Should I Refinance My Navient Loans?
Refinancing Navient loans hopefully means lower interest rates and better service, but it isn’t always the best decision.
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.
Refinancing Navient loans hopefully means lower interest rates and better service, but it isn’t always the best decision.
Loan origination fees should be avoided for nearly all student loans. Federal loans are a noteworthy exception to this rule.
There are many factors that go into determining a student loan interest rate. Some are based on the borrowers but others are not.
The right repayment length for your student loan refinance will depend upon your financial resources and how aggressive you want to be.
EDvestinU is one of the very best refinance lenders in some areas, but lags behind the top lenders in other areas. Overall Rating: 3.5/5.
Marriage can change the math on student loan forgiveness. In some cases, shifting to an aggressive repayment strategy is better than sticking with Public Service Loan Forgiveness.
Borrowers shouldn’t have to pay any fees to refinance their student loans. Unlike a mortgage refinance, the process should be free.
SoFi is the biggest name in student loan refinancing, but the latest numbers show that ELFI has a slight edge for the average borrower.
When is chasing PSLF more expensive than refinancing and paying off your loan aggressively? Where is the break-even point?