Advantage Student Loan Refinance Review: What to Know

What you’ll want to know:

  • Benefit Schooling Mortgage presents pupil mortgage refinancing by means of Kentucky Greater Schooling Pupil Mortgage Company.
  • The group’s centered on serving to Kentucky college students, however college students from another states can work with Benefit Schooling Mortgage.
  • Benefit Schooling Mortgage means that you can see the charges you’ll qualify for and not using a laborious credit score test.

Benefit Schooling Mortgage is a nonprofit group based mostly in Kentucky. As a not-for-profit group, Benefit Schooling Mortgage can provide a aggressive rate of interest.

Though the aggressive charges put Benefit Schooling Mortgage off to an ideal begin in relation to refinancing your pupil loans, this isn’t the one issue to think about. When procuring round for the appropriate pupil mortgage refinancing alternative, take into account different components, together with charges, deferment alternatives and extra.

Right here’s what you’ll want to find out about Benefit Schooling Mortgage earlier than you resolve to work with this entity.

Benefit Schooling Mortgage refinance particulars

Benefit Schooling Mortgage can assist you refinance your pupil loans with aggressive rates of interest. However a restricted presence within the market may immediate you to work with a lender that has a stable popularity.

Benefit Schooling Mortgage refinance particulars

As of Could 7, 2021

Rate of interest sort



10, 15 and 20 years

Mortgage quantities

Minimal $7,500

Cosigner launch

Alternative after 36 consecutive on-time principal and curiosity funds

Origination charges


Prepayment price


Late charges


Deferment whereas at school

Sure, in some circumstances

Navy deferment


Hardship deferment



Sure, in some circumstances

Minimal credit score rating

Not obtainable

Autopay low cost


Money bonus by means of Pupil Mortgage Planner


Benefit Schooling Mortgage pupil mortgage refinancing assessment

Benefit Schooling Mortgage presents former college students and oldsters plentiful refinancing alternatives to mix academic loans. In case you’re a pupil trying to refinance, you’ll even have the choice to refinance any dad or mum training mortgage taken out by your mother and father in your behalf.

In case you aren’t taking up that compensation accountability, your mother and father can nonetheless refinance their dad or mum loans by means of Benefit Schooling Mortgage. Moreover, they’ll refinance their very own pupil loans with any dad or mum loans they’ve taken out for you.

You may run into Benefit Schooling Loans whilst you’re exploring your refinancing choices with Credible. If the corporate reveals up in your search, then you definately’ll see it presents aggressive charges for debtors who qualify. However although the numbers may level towards an excellent deal, there are nonetheless unknowns to think about.

Professionals and cons of Benefit Schooling Mortgage pupil mortgage refinancing

Each pupil mortgage refinancing lender has its benefits and drawbacks. Right here’s what to find out about Benefit Schooling Mortgage earlier than shifting ahead.


  • No diploma required. You don’t have to complete your diploma to refinance with Benefit Schooling Mortgage.
  • Beneficiant deferment and forbearance choices. Though nobody desires to wish this feature, it’s nice to have it in your again pocket.
  • No laborious credit score test to see your charges. You may see your estimated rate of interest by means of a mushy credit score pull.
  • Switch alternatives for fogeys. In case you’re able to take over the dad or mum mortgage obligations out of your mother and father, Benefit Schooling Mortgage can assist.


  • Not obtainable in each state. It is a huge downside in the event you dwell in a state that Benefit Schooling Mortgage doesn’t serve. You will discover out if it presents refinancing in your state by means of the Benefit Schooling Mortgage eligibility type.
  • Small lender. As a comparatively unknown lender, you’re strolling in blind when it comes to the customer support expertise you’ll obtain.

Eligibility necessities: Benefit Schooling Mortgage pupil mortgage refinancing

Need to work with Benefit Schooling Mortgage to your subsequent pupil mortgage refinance? Listed here are the eligibility necessities to know when refinancing by means of this lender:

  • You have to be a citizen or everlasting resident of the U.S.
  • The loans you want to refinance have to be eligible personal and federal loans in good standing.
  • You may’t have any repossessions, foreclosures, or garnishment by collectors.
  • You may’t have a reported chapter throughout the final seven years.
  • You should dwell in a state that Benefit Schooling Mortgage works with. These embody each state, besides: Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Neveafe, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington, or Washington D.C.

In case you meet these necessities, then you may apply for a pupil mortgage refinance.

Benefit Schooling Mortgage refinance utility course of

The scholar mortgage refinance course of by means of Benefit Schooling Mortgage is simple to finish.

First, you’ll try your eligibility with a fast three-question survey. If Benefit Schooling Mortgage finds that you simply’re an eligible borrower based mostly in your primary data, you may transfer on to the following step.

You’ll want to offer a slew of data for the applying. It’ll assist to have the next data useful:

  • Everlasting handle
  • Social Safety quantity
  • Employer’s title
  • Gross revenue with supporting documentation (e.g. pay stub)

With this data, comply with the prompts to finish the applying course of.

Takeaway: Do you have to refinance with Benefit Schooling Mortgage?

There’s no denying that Benefit Schooling Mortgage presents aggressive pupil mortgage refinancing choices. Nevertheless, the corporate has a really small market share throughout the pupil mortgage refinancing panorama.

The engaging charges haven’t transformed into a big quantity of loans. With over $1.34 billion in consultations on pupil mortgage debt, Pupil Mortgage Planner® has but to come across a borrower who’s labored with them. With this in thoughts, it’s seemingly that there are higher pupil mortgage refinancing choices on the market.

In case you’re nonetheless trying to refinance pupil loans with a distinct lender, then our high suggestions embody Earnest, Credible and Laurel Street.

Earlier than taking the leap to refinance your pupil debt, examine a number of refinancing lenders to make sure you’re getting probably the most well-rounded expertise in relation to saving cash and customer support.

Refinance pupil loans, get a bonus in 2021

1 Disclosures
$1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
VISIT LAUREL ROAD Variable 1.64-5.65percent1 Fastened 2.25-5.75percent1

2 Disclosures
$1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
VISIT COMMONBOND Variable 2.49-6.84%%2 Fastened 2.59-6.74percent2

3 Disclosures
$1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
VISIT EARNEST Variable 1.88-5.64percent3 Fastened 2.44-5.79percent3

4 Disclosures
$1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
VISIT SPLASH Variable 1.88-6.15percent4 Fastened 2.44-6.62percent4

5 Disclosures
$1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
VISIT ELFI Variable 2.39-6.01percent5 Fastened 2.47-5.99percent5

6 Disclosures
$1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
VISIT SOFI Variable 2.25-6.59percent6 Fastened 2.49-6.94percent6

7 Disclosures
$1,250 BONUS7  $350 for 50k to 100k7
VISIT CREDIBLE Variable 1.80-8.90percent7 Fastened 2.15-9.15percent7

Undecided what to do along with your pupil loans?

Take our 11 query quiz to get a customized advice of whether or not it is best to pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we expect might provide the finest price).

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