Best refinance student loans in December 2022

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are subject to change at any point prior to application submission. Your prequalified rate is based on information you provided. All final offers require verified credit information which could impact your qualified rate. The information you provide to us is an inquiry to determine whether we or Splash’s lending partners can make you a loan offer. Some lending partners may require less information if you submit an application directly on their website. If Splash, or any of our lending partners, has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Please be advised that a lending partner who has an available loan offer for you may conduct another soft credit pull as part of its application review process. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. A co-signer may be required. The borrower is required to meet applicable underwriting requirements based on specific lender criteria. Not all borrowers receive the lowest rate as advertised. Lowest rates are reserved for the highest qualified borrowers. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Variable rates subject to change. If you are interested in refinancing your student loans, please note the following: Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal student loans carry special benefits. If you refinance a federal student loan with Splash Financial, you will no longer be eligible for those benefits such as a COVID-19 temporary interest rate of 0% through 08/31/2022, public service loan forgiveness, and economic hardship programs, fee waivers and rebates on the principal. Fixed Rate options range from 3.29% (with autopay) to 8.49% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Rates are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Variable rate options range from 2.49% (with autopay) to 8.90% (without autopay). Our lowest rate option is shown with a 0.25% autopay discount. The variable rates are based on a Variable rate index. Some of the rates are based on the one-month London Interbank Offered Rate (“LIBOR”) and some are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). The interest rate on a variable rate loan is comprised of an index and margin added together.

Variable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

Rates:

Lowest rates shown include the auto debit discount: Additional information regarding the auto debit discount: The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. Advertised APRs are valid as of 11/1/2022. Loan amounts: Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

Terms:

Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.09% fixed APR, 51 payments of $25.00, 119 payments of $165.12 and one payment of $120.52, for a Total Loan Cost of $21,044.80. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 9.47% fixed APR, 27 payments of $25.00, 179 payments of $119.57 and one payment of $55.39 for a total loan cost of $22,133.42. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.49% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

You can choose between fixed and variable rates. Fixed interest rates are 4.24% - 9.24% APR (3.99% - 8.99% APR with Auto Pay discount). Starting variable interest rates are 3.49% - 8.24% APR (3.24% - 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA. 

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of December 1, 2022, the 30-day average SOFR index is 3.60%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. 

Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

Education Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. Subject to credit approval. See Terms & Conditions. Interest rates current as of 06-24-2022. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner's (if any) financial history. See Eligibility Requirements for more information. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.

*IMPORTANT DISCLOSURES

PNC Education Refinance Loan is subject to credit approval. Certain restrictions and conditions apply.

Annual Percentage Rates (APRs): All APRs shown are for applicants with an Undergraduate degree for

loan amounts from $10,000 to $200,000. APRs include a 0.50% interest rate discount for automated

payments and may vary by repayment term and other factors (refer to additional details below). Rates,

maximum loan amounts and repayment terms available may vary by level of degree attained. The 20-

year repayment term is only available for borrowers with an Undergraduate or Graduate degree

borrowing more than $75,000. Rates are effective as of Dec 1, 2022 and are subject to change at any

time.

Fixed Annual Percentage Rates (APRs) range 4.99% to 9.24% for a 5-year, 6.39% to 10.64% for a 10-

year, 6.49% to 10.74% for a 15-year term and 6.59% to 10.84% for a 20-year term. Fixed rates are based

on the creditworthiness of the applicant and cosigner, if any.

Variable Annual Percentage Rates (APRs) range 4.89% to 9.14% for a 5-year, 6.29% to 10.54% for a 10-

year, 6.39% to 10.64% for a 15-year term and 6.49% to 10.74% for a 20-year term. Variable rates are

based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and

cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the

“Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the

immediately preceding calendar month. The Prime index is currently 6.25%. If the index increases or

decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.

The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit

qualifications, interest rate option, repayment term, level of degree attained and whether you elect

the automated payment feature.

NOTE: The credit score ranges utilized to define “Excellent”, “Good”, “Fair” and “Needs Work” in the

“Credit Score” drop down option are established by Bankrate.Com as a guideline. Standards for rating

credit scores and associated available rates may vary by lender.

Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 6.39%

APR to 10.64% APR for 10 years means you would make 120 payments that may range from $112.99 to

$135.72. The monthly payment per $10,000 borrowed at a variable-rate range of 6.29% APR to 10.54%

APR for 10 years means you would make 120 payments that may range from $112.48 to $135.16. For

the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or

decreases. Estimated loan payment examples assume 30 days to first payment. Payments vary for other

rates, loan amounts and repayment terms.

Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for

automated payments. Borrower must be making scheduled payments that include both principal and

interest. The rate discount will be applied at the time automated payment is established. If automated

payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.

Maximum loan Amounts:

Vary based on level of degree attained. Available repayment terms and rates may also vary based on

level of degree attained.

▫$10,000–$25,000 – Did Not Graduate

▫$10,000–$75,000 – Associates Degree

▫$10,000–$175,000 – Undergraduate Degree

▫$10,000–$200,000 – Graduate Degree

Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely

payments of principal and interest with no periods of interruption within that 48-month timeframe. To

qualify, the borrower must submit a request, meet the consecutive timely payment requirements,

provide proof of income and pass a credit check.

Refinancing: Refinancing at a longer repayment term may lower your monthly student loan payments,

but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment

term may increase your monthly student loan payments, but may lower the total interest paid over the

life of the loan.

Certain Federal Benefits Will Be Lost or Not Available: If you refinance your federal loans through this

PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to

federal student loan borrowers, such as income-contingent repayment or income-based repayment. In

addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not

be available under a PNC Education Refinance Loan. Please compare your current benefits with this

program to ensure any loss of existing benefits is fully understood.

COVID-19 related update: Please read carefully before applying to refinance your federal student

loans with PNC. PNC encourages customers and prospects with existing federal student loan debt to

carefully consider their options before applying for a refinance loan at PNC. We recommend that you

review and have a clear understanding of the federal emergency relief available and how it may impact

your situation. When you refinance your existing federal student loan debt with PNC, you waive any

current and potential future benefits and protections, if any, and replace those with the benefits of the

PNC Education Refinance Loan.