Student Loan Refinance
Many of your employees could save big1 by refinancing student loans at a competitive rate. Make low interest rates and flexible payment plans available to them with help from BenefitEd.
Product Features & Benefits
- Support your employees' financial health
- Lower interest rates and flexible loan terms may help qualified borrowers save money over the course of their repayment
- Nelnet Bank Student Loan refinancing charges no origination or application fees
- Turn-key student loan refinance is available at no cost to your organization.
- Enhance employee retention and decrease recruitment costs
- Increase employee engagement
How It Works
BenefitEd Partners with Nelnet Bank2
BenefitEd’s partnership with Nelnet Bank Student Loan Refinance provides a turn-key benefits plan that rewards eligible employees with good credit and income with refinance solutions at competitive rates. Backed by the nation's largest student loan servicer and supported by real people, Nelnet Bank knows their stuff. It's easy for your employees to apply for Nelnet Bank's personalized student loan solutions and start saving more of their hard-earned cash. Request a demo
Helping Employees Save More of Their Hard-Earned Cash is Simple
We work with you to identify which employees carry student loan debt, and help customize a student loan refinance program and options based on their unique needs. Customization options include:
- Eligibility: Which employees are eligible for the benefit
- Duration: How long employees will have this benefit available
Easy Plan Implementation
We provide resource materials that make it easy for your employees to see why student loan refinance can help them keep more of the money they earn. We also make it easy for them to find the competitive interest rates and flexible refinance plans you’re making available to them.
Student Loan Reporting and Results
BenefitEd tracks the impact of student loan repayment benefits on employee retention.
- Monthly application reports delivered to your inbox help you keep tabs on the student loan program activity.
What are the eligibility requirements for a private student refinance loan?
- Citizenship You or your cosigner must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number.
- Graduation You must have graduated with a Bachelor’s degree or higher.
- Legal Age You must be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory.
- Credit You or your cosigner must have a credit score of 680 or higher.
- If you are qualifying on your own, you must earn at least $36,000 in annual income.
- If you have a cosigner, the cosigner must earn at least $36,000 in annual income.
- Cosigner A cosigner isn’t required, but may help you meet credit or qualify for a better rate.
How do employees apply for a student refinance loan?
Once the employer and BenefitEd have created a student refinance loan, employees will be provided with a link to begin their application.
What information is needed to apply for a student refinance loan?
Employees who wish to apply for a student refinance loan need to have on hand:
- Contact information
- Home address
- Social Security Number
- Employment information (paystub/proof of income)
- Loan information (loan servicer, interest rate, outstanding balance)
Do employers match employee refinance loan payments with a contribution?
Employers make the BenefitEd Student Refinance Loan available as an option to employees who wish to save money by refinancing their student loans. All loan payments are the responsibility of the employee. For employees to benefit from this program, there is no payment required by the employer nor any cost incurred by the employer.
Who is a great fit for student loan refinancing?
- Have $5,000+ in federal or private student loans
- You or your cosigner must have at least $36,000 in annual income.
- Have a 680+ Credit Score