This Is What Your Student Loan Company Doesn’t Want You To Know

Andrew Zoeller

If you’re still paying off your student loans, we don’t need to tell you that you’re giving away a hefty amount of interest each month — all on a deal you probably signed before you were old enough to drink. Your student loan payment may even be affecting your ability to pursue other life goals, like buying a home or having children.

What if you could reduce your payment and your interest rate, without going on a 20- or 25-year federal reduced-payment plan?

What if you could pay off your loan ahead of schedule, attain financial freedom, and save big-time on interest while doing it?

Did you know there’s a way to find out if you can save money on your student loans, without giving away your personal information or affecting your credit score? All it takes is a few minutes of your time.

The big secret that your student loan lender doesn’t want you to know

When you took out your loans, you probably had little (if any) credit history and income to demonstrate your reliability to your lender. How great could your interest rate have been, if this was the case?

But here’s the secret: professionals with college degrees who have taken care of their credit and have steady income present a lower risk to a new lender offering student loan refinancing. This low risk means qualified borrowers can be rewarded with great, low interest rates.

Returning the power of choice to student loan borrowers

When you refinance your student loans, you get the opportunity to:

  • Switch to a lender with a great website and real customer service
  • Choose your interest rate and repayment plan from all the available options
  • Select the monthly payment that works best for your financial situation

Once you finalize things with your new lender, your previous loans will be paid off and you will have just one monthly payment to keep track of — not a bunch of different loans, each with its own rate, term, and payment.

The 4 Best Companies to Refinance Student Loans

Our Top-Rated Picks for 2022 Offer Low Rates and No Fees

No Maximum Loan Amount

Fixed Rate

4.83% – 7.64% APR 4

Variable Rate

3.99% – 7.24% APR 4
98% of surveyed customers would recommend SoFi to a friend

Fixed Rate

4.49% – 8.99% APR 3

Variable Rate

5.09% – 8.99% APR 3
Precision Pricing — Pick Your Monthly Payment

Fixed Rate

4.47% – 8.99% APR 2

Variable Rate

4.14% – 8.94% APR 2
Loans Available in All States but Maine and Oregon

Fixed Rate

6.94% – 11.58% APR 5

Variable Rate

Not Offered

You don’t have to be a financial wiz to save on your student loans

Refinancing sounds complicated, right? We’ve made it simple with our rate comparison tool. You no longer need to fill out several different loan applications to see who is offering you the best rate. We have already vetted the top lenders in the industry. You can get started by answering just a few simple questions, and our system will provide you with rate estimates for each lender where you qualify.

You’ll see all your available options presented with total transparency. If you don’t like what you see, you’re under no obligation to continue. But if you do see an opportunity to save money, you can apply for the loan in less than 15 minutes.

Let’s take a look at an example. If you had $60,000 in loans at a weighted average interest rate of 5.7%, here’s how refinancing could be used to accomplish different goals if you qualified for a 4.0% interest rate on a refinance.

 Original LoanGoal 1: Balanced SavingsGoal 2: Fast PayoffGoal 3: Low Monthly Payment
Term10 Years10 Years8 Years15 Years
Interest Rate5.7%4.0%4.0%4.0%
Total Interest Paid$18,854$12,897$10,210$19,886
Monthly Payment$657$607$731$444
Result Save $50 a month and pay nearly $6,000 less in interestOut of debt 2 years sooner and save $8,644Save $213 a month and only pay an extra $1,032 in total interest

Take advantage of declining refinance interest rates

If you follow the news, you know that market interest rates declined significantly in 2020, and those low rates have held into 2021. This presents a terrific opportunity for qualified borrowers to take advantage by locking in a low student loan interest rate before rates rise again, which some economists predict.

If you choose a fixed interest rate, your rate will never go up, and your payments will remain the same until the loan is paid off.

You may also be interested in a variable interest rate, which typically starts a little bit lower than a fixed rate, but will vary over time as the market changes.

The bottom line: Find a student loan refinance option that fits your goals

At the end of the day, no one has yet found a miracle cure when it comes to student loan debt. As with most financial matters, what distinguishes people who are savvy with their money is that they find ways to minimize their costs, and refinancing is often an easy way for qualified borrowers to do so.

Whether you are looking to lower your monthly payment or pay off your loans as quickly as possible, refinancing presents a unique opportunity to help you pursue your financial goals.

The best part is, refinancing does not cost anything: none of our partners charge origination fees, and there are no prepayment penalties if you decide to pay off your loan ahead of schedule.

Bringing transparency to student loan refinancing

Purefy offers the use of our technology platform to you, the borrower, at no cost. We have negotiated referral fees with our partners, which has no effect on your interest rate or loan terms.

Purefy set out to bring much-needed transparency to the student lending industry by allowing users to easily compare rates from the top lenders. We are beholden to no one — be they Big Banks, Big Private Equity, or Big Overhead. Our tools are built around the customer, and the customer always wins.

Get started now by comparing your options.

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Student Loan Refinancing

Refinancing from 3.99% APR

Check your rate in 2 minutes

with no impact on your credit score.

ELFI Rate Disclosure

4 ELFI Rate Disclosure:

Education Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. Subject to credit approval. See Terms & Conditions. Interest rates current as of 01/01/2023. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.

SoFi Rate Disclosure

3 SoFi Rate Disclosure:

Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Earnest Rate Disclosure

2 Earnest Rate Disclosure:

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.72% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 4.39% APR to 9.19% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

Advertiser Disclosure:


ISL Rate Disclosure

5 Iowa Student Loan Rate Disclosure:

Fixed Rate Loan Terms: 5 years/60 monthly payments, 7 years/84 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments, or 20 years/240 monthly payments. Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. This rate is expressed as an APR. Fixed APRs range from 6.94% to 11.58% APR [low to high range with 0.25% auto-debit rate reduction]. Rates are subject to change without notice. Fixed rates will not change during the term. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan including a 0.25% auto-debit rate reduction. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your cosigner [if applicable]. If applying with a cosigner, we use the higher credit score between the borrower and the cosigner for approval purposes. All loans are subject to credit approval.

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