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 Name||LendEDU student loan refinancing|
|Maximum Loan Amount||Varies by lender|
|APR||Starting at 2.56%|
|Interest Rate Type||Variable|
|Minimum Loan Term||5 years|
|Maximum Loan Term||20 years|
|Requirements||Your level of education should be an Associate's Degree or higher.|
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.
Compare LendEDU to other student loan providers
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 email@example.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.
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.
|SoFi||College Ave||Citizens Bank||LendKey||Earnest||CommonBond|
|Interest rate ranges||2.56% to 7.29% APR Variable w/ autopay||3.38% to 8.13% APR Variable w/ autopay||4.07%–8.4% APR Variable w/ autopay||2.68%–7.26% APR Variable w/ autopay||2.57% to 6.97% APR Variable w/ autopay||3.2%–7.74% APR Variable w/ autopay|
|Rate types available||Variable and fixed||Variable and fixed||Variable and fixed||Variable and fixed||Variable and fixed||Variable, fixed and hybrid|
|Loan terms||5, 7, 10, 15, and 20 years||5 to 15 years||5, 10, 15, and 20 years||5, 7, 10, 15, and 20 years||5 to 20 years||5, 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 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.
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.