SimpleFi Student Loan Refinancing Alternatives
SimpleFi was a student loan refinancing company based in Palo Alto, California. They were originally founded in 2012 with the goal of helping borrowers better manage their student loan debt but they went out of business.
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The SimpleFi company was inspired by the Navy-Marine Corps Relief Society’s financial assistance program. Every year, over 50,000 service members benefit from the financial assistance offered by this organization. SimpleFi tried to do this for the private sector by offering accessible student loans, student loan refinancing, and personalized financial coaching.
Six years later, it appears that SimpleFi is no longer in business. However, there are many great alternatives for individuals who are looking to refinance their student loans.
3 Student Loan Refinancing Alternatives to SimpleFi
For the 43 million Americans struggling to repay their student loan debt, student loan refinancing is an exciting option. Student loan refinancing may save you money by replacing your existing loans with a new loan at a lower interest rate, if you meet the eligibility requirements.
But if you’ve applied for refinancing or student loan consolidation in the past, you know that getting approved isn’t always easy. To qualify, you’ll need a good credit score and a steady income. If you don’t have either of those two things, it is possible to qualify using a cosigner.
Refinancing through SimpleFi is no longer an option. But here are three lenders you might consider as an alternative:
Earnest
Rates (APR)
2.57% – 7.89%
Loan Terms
5 – 20 years
Loan Amounts
$5,000+
There are many advantages to refinancing your student loans with Earnest. For one thing, they are known for their unique underwriting approach. They consider your earning potential when deciding whether or not to refinance your loans.
Their variable interest rates start at 2.47%, and their fixed interest rates start at 3.89%. There are no application or prepayment fees. And Earnest lets borrowers refinance loans as low as $5,000.
They offer customizable repayment plans so it’s easy for borrowers to make their monthly payments. And Earnest doesn’t allow borrowers to apply with a cosigner, so they are best for borrowers with a good credit history.
ELFI
Rates (APR)
2.80% – 6.69%
Loan Terms
5, 7, 10, 15, 20 years
Loan Amounts
$15,000+
Education Loan Finance (ELFI) offers student loan refinancing on both private and federal loans. Borrowers can choose either five-, seven-, 10-, 15-, or 20-year repayment terms.
Their variable interest rates start at 2.55%, and their fixed interest rates start at 3.09%. These are some of the lowest rates currently offered on the market. And ELFI never charges any application or origination fees.
To apply, borrowers have to have already earned their degrees. And borrowers must have a minimum loan balance of $15,000, which is higher than what most lenders require.
Citizens Bank
Rates (APR)
2.72% – 8.63%
Loan Amounts
$10,000 – $500,000
Repayment Terms
5, 7, 10, 15, or 20 years
Citizens Bank is a national bank that offers student loan refinancing in addition to a number of other products. If you prefer a large bank with brick-and-mortar locations, Citizens Bank is one of your best options.
Citizens Bank offers interest rates that are comparable with those of competitors. Their variable rates range from 2.72% – 8.38%, while their fixed rates range from 3.49% – 8.63%.
Citizens Bank also offers two helpful rate reductions. Customers can save 0.25% by signing up for autopay, and can save another 0.25% if they have bank accounts with Citizens Bank.
Bottom Line
Student loan refinancing is a great option for anyone looking to lower their monthly student loan payments. Although SimpleFi is no longer offering student loan refinancing, there are many other lenders to consider.
However, keep in mind that if you refinance federal loans, you will lose access to certain benefits. Always receive quotes from multiple lenders and consider all your options first.
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