The Dangers of Misleading Student Loan Calculators
Student loan calculators can simplify things, but they don’t always give borrowers the results they need.
Rank | Lender | Interest_Rates_ | Loan_Amounts____ |
---|---|---|---|
1 | 5.19%* – 10.24% | $5,000 – No Max | |
Splash Financial Review: Splash has competitive rates, but they start slightly higher than the top lenders. Splash also offers unique 8 and 12 year repayment terms. | Application + Up to $500 Bonus | ||
2 | 5.28% – 8.99% | $10,000 – No Max | |
ELFI Review: ELFI routinely offers excellent interest rates. Even though ELFI is new, it is the product of a regional bank that has been in business for decades. | Application + $150 Bonus | ||
3 | 5.24% – 9.99% | $5,000 – No Max | |
SoFi Review: SoFi is the biggest name in student loan refinancing for a simple reason – their rates are reliably among the best on the market. | Application | ||
4 | 5.19% – 9.99%^ | $5,000 – No Max | |
Earnest Review: The rates advertised by Earnest are among the best, but in head to head comparisons, Earnest often falls short in actual rates offered. Earnest scores points because it has by far the most flexibility on loan repayment length. | Application + $150 Bonus^ | ||
5 | 5.49% – 12.18% | $5,000 – $300,000 | |
LendKey Review: LendKey partners with local banks and credit unions to provide their loans. The end result is competitive rates provided by local reputable businesses. | Application + $150 Bonus |
Note: The lowest listed rate for each lender is listed as an APR and includes a .25% autopay discount where available. The industry standard among nearly all lenders is to offer this discount.
Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.
Student loan calculators can simplify things, but they don’t always give borrowers the results they need.
Due to excellent interest rates and loan features, ELFI is a great choice for many borrowers. However, there are times when refinancing with ELFI is a mistake.
Earnest gets a 4/5 rating due to excellent interest rates and high borrower satisfaction. However, some borrowers will want to avoid Earnest.
SoFi offers some borrowers lower payments and lower interest rates. However, in certain circumstances, using SoFi is a mistake.
The APR and Interest Rate for most student loans are usually identical. Federal student loans are one big exception.
Consolidating and refinancing are both options to streamline repayment and quickly eliminate Aidvantage student loans, but it is critical to make the right selection.
Refinancing student loans is a great way to get lower interest rates, but it is a risky move for borrowers with federal student loans.
Brazos offers excellent interest rates on their student loan refinance product. However, strict geographic limitations mean many borrowers won’t be eligible.
Refinancing student loans is a great way to lower interest rates and monthly payments. Unfortunately, this move may negatively impact student loan forgiveness options.