The Dangers of Misleading Student Loan Calculators
Student loan calculators can simplify things, but they don’t always give borrowers the results they need.
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Note: The lowest listed rate for each lender is listed as an APR and includes a .25% autopay discount where available. The industry standard among nearly all lenders is to offer this discount.
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Student loan calculators can simplify things, but they don’t always give borrowers the results they need.
Due to excellent interest rates and loan features, ELFI is a great choice for many borrowers. However, there are times when refinancing with ELFI is a mistake.
Earnest gets a 4/5 rating due to excellent interest rates and high borrower satisfaction. However, some borrowers will want to avoid Earnest.
SoFi offers some borrowers lower payments and lower interest rates. However, in certain circumstances, using SoFi is a mistake.
The APR and Interest Rate for most student loans are usually identical. Federal student loans are one big exception.
Consolidating and refinancing are both options to streamline repayment and quickly eliminate Aidvantage student loans, but it is critical to make the right selection.
Refinancing student loans is a great way to get lower interest rates, but it is a risky move for borrowers with federal student loans.
Brazos offers excellent interest rates on their student loan refinance product. However, strict geographic limitations mean many borrowers won’t be eligible.
Refinancing student loans is a great way to lower interest rates and monthly payments. Unfortunately, this move may negatively impact student loan forgiveness options.