Student loans are a bear. They’re enough to make you feel like you’ll never get your head above water and at some point they just feel like a way of life – but they don’t have to be! It is completely possible to pay off your student loans early.
If the interest rate you’re currently carrying on your student loans is making you feel like you’ll never get ahead then it might be time to refinance.
Today we want to go over another student loan refinancing company to see if they’d be a good fit for you. Remember, check out Credible today to compare over 8 different lenders in minutes. It's free to compare and there's not hard credit check to start!
DRB Student Loan Refinancing Program
DRB specializes in student loan refinancing for students who have received a bachelor or graduate degree and for parents of working professionals who have Parent PLUS loans.
DRB offers student loan refinancing at low rates with the belief that hard working professionals deserve to have lower rates on their student loans.
How Much Can I Save?
The interest rates DRB offer vary depending on several factors, a couple of them being loan terms and your choice of fixed or variable interest rates. Taking these factors into consideration the interest rates range from 1.9% to 6.25%
See the chart below for further explanation.
According to their website a $100,000 borrower could save up to $13,600 on a ten year loan after refinancing! Those savings are too good to ignore.
Other important things to note are that you can refinance all of your federal and private loans, the variable interest rate has a cap, and that there are no origination or prepayment penalties. You can also get loan forgiveness upon death or permanent disability.
How Do I Apply?
The application process is super simple.
Your first step is seeing if you prequalify. You simply visit the DRB website, fill out a short questionnaire and within mere minutes you’ll know whether you prequalify or not.
If you do qualify you’ll then upload all requested documents. DRB will get back to you within 1-3 days letting you know if you qualify and what the term and interest rate will be. You can decide from there if DRB is a good fit for you. If so, just sign the application and promissory note and your loan will be funded in 3-5 days.
It’s an extremely easy and painless process.
How Do I Know If DRB Is a Good Fit For Me?
If you’re paying high interest rates on your student loans, then refinancing is the best way to get your loan payment lowered and the payoff process accelerated. However, the only way to know whether you can save a significant amount of money by refinancing is to apply! I would recommend starting your refinancing process with Credible, an online marketplace that allows you to fill out a single form and receive personalized offers from multiple lenders.
To learn more about DRB Student Loans, click here.