Borrowers are expected to make payments on a monthly basis.
Our favorite, So Fi, aka Social Finance, has quickly positioned itself as the top student loan refinance lender on the market.
So Fi was founded by a group of Stanford business students who wanted to help their peers escape from student loan debt with lower interest rates.
So Fi offers borrowers refinancing and consolidation services.
Borrowers can select the loans they would like to refinance or consolidate, then So Fi pays them off, and then the borrowers pays off a new loan issued from So Fi.
The program launched at Stanford in 2011 and has quickly grown.