6 Best Banks to Refinance and Consolidate Student Loans in 2016

Searching for the right bank to consolidate or refinance your student loans is confusing.

Fortunately, we'have highlighted some banking organizations to help you find federal and private student refinancing or consolidating options that fit your financial situation.

When you submit your application , most of the banks consider a lot about your credit score, annual income, savings, and the type of college degree (or certificate of registration if still in school). If you qualify, you may be an excellent candidate for student loan consolidation and refinancing ! If you do not think you meet the requirements, do not worry - as you can also apply with a cosigner , it can increase your chances of being approved for a better student loan.

Disclosure: Charities to Donate is a free website based on charities and also to help borrowers for student loans. We just evaluate lenders and do not issue student loans. This report was not chartered by or created on behalf of any lender listed below.

OUR TOP 6 BANKS FOR STUDENT LOAN REFINANCING

LENDER	ELIGIBLE LOANS	ELIGIBLE DEGREES	RATES (APR)	LOAN TYPES	TERMS
SOFI	Private & Federal	Undergrad & Graduate	2.13% - 7.49%	Variable & Fixed	5, 10, 15, 20
EARNEST	Private & Federal	Undergrad & Graduate	2.13% - 7.19%	Variable & Fixed	5 to 20
COMMON BOND	Private & Federal	Undergrad & Graduate	2.13% - 7.49%	Variable & Fixed	5, 10, 15, 20
CITIZENS BANK	Private & Federal	Undergrad & Graduate	2.17% - 9.39%	Variable & Fixed	5, 10, 15, 20
LENDKEY	Private & Federal	Undergrad & Graduate	2.14% - 9.22%	Variable & Fixed	5, 10, 15
DRB	Private & Federal	Undergrad & Graduate	2.13% - 6.75%	Variable & Fixed	5, 10, 15, 20

TOP 6 BANKS IN A DEPTH REVIEW

1. SOFI ( OUR SUPREME RECOMMENDATION )

• Refinancing and consolidation of federal and private student loans
• Must have completed an undergraduate degree or graduate degree program
• Available for both graduate and undergraduate student loans
• 2.13% APR to 5.68% APR (with Autopay) variable rate, capped at 8.95% to 9.95% APR
• 3.50% APR to 7.49% APR (with autopay) Fixed Rates
• 5, 10, 15, the 20-year repayment terms
• No origination fees or prepayment penalties
• Unemployment Protection - Loan payments are suspended and they help to find a new job
• Career Support - Complimentary coaching for members of SoFiEntrepreneur Program - Qualified applicants can receive mentorship and loans deferrals

Learn More About Sofi

2. EARNEST

• Refinancing available for undergraduate or graduate student loans both for federal and private lenders
• Prices start at 2.13% variable APR (with autopay) and 3.50% fixed APR (along with autopay)
• Radical flexibility to choose all monthly payment and duration between 5 and 20 years - will save you more than the rates, terms and conditions
• No set income or credit score requirements - Earnest examine thousands of data points to assess accountability and offers the lowest possible rate
• 2 minutes check rates which are totally commitment-free
• Earnest does not pass you to a third party - their team on site is your customer service partner for the duration of your loan
• Ability to modify your loan as your life and its needs change - refinance your loan switch  for free of cost , between variable and fixed rates, change the dates of payment, even skip a payment once a year and make it later
• Unemployment Protection to pause your monthly payments when between jobs
• No origination fees, application fees or early repayment fees
• Must have completed undergraduate or graduate degree or expected graduation within 6 months
• Must be currently employed or with a job offer starting within 6 months
• Must be a US citizen or permanent resident

Learn more about Earnest

3.Common Bond

• Consolidation and Refinancing and of private and federal student loans
• Available for undergraduate, graduate, and also for Parent PLUS student loans
• APR fixed rate refinancing (with autopay) 3.50% – 7.49%
• APR variable rate refinancing (with autopay) 2.13% – 5.68%
• Hybrid rate (APR) refinancing (with autopay) 3.79% – 5.97%
• Repayment Terms upto 5, 10, 15, and 20 Years
•  0.25% Interest Rate Reduction with automatic payments via ACH
• Unemployment protection – loan payments are paused and they assist eligible graduates to catch new jobs and furthermore hire them for short-term consulting projects
• Access to CommonBond Community – Debtors are connected to various programs and occasions in their cities, life perks and networking opportunities
• Social good – for every fully financed degree through the network of CommonBond, they also fund the education of a student abroad in need for a year through Pencils of Promise
• N, origination, application or disbursement fees

Learn More About Common Bond

4. Citizens Bank 

• Consolidation and Refinancing and of private and federal student loans with an Education Refinance Loan from Citizens Bank
• Private student loan customers of Citizens Bank have saved an average of $135/month2
• Fixed rate student loan refinancing features an interest rate which is as low as 4.74%4APR to 9.39% APR (with autopay)4 for eligible candidates3
• Variable interest rates range from 2.17% APR – 7.92%4 APR (with autopay)4and will fluctuate over the term of your loan according to the changes in the LIBOR rate
• Repayment term options for 5, 10, 15 or 20 year 
• Loyalty Discount: On a new Education Refinance Loan, there is 0.25 percentage point interest rate reduction if you or your co-signer (if applicable) has a qualifying account at the time of application ,in existence with us
• Automatic Payment Discount: by authorizing our loan servicer to deduct your payments automatically  each month from any bank account, there is 0.25 percentage point interest rate reduction
• Co-signer Release: Co-signer may also be released from the responsibility of loan after making on-time 36 consecutive, principal and interest payments
• No application, origination or disbursement fees
• Minimum Loan to Refinance: $10,000

Learn more about Citizens Bank

5. LENDKEY

• Consolidation and refinancing of private student loans and federal student loans
• Available for the graduate and undergraduate school student loans
• From 2.14% APR to 9.22% APR (with autopay) fixed and variable rates
• 5, 10 and 15 year repayment terms
• 0.25% interest rate reduction along with  automatic payments via ACH
• Interest only payment option available for the first four years of repayment
• longer unemployment protection (pause payments) period on the market (18 months)
• No origination fees or prepayment penalties
• Release of cosigner available
• minimum loan refinance: $ 7500
• All loans funded by community lenders such as community banks and credit unions

Learn more about Lendkey

6. DRB – Darien Rowayton Bank

• Consolidation and Refinancing of private student loans and federal student loans
• Must be a graduate of a bachelor program or graduate degree (eg, MBA, Law, Medical / Dental post-residency, physician assistant, Advanced Degree of Nurse, pharmacist, engineer, PhD, etc.) to meet the underwriting criteria
• DRB also provides parents of bachelor's graduates the opportunity to refinance student loans they took to finance the education of their children as long as their children graduated and works. Parents can also refinance Parent PLUS loans in the name of their child or in their own name.
• variable rates 2.13% - 4.84% (with autopay) 
• fixed rates 3.50% - 6.75% (with autopay) 
• 5, 10, 15, the 20-year repayment terms
• maximum variable rates for 5,10,15 year term are capped at 9%. For 20 year term, maximum rate cap of 18% APR is available.
• No origination fees or penalties for early repayment
• From 0.25% interest rate reduction with automatic payments via ACH

Learn more about DRB

Please note for all reviews:

*The accurate interest rate you will receive is based upon your degree type, credit score, income, savings and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest possible interest rate, we recommend you to apply with a co-signer.

**We try our hardest to keep interest rates, terms and conditions listed here up to date. For the most accurate refinancing information, please check with individual lenders .