Student loans are important tools that may help students cover the costs associated with continuing their education. Student loans may cover things like tuition, class materials, and room and board. Student loan eligibility requirements, interest rates, costs, and features can vary widely and are set at the lender’s discretion.
The best student loans offer competitive interest rates, a variety of repayment terms, and discounts for things like autopay.
Student loans and credit cards are two of the most widely held types of debt—and two of the most difficult to repay. Focusing on one debt at a time is the most effective way to pay off multiple debts. Using this strategy, you’ll make big, lump-sum payments to just one specific debt and minimum payments on all the others. However, figuring out whether to pay off student loan debt or credit card debt first can be tough.
Before you work toward aggressively paying off either type of debt, make sure you’re current on the payments on all your accounts. It doesn’t benefit you to completely ignore payments on one debt so you can pay off the other. Not only will falling behind hurt your credit score, but it will also make it more difficult to catch up and pay off your account.
To consider whether to pay student loans or credit cards first, we’ll pit the debts against each other in a few important repayment categories. The “loser” in each category gets a point. The debt with the most points at the end is the one you should pay first.
These are the repayment factors to consider:
- Consequences of not paying
- Ability to have the debt canceled
- Repayment flexibility
- Ease of catching up on past due balances
- The long-term cost of the debt
- Total balances
- Ease of borrowing even with debt
2)Student Loan Debt vs. Credit Card Debt
Both student loans and credit cards are a type of unsecured debt. This means there is no collateral tied to the debt like with a mortgage or car loan. If you fall behind on your payments, the creditor or lender cannot automatically repossess any of your property to satisfy the debt.
Non-payment on both types of debt will affect your credit score. After several months of missed payments, the creditor or lender may hire a third-party debt collector to pursue the debt. You can be sued for past due debts and the lawsuit may result in a judgment against you. With the judgment, the court may grant a wage garnishment or bank levy. This collection path can happen with past-due credit cards or student loan payments.
The possibility of having tax refunds taken makes non-payment of student loans slightly worse. Student loans get a point in this round.
2-2)Ability to Cancel the Debt
One of the biggest differences between student loans and credit cards is the relative ease of having the credit card debt discharged in bankruptcy. It’s possible to have student loan debt discharged in bankruptcy, but the burden of proof is tougher.
You must prove that paying the debt would cause you to live a lower than the minimum standard of living, that you’re unable to make payments for a significant portion of your repayment period, and that you’ve already (unsuccessfully) tried to work out a payment plan with your lender.This level of proof isn’t usually necessary for having credit card debt discharged in bankruptcy.
Some student loans are eligible for forgiveness programs that will cancel some or all of the debt.This type of debt forgiveness isn’t available with credit cards.
In some cases, credit card issuers may cancel a portion of the outstanding balance as part of a settlement agreement that you negotiate.
However, these types of settlement agreements aren’t common, are bad for your credit, and are typically only made with past-due credit card accounts. If your account is in good standing, your credit card issuer won’t entertain a settlement agreement.
Student loans can be forgiven and discharged in bankruptcy (in certain situations). Credit cards lose this category since the only options for canceling the debt bankruptcy and debt settlement are both harmful to your credit score.
Student loan repayment options are far more flexible than those available for credit cards. Lenders often have multiple repayment plans you can choose based on your ability to pay. For example, most lenders offer an income-based repayment plan that can fluctuate based on your income and expenses. Forbearance and deferment are also options your lender may extend to you if you’re unable to make your payments or if you enroll in school again.
Credit card interest starts accruing immediately and is often at a quite high rate.Payments are also usually required immediately or monthly and cannot be deferred until graduation like some student loans. Credit cards have a low minimum payment that you must make each month to keep your credit card in good standing. You can optionally pay more than the minimum to pay off your balance sooner.
If you’re unable to afford your minimum credit card payment, you don’t have very many options. Some credit card issuers offer hardship programs that lower your interest rate and monthly payment. But, unfortunately, these programs are often only available if you’ve already fallen behind on your payments.
Student loans have more repayment options that you can choose from depending on your financial status. Because credit cards have less flexible repayment options, you should pay them off first.
2-4)Catching Up on Past Due Balances
You have more options for catching up on past-due student loan payments.Your lender may be able to retroactively apply forbearance to your account and essentially cancel all your previously missed payments.
The lender may also be able to add the past due amount back into your loan and recalculate your monthly payments. While this can mean higher monthly payments, it does get you caught up.
Once you fall behind on your credit card payments, you’ll typically have to pay the entire full past due balance to bring your account current again. Also, once your credit card account is charged-off, there is no option to bring it back current again and continue with payments.With student loan default, your lender may allow you to rehabilitate your loan to bring it current again.
Since it’s tougher to catch up on past-due credit card balances and credit card issuers are less lenient, you should get rid of these balances first.
2-5)Which Debt Costs More?
Credit card interest rates are typically higher than student loan interest rates which means this debt is more expensive. While federal loans usually have better interest rates, a wider variety of payment options, and certain opportunities like the possibility to have the loan forgiven in some instances these debts can also stay with you for a very long time.
Let’s compare the two. For example, a $10,000 student loan at 6.8% APR paid over 20 years would cost $8,320 in interest. A $10,000 credit card balance at 17% APR paid over 20 years would cost $25,203 in interest. And that’s assuming both interest rates remain fixed over that period of time. The long-term interest cost goes up if the interest rates increase.
There may be a somewhat upside to paying student loan debt tax benefits. Student loan interest is an above-the-line tax deduction which means you can take the deduction even if you don’t itemize your deductions.Your tax preparer can give you more information about how student loan interest can benefit your taxes.
Credit card interest is not tax-deductible unless you have used a credit card solely for education expenses.
You’ll have to keep detailed records about how you’ve used your credit card and the amount of interest you pay each year.
Credit cards cost more interest and there is no fringe benefit to paying the interest. Credit cards lose this one.
2-6)Total Amount of Each Debt
If your credit card balance is lower than the balances on your student loans, it’ll be easier to pay off. If you want to knock out debts quickly, focusing on paying off your credit card will allow you to knock out some accounts fast. That way, you have fewer payments to make each month.
When it comes to the size of the debt, it’s a tie since it depends on the size of your balance with each debt. Neither debt gets a point.
2-7)How Lenders Perceive the Debt
Debt can be good such as that used to purchase a quality education. And for college students, some debt in the form of student loans may be unavoidable.
Student loan debt is often considered a “good debt” because student loan debt can indicate an investment in your future. It indicates that you have obtained a level of education that will allow you to earn more money.
That’s not to say that student loan debt won’t ever hurt you. It is possible to have such a high amount of student loan debt that you cannot afford any additional loan obligations. However, lenders are a little more lenient with student loan debt than with credit card debt when it comes to approving you for major loans like a mortgage or car loan.
Credit cards lose this round since it’s tougher to get approved for new credit cards or loans with credit card debt
2-8)Should You Pay Off Student Loan Debt or Credit Card Debt First?
Compared to credit cards, the only reason for paying off your student loans first is to avoid a federal loan default that can lead to having your tax refunds taken. However, when it comes to the cost of debt, repayment options, interest rates, and other important factors, paying off your credit cards is more beneficial. Once you knock out your credit card debt, you can apply all that money toward getting rid of your student loans.
3)Student Loan Servicer:
3-1)Do I Get to Choose My Student Loan Servicer?
Your student loan servicer is the company or entity that manages your loan, from the day funds are disbursed until the final payment is received. It’s your first point of contact for all actions you take on your loans, such as processing payments, assessing interest charges, switching repayment plans, and more.
Learn how to find your student loan servicers and what they can help you with.
In the case of federal student loans, no, you don’t get to decide which servicer handles your loans. Instead, the Department of Education (ED) assigns a company to handle the federal student loan servicing on its behalf.
When you get a federal student loan, the ED processes that request and disburses those funds upon approval. This is when they assign a student loan servicer to handle your account. This process repeats for each student loan you take on in college, which means you can end up with student loans with multiple servicers.
Currently, the Department of Education contracts with nine different student loan servicers your accounts will be managed by one of these companies:
- FedLoan Servicing (PHEAA)
- Granite State—GSMR
- Great Lakes Educational Loan Services, Inc.
- OSLA Servicing
Private lenders are a little different, as many lenders will both fund a student loan and handle the repayment and servicing themselves. This means that when you choose a private student lender, you’re most likely choosing your student loan servicer as well.
3-2)Your Student Loan Can Be Transferred to a New Servicer
It’s also fairly common for borrowers to see federal or private student loans transferred to a new servicer at any point after disbursement, including in repayment. The student loan servicers handle the transfer of your account, though it won’t affect your student loan terms.
You’ll typically receive mail and electronic notifications that a student loan is now being serviced by a new company such as with those loans once serviced by Conduent. You should continue making on-time payments to your old or new servicer as instructed to avoid missing or late payment.
3-3)Who Is My Student Loan Servicer?
You should be notified of who your student loan servicer is whenever the management of your account is assigned or transferred. With various student loans and servicers, however, borrowers can easily lose track of this information.
Ask Your Financial Aid Office
If you’re still enrolled in college, contact your financial aid office to get information about your student loans, such as your loan status and disbursement dates. They can likely tell you who your student loan servicer is for these newer accounts.
Log in to Your Federal Student Aid Account
The National Student Loan Database System (NSLDS) stores all details on every federal student loan you have in one place, along with who your student loan servicers are.
Log in to your online federal student aid account to securely access and review your NSLDS account, including your student loans. You’ll see details such as the account status, the balance owed, interest rates, and the student loan servicer for each loan.
You’ll have created your federal student aid account and an FSA ID when you first submitted a Free Application for Federal Student Aid (FAFSA). If you forgot any of these details, simply follow the instructions on the federal student aid site to recover your account.
Review Your Credit Reports
It’s a wise idea to review student loan accounts listed on your credit reports. Unlike the NSLDS, a credit report will list all student loans both federal and private. Because of this, checking your credit reports can be a great way to check up your accounts with private lenders.
You can visit AnnualCreditReport.com to request free copies of your credit report from the three major U.S. credit reporting agencies: Equifax, Experian, and TransUnion. Once you have copies of your credit reports, you should review them to make sure they list all of your student loan accounts and loan servicers.
3-4)What Can My Student Loan Servicer Help Me With?
Once you’ve tracked down your student loan servicers, you can contact them to discuss your student loans. They can help you check or update your student loans’ statuses and help you set up an online account where you can make payments and have ongoing access to your student loan details.
Here are some items you can reach out to your student loan servicer to get help with:
- Updating your contact information
- Checking your student loan status
- Finding details on payment amounts and due dates
- Help to make student loan payments
- Addressing billing issues or errors
- Switching your student loan repayment plan
- Applying for a pause in payments through forbearance or deferment
Be aware that some borrowers run into issues with their student loan servicers, and these problems don’t always resolve quickly. It’s important to do your part to track your student loans and keep your servicer up-to-date with your latest contact information.
Being proactive about reaching out to your student loan servicer and managing your student loans is a wise strategy to avoid errors, correct any issues, and keep repayment on track.
4)Student Loan Cash-Out Refinance?
A student loan cash-out refinance mortgage is a mortgage loan that allows you to tap into your home’s equity to pay off your student loan debt. Through it, you combine your mortgage and student loans into a new mortgage and potentially reduce the interest rate you were paying on your educational debt.
While you may use the proceeds from any cash-out refinance mortgage to do this, mortgage financier Fannie Mae also offers a specific product called “Student Loan Solutions” designed specifically to serve as a student loan cash-out refinance loan.
4-1)What Is a Student Loan Cash-out Refinance?
A student loan cash-out refinance mortgage loan involves taking a new home loan for more than you currently owe and using the extra cash to pay off one or more of your student loans.
While many lenders offer cash-out refinance loans, Fannie Mae’s program is designed to simplify this process when applying for a mortgage secured by this government-sponsored entity. However, Fannie Mae’s program and other types of cash-out refinances require you to use your home as collateral and could have some downsides including potentially raising total interest costs on your student loans and losing your student loan interest deduction.
4-2)How Does a Student Loan Cash-out Refinance Work?
The steps involved in a student loan cash-out refinance are simple:
Decide if You Want to Use the Fannie Mae Program or a General Cash-out Refinance
Fannie Mae’s program makes it easier for borrowers to qualify by allowing lenders to exclude debt paid by others when calculating debt-to-income ratios in determining eligibility. If a borrower is on an income-driven plan and their student loan payment is $0, lenders may also calculate eligibility based on a $0 payment.
Calculate Your Equity
Calculate if you have sufficient equity in your home to qualify for a cash-out refinance loan. Fannie Mae’s program generally allows you to borrow up to 80% of the value of your primary home if it is a single-family home or up to 75% of its value if it is a two- to four-unit property. You can use a basic home-value estimation from sites like Zillow or Redfin to help you decide, but only a certified home appraiser will be able to give you a binding estimate on your home value.
Find a Lender Offering Fannie Mae’s Student Loan Cash-out Refinance
While Fannie Mae doesn’t offer a list of lenders that participate in the Student Loan Solutions program, you can call and ask your local lenders if they do. Or, you can search online companies; popular lender SoFi participates in the program.
Get Approved and Close on the Refinance
Fannie Mae’s program requires you to pay the student loan servicer directly at closing and you must pay off at least one entire loan; you cannot make partial loan payments. With other lenders, you can simply take out as much cash as you qualify for given your equity and financial credentials and then use the loan proceeds to pay off as much of your student loan debt as you can afford.
4-3)Types of Student Loan Cash-out Refinance Loans
Fannie Mae’s Student Loan Solutions is the only well-known program specifically designed to facilitate the use of a cash-out refinance loan to pay student loan debt, but you aren’t limited specifically to using this program to secure a cash-out refi loan to pay your educational debt.
If you have equity in your home, many lenders allow you to tap into it and take cash out that you can use for any purpose, including student loan repayment.
4-4)Pros and Cons of Student Loan Cash-out Refinancing
- You could reduce your student loan interest rate
- Your student loan interest may remain tax-deductible
- You can simplify repayment
- You pay off your loan’s at closing
- You’re putting your home at risk
- You lose student loan benefits and protections for the loans you pay o
- Repaying student loans could become more expensive
- You could lose your student loan interest deduction if you don’t itemize
- You could reduce your student loan interest rate: The average student loan interest rate may be higher than the average mortgage rate. If you can refinance a student loan to a lower rate mortgage loan, you may be able to save money on repayment.
- Your student loan interest may remain tax-deductible: Student loan interest is deductible for most borrowers and so is mortgage interest on loans up to $750,000 if you itemize on your taxes. That means your interest may remain deductible on your educational debt if it’s refinanced into your mortgage.4
- You can simplify repayment: You will only have your mortgage to pay, instead of having to send payments to both a mortgage lender and student loan lenders.
- You pay your loan(s) off at closing: Everything is taken care of when the loan closes. You don’t have to worry about organizing and sending payments to lenders or servicers after the fact.
- You’re putting your home at risk: Student loans are unsecured debt. A mortgage is secured debt. When you repay your student loans with a mortgage loan, your home is used as collateral. If you can’t pay off the mortgage, you could be foreclosed on.
- You lose student loan benefits and protections for the loans you pay off: If you exchange your student loan debt for mortgage debt, you will lose the protections and repayment flexibility federal student loans provide.
- Repaying student loans could become more expensive: If you had just five or 10 years left on your student debt repayment and you refinance it into a 30-year mortgage, you will pay interest on your loan balance for many more years and your total costs could potentially rise.
- You could lose your interest deduction if you don’t itemize: Interest on mortgage debt is deductible only if you itemize on your taxes, while the student loan interest deduction is an above-the-line deduction so anyone can claim it even if they do not itemize on their taxes.
4-5)Limitations of Student Loan Cash-out Refinancing
Student loan cash-out refinance loans are limited to borrowers with sufficient equity in their homes to repay some or all of their student debt. If you do not have enough equity, this will not be an option for you.
4-6)Alternatives to Student Loan Cash-out Refinancing
You have other options if you don’t want to put your home at risk to pay off student loans. These include:
- Student loan refinancing: You may be able to lower the interest rate on your student debt by refinancing into a new loan with a private lender
- Personal loans: You may also be able to qualify for a personal loan, the proceeds of which you can use to pay off outstanding educational loans
- A student loan cash-out refinance mortgage could possibly lower your interest rate on your student debt
- You’ll need sufficient equity in your home to qualify for a cash-out refinance loan
- There are risks and downsides of a student loan cash-out refi, including the possibility of losing your home if you can’t make payments as well as the potential loss of your student loan interest deduction.
5)Best Student Loan Refinance Companies
Private student loan refinancing can help you save money and make your student loans easier to manage by bringing multiple loans under one lender. To help you understand when refinancing may be the right move, we reviewed dozens of student loan refinance companies to find the best with low rates, borrower protections, important features, and more.
Before you decide on a lender, consider multiple offers to make sure you’re finding the right fit. Loan aggregators make comparing options even easier. If you’re looking for that experience, our partner Credible allows you to find and compare multiple loan offers in one place.
Best Student Loan Refinance Companies of 2021
- Best Overall: CommonBond
- Best Overall Runner-Up: Earnest
- Best With No Degree: Citizens Bank
- Best for Graduate Students: SoFi
- Best for Parents and Co-Signers: PenFed
- Best for Married Couples: Splash Financial
- Best for Borrower Protections: Discover
- Best for Flexible Repayment Options: College Ave
CommonBond offers some of the lowest interest rates on refinanced loans up to $500,000. It offers fixed rates from 2.59% to 6.74% APR and variable rates from 2.49% to 6.84% APR. CommonBond also provides a “hybrid rate” option that offers variable rates for the first five years and then a fixed rate for the remaining five years. Hybrid rates range from 2.87% to 6.56% APR. All rates reflect what you could potentially qualify for after getting a 0.25% rate discount.
CommonBond’s forbearance period of up to 24 months is the longest potential forbearance period of any lender we surveyed. It also allows co-signers, and provides an option to release them after making 36 consecutive on-time payments.
You can even refinance student loans your parents took out to pay for your college expenses and change ownership of those loans to yourself. CommonBond observes the standard grace period deferment for recent graduates.
What We Like
- Hybrid rate loan option
- Option to transfer parent student loans to the student
- Long forbearance period of up to 24 months
What We Don’t Like
- Applicants who didn’t graduate are ineligible
- Refinancing isn’t offered in Nevada or Mississippi
Earnest offers competitive interest rates and a few good features. Variable rates range from 1.88% to 5.64% APR and fixed rates range from 2.50% to 5.79% APR (after signing up for autopay and receiving a 0.25% discount). Repayment of loans between $5,000 to $500,000 is also fairly flexible with Earnest.
You have the ability to make biweekly or monthly payments and customize your loan term between five and 20 years. Also, you can request to skip a payment once every 12 months, or apply for up to 12 months of forbearance if you face financial hardship.
What We Like
- Parent PLUS refinancing option
- Ability to potentially skip a payment every 12 months
- May match current grace period deferment, up to nine months
- Deferment of up to 36 months for students returning to grad school at least half-time
What We Don’t Like
- You must complete a degree by the end of the semester in order to refinance
- Doesn’t accept co-signers for student loan refinancing
- No option to transfer ownership of a student loan
- Not available in Kentucky and Nevada
Many lenders will only consider student loan refinancing applicants who have already graduated but not all. Citizens Bank is one of the lenders that accepts and considers student loan refinancing applications from borrowers who don’t hold a degree.
To refinance through Citizens Bank without a degree, you must have already made 12 payments on your student loans.
Loan amounts range start at $10,000 and max out at $300,000 for bachelor’s degrees and below, up to $500,000 for graduate degrees, and up to $750,000 for professional degrees. Loan terms range from five to 20 years.
Student loan refinancing variable rates start from 1.87% to 8.90% APR and fixed rates range from 2.39% to 9.15% APR after signing up for autopay and receiving a 0.25% discount. You will lose your discount if you have three returned payments in a 12-month period.
What We Like
- Students with an associates or no degree may qualify
- Ability to add co-signer
What We Don’t Like
- No option to transfer parent student loans to the child
5-4)Best for Graduate Students SoFi
SoFi is an online- and mobile-based financial company that offers a range of products to save, invest, insure, and borrow. Student lending is a major offering from SoFi. It offers private student loans for college students and their parents, and graduate students. SoFi also offers student loan refinancing for borrowers who want to consolidate their student loan debt or change their loan terms.
SoFi is the best option for graduate students and those who have recently completed a professional degree. This lender has no official limit on how much it can refinance (as long as it’s more than $5,000), which could make it a smart option if you want to refinance a large student loan balance.
SoFi offers variable rates that range from 2.25%-6.59% APR, and fixed rates from 2.74%-6.94% APR (with 0.25% autopay discount). Loan terms range from five to 20 years. You can learn more about what rates may be available to you with SoFi and compare offers from multiple lenders at Credible.
SoFi has a refinancing option specifically for medical and dental school grads that sets monthly payments at $100 during residency. Variable rates range from 2.38% to 6.24% APR and fixed rates range from 2.87% to 6.24% APR (with autopay).
What We Like
- Specific options for medical and dental school grads
- Ability to add a co-signer
- Complimentary member benefits like career coaching and unemployment protection
What We Don’t Like
- No co-signer release for refinanced student loans
5-4)Best for Parents and Co-Signers PenFed
Parents or co-signers who own debt for a student’s education might be wondering how student loan refinancing works for them. PenFed Credit Union offers some flexible features perfect for parents or co-signers.
When refinancing parent student loans, you can choose to keep these in your name or transfer ownership to the student for whom you borrowed the loans. PenFed also accepts applications with a co-signer, and will consider a co-signer release after just 12 months of on-time, consecutive payments, which is less than other lenders on our list.
Also, you’ll get competitive interest rates. Variable rates range from 2.13% to 4.75% APR, and fixed rates range from 2.89% to 5.08% APR. Loan amounts range from $7,500 to $300,000, with loan terms of five to 15 years.
What We Like
- Ability to transfer ownership of parent student loan to the child
- Can refinance student loans with a spouse
- Apply to release co-signer after just 12 months
What We Don’t Like
- Co-signers must earn at least $42,000 per year to qualify
- No formal forbearance or deferment policy (case-by-case only)
- Must become a PenFed member to apply
5-5)Best for Married Couples Splash Financial
Splash Financial offers a unique feature that can be helpful to married couples looking to manage student debt together. Splash works with lending partners who may be able to combine both your and your spouse’s loans together into one refinanced student loan. You can opt to transfer ownership of student debt from one spouse to the other, too.
The student loan refinancing rates offered through Splash are competitive, too. Variable rates range from 1.63% to 5.63% APR and fixed rates range from 2.49% to 6.14% APR. Splash also provides a 0.25% discount on loan terms if you sign up for automatic payments. Loan terms range from five to 20 years for loan amounts of $5,000 or more.
What We Like
- Ability to combine or transfer student debt as a married couple
- Medical and dental school refinancing options available
What We Don’t Like
- Borrower protections like forbearance and deferment vary by lending partner
- Some credit union partners may require membership to qualify
5-6)Best for Borrower Protections Discover
While Discover is best known as one of the main credit card issuers in the U.S., it also offers several other banking and credit products. This includes Discover student loans, which provide education-related funding for a range of borrowers, from undergraduates currently in school to those who have graduated and are now repaying student debt.
Discover offers several private student loan options for borrowers earning degrees of all kinds, from an associate’s up to a medical or law degree. It even offers funding after graduation, with medical internship and residency and bar exam study loans, as well as a student loan consolidation option. Discover student loans might be a good fit for you if you typically get good grades (above a 3.0 GPA) and want to get rewarded for them, want multi-year preapproval and a lender that offers repayment assistance and protections, may need to defer student loans, are an international student who needs to borrow for college (with a co-signer), or are a law or medical student seeking funding for your bar exam study period or residency.
If you refinance a student loan and then have a life change or hardship that complicates your repayment, Discover has several safeguards in place to help.
Discover’s deferment can pause your payments for up to five years at a time to allow a borrower to return to school, serve in the military, work at a public service organization, or complete a health care residency. Forbearance can suspend payments for up to 12 months in cases of unemployment, a medical disability, excessive student loan burden, or other financial hardship. Discover also offers a reduced payment option that could drop your monthly payments to $50 for up to six months.
Discover provides just two student loan refinancing terms, so you must choose between a 10- or 20-year repayment period. Loan amounts start at $5,000. Discover offers variable rates ranging from 1.74% to 5.74% APR and fixed rates ranging from 3.49% to 6.99% APR (after signing up for autopay and receiving a 0.25% rate discount).
What We Like
- Refinance student loans while you’re still in school
- Multiple deferment options offered
- Reduced payment option
What We Don’t Like
- Just two loan term options
- No co-signer release
5-7)Best for Flexible Repayment Options College Ave
In some cases, you may want to refinance student loans to get a monthly payment that fits your budget without stretching out your repayment too long. Lenders that offer more loan terms can help you find the closest match to your budget and pay-off goals.
College Ave Student Loans’ refinancing options include 16 different loan terms, ranging from five to 20 years, for loans of $5,000 to $150,000 (most degrees) $300,000 (medical and vet doctorate degrees). It also offers competitive rates. Variable rates range from 2.94% to 4.79% APR and fixed rates range from 2.99% to 4.89% APR (after signing up for autopay and receiving a 0.25% rate discount).
What We Like
- Higher $300,000 refinance limit for medical, pharmacy, dental, or veterinary degrees
- Sixteen different loan term options
What We Don’t Like
- Stringent co-signer release option
- No info on deferments or forbearances available on website
Read the full review: College Ave Student Loans