What exactly are refinance parent PLUS loans? The purpose of Parent PLUS Loan refinancing is to obtain a cheaper interest rate than that charged by the federal government. Refinancing may lower your interest rate, giving you the option of either lowering your monthly payments or paying off the loan faster, which may allow you to pay less interest over the life of the loan. Parent PLUS refinancing also allows you to combine federal Parent PLUS and private qualifying school loans into a single monthly payment. In this article, perfumetowns.com will explore 4 best refinance parent PLUS loans lenders.
4 Best Refinance Parent PLUS Loans Lenders
SoFi Parent PLUS Refinancing (Refinance parent PLUS loans)
SoFi’s goal is to transform financial services, thereby improving the system for everyone. We can now offer significant savings and flexibility to US citizens or permanent residents who have graduated from a Title IV accredited university or graduate program, are employed, have a sufficient income from other sources, or have a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow. Learn more about current eligibility and licensing requirements by visiting this page.
SoFi has no maximum refinancing amount. You can refinance your entire loan amount.
SoFi offers a wide range of term lengths, including 5, 7, 10, 15, and 20 years. Find out more about our student loan refinancing term.
Laurel Road Student Loan Refinance (Refinance parent PLUS loans)
Compare numerous student loan refinance options before selecting on a lender to ensure you’re getting the best rate you qualify for. Compare lenders’ repayment alternatives and the flexibility they offer borrowers who are having difficulty making payments, in addition to interest rates.
If Laurel Road declines your refinance request, the lender will explain why. You may want to seek alternative lenders or require a co-signer depending on the reason.
We recommend that you prequalify with many refinance lenders before applying. This will tell you which lenders you may be eligible for without damaging your credit score.
Laurel Road specializes in refinancing student loans for undergraduate, graduate, and parent students, as well as loans for medical and dental residents.
Laurel Road offers federal and private student debt refinancing. Any qualified borrower can refinance with Laurel Road, but the lender prefers to work with medical professionals, offering special rates to doctors, dentists, nurses, and physician assistants.
Laurel Road is also one of the few lenders that permits doctors and dentists to refinance immediately after being accepted into a residency or fellowship program. These borrowers, however, are ineligible for the additional health professional discount.
Pros
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Parent PLUS loans can be refinanced in your name.
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Refinancing available for medical and dental residents.
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You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Payment postponement isn’t available if borrowers return to school.
Brazos Student Loan Refinance (Refinance parent PLUS loans)
Brazos Higher Education began offering in-school undergraduate and graduate student loans in 2022, expanding on its long-standing business of refinancing student and parent debt.
Although Brazos private student loans are only available to Texas residents, candidates can attend over 2,000 universities across the US.
Brazos is distinguished for its low interest rates and absence of origination fees. Because of this, Brazos is an excellent choice for graduate students. Brazos graduate student loan interest rates are lower than the federal government’s for the best-qualified borrowers. Brazos does not charge an origination fee, as does the federal government.
How Brazos interest rates compare
Brazos’ interest rates are compared to those of other major lenders and the federal government in the graph below. This research only considers fixed interest rates. As of September 2022, it shows the current federal loan rate, the minimum and maximum interest rate range for Brazos loans, and the average minimum and average maximum interest rate range for ten different private student loan lenders.
Pros
- Graduate students may be able to get lower rates than those offered by the federal government.
- By default, extra payments are applied to the loan principal.
- Loan terms are available in five options, which is more than most lenders.
Cons
- Borrowers enrolling in two-year community college programs are not eligible.
- Borrowers who are not Texas residents are not eligible.
- Autopay for biweekly payments is not available.
Advantage Education Loan Student Loan Refinance (Refinance parent PLUS loans)
The nonprofit Kentucky Higher Education Student Loan Corp. offers Advantage Refinance Loans. These loans have set interest rates and borrower-friendly characteristics such as no late fees, loan rehabilitation for defaulted loans, and a 24-month deferment period if you encounter a financial difficulty like as losing your job. Even if you do not have a degree, you may be eligible for an Advantage Refinance Loan.
Advantage Refinance Loans at a glance
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You can refinance without a degree.
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Generous forbearance policy for struggling borrowers.
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Maximum loan amounts are determined by your credit score and debt-to-income ratio.
How Advantage Refinance Loans could improve
Advantage Refinance Loans, like any five-star loans, aren’t without flaws. They could improve by allowing borrowers who re-enroll in school to receive deferment.
Pros
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You can refinance without a degree.
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A 24-month forbearance period is twice as long as most lenders allow.
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You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, and Washington, D.C. do not offer loans.
- If you re-enroll in school, you cannot postpone repayment.
Best for borrowers who didn’t graduate.
