Connext Student Loan Refinancing Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Connext offers private student loans and refinancing options powered by ReliaMax. The ReliaMax brand family has helped over 100,000 students finance their higher education since 2009. Connext aims to make the student loan refinancing process as simple as possible through working with smaller lenders and regional banks to provide competitive refinance terms for its customers.
|A Quick Look at Connext Student Loan Refinancing|
|Fixed APR||4.25% – 9.85%|
|Variable APR||3.08% – 9.58%|
|Loan terms offered (years)||5, 10, 15, 20|
|Minimum loan amount||$10k|
Interest Rates & Terms
Connext offers fixed rate loans from 4.25% – 9.85% for 5, 10, or 15-year terms and variable rate loans from 3.08% – 9.58% for 5, 10, 15 and 20 year terms.
How Much Can You Borrow With Connext
The minimum amount you may refinance is $10,000. There are aggregate loan limits on the maximum you may borrow by degree type, as follows:
- Undergraduate – $100,000
- Graduate – $150,000
- MBA/Law – $200,000
- Medical/Pharmacy – $250,000
In order to qualify for student loan refinancing through Connext, you must be 18 years or older and a U.S. citizen or permanent resident. You’ll also need to provide proof of income and employment. Only students who have graduated from an eligible school qualify. If you don’t meet the credit requirements, you’ll need a cosigner.
Where They Stand Out
Smaller banks and lenders. Their platform works to provide borrowers with a network of community banks and lenders versus the bigger bank alternative. This often allows for better deals on interest rates and terms.
Dedicated support. Connext will assign you a dedicated one-on-one advisor to support you during the loan process and throughout the life of your loan. They refer to this service as Connexting.
What Are The Drawbacks?
Your school may not qualify. For a list of qualifying schools, you can call Connext at (888) 558-5572 or send them an email at [email protected]. Just don’t be too surprised if your school isn’t on the list and you have to look for a different lender.
New to student loans. Connext has only been offering student loans and student loan refinance since 2016, so they’re relatively new to the student loan scene.
When you start the loan process with Connext, you’ll be assigned a dedicated advisor to help you through the process, from start to finish. The website is easy to navigate and support is available Monday through Friday from 8 am to 5 pm central time.
Since Connext is new to offering student loan refinancing, there aren’t many reviews of their service online. Even ReliaMax is new to LendingTree and doesn’t have any customer reviews yet. But don’t let that discourage you from giving them a try.
Is Connext Right For You?
Since Connext works with smaller lenders and regional banks, they have the ability to get you rates, terms, and a more personal experience that you are less likely to get with bigger banks. However, since they’re new to student loans, they don’t have much of a track record to look at yet. If you don’t mind cutting your own path, giving them a try could get you a great rate and save you money on your student loan.
If you have questions about how you can apply for student loans or refinance the student loans that you have, contact LendingTree today.
Ready to Apply?
If Connext is the right fit and you’re ready to apply, here are six steps to refinance your student loans with Connext:
- Gather your documents. This includes your pay stubs, monthly housing costs, school information, loan amount, and loan billing statements.
- Pre-approval. Enter your information online to get pre-approved.
- Upload documents. Upload your documents and review your information.
- Review. They will review your loan application and may request additional information before providing you with a loan offer.
- Sign. Once your application is accepted, review your loan offer. Then sign and accept.
- Disbursement. Once your loan gets funded, Connext will pay off your existing student loan. You’ll then begin making payments to Connext.
What You’ll Need
- State ID or driver’s license
- Social Security number
- Contact information
- School information & graduation date
- Student loan account information
- Loan amount