The new range of variable interest rates for refinancing increased on both the low end and high end of the spectrum. Variable interest rates on student loans that are refinancing with College Ave will now range from 4.13 percent to 7.13 percent.
The previous range for the same product was from anywhere between 4.01 percent and 7.01 percent, denoting a .12 increase across the board
College Ave’s fixed interest rates on refinanced student loans have remained at the same levels since May 15. That interest rate range varies from 4.65 percent to 7.50 percent. The last time College Ave had different fixed interest rates on refinanced student loans was in late April, when the range was between 4.75 percent and 7.35 percent.
Additionally, College Ave’s student loan refinancing market has not made any other significant changes. For example, the minimum amount that can still be refinanced is $5,000, while the maximum amount is $150,000 for undergraduate and graduate students and $250,000 for medical, dental, law, pharmacy, and veterinary students.
In terms of College Ave’s variable interest rates on refinanced student loans, they have been steadily increasing for quite some time. On May 15, the range for variable interest rates on refinanced student loans varied from 2.875 percent to 5.875 percent. Then on May 16, the same rates ticked up to a new range between 3.88 percent and 6.88 percent. That steep increase was met with another rate hike on June 25. The changes in June to variable interest rates brought the new range up to anywhere between 4.01 percent and 7.01 percent. The next interest rate hike was the most recent one, in which variable rates on refinanced student loans could range from 4.13 percent to 7.13 percent.
When compared to the competition, College Ave’s variable interest rates on refinanced student loans are actually higher than most. For example, SoFi’s variable rate ranges from 2.47% to 7.98%, while Citizens Bank’s rates vary from 3.01% to 9.99%. Variable interest rates on student loans refinanced through LendKey can be anywhere from 2.70% to 8.97%, while those same rates from Earnest can range from 2.57% to 7.89%. Finally, CommonBond offers variable interest rates on refinanced student loans that can range from 2.61% to 7.35%.
Author: Andrew Rombach
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