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Charter One introduces Education Refinance Loan™; offers new option for borrowers after leaving school

News Desk | 1/15/2014, 10:03 a.m.

One way to ease college costs is to refinance student loans, but few financial institutions offer that option today because the borrowers (students or recent graduates) often have little or no credit history.

Charter One is helping to solve that problem with the introduction of the Charter One Education Refinance Loan. The bank is one of the few financial institutions nationally offering refinancing options for private student loan borrowers.

Designed to help simplify private student loan payments, Charter One’s new loan opportunity enables borrowers to refinance or consolidate their private student loans at a competitive rate with flexible repayment terms, no prepayment penalties and no application, origination or disbursement fees. Refinancing with Charter One can help college students and recent graduates in numerous ways including:

• Opportunity for a single monthly loan payment

• Allowing variable rate loans to be refinanced into a fixed rate loan

• Potentially lowering the interest rate to as low as 2.82%