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Current students with private student loans or graduates who refinance student loans can often get lender-specific benefits, ranging from member-only events to hundreds of dollars in referrals when a friend is looking to take out a loan.
Lenders can change their bonuses offered due to vacations and other promotions. It never hurts to call lenders or check their websites to explore current offers. Here is how you can find the best benefits for you as a potential private or student loan refinance borrower.
Related: Best private student loans
Chat with friends who have private student loans
If you have a friend with private student loans now, they may be able to share their experience with their lender and offer you a referral bonus. For example, SoFi offers both the person with the original loan and the new customer $ 10 if you check your potential rate on a student loan product, and an additional $ 300 if the loan goes through.
In addition, CommonBond and SoFi offer financial coaching and career counseling services to members, respectively. Ask your friend what membership benefits he used and what the results were.
On the other hand, knowing which of your friends have private student loans that they might want to refinance will help you when it comes your turn to give referrals.
CommonBond offers $ 200 each time someone gets a private student loan or refinanced loan using your own personal referral link. You get paid by PayPal and don’t need a loan from them to get a referral link. This means that you don’t need to have a loan through CommonBond to get the bonus.
Use a lender comparison website
You can get special gifts for taking out a new loan from the website where your friend chose their lender. Loan comparison site Credible offers electronic gift cards as a referral bonus for student loan refinancing and underwriting personal loans. Private loans for current students don’t count.
Here’s how it works: If your friend got their loan through Credible, they may recommend that you refinance student loans. If your balance is $ 30,000 or more, your friend will receive an electronic gift certificate from TangoCard.com for $ 500 for stores such as Best Buy. You receive a $ 200 electronic gift card. If your loan balance is less than $ 30,000, you will each receive $ 100. Those with personal loans are given $ 100 for themselves and $ 100 for their friends.
Even if none of your friends have received a loan from a comparison site, you may decide to use one that offers reference money for your loan. This way, you can get the bigger referral bonuses when you refer a friend in the future while having a variety of loans to choose from so that you can compare interest rates as well.
Get airline miles for student loan refinancing
SoFi is also offering an Alaska Airlines Miles Sign Up Bonus at a rate of 1 mile per $ 2 funded. You must already have, or set up in advance, an Alaska Airlines Mileage Plan account to be eligible. You can earn up to 50,000 miles, which would require a $ 100,000 refinance.
To get a round-trip coach ticket from New York to Los Angeles, which costs at least 25,000 Mileage Plan miles, you must refinance at least $ 50,000 in student loans. Shorter round trips can cost as little as 10,000 miles. Miles can also be used on American Airlines and Ravn Alaska airlines in the United States. Miles can also be used or saved for international travel.
Learn About Member Benefits
Lenders can offer a wide range of member benefits, including help with money management, getting a job, or accessing concert tickets when available.
Here are some advantages to consider:
Temporary payment breaks
Depending on the lender, they may offer temporary payment breaks when you need them for 12 to 24 months. Others may offer unemployment insurance. Always ask the lender what their options are if you are having an economic problem.
Help with money management
Help with money management is a fairly common benefit of private lenders. You will want to ask yourself how deep the services are. Is this basic coaching on how to manage bills or will it help you manage your retirement goals? Does the advice come from customer service representatives, financial coaches, or certified financial advisors?
Common Bond, for example, offers Money Mentor, which helps undergraduates find scholarships and internships.
SoFi, for example, offers one-on-one career coaching and online career tools for all borrowers. It also allows borrowers to withhold payments if you lose your job.
Ask questions about either benefit. Confirm, for example, if your lender asks you to provide proof of unemployment and if there are restrictions on abstention you can receive accordingly. For career services, find out what type of jobs they get and details on how coaching works.
Release of co-signer
Whether it’s refinancing a private student loan, getting new private loans, or keeping the ones you have, check out the rules for release of co-signers. Depending on the loan, you might be able to withdraw your co-signer from the loan after, say, 12 to 36 months of on-time payments, provided you meet other requirements such as good credit and a stable income.
At the end of the line
Deciding whether to refinance your private student loan or take out a new one is a complicated decision that involves comparing interest rates, figuring out what you can afford to borrow, and determining whether the monetary or service benefits. customers outweigh the benefits of other lenders. While exploring the options, consider what the lender can do for your career and what they will do for you when you are struggling economically.
Since choosing a lender is a long-term commitment, ask your friends which lender they chose. You might find that they have a referral bonus that could put some money in your pocket as well.