SimpleFi Student Loan and Other Alternatives that are Available

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SimpleFi Student Loan: Are you a student currently in search of an alternative to SimpleFi student loan refinancing company? This article is just for you; we will be highlighting various alternatives best for you.

SimpleFi Student Loan: Other Alternative Available...

The SimpleFi company was inspired by the Navy-Marine Corps Relief Society’s financial assistance program. Every year, over 50,000 service members benefit from the financial assistance offered by this organization.

SimpleFi tried to do this for the private sector by offering accessible student loans, student loan refinancing, and personalized financial coaching.

Six years later, it appears that SimpleFi is no longer in business. However, there are many great alternatives for individuals who are looking to refinance their student loans.

5 Student Loan Refinancing Alternatives to SimpleFi

For the 43 million Americans struggling to repay their student loan debt, student loan refinancing is an exciting option. 

Student loan refinancing may save you money by replacing your existing loans with a new loan at a lower interest rate if you meet the eligibility requirements.

But if you’ve applied for refinancing or student loan consolidation in the past, you know that getting approved isn’t always easy.

To qualify, you’ll need a good credit score and a steady income. If you don’t have either of those two things, it is possible to qualify using a cosigner.

Refinancing through SimpleFi is no longer an option. But here are five lenders you might consider as an alternative:

ELFI

  • Rates (APR): 2.39% – 6.69%
  • Loan Terms: 5, 7, 10, 15, or 20 years
  • Loan Amounts: $15,000+

Education Loan Finance (ELF) offers student loan refinancing on both private and federal loans. Borrowers can choose either 5, 7, 10, 15, or 20 years repayment terms.

Their variable interest rates start at 2.39%, and their fixed interest rates start at 3.14%. These are some of the lowest rates currently offered on the market. And ELFI never charges any application or origination fees.

To apply, borrowers have to have already earned their degree. And borrowers must have a minimum loan balance of $15,000, which is higher than what most lenders require.

CommonBond

  • Rates (APR): 2.14% – 7.24%
  • Loan Terms: 5, 7, 10, 15, or 20 years
  • Loan Amounts: $5,000 – $500,000

Common Bond offers student loan refinancing on undergraduate and Parent PLUS loans. Borrowers can refinance up to $500,000 in student loan debt. And they can choose between 5, 7, 10, 15, or 20 years repayment terms.

Their variable interest rates start at 2.14%, and their fixed interest rates start at 3.21%. CommonBond also offers a hybrid rate loan with a fixed rate for the first five years. After that, it becomes a variable loan.

Common Bond is unique in that they don’t have clearly outlined refinancing requirements like other lenders. But they run a credit check, and borrowers should aim to have good to excellent credit.

LendKey

  • Rates (APR): 2.01% – 8.88%
  • Loan Terms: 5 – 20 years
  • Loan Amounts: Not disclosed

LendKey partners with thousands of banks and credit unions to bring consumers the best student loan refinancing offers. Their rates compete with what larger banks offer, and LendKey only shows borrowers the lenders they are eligible for.

Their variable interest rates start at 2.01%, and their fixed interest rates start at 3.49%. The amount borrowers can refinance depends on the lender they end up choosing.

The benefit to choosing LendKey is that borrowers can compare multiple offers at once. Their platform is easy to use, and borrowers can check their rates across multiple lenders.

Earnest

  • Rates (APR): 2.05% – 6.99%
  • Loan Terms: 5 – 20 years
  • Loan Amounts: $5,000+

There are many advantages to refinancing your student loans with Earnest. For one thing, they are known for their unique underwriting approach. They consider your earning potential when deciding whether or not to refinance your loans.

Their variable interest rates start at 2.05%, and their fixed interest rates start at 3.45%. There are no application or prepayment fees. And Earnest lets borrowers refinance loans as low as $5,000.

They offer customizable repayment plans so it’s easy for borrowers to make their monthly payments. And Earnest doesn’t allow borrowers to apply with a cosigner, so they are best for borrowers with a good credit history.

SoFi

Rates (APR): 2.05% – 5.98%

Loan Terms: 5, 7, 10, 15, or 20 years

Loan Amounts: $5,000+

SoFi is well-known for offering student loan refinancing. They made a name for themselves by being the first company to refinance private and federal student loans together.

Their variable interest rates start at 2.05%, and their fixed interest rates start at 3.46%. Borrowers can save an additional 0.25% by enrolling in autopay.

SoFi offers flexible repayment plans of 5, 7, 10, 15, or 20 years. Borrowers can refinance loans as low as $5,000, and borrowers will also receive free career coaching just for being SoFi customers.

Student loan refinancing is a great option for anyone looking to lower their monthly student loan payments. Although SimpleFi is no longer offering student loan refinancing, there are many other lenders to consider.

However, keep in mind that if you refinance federal loans, you will lose access to certain benefits. Always receive quotes from multiple lenders and consider all your options first, before making a decision.

We hope this article was useful and educative, do well to share these messages with friends and loved ones. If you have a question, kindly drop your comments below.

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