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Posted in Student Loans
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TakeTheCannoli

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How and Who to refinance student loans through??
I have 13k under my own name and 67k under my father's name. How do I consolidate the two? Who offers low interest?

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I just refinanced $60,000 of my own student loans and did a ton of research on who to go with. Note my credit score is 740. This was my process:

1. I 'checked my rate' with the big online lenders (Commonbond, Sofi, Earnest, DRB). I was pre-approved for all 4 and my APRs ranged from 6.21% (Sofi) to 5.56% (Earnest). The other two were in between, so they were all in close range. I'd encourage you to do the same and check you rate with online lenders. It's usually a 5 minutes process each and won't affect your credit score because they only do soft credit pulls. I checked with 4 but you can check with as many as you have patience for.  If you have a lower credit score, there are online lenders out there (like Avant) that specialize in that. 

2.  I'm part of 2 credit unions so went into the branches to discuss my options. As it turned out, the APRs they were able to grant me were extremely competitive (5.5% and 4.5%). I ended up refinancing part of my student loans with a personal loan at 4.5%. I didn't refinance it all because I'd lose federal loan privileges (aka the ability to adjust payments during hardship). This is an important thing to keep in mind when you refinance. If you have a federal student loan, you can apply for hardship restructuring or forgiveness. 

To summarize, consider online lenders (check your rate online), banks (can apply online or in person), and credit unions (likely need to apply in person). It'll take some work, but you can save thousands of dollars over time. Every % difference in APR matters for a large loan amount like ours. 

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