Do You Want to Know the Top Banks in the US That Refinance Student Loans?
Many private banks in the US provide loans to the students, including the Bank of America loans. Bank of America student loans have a large number of customers who have taken loans for educational purposes. Bank of America also refinances students’ loan, i.e., provide loans to the students at lower rates to the existing loans. However, it is not regarded as one of the best banks in the US in refinancing student loans. This is mainly because it fails to provide attractive rates that would influence the students to refinance loan.
Are You Aware of Consolidate Student Loans? Yes, They are Very Useful for You
There are plenty of banks in the US that offer benefits in consolidating loans. Consolidate loans is the merger of various loans into one single loan. This especially takes place when the borrower has taken various forms of loans from a single bank. One of the banks in the US that provides the opportunity to consolidate loans is the SoFi. It also provides refinancing of both the federal student loans along with the private educational loans. It is regarded as one of the top refinancing banks in the US. The students to get the refinancing educational loan must have to complete or pursue graduation course. Besides, it is ranked as one of the best refinancing banks as it does not have origination fees along with the prepayment penalties.
Still Confused about Refinancing Student Loans? Here are the Best Banks
It is identified that many of the students ask how to refinance student loans. In this regard, it can be advised that to refinance private student loans, there are many banks in the US. Laurel Road is one of the banks in the US that offers the parents of the students in Graduation program to attain refinancing scope at a relatively lower rate. It provides low interest student loans of various disciplines such as MBA, medical, dental, law, engineering, pharmacist among others. However, it has certain criteria, and upon meeting these, respective students are eligible to refinance its educational loan. In addition, among the top US bank student loans, Earnest has earned a significant position. Earnest also has a noteworthy reputation for refinancing student loans. One of the major aspects based on which the company has gained such reputation is that it never passes the service to a third party. The company has proficient employees, who have vast knowledge about refinancing student loans. They guide each and every student to select the best possible rates that would suffice their needs. The company has been highly effective in building a long-term relationship with the customers. Thus, it has a vast customer base in the US. In addition, another bank in the US that has a good reputation in refinancing students’ loan is the LendKey. It has gained good reputation in the US, as it provides unemployment protection for longer period, which is 18 months. This largely attracts the students in attaining loans from the bank. However, this bank has one of the terms and conditions that largely disappoints the student borrowers in the US, which is the requirement of the minimum income level of $24,000/year.
Want to Know More about Consolidating Student Loans? We Will Help You
One of the questions that a large number of students asks bank personnel through online platforms and even through direct visits to the banks is how to consolidate student loans. In response to this question, it can be said it is highly simplified to consolidate private student loans. The individual borrower needs to apply through a personal computer, smartphones and other related devices that ideally take 15 minutes. The application can be made at any time throughout the day. The next step is to select the best interest rate, which is followed by verifying all the details of the loans that the students want to consolidate. Correspondingly, the documents are signed, and the consolidation of the loan is accepted. On the other hand, to consolidate federal student loans, the student or the borrower needs to visit the website named StudentLoans.gov and correspondingly proceed to apply for the consolidation of the loans. The students will need to have the Federal Student Aid ID to apply for the consolidation. Subsequently, the student needs to select the specific loans that should be consolidated, and then choose the best suitable repayment plan. The student will be then directed to review all the terms and conditions of the loan. The next step is to submit the application through the snail mail. In this regard, it can be commented that CommonBond is one of the banks in the US that offers consolidation of loans to the borrowers. It also provides refinancing opportunities to the students. One of the major benefits that this bank offers to the students is the unemployment protection for the maximum period, which is 24 months, which largely attracts them. It also provides opportunities to the borrowers to participate in various events that the bank organizes. This largely improves the public relations of the bank.
Therefore, the list of top 5 refinancing banks in the US is as follows:
- Laurel Road
Thus, it can be concluded that the students in the US should consider any of these 5 banks for refinancing, with the selection being based on the students’ individual needs and financial positions.