{"id":4750,"date":"2023-11-30T23:43:00","date_gmt":"2023-11-30T23:43:00","guid":{"rendered":"https:\/\/thewealthcircle.com\/?p=4750"},"modified":"2023-12-02T15:55:10","modified_gmt":"2023-12-02T15:55:10","slug":"elfi-vs-sofi","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/elfi-vs-sofi\/","title":{"rendered":"Elfi vs Sofi: Best Loan Refinancing Lender | Full Guide","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

According to Nerdwallet<\/a>, the total U.S. student loan debt is $1.67 trillion, and 2018 college graduates with loans owe $29,200 on average. With the statistics increasing on a daily, students in America require a full guide to understand some of the best student’s loan refinancing lenders; Elfi vs Sofi. <\/p>\n\n\n\n

Did you know, that U.S. student loan borrowers owed a collective $1.67 trillion in federal and private student loan debt as of last year in June, as reported by the Federal Reserve?<\/a><\/p>\n\n\n\n

As a student looking out for a student loan, whether private or federal loan, you should go for loans that have a competitive interest rate, flexible payment conditions that suit your student status, very low-interest rates and clear loan terms.<\/p>\n\n\n\n

In this read, I will do a thorough review of some of the best student loan refinancing lenders; Elfi vs Sofi. This analysis should help any student make informed decisions about which loan financing platform to subscribe to.<\/p>\n\n\n\n

Is refinancing with SoFi a good idea?<\/span><\/h2>\n\n\n\n

The College Investor<\/a> found that SoFi was once one of the toughest places to qualify for refinancing, but over the last few years, they have loosened their lending standards a bit. <\/p>\n\n\n\n

Nevertheless, note that SoFi is not the best option for a low credit score. You will be better off with other companies like, Earnest, etc.<\/p>\n\n\n\n

How do I know if student loan refinancing is right for me?<\/span><\/h2>\n\n\n\n

This is a question every student in need of a loan refinancing should be self-asking or asking a loan expert. Why do I think so? Simply, loans are not your regular “cash gift” from a magnanimous direct family and friends or third party. They are that ‘received monies’ that mostly come with interest rates and oftentimes, external pressure and paranoia. <\/p>\n\n\n\n

Maybe because of the obligation to service the loan, most people could suffer from some form of distress or anxiety, or similar symptoms. Students can well avoid undue loan stress by asking themselves some honest questions. Don’t just stop at an honest question either; find honest answers.<\/p>\n\n\n\n

That established, Forbes advisor<\/a> mentions that there are three items to consider when deciding whether to refinance. These 3 basics include;<\/p>\n\n\n\n