Your Financial Pharmacist LLC does not receive referral fees from affiliate links. However, YFP Gives, an affiliated non-profit corporation, is paid a referral fee for individuals that use an affiliate link on this website. See the advertising disclosure for more information.
The "Kayak" of student loan refinancing, Credible compares rates from 10 lenders (including Sofi, Citizen's Banks, and College Ave). So instead of going to multiple sites to check rates, you can put in your info once and compare options.
Once the loan is closed, it takes approximately 1-2 weeks for borrowers to receive the bonus. All bonus payments are by gift card. See terms. Bonuses are awarded via TangoCard and can be turned into a cash or debit card.
Bonus = $800 for loans ⩾ $150K, $450 for loans $100K-149K, $350 for loans < $100K
Terms of 5, 7, 8, 10, 12, 15, 20 years
Variable rates starting at 5.28% APR (with autopay)*
Fixed rates starting at 5.08% APR (with autopay)*
Forbearance and discharge on death/disability is dependent on individual lenders
A marketplace that compares multiple lenders that are credit unions and local banks.
Once the loan is closed, it takes approximately 6 weeks for borrowers to receive the cash bonus. Borrowers will receive instructions on how to claim their bonus and will be required to set up an account through Ambassador, where they will add their PayPal username. A detailed email with instructions outlining the process will be sent. Funds are distributed via PayPal.
Cash Bonus = $750 for loans ≥150k, $300 for loans ≥$50k
Terms between 5-20 years
Fixed rates starting at 7.11% APR (with autopay)
Forbearance and discharge on death/disability are dependent on individual lenders
**Splash disclosure: Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
Frequently Asked Questions
Does YFP make money if I use one of their partners to refinance?
Your Financial Pharmacist LLC does not receive affiliate referral fees from refinance partners. However, YFP Gives, an affiliated non-profit corporation, is paid a referral fee for each loan refinanced through one of the links on this website.
Are there any hidden fees?
In general no. Most companies actually will pay you a cash bonus to refinance with them. If you come across any company or organization requesting an upfront fee, this could be a scam or an unreputable company. None of our partners charge an origination fee. The one exception is for those who refinance with First Republic Bank and live in Florida. In Florida, there is something called Stamp Documentary Tax. This tax applies to a lot of different documents such as mortgages, bonds, and liens, but also counts student loan refinancing. Currently, it is $0.35 for every $100 paid.
Am I eligible for forgiveness if I refinance?
No. Once you refinance your student loans, you are no longer eligible for federal loan forgiveness programs including the Public Service Loan Forgiveness program and forgiveness after making income-driven payments after 20-25 years.
Are income-based repayments available if I refinance?
In general no. However, some companies may make accommodations on a case-by-case basis. If you require income-based payments or anticipate a need in the near future, you should not refinance your federal loans.
What's the difference between refinancing and consolidation?
Refinancing your student loans changes the existing terms with regards to interest rate and time to repay. Consolidation such as through the federal Direct Consolidation program, converts multiple loans into one resulting in an average weighted interest rate.
Will checking my rate affect my credit score?
Checking your interest rate with not have any impact on your credit score since companies do what’s called a “soft check.” However, if you accept an offer and fully complete an application, your credit score could be affected minimally.
Can I refinance more than once?
Yes. There is no limit to how often you refinance your loans. However, you should only so if it makes sense. Typical reasons to refinance your student loans again would be to get an even lower interest rate, change the term or monthly payment, and to remove a co-signer.
Will my loans be discharged if I die or become disabled?
Maybe. This depends on the specific refinance company. Earnest will forgive your loans if you die or become disabled. For Splash, LendKey, and Credible it depends on the specific lender.
Can I pay extra toward my refinanced loan?
Yes. Most companies do not have any prepayment penalty. Usually, you can set up auto payments to be higher than the minimum and you can also make manual payments each month or in a lump sum. This can save you a lot in interest over the course of the loan.
Should I choose a fixed or variable interest rate?
This depends on current rates and your comfort with risk. Fixed interest rates stay the same for the entire term of the loan. Your minimum monthly payment will always be the same so you're never going to have any surprises.
Variable interest rates tend to be lower than fixed interest rates at least initially. They typically change based on federal or LIBOR rates. Therefore, your monthly payment could change over the course of the loan.
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