{"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 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 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 It’s imperative to clarify your qualification to refinance a loan. This is foremost, after which you’ll require proof of consistent revenue, proof of timely repayment of loans, and a low debt-to-income ratio.<\/p>\n\n\n\n If you are eligible to refinance, then as Forbes advisor<\/a> recommends; look at your current loans\u2019 interest rates. If they\u2019re meaningfully higher than the rate you\u2019ll likely get when you refinance\u2014which you can check using lenders\u2019 prequalification tools on their websites\u2014refinancing might make sense for you. <\/p>\n\n\n\n But if you don\u2019t stand to save much, or you are relying on federal programs like Public Service Loan Forgiveness that you\u2019d lose by refinancing, it\u2019s not worth it.<\/p>\n\n\n\n It is always better to refinance high-interest private loans and not federal loans. As expert advise <\/a>explains it, you won\u2019t lose potentially useful federal repayment options, including up to three years of deferment or forbearance, since private loans usually come with less generous repayment terms.<\/p>\n\n\n\n The CARES Act<\/a> and President Donald Trump\u2019s Aug. 8 executive order, give federal student loan borrowers an extra forbearance option; They are not obligated to repay federal loans from March 13 through Dec. 31, 2022. <\/p>\n\n\n\n Also, the federal student loan interest rates are set at 0% within the said date.<\/p>\n\n\n\n Note that the best practice is not to refinance all your loans. Federal loans especially, should not be refinanced, rather focus on refinancing private loans. <\/p>\n\n\n\n However, if must refinance a federal loan, consider doing so after 31, Dec 2022. By then, the payment pause clause will be lifted.<\/p>\n\n\n\n A plethora of lenders demands a degree to refinance. This means you will have to wait until you\u2019ve graduated. <\/p>\n\n\n\n Even though some lenders may have less stringent degree requirements, however, they may want to ensure you have a history of paying your student loans on time for at least, a period of 1 year. You also typically have to be out of school before refinancing, with some exceptions. <\/p>\n\n\n\nIs refinancing with SoFi a good idea?<\/span><\/h2>\n\n\n\n
How do I know if student loan refinancing is right for me?<\/span><\/h2>\n\n\n\n
Which student loans should I refinance?<\/span><\/h2>\n\n\n\n
When is the best time to refinance student loans?<\/span><\/h2>\n\n\n\n