LendEDU student loan refinancing review

Drowning in student debt? LendEDU can help you refinance your loan to get a lower rate.

Some student loans have such high interest rates, it can feel like you’ll never pay off your debt. The marketplace service LendEDU wants to help you find a way to lower your monthly payment.

Lend EDU lets you compare 12 student loan refinance lenders to find the lowest rate — all without negatively affecting your credit score. With rates as low as 2.21%, LendEDU boasts that its borrowers can save $13,948 on average.

Product NameLendEDU student loan refinancing
Min Loan AmountVaries by lender
Max. Loan AmountVaries by lender
Min APR From 2.49%
Minimum Loan Term5 years
Maximum Loan Term20 years
RequirementsYour level of education should be an Associate's Degree or higher.

Pros

  • Apply with no harm to your credit.
  • BBB accredited.
  • Offers savings and support.

Cons

  • Eligibility requirements vary by lender.

First, do I qualify?

To meet the basic eligibility requirements of most LendEDU lenders, you must:

  • Have a credit score of 650 or higher.
  • Be a US citizen or permanent resident.
  • Be at least 18 years old.
  • Have a steady source of income.

Keep in mind that specific lenders might have further eligibility criteria that you need to meet.

What are the benefits of LendEDU?

  • Resources. Along with student loan refinancing, student loan consolidation and low-cost student loans, LendEDU offers loan calculators, a financial aid helpline, student loan education courses and more.
  • Convenient. Instead of submitting multiple applications to different lenders, you receive different quotes based on your credit and application information.
  • Lenders. LendEDU works with traditional banks, credit unions and online lenders.
  • Free. You won’t pay a thing to get personalized quotes.
  • No harm to your credit. You won’t damage your credit score by signing up for the service and generating quotes from multiple lenders.
  • BBB accredited. LendEDU holds an A+ rating with the BBB.
  • Savings. It boasts saving its customers $150 million in interest.
  • Support. You can use LendEDU’s live chat, read helpful blog articles and watch YouTube videos for information.

What to watch out for

  • Weekday customer support only. LendEDU’s helpline is closed over the weekend.
  • Eligibility requirements vary by lender. You don’t need ideal credit to use LendEDU, but its lenders may require a certain credit score for approval.

How safe is it to use LendEDU?

Yes. LendEDU is highly transparent about what it does with your personal information, providing an easy-to-follow breakdown of when it gets shared and what you can do to opt out. It doesn’t share information about your past transactions, experiences or creditworthiness to its affiliates and you can limit its ability to share your information with non-affiliate marketing by filling out an opt out form and emailing it to compliance@lendedu.com.

Your information is also protected online with industry-standard encryption. It also says it takes safety precautions when storing your data, but doesn’t identify how.

How’s its online reputation?

LendEDU has a pretty great online reputation. It’s been accredited with the Better Business Bureau (BBB) since 2016, which gives it an A+ rating — probably because it hasn’t have any customer complaints levied against it yet. It has no reviews on the BBB website, however.

Over 100 Trustpilot reviewers give it a slightly more meaningful 9.7 out of 10, with 98% of them rating it as “Excellent” (0% said it was “Bad”). Users were most impressed with how simple it made the application process. Some users particularly liked how it allowed easily you to compare interest rates from different lenders. Terms like “tremendous,” “no-brainer” and “f***ing awesome!” were thrown around.

Compare LendEDU to other student loan providers

Rates last updated November 20th, 2017
Name Product Minimum Credit Score Max. Loan Amount APR Product Description
LendKey Student Loan Refinancing (with AutoPay)
660
$300,000
From 2.58% (variable)
Find competitive rates and unmatched loan benefits from LendKey’s network of not-for-profit lenders.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
Good to excellent credit
full balance of your qualified education loans
From 2.815% (variable)
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Earnest Student Loan Refinancing Variable Rate (w/ autopay)
650
no maximum
From 2.57% (variable)
Get a tailored interest rate and repayment plan with no hidden fees.
CommonBond Student Loans
Good to excellent credit
$500,000
From 2.81% (fixed)
Finance your higher education or refinance existing student loans through a lender with a strong social mission and terms that fit your budget.
College Ave Student Loan Refinancing
Good to excellent credit
$250,000
From 4.13% (variable)
Refinance your student loans with flexible terms. Make full monthly payments right away or interest-only payments for the first 2 years.
Credible Student Loan Refinancing
Good to excellent credit
None
From 2.79% (variable)
Get prequalified offers from top student loan refinancing providers in one place.
LendingTree Student Loans
Good to excellent credit
Varies by lender
From 2.75% (fixed)
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

Rates and terms of LendEDU’s partner lenders

LendEDU works with top lenders in the industry. Here’s a sample of lenders you could see with LendEDU.

SoFiCollege AveCitizens BankLendKeyEarnestCommonBond
Interest rate2.365%– 6.740% APR2.88%–7.35% APR2.39%–8.4% APR2.21%–7.26% APR2.57%–6.64% APR2.32%–7.74% APR
Rate typeVariable and fixedVariable and fixedVariable and fixedVariable and fixedVariable and fixedVariable, fixed and hybrid
Loan terms5, 7, 10, 15, and 20 years5 to 15 years5, 10, 15, and 20 years5, 7, 10, 15, and 20 years5 to 20 years5, 7, 10, 15, and 20 years

LendEDU works with other lenders that include PNC, SunTrust Bank and Sallie Mae.

How to apply through LendEDU

Go to LendEDU’s website, and click then “Find my rates”. It’s free to apply, and you won’t pay application or origination fees. You will then answer 10 simple questions, which should take about three minutes. From there, you can compare rates and quotes.

Eligibility requirements

Eligibility requirements vary by lender, but you’ll likely need a credit score of 650 or more to be approved for student loan refinancing. LendEDU’s website reports that its average borrower has a 757 credit score, but some applicants report approval with scores of 560. Some 43% of student loan refinancing applicants to LendEDU are approved.

Most lenders also ask that you be a US citizen or permanent resident, have a steady source of income (it doesn’t always have to come from employment) and be the age of majority in your state — usually 18.

What information do I need to apply?

  • Your level of education — associates, bachelor’s or master’s
  • The amount of student loan debt you carry
  • Your personal contact information, including your email address

I got personalized rate quotes! Now what?

Once you apply with LendEDU and get your rates, you can apply with the company that works best for you. How the application process works varies depending on which company you choose. It wouldn’t hurt to check out online reviews of the lenders you’ve been matched with to make a more informed decision.

Bottom line

If you are looking for a lower payment on your student loan but don’t know where to go for refinancing, the marketplace service LendEDU could be a helpful solution. Just be sure to compare your LendEDU rates to the variety of student loan options that could be available to you.

Frequently asked questions

LendEDU is a free marketplace service that does not charge you to generate lender quotes.
Yes, LendEDU conducts a soft inquiry, which means that it should not affect your credit score.
Yes. LendEDU is known as a safe service and uses Norton Security.
Yes, but you can only refinance a federal student loan through a private lender.
Once your loan is approved, your new lender pays off the old student loan and issues you a new loan with new terms. You are then be responsible for paying off the new loan with the new lender.
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