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Student loans aren’t something everyone has to deal with. If you’ve managed to make your way through college without acquiring any debt then that is amazing!
Unfortunately, most college students these days will be required to take out some kind of student loan in order to pay for their education.
Student loans are a necessary evil, but that doesn’t make paying them back any easier when the time comes. You can defer your loan payments for a few years, but eventually you will have to give back the money you owe.
Fortunately, there are companies like LendEDU that have been designed to help students refinance their student loans. You could have your loans consolidated so that your payments are more streamlined or maybe you’re just looking for lower interest rates.
Or, if you are a new student that needs a loan, LendEDU can handle that too!
Whatever the case LendEDU can help and I’ll break down how in this review by detailing how LendEDU works, how to get set up with LendEDU and all the pros and cons associated with it.
What Is LendEDU?
LendEDU was launched in 2014 and is based in New Jersey. In the beginning, founders Nate Matherson and Matt Lenhard created LendEDU with the sole focus on refinancing student loans.
Since then, it has become their goal to help their consumers learn about and compare different financial products which include student loans, personal loans, credit cards and insurance coverage.
In a nutshell, LendEDU wants to make you better educated when it comes to all things finance, so that when you need to make financial decisions you can do so with confidence. Plus, as an added bonus, their services are free and to use them does not impact your credit score.
LendEDU works as a one-stop-shop that does all the financial leg work for you. They’ll compare different loan rates on your behalf, they’ll find you the best credit card to work with, or they’ll set you up with the right financial institution to refinance your loan.
And along the way, you’ll get a financial education because their website if full of interesting, money related articles that can help you set out on the right path to earning, spending and using your money wisely.
Keep in mind, that LendEDU is not a bank, but a resource to help you get connected to financial institutions that offer loans, credit cards, insurance and more.
Some may choose to use LendEDU as a source for a personal or student loan, while others may check them out simply for their valuable information on common money related issues. LendEDU has a lot of tools that they offer their consumers so that anyone can benefit from their services.
LendEDU offers a wide range of services that can help cover all of your financial needs:
- Private Student Loan
- Student Loan Refinancing
- Personal Loan
- Small Business Loan
- The Best Credit Cards To Sign-Up For
- Dental Insurance
- Pet Insurance (yes this is a thing and it’s so worth it)
- Renters and Homeowners Insurance
- And tons of helpful information on their blog
Top 4 Ways to Use LendEDU
Some people will tell you to consolidate your loans (into one big loan), while others will tell you to refinance your loans to see if you can get lower interest rates. Whichever option sounds best for you, LendEDU can help. If you’re not sure which of the two you should do, LendEDU will guide you.
LendEDU has a pretty high satisfactory rating when it comes to helping their consumers with student loan refinancing and consolidation. Up front you can get prequalified quotes, as well as comparisons and reviews of some of the top loan companies.
LendEDU does a great job of updating their posts so that the information stays current, so you’ll know exactly which company is best to work with at any given time.
From there, the specifics will vary depending on which lender you end up deciding to work with.
Also, if you have federal student loans, think carefully before deciding to refinance or consolidate them, as there are certain protections in place with federal loans that other loan options don’t offer.
Federal student loans usually let students qualify for benefits like forbearance and deferment as well as income-driven repayment plans
Private student loans are what students choose when grants, scholarships and federal student loans aren’t enough to cover the cost of their education. Typically private student loans are provided by banks and credit unions and can be used to cover things like the cost of textbooks, room and board, college meal plans, or tuition.
The key to selecting a great private student loan is all about choosing one with the best and lowest interest rates. When it comes time to pay back your loan, you do not want to be struggling with a loan with a high interest rate.
LendEDU provides an extensive list of private student loan lenders for you to compare rates. They have even put together a list of what they consider the top 7 Private Student Loan Lenders:
For those not connected with the student world but needing some financial assistance, a personal loan can come in handy when money is feeling a bit tight. And you can use your personal loan for pretty much anything.
Pay for a vacation, the cost of a wedding, or use it to take care of some home renovations or medical bills.
Personal loans generally have a fixed interest rate that are low enough so that your payments are easy to take care of. LendEDU offers a guide that lists some great lenders offering personal loans with reasonable interest rates.
LendEDU’s breakdown will help you choose the best option and promises to give you results within 60 seconds. Plus, checking your rates won’t affect your credit score, so it can’t hurt to have a look if you are in the market for a personal loan.
Keep in mind that no matter which lender you go with, rates will always be determined by how big of a risk factor you represent.
If you have a background of good credit, then you can expect to get a good loan with low rates.
Shopping around for a new credit card can become quite the task with so many options available to you. Do you choose one with a points system or go for the cash back cards?
LendEDU put together a list of what they consider the best credit cards of 2019:
- Best Rewards Credit Card: VentureOne® From Capital One
- Best Travel Credit Card: Chase Sapphire Preferred Card
- Best Balance Transfer Credit Card: Citi Diamond Preferred Card
- Best Cash Back Credit Card: Blue Cash Preferred Credit Card from American Express
- Best Secured Credit Card: Discover it Secured Card
- Best Airline Credit Card: United MileagePlus Explorer Card
- Best Student Credit Card: Deserve EDU Mastercard for Students
Whether you are looking for travel perks, cash back on your everyday purchases, or simply the card with the best rewards, LendEDU has you covered. There’s even a list for folks with bad credit who need a credit card.
In addition to providing a list of the best credit cards, LendEDU also provides helpful information to help you manage credit card debt and even how to avoid credit card fees.
How To Get Started With LendEDU
LendEDU has a really basic, online platform that is easy to navigate. After providing your name, email, address and education level, you’ll be able to browse different loan offers.
It’s great that you’re able to see options without giving away a bunch of personal information. And this applies whether you are looking for a loan or if you are looking for a credit card. Though you do give different information when you are looking to consolidate a loan or refinance a loan.
While LendEDU will provide a lot of information, keep in mind that you are not obligated to move forward with any specific lender. You can definitely use LendEDU as a source to just window shop for some options.
It’s always smart to check with some local banks and credit unions to see what their refinance and loan rates are.
That way you can compare them with what LendEDU offers so that you know your snagging the best deal available to you.
Perks of Using LendEDU
The main perk that comes with using LendEDU is having access to different financial information all in one spot.
You don’t need to seek out individual financial institutions first. LendEDU has done the research for you, so all you need to do is compare the rates and check the reviews before deciding on a lender.
Another perk is that LendEDU is free to use and having a search done doesn’t impact your credit score. LendEDU does what they call a “soft pull” on your credit history in order to get you access to the best options that are right for you.
Keep in mind that LendEDU started out as a source to help students refinance and consolidate their loans, because the founders understood where students were coming from.
They had been there too and created a company because they weren’t satisfied with the information and options available to them.
Because of this, LendEDU is mostly strongly used for student loan refinancing. The main reason to refinance a loan is because of the perk of obtaining a lower interest rate.
Remember, interest rates vary by lender. Among LendEDU’s refinancing partners, variable and fixed interest rates start as low as 2.10% and go as high as 8.38%, while LendEDU’s student loan partners offer variable rates starting at 2.751% and personal loan interest rates start around 5%.
As long as you continue to think of LendEDU as a shopping tool or “marketplace” for different financial resources, you should be able to determine which loan or credit card or consolidation plan is right for you.
What the Reviews Say
LendEDU has some really great reviews coming in and a lot of people are pleased with the quality of service they are receiving. As a wrap up, LendEDU is quick to use, the website easy to navigate, and the connection to different financial institutions top notch.
Since it launched in 2014, LendEDU has been featured on a variety of websites including TechCrunch, New York Times, Wall Street Journal, CNN, Bloomberg, NPR, CBS News, Fox News, Business Insider, Yahoo! Finance, and Forbes.
- “Nate and his team are first rate. I was really satisfied with the offers I received!”
- “LendEDU Is a great company and was so helpful to me.”
- “Very easy site to navigate. Great tool!”
- “Being the first in my family to go to a University LendEDU helped me immensely in my search for logical funding for my education.”
Pros and Cons of LendEDU
Even though LendEDU is a great source for free student loan information, that doesn’t make the company completely perfect. Though to be honest I struggled to come up with some cons, because in general this is a great company to work with.
- You can use the site to learn about different financial products without impacting your credit score
- Services are free to use
- One-stop-shop for all your financial needs
- Access to companies and financial institutions offering some of the best rates and loan options
- Compare and read reviews on lenders all in one place
- LendEDU doesn’t lend money, they just connect you with different lenders
- You may not need to consolidate your student loans, so get a second opinion before moving forward with LendEDU
Options Similar to LendEDU
LendEDU isn’t the only source available for student loan refinancing and consolidation, but they are one of the rarer companies that give you access to credit card offers and loan lenders.
If you’re strictly looking into refinancing a student loan, check out LendKey. We’ve reviewed them here, but in a nutshell, like LendEDU, LendKey is not a bank but a source that connects you to different financial institutions that will help you with your student loan refinancing or with selecting a private student loan lender.
Helpful Articles to Read Before Checking out LendEDU
Dealing with student loans and debt can give anyone a headache. The information available on the internet can be really overwhelming.
Thankfully we have a few helpful articles that will clear up some confusion and maybe help you make better decisions when it comes to student loans, personal loans, credit cards, managing debt and more.
- The 10 Best Books on Personal Finance and Their Reviews
- 9 Mistakes You’re Making Paying Off Debt
- 16 Ways to Build Credit Before and After Graduating High School
- 11 Ways To Organize Your Personal Finances
- 11 Ways To Pay Off Debt
Dealing with student debt doesn’t have to be a hair pulling process. A reliable and useful resource like LendEDU can really help set you on the right path to paying back your student loans.
If you aren’t a student dealing with loans, LendEDU is still a great source for anyone in the market for a personal loan, new credit card or even that nifty pet insurance I mentioned earlier. Whatever your needs, LendEDU likely has you covered and based on my research, I feel comfortable recommending them.
If you have worked with LendEDU let me know in the comments below! Thanks for reading and happy frugaling.