If you are considering consolidating your student loans and checking rates, starting with a huge list of lenders is a great idea. The dozen or so companies listed below all provide student loan consolidation and refinancing services.
Before you submit a single application you can read reviews, evaluate terms, and decide on the companies that you are willing to do business with. Once you start applying, the key is to submit all of your applications within a 30 day window, that way your credit score isn’t beat up from many credit inquiries, instead it just counts as “shopping around” for one loan.
Here at The Student Loan Sherpa we try to stay on top of the market trends and news in student loans. Often this includes reviewing companies in the marketplace. Unfortunately, researching a company and reviewing loan terms and conditions takes a great deal of time. Rather than providing one single list of student loan consolidation companies, we will provide two. The first list contains all of the companies that we have reviewed, their ranking, and some details about the lender. List number two is a list of lenders on our radar, but companies that we haven’t had the time to sufficiently investigate for reviewing and ranking purposes.
Student Loan Consolidation and Refinancing Companies
|Lender||Rank||Interest Rate Range||Fixed or Variable||Max Repayment Length||Loan Amounts||Origination Fee||New Customer Bonus||Cosigner Release||Full Review||Lender Website|
|SoFi||1||1.90% – 7.24%||Both||20 Years||$10,000 – No Max||0%||$150||Yes; No Wait Period||Apply|
|Darien Rowayton Bank||2||3.92% – 7.20%||Both||20 Years||$5,000 – No Max||0%||$150||Yes; No Wait Period||Apply|
|CommonBond||3||1.92% – 6.74%||Both||20 Years||$10,000 – No Max||0%||$150||36 months||Apply|
|LendKey||4||1.90% – 6.92%||Both||20 Years||$7,500 – $125,000 Undergrade; |
$7,500 – $175,000 Graduate
|Earnest||5||1.90% – 7.25%||Both||20 Years||Unknown||0%||$150||Yes; No Wait Period||Apply|
|CordiaGrad||6||2.75% – 6.75%||Both||12 Years||$20,000 – $350,000||0%||–||NO||Apply|
|Citizens/Charter One Bank||7||2.56% – 10.01%||Both||20 Years||$10,000 – $90,000 Undergrade; |
$10,000 – $170,000 Dental, Medical & Law
|U-fi||8||3.41% – 9.07%||Both||25 Years||$5,000 – $125,000 Undergrade; |
$5,000 – $150,000 Graduate;
$5,000 – $175,000 MBA and law;
$5,000 – $225,000 Graduate Health;
|Wells Fargo||9||3.75% – 12.29%||Both||20 Years||$5,000 – $120,000||0%||–||24 months||Apply|
|iHelp||10||6.22% – 9.04%||Both||15 Years||$25,000 – $100,000 Undergrade; |
$25,000 – $150,000 Graduate
|Prosper||11||6.73% – 34.12%||Fixed||5 Years||$2,000 – $35,000||1% to 5%||–||NA||Apply|
Note: We do our best to keep our list of lenders as up to date as possible, but with interest rates constantly changing, some data may be out of date.
Sherpa Tip: Many of these companies will consolidate federal loans into a private loan. While this is a great way to lower interest rates, it comes with huge risks. Be sure you understand the consequences of consolidating federal loans with a private lender before you go that route.
Other Companies to Investigate
If you are aware of any additional companies or have thoughts to share about one of the consolidation and refinancing companies listed on this page, please let us know in the comments section.