Of all the different types of student loans, Parent PLUS loans have some of the highest interest rates out there. But if you have a good credit score, a job and good income, you can now use your creditworthiness to get a much lower interest rate with a private lender. Here are the best places to refinance a Parent PLUS loan. We encourage you to shop around for the best rate. As long as you do all of you shopping within one month, multiple credit inquiries will only count as one inquiry on your credit report.
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Fixed rates from 3.49% APR to 5.82% APR (with AutoPay). Variable rates from 3.21% APR to 5.82% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.11% APR assumes current 1 month LIBOR rate of 1.71% minus 0.15% margin minus 0.25% AutoPay discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Unlike Federal Parent PLUS loans, the SoFi Parent Loan is not discharged in the event of death or permanent disability of the borrower or the student on whose behalf the loan is taken out.
Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 2.72%- 6.08% (2.72%- 6.086% APR). Fixed interest rates range from 3.49%-6.33% (3.49% - 6.33% APR).... Read More