What happens when You refinance a student loan everfi? - GB Times (2024)

By GB Times / May 13, 2024

What Happens When You Refinance a Student Loan with Everfi?

Refinancing a student loan can be a great way to simplify your finances, lower your monthly payments, and save money on interest. But what exactly happens when you refinance a student loan with Everfi? In this article, we’ll break down the process and answer your questions.

What is Everfi?

Everfi is a financial technology company that offers a range of financial products and services, including student loan refinancing. Everfi’s refinancing program allows borrowers to consolidate and refinance their federal and private student loans into a single, lower-interest loan.

The Refinancing Process

The refinancing process with Everfi typically involves the following steps:

  • Application: You’ll need to apply for refinancing through Everfi’s website or mobile app. You’ll be asked to provide personal and financial information, including your income, employment status, and credit score.
  • Credit Check: Everfi will perform a soft credit check to review your credit history and determine your creditworthiness.
  • Loan Review: Everfi’s team will review your loan application and credit report to determine the interest rate and terms of your new loan.
  • Loan Approval: If your application is approved, Everfi will offer you a refinanced loan with a specific interest rate and repayment term.
  • Loan Disbursement: Once you accept the loan offer, Everfi will disburse the funds to your creditors, paying off your existing loans.

Benefits of Refinancing with Everfi

Refinancing with Everfi can offer several benefits, including:

  • Lower Interest Rate: Everfi’s refinancing program can offer lower interest rates than your existing loans, which can save you money on interest and help you pay off your debt faster.
  • Simplified Payments: Refinancing with Everfi can consolidate multiple loans into a single loan, making it easier to manage your payments and avoid missed payments.
  • Flexibility: Everfi offers flexible repayment terms, including fixed and variable interest rates, and repayment periods ranging from 5 to 20 years.
  • No Fees: Everfi does not charge origination fees, late fees, or prepayment penalties.

Types of Loans Eligible for Refinancing

Everfi refinances a range of student loans, including:

  • Federal Student Loans: Direct Subsidized and Unsubsidized Loans, Grad PLUS Loans, and Parent PLUS Loans.
  • Private Student Loans: Loans from banks, credit unions, and other private lenders.
  • Consolidation Loans: Federal consolidation loans and private consolidation loans.

What Happens to Your Credit Score?

When you refinance a student loan with Everfi, your credit score may be affected in several ways:

  • Soft Credit Check: Everfi’s initial credit check is a soft inquiry, which does not affect your credit score.
  • Hard Credit Check: If your application is approved, Everfi may perform a hard credit check to verify your credit information. This can temporarily lower your credit score.
  • Credit Score Improvement: Refinancing with Everfi can help improve your credit score by demonstrating responsible borrowing and repayment behavior.

Frequently Asked Questions

Here are some frequently asked questions about refinancing with Everfi:

  • What is the minimum credit score required for refinancing? Everfi does not have a minimum credit score requirement, but you’ll need to have a good credit score to qualify for the best interest rates.
  • Can I refinance my student loans with a cosigner? Yes, Everfi allows cosigners for refinancing, which can help you qualify for a lower interest rate.
  • Can I refinance my student loans with a variable interest rate? Yes, Everfi offers variable interest rates, which can be a good option if you’re comfortable with the potential for rate changes.
  • Are there any fees associated with refinancing? No, Everfi does not charge origination fees, late fees, or prepayment penalties.

Conclusion

Refinancing a student loan with Everfi can be a great way to simplify your finances, lower your monthly payments, and save money on interest. By understanding the refinancing process and benefits, you can make an informed decision about whether refinancing is right for you. Remember to carefully review your loan terms and conditions, and ask questions if you’re unsure about any aspect of the process.

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What happens when You refinance a student loan everfi? - GB Times (2024)

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