Updated: April 18, 2022

Lend-Grow Student Loan Refinancing Review

Student Loan Refinancing

Refinance
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.15% - 8.23%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.80% - 7.98%
Repayment Terms
5, 10, 15, 20, 25 years
Important Information

Rewards: Lenders offer autopay interest rate deduction

Eligibility: Minimum credit score of 680 and income of $36,000

Overall Limits: $25,000 (minimum)

The bottom line:

Lend-Grow is a student loan marketplace that matches you with a local lender. These lenders often have lower interest rates than nationally-available student loans, but it is important to review the terms of the specific lender you are matched with to ensure it is the right choice.

Pros

  • Matches you with local lenders who may have lower interest rates
  • Cosigner release available after just 12 months

Cons

  • Not available in CA, TN, MD, WI, VT, LA, WV, RI, and ND
  • High minimum balance of $25,000
Lend-Grow Earnest SoFi
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
2.15% - 8.23%
Variable:
1.80% - 7.98%
Fixed:
2.74% - 7.99%
Variable:
1.74% - 7.99%
Fixed:
2.49% - 7.24%
Variable:
1.74% - 7.24%
Loan repayment terms (Years) 5, 10, 15, 20, 25 years 5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 12 months on-time payments None None

Lend-Grow is a student loan refinancing marketplace focused on locally-available lenders that do not have the advertising budgets of big banks or fintech companies. These lenders may offer lower interest rates and Lend-Grow lenders offer cosigner release after 12 months of consecutive on-time payments. Applying with a cosigner is optional. Lend-Grow's partner lenders offer death and disability discharges but forbearance details vary by lender. 

Both fixed and variable interest rates are available, with a minimum income of $36,000 and a minimum credit score of 680. Your debt-to-income ratio must be below 0.45 to qualify for refinancing and you must be a U.S. citizen. You are able to check your interest rate with a soft credit check on the Lend-Grow Marketplace. Repayment terms from 5-25 years are available and you can refinance through Lend-Grow in all states except CA, TN, MD, WI, VT, LA, WV, RI, and ND. 

Lend-Grow - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 10, 15, 20, 25 years
  • Minimum Borrowing Limit: $25,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Annual Income: $36,000
  • Maximum Debt-to-Income Ratio: 0.45
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: CA, TN, MD, WI, VT, LA, WV, RI, and ND
  • Approved Schools Include: All
Repayment Options
  • Fixed Monthly Repayment: Yes, Yes
Repayment Details
  • Length of Grace Period: Not specified by lender
  • Maximum Deferment Period: 12 months
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Yes, after 12 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • Hours of Operation (in addition to weekdays): Not specified by lender
  • Application Timeline: Prequalification in 2 minutes or less, final approval in 3-5 days
Extras
  • Sponsors a Scholarship: None
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
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