Consolidate Student Loans in 2016






6 Best Banks to Refinance and Consolidate Student Loans in 2016

Finding thе right bаnk tо rеfinаnсе оr соnsоlidаtе yоur studеnt lоаns is соnfusing.

Fоrtunаtеly, wе’vе highlightеd thе six bеst bаnks аnd lеndеrs tо hеlр yоu rеfinаnсе аnd соnsоlidаtе bоth рrivаtе аnd fеdеrаl studеnt lоаns, bаsеd оn yоur finаnсiаl situаtiоn.

Whеn yоu аррly, mоst bаnks аnd lеndеrs will lооk аt yоur сrеdit sсоrе, аnnuаl inсоmе, sаvings, аnd соllеgе dеgrее tyре (оr сеrtifiсаtе оf еnrоllmеnt if still in sсhооl). If yоu mееt thеsе rеquirеmеnts, yоu might bе аn еxсеllеnt саndidаtе fоr studеnt lоаn rеfinаnсing аnd соnsоlidаtiоn! If yоu dоn’t think yоu mееt thе rеquirеmеnts, dоn’t wоrry – аs yоu саn аррly with а соsignеr tо inсrеаsе yоur сhаnсеs оf gеtting аррrоvеd fоr а bеttеr studеnt lоаn.

Disсlоsurе: Studеnt Lоаn Hеrо is а frее wеbsitе tо hеlр studеnt lоаn bоrrоwеrs. Wе оnly еvаluаtе lеndеrs аnd dо nоt issuе studеnt lоаns. This rероrt wаs nоt сhаrtеrеd by оr сrеаtеd оn bеhаlf оf аny lеndеr listеd bеlоw.

1. DRB – Darien Rowayton Bank

Refinance up to 100% of outstanding federal and private loans at
super low rates.Clients save on average $20,000.Get Your Rate

  • samantha-c

    Samantha C. – Columbia

    Cut monthly payment in half!

    I am so pleased with DRB. At any point during the application process I was able to connect with a DRB professional. My DRB loan has reduced my monthly obligation by almost half. I was able to extend the maturity… while locking in more favorable rates and releasing my guarantor.

  • nicholas-b

    Nicholas B. – Still

    Best financial decision!

    Refinancing my student loans with DRB was one of the best financial decisions I have made. The DRB staff was there for me every step of the way. I will end up saving tens of thousands over the life of my loan.

  • samantha-c

    Samantha C. – Columbia

    Cut monthly payment in half!

    I am so pleased with DRB. At any point during the application process I was able to connect with a DRB professional. My DRB loan has reduced my monthly obligation by almost half. I was able to extend the maturity… while locking in more favorable rates and releasing my guarantor.

  • nicholas-b

    Nicholas B. – Still

    Best financial decision!

    Refinancing my student loans with DRB was one of the best financial decisions I have made. The DRB staff was there for me every step of the way. I will end up saving tens of thousands over the life of my loan.

  • samantha-c

    Samantha C. – Columbia

    Cut monthly payment in half!

    I am so pleased with DRB. At any point during the application process I was able to connect with a DRB professional. My DRB loan has reduced my monthly obligation by almost half. I was able to extend the maturity… while locking in more favorable rates and releasing my guarantor.

  • nicholas-b

    Nicholas B. – Still

    Best financial decision!

    Refinancing my student loans with DRB was one of the best financial decisions I have made. The DRB staff was there for me every step of the way. I will end up saving tens of thousands over the life of my loan.

  • Refinancing and consolidation of private and federal student loans
  • Must be an alumni of a bachelors or graduate degree program (e.g. MBA, Law, post-residency Medical/Dental, Physician Assistant, Advanced Degree Nursing, Pharmacist, Engineering, PhD, etc.) who meet the underwriting criteria
  • DRB also offers parents of Bachelor degree holders the opportunity to refinance student loans they took out to finance their child’s education as long as their child has graduated and is working. Parents can refinance Parent PLUS loans in their own name or their child’s name.
  • 3.64% – 6.29% (with autopay) variable rates
  • 4.20% – 7.20% (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • Maximum variable rates capped at 9% for 5-10 year terms. For greater than 10 year term, maximum rate cap is 10% APR
  • No origination fee or prepayment penalty
  • .25% Interest Rate Reduction with automatic payments via ACH

2. SoFi

Cut the cost of your student loan debt.

Members average $18,936 in savings.

Get Your Rate

  • malinowski

    Barry Malinowski Jr. – Harvard

    Significantly lower rate!

    “With SoFi, I was able to significantly lower my rate, saving me thousands of dollars over the life of the loan. Plus, now I belong to a support group of borrowers and lenders, turning debt that was once only a liability into an assets of sorts. I’m grateful that a friend told me about SoFi.”

  • taryn-b

    Taryn B. – New York

    Amazing customer service!

    “Not only does SoFi provide low interest rates, but they have a seamless process, a tech savvy website and amazing customer service. They actually make me feel good about borrowing money from them.”

  • chiara-mcphee

    Chiara McPhee – Stanford

    Lowest rates without a cosigner!

    I was looking for the lowest rates I could find without a cosigner. SoFi was by far the best.

  • kahn

    Ali Kahn – Ross University

    Tens of thousands saved!

    It’s almost mind-boggling how much money I’ll save through refinancing my student loans with SoFi — I’d literally be paying tens of thousands more with my original loans. Now that I’ve refinanced my student loans with SoFi, I see a light at the end of the tunnel. I’m able to put away a little bit more, think about long term goals, save for a house — and I know this burden isn’t going to be over my head for the rest of my life.

  • malinowski

    Barry Malinowski Jr. – Harvard

    Significantly lower rate!

    “With SoFi, I was able to significantly lower my rate, saving me thousands of dollars over the life of the loan. Plus, now I belong to a support group of borrowers and lenders, turning debt that was once only a liability into an assets of sorts. I’m grateful that a friend told me about SoFi.”

  • taryn-b

    Taryn B. – New York

    Amazing customer service!

    “Not only does SoFi provide low interest rates, but they have a seamless process, a tech savvy website and amazing customer service. They actually make me feel good about borrowing money from them.”

  • chiara-mcphee

    Chiara McPhee – Stanford

    Lowest rates without a cosigner!

    I was looking for the lowest rates I could find without a cosigner. SoFi was by far the best.

  • kahn

    Ali Kahn – Ross University

    Tens of thousands saved!

    It’s almost mind-boggling how much money I’ll save through refinancing my student loans with SoFi — I’d literally be paying tens of thousands more with my original loans. Now that I’ve refinanced my student loans with SoFi, I see a light at the end of the tunnel. I’m able to put away a little bit more, think about long term goals, save for a house — and I know this burden isn’t going to be over my head for the rest of my life.

  • Refinancing and consolidation of private and federal student loans
  • Must have completed an eligible undergraduate or graduate degree program
  • Available for both undergraduate and graduate school student loans
  • 2.22% to 6.02% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR
  • 3.50% APR to 7.74% APR (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • No origination fees or prepayment penalties
  • Unemployment protection – loan payments are paused and they help find new job
  • Career support – complimentary coaching for SoFi members
  • Entrepreneur program – qualified applicants can receive loan deferrals and mentorship

3. Earnest

Clients save on average $17,936.

Get your rate in 2 minutes.

Get Your Rate

Sara Hathaway – UBCNot just another statistic

These are real people who actually care about my needs as a person; I’m not just another statistic to them, I’m a relationship.

  • Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I’m not just another statistic to them, I’m a relationship.

    Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I’m not just another statistic to them, I’m a relationship.

    Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I’m not just another statistic to them, I’m a relationship.

    Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I’m not just another statistic to them, I’m a relationship.

  • Refinancing available for undergraduate or graduate student loans from both private and federal lenders
  • Rates start at 2.22% APR variable (with autopay) and 3.50% APR fixed (with autopay)
  • Radical flexibility to pick any monthly payment and term between 5 and 20 years – saving you more than standard rates and terms
  • No set credit score or income requirements – Earnest looks at thousands of data points to evaluate financial responsibility and deliver the lowest possible rate
  • Commitment-free 2 minute rate check
  • Earnest never passes you off to a third party – their on-site team is your customer service partner for the life of your loan
  • Ability to change your loan as your life and needs change – refinance your loan for free, switch between fixed and variable rates, change payment dates, even skip a payment once a year and make it up later
  • Unemployment protection to pause your monthly payments when in between jobs
  • No origination fees, application fees, or prepayment fees
  • Must have completed undergraduate or graduate degree or expected graduation within 6 months
  • Must be currently employed or with an employment offer starting within 6 months
  • Must be a U.S. Citizen or permanent resident

4. Citizens Bank

Average customer savings $1764/yr.2

No application, origination or disbursement fees.

Get Your Rate

Derek F
  • I had an overwhelmingly positive experience

    After hearing about the student loan refinance options at Citizens Bank, I was interested to learn more and submit an application. However, I was unaware of what the process required. I was very fortunate to be assisted by your phone agent during the application process. He was extremely patient, professional and knowledgeable. He was able to clearly answer my many questions and provide guidance as I put together the required information for the application. I had an overwhelmingly positive experience and because of it, will be referring my sister for this product as well. I look forward to finishing the process and having a better student loan finance option. Thank you!Chad B

    I appreciate everything Citizens has done

    The loan department emailed me last night and I finished up all the docs. It’s so sweet to finally get out of the clutches of my old loans.  I feel like I just walked out of prison. Take care!

    David C

    You truly helped change my life!

    Thank you so much for all your help Citizens! You’ve truly helped change my life!

  • Derek F

    I had an overwhelmingly positive experience

    After hearing about the student loan refinance options at Citizens Bank, I was interested to learn more and submit an application. However, I was unaware of what the process required. I was very fortunate to be assisted by your phone agent during the application process. He was extremely patient, professional and knowledgeable. He was able to clearly answer my many questions and provide guidance as I put together the required information for the application. I had an overwhelmingly positive experience and because of it, will be referring my sister for this product as well. I look forward to finishing the process and having a better student loan finance option. Thank you!

  • Chad B

    I appreciate everything Citizens has done

    The loan department emailed me last night and I finished up all the docs. It’s so sweet to finally get out of the clutches of my old loans.  I feel like I just walked out of prison. Take care!

  • David C

    You truly helped change my life!

    Thank you so much for all your help Citizens! You’ve truly helped change my life!

  • Derek F

    I had an overwhelmingly positive experience

    After hearing about the student loan refinance options at Citizens Bank, I was interested to learn more and submit an application. However, I was unaware of what the process required. I was very fortunate to be assisted by your phone agent during the application process. He was extremely patient, professional and knowledgeable. He was able to clearly answer my many questions and provide guidance as I put together the required information for the application. I had an overwhelmingly positive experience and because of it, will be referring my sister for this product as well. I look forward to finishing the process and having a better student loan finance option. Thank you!

  • Refinancing and consolidation of federal and private student loans with an Education Refinance Loan® from Citizens Bank®1
  • Citizens Bank private student loan customers have saved an average of $1,764/yr2
  • Fixed rate student loan refinancing featuring an interest rate as low as 3.744 APR to 7.99 APR (with autopay)4 for eligible candidates3
  • Variable interest rates range from 2.13 APR –7.924 APR (with autopay)4 and will fluctuate over the term of your loan with changes in the LIBOR rate3
  • 5, 10, 15 and 20 year repayment term options
  • Loyalty Discount: 0.25 percentage point interest rate reduction on a new Education Refinance Loan if you or your co-signer (if applicable) has a qualifying account in existence with us at the time of application4
  • Automatic Payment Discount: 0.25 percentage point interest rate reduction by authorizing our loan servicer to automatically deduct your payments each month from any bank account4
  • Co-signer Release: Co-signer may be released from loan responsibility after making 36 consecutive, on-time principal and interest payments5
  • No application, origination or disbursement fees
  • Minimum Loan to Refinance: $10,000
  • (See disclosure and repayment examples)

5. CommonBond

Easy 7-minute application.

Apply in less time than it takes to
make a cup of coffee.

Clients save on average $14,581.

Get Your Rate

  • mariana

    Mariana – Lansing, MI

    How could I live without this?

    You know that moment when you find out about something you didn’t know existed, and you think how could I ever live without this?

  • dan_m

    Dan M – San Francisco, CA

    Very innovative

    It’s a very innovative approach to student financing.

  • tom

    Tom – Seekonk, MA

    Commitment to financial literacy

    Their committment to financial literacy education is also very important.

  • dan_s

    Dan S – East Hampton, CT

    Support a great organization

    It’s an opportunity to support an organization with a really great message about the community and people.

  • chan

    Chan – Binghamton, NY

    Very easy application!

    It was very easy to go through the CommonBond website and apply for the loan.

  • grace

    Grace – Detroit, MI

    Tailored, one on one service

    Looking at the math and the rates, it was an easy choice for me. It’s just a very personal, tailored, one on one service.

  • andrew

    Andrew – Grand Forks, ND

    Save Thousands of Dollars

    I am going to save thousands of dollars and some portion of that is going to help other people involved in education right now.

  • mariana

    Mariana – Lansing, MI

    How could I live without this?

    You know that moment when you find out about something you didn’t know existed, and you think how could I ever live without this?

  • dan_m

    Dan M – San Francisco, CA

    Very innovative

    It’s a very innovative approach to student financing.

  • tom

    Tom – Seekonk, MA

    Commitment to financial literacy

    Their committment to financial literacy education is also very important.

  • dan_s

    Dan S – East Hampton, CT

    Support a great organization

    It’s an opportunity to support an organization with a really great message about the community and people.

  • chan

    Chan – Binghamton, NY

    Very easy application!

    It was very easy to go through the CommonBond website and apply for the loan.

  • grace

    Grace – Detroit, MI

    Tailored, one on one service

    Looking at the math and the rates, it was an easy choice for me. It’s just a very personal, tailored, one on one service.

  • andrew

    Andrew – Grand Forks, ND

    Save Thousands of Dollars

    I am going to save thousands of dollars and some portion of that is going to help other people involved in education right now.

  • mariana

    Mariana – Lansing, MI

    How could I live without this?

    You know that moment when you find out about something you didn’t know existed, and you think how could I ever live without this?

  • Refinancing and consolidation of private and federal student loans
  • Available for undergraduate, graduate, and Parent PLUS student loans
  • 2.22% – 6.02% APR variable rate refinancing (with autopay)
  • 3.50% – 7.74% APR fixed rate refinancing (with autopay)
  • 3.81% – 6.25% APR hybrid rate refinancing (with autopay)
  • 5, 7, 10, 15, and 20 Year Repayment Terms
  • 0.25% Interest Rate Reduction with automatic payments via ACH
  • Unemployment protection – loan payments are paused and they help eligible graduates find new jobs and also hire them for short-term consulting projects
  • Access to CommonBond Community – Borrowers are connected to events in their cities, networking opportunities, and lifestyle perks
  • Social good – for every fully funded degree through CommonBond, they fund the education of a student in need abroad for a year through Pencils of Promise
  • No application, origination or disbursement fees

6. CollegeAve

Get Your Rate
  • Refinance and consolidate both federal and/or private student loans
  • Apply in 3 minutes to get an instant credit decision
  • Competitive fixed and variable rates
  • Flexible term choice – Choose any term from 5 to 15 years
  • 2 year interest only option available
  • Refinance amounts as low as $5,000 (federal & private)
  • Zero application fees, origination fees, or pre-payment fees



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