Best Student Loan Refinance Marketplaces

Smile List: Best Student Loan Refinance Marketplaces

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Student loan refinancing is the process of paying off existing student loans (one or many) using a new loan from a private lender. With refinancing, you can consolidate federal and private student loans with lower interest rates and new terms.

Benefits of using a student loan marketplace

When using a student loan refinancing marketplace, there is no need to visit multiple websites and complete multiple applications. You can find the best rate and terms from multiple lenders in one platform.

Completing one application and getting multiple offers is a key differentiator when using a student loan refinance marketplace. It saves you time and can significantly raise the chances of finding better terms to pay off your student loans faster and save money.

Additionally, these marketplaces perform a soft credit inquiry (will not impact your score) in determining if you prequalify. You can use different marketplaces to shop around. Keep in mind there are direct lenders like SoFi for student loan refinancing that may not be available through these marketplaces.

How to use a student loan marketplace

Get started by checking your rate. After prequalification, you’ll get rate offers from lenders. Review the offers, select one, and complete the application which will include a hard credit inquiry.

As an added benefit, these marketplaces offer customer support throughout the application process.

Things to keep in mind about refinancing your student loans using a marketplace

When you refinance a student loan in one of these marketplaces, you are getting a new loan with a private lender, not a loan with the marketplace. The lender decides the rate, term, and the features and benefits of the loan.

After selecting a lender offer, do your homework to make sure you’re comfortable with the terms of your refinance. It may help to call up the marketplaces’ support line for assistance.

Some marketplaces like LendKey will connect you with local banks and credit unions for refinancing and will retain the servicing of your new loan. Other marketplaces like Credible and Splash do not service loans. You will be directed to your new lender who may service the loan or assign it to a servicer company.

Our Top Picks for the Best Student Loan Refinance Marketplaces

Credible

All around the best marketplace with a simple prequalification process that takes 2 minutes. Get offers from 10 lending partners that are vetted by Credible to give you the best and most trusted offers.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5 – 20 year

Read my Credible review.

Check your rate with Credible today without impacting your credit score, click here.

LendKey

The best marketplace if you want to have your student loans with a community bank or credit union. The great thing about LendKey is that it services the loans so you have a cohesive experience from start to finish.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5 – 20 year

Read my LendKey review.

Check your rate with LendKey today without impacting your credit score, click here.

Splash Financial

The best marketplace to find offers from banks and credit unions especially for those with student loans from medical degrees. You can see if you prequalify in under 5 minutes.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5, 7, 8, 10, 12, 15 or 20 years

Read my Splash review.

Check your rate with Splash today without impacting your credit score, click here.

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