Am I eligible to refinance my student loans?

Student Loan Consolidation and Refinancing Benefits

Benefits of Student Loan Consolidation and Refinancing

Let's face it, life after graduation can get very expensive. Living expenses like housing, car payments, and relocation costs can be overwhelming when student loan bills are added on top of your existing financial obligations.

Student loan consolidation or refinancing can help you manage your budget. You'll save the frustration of dealing with multiple lenders and reduce the risk of missing a payment because refinancing combines your loans into a single loan, with a single bill.

How you can benefit from student loan refinancing:

  1. Take some pressure off your budget with a lower monthly payment
    Those first student loans bills can swallow your income quickly, especially when you’re just getting started in your career. A lower, more affordable monthly payment can help you stay current and avoid default. Plus, you can use the savings to pay off high-interest debts, like credit cards, and to build an emergency expense fund.

  2. Cut your long-term costs by paying off your loan early with no penalties for early repayment
    When you refinance your student loans, your repayment term is typically extended, which means it will take longer to pay off the loan and you may pay more interest. You can avoid some of these costs by making extra payments or larger payments. Just make sure to let your loan servicer know that you want to apply the extra funds to the principal balance.

  3. Simplify your finances with a single monthly student loan bill and a single lender
    Many students take out several types of loans to pay for college. You might leave college with loans from the federal government, your college and a few different private lenders. Keeping track of multiple due dates and payments can be tough. Consolidating or refinancing combines your loans, making the repayment process much easier.

  4. Save on your federal income taxes by deducting the interest on your consolidation or refinance loanIf you qualify, the interest on your Direct Consolidation Loan and private refinance loan is deductible on your federal income taxes.

(Don’t forget to review the full list of available education tax benefits, so you don’t miss out on any other tax credits and deductions.)

Want to find out how much your monthly payment will be after you refinance? Use our student loan consolidation calculator to find your monthly payment savings!

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Interest Rates
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Min. Loan Amount $10,000 Degree Req. Required completion of one of the following degrees at a qualified school:
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Repayment Terms 5, 10, 15, 20 years
Interest Rates
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Max. Loan Limits No Maximum
Min. Loan Amount $10,000 Degree Req. Required completion of degree Repayment Terms 5, 7, 10, 15, 20 years
Interest Rates
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Max. Loan Limits
  • $150K - Undergraduate or Graduate degrees
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Min. Loan Amount $5,000 Degree Req. Students from any school could be eligible for our consolidation loan. Repayment Terms 10 - 20 years
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Max. Loan Limits Up to $300K
Min. Loan Amount $7,500 Degree Req. Repayment Terms 5, 8, 10, 12, 15 or 20 years.
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  • Fixed from 3.15% - 7.82%
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Max. Loan Limits
  • $125K - Undergraduate
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Min. Loan Amount $7,500 Degree Req. Graduated from a LendKey eligible school Repayment Terms 5, 10, 15, and 20 years
Interest Rates
  • Fixed as low as 3.74% APR
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Max. Loan Limits
  • $120K
  • Minimum qualifying credit score is 660 with an eligible cosigner
Min. Loan Amount $10,000 Degree required. Must have graduated from an eligible school. Repayment terms up to 15 years
Interest Rates
  • Fixed rate range: 3.25% – 7.50% APR1
  • Variable as low as 2.63% – 7.50% APR1
  • No application or prepayment fees
Max. Loan Limits
  • Consolidate and refinance up to $250,0003
Min. Loan Amount $5,0003 Degree required. Must have graduated from a public or private, not-for-profit, degree granting instution. Repayment terms 5 – 15 years2
Am I eligible to refinance my student loans?