JetzLoan helps you explore your options for consolidating student loans. We connect you with lenders offering competitive rates and flexible terms, potentially simplifying your repayment journey.
No hard credit pull · Takes 2 minutes
This site does not offer loans directly. We connect users with lenders. APR varies. See lender terms.
Provide some basic information about your student loans and financial situation. This allows us to match you with potential lenders.
Review personalized loan offers from multiple lenders. Compare <b>APR range 6%–36%</b>, loan amounts, and repayment terms to find the best fit.
Once you choose a lender, complete their application process. Upon approval, funds will be disbursed, allowing you to pay off your existing student loans.
Using a personal loan to consolidate or refinance student debt is becoming increasingly common, particularly for borrowers seeking student loan refinancing alternatives. A personal loan provides a lump sum of funds that can be used to pay off federal and private student loans. This simplifies repayment into one fixed monthly payment. However, it’s crucial to understand the implications. While a personal loan could offer lower interest rates than your current student loans – especially with good credit – you'll also forfeit the unique benefits associated with federal student loans. The average approval rate for personal loans is around 60%, but this figure varies significantly based on credit score and income. Many lenders require a minimum credit score of 580, though some specialize in bad credit debt consolidation options with slightly lower requirements. A typical loan amount ranges from $1,000 to $50,000.
| Lender | APR Range | Loan Term (months) | Minimum Credit Score | Forfeits Federal Benefits? |
|---|---|---|---|---|
| LightStream | 5.5%–19.9% | 24–84 | 660+ | Yes |
| SoFi | 6.9%–14.9% | 24–72 | 680+ | Yes |
| Upgrade | 7.5%–35.9% | 24–84 | 620+ | Yes |
| PenFed | 5.9%–29.9% | 24–60 | 620+ | Yes |
| Earnest | 6.9%–19.9% | 24–72 | 700+ | Yes |
One of the most significant drawbacks to replacing federal student loans with a personal loan is the loss of valuable borrower protections. These include income-driven repayment plans, which adjust your monthly payments based on your income and family size, and potential student loan forgiveness programs like Public Service Loan Forgiveness (PSLF). Approximately 40% of borrowers are enrolled in some form of income-driven repayment, highlighting the importance of these options. Furthermore, federal loans may offer deferment or forbearance periods during times of financial hardship, which aren't always available with personal loans. It’s crucial to carefully weigh the potential savings from a lower interest rate against the loss of these safety nets before making a decision. Many borrowers choose pay off credit card debt first, then consider student loan options.
Check your credit report, aim for a score above 680, and correct any errors before submitting applications. Higher score can lower your APR, but remember that even with good credit you may still lose federal benefits.
Add up the APR, origination fees, and any prepayment penalties to determine the true expense. Use a calculator to compare total repayment amounts across lenders.
If you hold federal student loans, explore income‑driven repayment or forgiveness programs first. Switching to a personal loan will forfeit these protections, so weigh the trade‑offs carefully.
Set up automatic monthly debits to potentially receive a 0.5% APR reduction. This can save money and ensure on‑time payments.
Create a budget that fits the new payment amount and set a target payoff date. Sticking to the plan prevents missed payments and reduces interest accrual.
Our streamlined application process makes it quick and simple to find potential loan options.
We connect you with a diverse range of lenders, increasing your chances of finding the right fit.
Your personal information is protected by industry-leading security measures.
Our knowledgeable team is here to answer your questions and guide you through the process.
Adjust the sliders to see an instant estimate. Actual rates depend on your credit profile.
* Estimate only. Actual rate and terms depend on lender approval.
Estimated Monthly Payment
$332.14
per month for 36 months
🔒 No impact on your credit score