It’s time to consider whether nursing student debt refinancing is a viable option for you.
You should first determine which nursing student debts you have before determining what to do with them.
There’s a significant gap between federal and private loans in terms of borrower advantages. You may get more information about your student loans in 3 places:
- Your federal student loan information will be stored in the National Student Loan Data System.
- Private student loan information will appear on your credit record.
- Any student loans for health professionals are held by the Health Resources and Services Administration (HRSA).
Today, we’ve gathered all the best refinancing lenders for nurses and health professionals, in general:
- Top 4 Student Loan Refinancing Lenders For Nurses
- Who Should Refinance With CommonBond?
- Who Should Refinance With Lend-Grow?
- Calculate How Much You Are Going to Save With Refinancing
- Is It Necessary to Have a Source of Income In Order to Refinance My Student Loans?
- Is There a Fee Associated With Refinancing Student Loans?
- What Debt-to-Income Ratio Do You Need to Refinance Your Student Loans?
- How Frequently Can My Student Loans Be Refinanced?
- Freunqaly Asked Questions
Top 4 Student Loan Refinancing Lenders For Nurses
1. Splash Financial
Splash Financial Student Loan Refinance
- Fixed APR: 1.99-5.79%
- Min. Credit Score: 640 (or your co-signer)
- Loan amounts: $25,000 to $500,000
- There is no maximum loan amount.
- Interest rates are low.
- Pre-approval for a loan is simple.
- There are no charges.
- 1% Discount for Autopay borrowers.
- A limited number of lenders
- High variable rates and elastic conditions.
- It might be essential to join a credit union.
- It’s possible that death or disability benefits won’t be accessible.
Who Should Refinance With Splash Financial?
Nurses and dentists in training who want flexible financing arrangements can benefit from Splash Financial loans.
Splash Financial is also ideal for consolidating various student loan debts because there is no limit loan amount.
It also fits:
- Couples looking to consolidate their school debt.
- People with strong or great credit (or their cosigner) will be able to get the best interest rates and conditions.
- Borrowers seeking a marketplace of refinancing options for their student loans.
CommonBond Student Loan Refinance Review
- Fixed APR:2.49-7.04%
- Variable APR: 1.98-7.14%
- Loan amounts: $5,000 to $500,000
- Minimum Credit Score: 680
- The terms of forbearance (24 months) are longer than those offered by many lenders.
- You can refinance parent PLUS loans in your own name.
- You may find out if you qualify and how much you will receive without having to undergo a harsh credit check.
- All borrowers are required to have a creditworthy co-signer, with the exception of those seeking business, medical, or dentistry degrees.
- Not accessible in all areas: Customers in Mississippi and Nevada do not have access to any loans.
Who Should Refinance With CommonBond?
CommonBond is the ideal option for nurses who previously planned to utilize a co-signer.
Despite the fact that most graduates require a co-signer, this might assist you to get the best rates from the lender.
In addition, the lender has a designated hardship program that permits you to postpone payments if necessary.
During the duration of their loan, borrowers can request up to 24 months of total hardship forbearance. Natural disaster forbearance is available from the lender, allowing you to stop making payments in the event of a national catastrophe.
- You may find out if you qualify and what rate you’ll get without even doing a thorough credit check.
- With LendKey, there are no application or origination costs.
- You’ll be paired with a reputable lender, making your search a bit easier.
- 18-month forbearance periods are longer than many lenders’ for 15- and 20-year debt maturities.
- If you have insufficient annual income or short credit history, LendKey just requires a co-signer.
- If you have a consistent income and good credit, you can apply without a co-signer.
- Borrowers with undergraduate loans can refinance up to $125,000 in student loans, which may be insufficient if you attended a top elite school.
- Maine, Nevada, North Dakota, Rhode Island, and West Virginia are the only states where loans are not accessible.
Who Should Refinance With LendKey?
LendKey is an excellent option for nurses who wish to save time and effort while comparing loans.
Through the network, you can rapidly compare different offers from hundreds of smaller lenders who provide cheap rates and good customer service.
It’s also a fantastic lender for those looking to refinance because its refinancing rates start at a 1.57% variable APR.
Lend-Grow Student Loan Refinance
- Fixed Rates: At 2.15% – 5.85% APR
- Variable Rates: At 1.80% – 5.28% APR
- Min. Credit Score: 680
- Loan Amounts: $25,000 to $750,000
- $500 Gift
- They have a large number of lenders in their network.
- There are no charges.
- Payback Rewards Program
- Qualifications that are reasonable
- Collaboration with local lenders
- Refinancing options for student and parent loans are available.
- Not a lender who lends directly to you
- In certain states, LendGrow isn’t accessible.
- There is little information available online.
Who Should Refinance With Lend-Grow?
LendGrow will help you discover a cheaper rate from a local lender if you’re having problems finding a suitable student loan refinancing from the major lenders.
Refinancing your student debt with Lend-Grow is a straightforward process. It can help you compare and pre-qualify for loans from local lenders in minutes.
Calculate How Much You Are Going to Save With Refinancing
To calculate how much you’re going to save in monthly payments, interest payments, and total payments, use our calculator:
Student loan refinance calculator
Step 1: Know what you owe
How much can refinancing save? Enter details of your existing loan
Step 2: Know how much you could save
Is It Necessary to Have a Source of Income In Order to Refinance My Student Loans?
Lenders usually require a minimum income to refinance your student loans. You’ll need to earn a minimum of $24,000.
The minimal income criteria and the true average annual income of those who are qualified for student loan refinancing, on the other hand, usually differ substantially.
Keep in mind: Some lenders will modify student debt for medical residents or third-year law students who have a written job offer.
If you don’t have a job, you might refinance with a cosigner (or even a side hustle).
Is There a Fee Associated With Refinancing Student Loans?
There are no fees for refinancing your student loans. If you wish to lower your interest rates or adjust your monthly payments, this is true.
However, there are a few costs that you should be aware of when taking out a student loan:
- Fees are charged to collect defaulted debts.
- If you pay your loan off before the end of the term, you’ll be assessed a prepayment penalty.
- You will be charged late fines if you do not pay your payments on time.
What Debt-to-Income Ratio Do You Need to Refinance Your Student Loans?
Lenders prefer borrowers with debt-to-income ratios of less than 50% when refinancing student loans.
The debt-to-income ratio is calculated by dividing your gross monthly income by your total monthly loan payments and other financial obligations.
Whether your DTI is high, pre-qualify for student loan refinancing to determine if you meet additional lending criteria.
How Frequently Can My Student Loans Be Refinanced?
You can refinance your student loans as much as you like if your financial situation improves or student loan refinancing rates lower.
A suitable refinancing benchmark is every 2 years or so, with a one-year minimum.
Freunqaly Asked Questions
Marie got her journalism degree from the University of California and is an award-winning financial journalist, who’s responsible for collecting and analyzing information concerning students and young adults within the world of finance.
Marie has spent her career with more than 5 years writing for unique media outlets like Yahoo finance, GoBankingRates, and CNBC. She also teaches them how to plan strategically to get out of loan debts easily.
Her goal is to educate students about the different stages in life that involve finances so they can get their money’s worth.