So Fi offers borrowers both refinancing and consolidation services.Borrowers can select the loans they would like to refinance or consolidate, So Fi pays them off, and then borrowers pay off a new loan issued from So Fi.Our favorite, So Fi, aka Social Finance, has quickly positioned itself as the top student debt refinance lender on the market.So Fi was founded by a group of Stanford business students who wanted to help their peers escape from student debt with lower interest rates.Today, the answer to that question is probably yes!7 out of 10 graduates are now graduating with some form of student loan debt.
It is free to apply and the process usually takes about 15 minutes. You may now have a general idea of how to refinance student loans and how to consolidate student loans, as well as the basics of what each lender offers, but there is much more information you should know before choosing a lender.If you just want to reduce your monthly payment, discuss the federal loan repayment options available with your lender. Single Payment If you have loans with multiple lenders/holders, you send a monthly payment to each.However, if you consolidate all those loans, you make a single payment.Manage Monthly Budget Savings from reduced monthly payments allows you to pay other monthly bills with higher interest rates, such as credit cards.Remove Loans From Default Status After making satisfactory repayment arrangements with the holder of your loans in default, you can consolidate those loans and reinstate benefits (deferments, eligibility to apply for financial aid, etc.) that were lost when your loans were placed in default.