: Requires a strong credit history and stable income. No co-signer release option.
Why recommend: Earnest is known for its flexibility, which is ideal for borrowers who want to customize their repayment options.
3. CrediblePros: A marketplace that helps borrowers compare student loan refinance rates from multiple lenders, allowing you to choose the best deal.
Cons: Credible itself does not provide loans but instead acts as a platform for lenders. You'll need to apply through a third-party lender.
Why recommend: Credible is perfect for borrowers who want to easily compare loan offers and find the best refinancing rates.
4. Splash Financial
Pros: Offers competitive rates and specializes in refinancing loans for both medical and dental students, as well as other borrowers.
Cons: The application process can be time-consuming, and borrowers need to meet certain credit requirements to qualify.
Why recommend: Splash Financial is a strong contender for medical and dental students looking to refinance with favorable terms.
5. CommonBond
Pros: Offers both private student loan refinancing and loan options for students in graduate programs. They also have a unique social impact program that gives back.
Cons: Not available in all states, and eligibility for refinancing requires a good credit score.
Why recommend: CommonBond is known for its focus on social responsibility and its excellent refinancing options for graduate students.
6. LendKey
Pros: Works with credit unions and community banks to offer lower interest rates. They also have flexible repayment terms and no fees.
Cons: Available mainly for credit union members. Borrowers with less-than-ideal credit may not qualify for the best rates.
Why recommend: LendKey is a good option for those who prefer working with local credit unions and want a simple, straightforward process for refinancing.
7. Refinancing with a Federal Loan Consolidation
Pros: Allows you to consolidate your federal student loans into one, simplifying payments and potentially lowering your interest rate.
Cons: Consolidation can cause you to lose certain benefits like income-driven repayment plans or loan forgiveness.
Why recommend: If you have multiple federal student loans and are seeking a simpler repayment process, federal loan consolidation can be a great option.
Visit Federal Loan Consolidation
8. Laurel Road
Pros: Offers low rates for refinancing and provides rewards for medical professionals. It also has a simple, fast online application process.
Cons: Only available for borrowers with strong credit and a stable income. No options for deferment or forbearance.
Why recommend: Laurel Road is an excellent option for medical professionals and others who need refinancing with flexible terms.
9. Ascent
Pros: Offers refinancing options with no fees and a variety of repayment options. Ascent also allows co-signer release after a certain number of on-time payments.
Cons: Requires good credit to qualify for the best rates, and borrowers without a co-signer may not get the lowest rates.
Why recommend: Ascent is an excellent option for borrowers who want to refinance with the potential for co-signer release and flexibility in repayment.
10. NaviRefi
Pros: Provides competitive rates and a simple online application. NaviRefi also offers flexible terms and the possibility of loan consolidation.
Cons: Not available in all states. Requires a strong credit history to get the best rates.
Why recommend: NaviRefi is a great option for those looking for straightforward student loan refinancing with competitive rates.
Comparison Table
Company | Price | Difficulty | Reliability |
---|---|---|---|
SoFi | Moderate | Medium | High |
Earnest | Moderate | Medium | High |
Credible | Low | Easy | High |
Splash Financial | Moderate | Medium | High |
CommonBond | Moderate | Medium | High |
LendKey | Low | Easy | Moderate |
Federal Loan Consolidation | Low | Easy | High |
Laurel Road | Moderate | Medium | High |
Ascent | Moderate | Medium | High |
NaviRefi | Moderate | Easy | High |