Are you struggling with high-interest student loans? Refinancing with a cosigner can be the key to unlocking lower rates and saving thousands of dollars. Here's how to do it and maximize your benefits.
Lender | Interest Rates | Repayment Terms |
---|---|---|
SoFi | 2.49% - 5.24% APR | 5-, 7-, 10-, 15-, or 20-year terms |
Earnest | 2.99% - 6.99% APR | 5-, 7-, 10-, 15-, or 20-year terms |
Citizens Bank | 2.74% - 6.15% APR | 5-, 10-, 15-, or 20-year terms |
Key Feature | Advantages |
---|---|
Variable interest rates: Can fluctuate over time, potentially saving you money if rates decline. | Low initial interest rates, potential for savings in the long run |
Fixed interest rates: Remain constant throughout the loan term, providing stability. | Predictable monthly payments, peace of mind |
Cosigner release: Allows the cosigner to be released from the loan obligation after a certain number of on-time payments. | Reduced risk for the cosigner, flexibility for the primary borrower |
Q: What is the minimum credit score I need to refinance with a cosigner?
A: Most lenders require a credit score of at least 680 for both the primary borrower and the cosigner.
Q: Can I refinance my student loans multiple times?
A: Yes, but each time you refinance, you'll typically incur additional fees. It's best to only refinance when it makes financial sense.
Q: What if my credit score is not high enough to refinance with a cosigner?
A: Explore alternative options, such as federal student loan consolidation or income-driven repayment plans.
Unlock the power of refinancing student loans with a cosigner today. Compare lenders, negotiate for the best rates, and start saving money on your student debt. The sooner you refinance, the sooner you can achieve your financial goals.
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