The Best Student Loan Consolidation Companies: March 2016 Rankings Update

Michael Lux Blog, Consolidation, Student Loan Consolidation Reviews, Student Loans 0 Comments

The growth of student loan debt in the United States has created a rapidly expanding student loan refinancing market.  Many borrowers are taking advantage of their status as college graduates and leveraging their improved creditworthiness into lower student loan interest rates and payments.

One of the byproducts of the rapid growth in the industry is that best deals and best companies are constantly changing.  New companies are entering the scene, and the interest rate offerings change fairly often.  In addition to the market changes, the feedback and borrower experiences that our readers share help us to better identify the best student loan consolidation options for most people.

As a result it is necessary for us to be constantly updating our student loan consolidation rankings and reviews

The Biggest Riser:

CommonBond (Current Rank: 2, Previous Rank: 3)

Over the last few months we have seen noticeable increases in borrower satisfaction.  CommonBond seems to be processing applications quicker than in the past, and the approval rates appear to have increased as well.  Most importantly, CommonBond has made significant strides in their interest rate offerings.  To be clear, we are not referring to the advertised rates (these numbers are typically close between most lenders, but ultimately mean very little to borrowers).  The rates actually offered to borrowers are consistently among the very best.  Read more…

The Biggest Fall:

DRB Student Loans (Current Rank: 4, Previous Rank: 2)

DRB has grown to be the second largest student loan consolidation company and it is easy to see why.  They have among the very lowest interest rate offerings, and they do business as part of an actual bank, rather than just a startup.  The $150 new borrower bonus is also a nice perk.  Unfortunately, the rapid expansion of DRB student loans has caused some growing pains.  Over the past few months we have received a number of complaints about an outdated website and long wait times for approvals.  We would expect DRB to make the necessary changes to better handle the increased business, but until we see evidence of this, their spot in the rankings will be adjusted accordingly.  Read More…

New to Our List:

Earnest (Rank: 5)

Earnest enters our rankings as the number 5 company.  We especially like the wide variety of interest rate and repayment length offerings from Earnest.  This unique feature seems poised to help borrowers find their sweet spot in terms of monthly payments or repayment length.  Our initial concern with Earnest revolves around the extent of the information that they want.  On one hand it is good that they are doing a thorough job to gauge the financial well-being of prospective borrowers, but at a certain point it can become too much.  As we get a better idea of the applicant experience and the actual rates offered to borrowers, their rank will be adjusted accordingly.  Read More…

CordiaGrad (Rank: 6)

CordiaGrad enters our list as the vanilla ice cream option.  Presently, we don’t see anything about CordiaGrad that is exceptional or remarkable in comparison to other lenders, but at the same time, the loan services that they provide seem to be a perfectly reasonable choice.  Once again, as we learn more, the information will be incorporated into the rankings.  Read More…

Be sure to check out our Full Rankings and please be sure to leave a comment or send us an email to share your experiences with others.