Approximately forty million Americans currently have student loans, and if you are one of them then you know how confusing it can be to figure out the best way to get them paid off. Thirty percent of those currently repaying loans are more than thirty days late on their payments.

Below are the top four refinance companies that are currently offering the lowest interest rates.

SoFi

The interest rates with SoFi begin as low as 3.50%, and variable rates start as low as 1.90%. SoFi is currently offering student loans to borrowers who graduated from a selection of Title IV accredited colleges and universities. It will be important to see whether or not your college is on this list before pursuing your refinance from this company. You will also need to be employed, or have a current job offer with a start date in ninety days or less. SoFi requires a strong cash flow. To get the lowest possible rate, you will need to sign up for automatic payments.

CommonBond

The fixed rates offered by CommonBond begin at 3.74% and variable rates from 1.94%. In order to qualify you will need to have already earned your degree. You will also need a current job and a stable cash flow. CommonBond is going to want to see proof of all of these things before agreeing to refinance your student loan. Another part of the approval process with this company is them reviewing your payment history with other lenders you may have. This company focuses on people who have graduate degrees, and can offer up to $220,000. If you have an undergraduate degree you will have to seek your refinance elsewhere.

DRB Student Loan

DRB offers a variable APR range from 1.90% to 4.50%. Their fixed APR currently ranges from 3.50% to 6.25%. In order to get the lowest rate with this small Connecticut bank, you will need to sign up for automatic payments. If you would rather avoid the automatic payments your rate is immediately going to be 0.25% higher.

Earnest

Earnest offers fixed interest rates beginning at 3.50% and variable rates beginning at 1.90%, just like SoFi. Both companies also require you to have a job, or an offer of employment with a start date in ninety days or less. Unlike SoFi, Earnest requires an emergency fund of at least one month. Your bank account balance must also be positive and you must have a budget that makes sense. They are going to want to see this. If you have had credit in the past, you are going to have to provide proof of on time payments.

This is only a drop in the bucket when it comes to companies that refinance student loans. It is important to do your research and know what loan and what rate is going to work best for you.

If you find yourself struggling with debt or would like to find out about becoming debt free, call Debthelper at 800-920-2262.