If you are at this on this page then you would have done some initial investigation into Private Student loan Consolidation or refinancing so you get the jest of what needs to be done.
If you understand the difference between refinancing and consolidation with a Private Finance Company or the Federal Government then you are likely asking yourself ‘Which Student Loan Finance Companies are out there and of those are ones which I should be looking at?’
There are literally hundreds if not a thousand of Finance Companies around. The picture above illustrates nicely what I am referring to…the people in the crowd being the Finance Companies. Where would you start with so many !
I do not want to go into rates in this post as these companies do change rates over time, but rather let’s break down some more popular companies and give you the basic company overview of each.
The first one to look at is Credible. This is an incredibly powerful portal because it allows you to compare financial products from multiple providers side-by-side. And if you are like me then it really does simplify the job with visual comparison.
Credible is a market place of financial lenders. It is not an actual bank, money lender or other financial Institution. They merely offer a comparison service of available Financial products, including but not limited to, student Loans, Consolidation Loans and Personal Loans.
They pride themselves on partnering with the best financial service providers in order to give you, the Lender, a variety of competitive option’s.
It is a totally free service. They do receive a fee for any referred client ( that’s you ) that ends up signing up to a loan. This model is used globally across multiple markets and is a super helpful to most. Your one stop shop to compare and apply.
I personally like these guys as I feel that they are not vested in any specific company, but give you real UN biased option’s in order for you to make the best selection based on you personal situation.
These guys are also big players in the Student Loan, Parent PLUS Refinancing Loans and Personal Loan space.
Their point of differentiation is that they say they will take personal situation and circumstances into account while negotiating loan’s and rates with you.
This is music to my ears. So many companies won’t do this and people in the US with young credit or no credit history to speak of really do find it hard to negotiate good rates when applying for any type of loan.
With Earnest, the all important Credit Score may not hold as much weight in your application. For example, they take a holistic view to you the potential lenders landscape, including things like savings patterns, employment role you have and future advancement opportunity in that role.
These can all have major impact on their risk analysis which they also take pride in stating they perform, thus allowing great rates to the likes of you who need to take that loan.
Their website is great and you can get your loan rate within 2 mins or performing their online application questionnaires….which is pretty good in my book.
Commonbond was started by one of your own, a student that found the web of student loan applications way to complex to navigate and also an industry with poor customer service or follow up during and after the loan application process.
Commonbond work with several loan products including Undergraduate loan’s, Graduate loan’s, MBA Loans, Student Lon Refinancing and Business loan’s. So the chances that something will be a good fit for you is pretty high.
They also offer a no origination or establishment fee for refinancing loan’s. This is a few hundred dollar savings and upwards which is a nice benefit when you may already owe hundreds of thousands. Any savings are nice!
Their FAQ page offers awesome brief and pointed information around the loan’s application process, eligibility, interest rates and more. Definitely worth a look at if you are in the market for Student loan’s.
These guys primary focus is Student Loan Refinancing and Medical Professionals.
Not unlike the other Student Loan Refinancing Companies, Splash Financial started because they saw a gap in the market where the students were getting a rough deal and decided to work towards making Loans and the Loan process less burdensome while negotiating better rates to allow you all to get out of debt faster.
Splash looks smaller in scale to the other companies, but the benefits of working with a smaller, bespoke unit sometime can outweigh working with a larger company whom may be less flexible in operation.
They have an accomplished workforce and Board of Directors at the helm and I have no doubt they can be of assistance and offer you Financial option’s when refinancing your Loans.
Sofi ( Social Finance Inc.)
Right… So these guys are huge and can offer you any number of loan refinancing opportunities.
They do not just focus on Student Loans, refinancing or Consolidation but also work in other vertical markets.
The list is pretty extensive and they look rather impressive. Student Loan Refinancing, Parents Plus Refinancing, Medical or Dental refinancing Loans, Mortgage Loans, Mortgage Refinancing loan’s, Life insurance and Automated Investing… I mean they look to have it all.
Their senior Leadership team looks class in my view and has some impressive credentials having refinanced 18Billion in Loans with over 250K people, of which 98% have recommended Sofi to others.
For Students, you can get pre-approved refinancing with Credit scores of over 650 and the “Find Your Rate” process takes all of 2 mins.
Their website is loaded with really good information when you are in the investigative stage and like Earnest they also take into account a number of factors and not only Credit Scores.
These guys also do everything digitally, meaning no Brick and Mortar locations. What that means is generally these Opex savings can be passed to the consumer and you can expect really competitive rates.
I like the look of these guys and intend to follow up with then on Home loan’s and Mortgage Refinancing to see what they can offer.
Lendkey is another loan marketplace that will allow you to apply to a number of lenders through their single pane of glass portal.
They deal in a number of loan types including private student loans, student loan refinancing home improvement loans. The members in their network which underwrite these loans include credit unions and community banks.
These guys were formally known as Fynanz Inc and have approximately 13,000+ community financial institutions presenting loan opportunities to borrowers.
You can find out more of the offers available at Lendkey by finding out what rate you are likely to qualify for Here
Checking you rate will not effect the Credit History and you can see what you would receive almost immediately.
Taking The Next Step
There are so many more Student loan Refinancing Companies around. We chose to have a quick look at these because across the web they feature on numerous Student Refinancing forums and sites dedicate to Student Finance.
Like most analysis especially in a competitive market its worthwhile to spend some time on narrowing down your potential option’s. Even in my own work, I find it impossible to look at everyone in that market I am analyzing or investigating. You need to pick a few, maybe 3 and look closely at those.
These days its rare that a company will not offer something that suits your financial requirements and circumstance. If you don’t find what you are looking for with Company One, you will find it with Company Two or Three.
You could go on researching more, but generally I take my top 3 and whittle it down from there. Depending on how much time you have, you could go on researching for months.
I hope you found this information helpful as an additional investigating step towards selected a Financial Company to work with.
Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution