Student Loan Refinance

Popular student loan refinance options

Whether you are looking to refinance an existing student loan, consolidate multiple loans into one simple monthly payment, or restructure loans to get more favorable terms, we can help you find and compare some of the best student loan refinance options in the market.

VARIABLE APR

1.74% – 5.64%

FIXED APR

2.44% – 5.79%

TERMS (YEARS)

5 to 25

Earnest – Student Loan Refinance 

Earnest offers competitively low rates, flexible payment and loan terms, and a dedicated customer service team to help you refinance eligible undergraduate and graduate degree loans. With in-house servicing and lots of payment options, Earnest is a great place to refinance your student loans.

Pros

  • Low rates and customized loan terms
  • Option to skip one payment every year 
  • In-house servicing and bi-weekly auto-payments
  • Rate discount with auto-pay

Cons

  • Borrowers cannot apply with a co-signer
  • Loans are not available in Kentucky and Nevada

VARIABLE APR

1.74% – 11.57%

FIXED APR

2.59% – 8.19%

TERMS (YEARS)

5 to 25

Splash Financial – Student Loan Refinance 

Splash Financial offers a simple online application and generates multiple offers from its network of lending partners. With some of the industry’s lowest rates, Splash Financial can help you refinance eligible federal and private student loans and potentially lower your monthly payment.

Pros

  • Low rates and seamless application process
  • No refinancing fees or prepayment penalties
  • See multiple offers from their network of lending partners
  • Rate discount with auto-pay

Cons

  • Borrowers cannot apply with a co-signer
  • Loan terms and features may vary by lender

VARIABLE APR

1.74% – 8.02%

FIXED APR

2.74% – 8.02%

TERMS (YEARS)

5 to 20

SoFi – Student Loan Refinance 

SoFi offers a unique blend of benefits with its low rates and flexible terms. With its unique member benefits, dedicated customer service team, and helpful online resources, SoFi is a great place to refinance eligible private and federal student loans.

Pros

  • Member benefits include career coaching, financial advice, and more
  • Zero fees, plus unemployment protection
  • Live customer support 7 days a week 
  • Rate discount with auto-pay

Cons

  • Loan minimums are higher than most lenders

VARIABLE APR

2.48% – 7.98%

FIXED APR

4.29% – 7.29%

TERMS (YEARS)

5 to 20

ELFI – Student Loan Refinance 

Education Loan Finance (ELFI) is a customer-centric lender with competitive rates and guided application process. If you are looking for white-glove service in the student loan refinance space, ELFI is a great place to start.

Pros

  • No application or origination fees; no prepayment penalties
  • Low rates and transparent application process
  • Great focus on customer service and assistance
  • Dedicated student loan advisors ready to help with your application

Cons

  • Loan minimums are higher than most lenders

VARIABLE APR

2.32% – 8.33%

FIXED APR

2.80% – 6.94%

TERMS (YEARS)

Multiple

Nelnet Bank – Student Loan Refinance 

Nelnet Bank offers hardship forbearance and other benefits to eligible borrowers in the student loan refinance space. With student loan refinancing options for undergraduate, graduate, law degrees, and medical degrees, Nelnet Bank can help you get situated in almost all circumstances.

Pros

  • No application, origination, or prepayment fees
  • Clear eligibility guidelines and application process
  • Hardship forbearance to protect against unexpected loss of income
  • Rate discount with auto-pay

Cons

  • Slightly higher rates than other lenders

VARIABLE APR

3.44% – 7.99%

FIXED APR

3.99% – 7.99%

TERMS (YEARS)

5 to 15

College Ave – Student Loan Refinance 

College Ave offers a quick-and-easy application process and helps borrowers refinance eligible private and federal students. With a wide variety of repayment options, College Ave can help borrowers find terms that work for their budgets. 

Pros

  • Instant credit decisions; free to apply
  • Super flexible repayment options built around your needs
  • Great online resources and customer service
  • Rate discount with auto-pay

Cons

  • Slightly higher rates than other lenders
  • Shorter term options than other lenders

VARIABLE APR

N/A

FIXED APR

3.49% – 5.68%

TERMS (YEARS)

5 to 15

PenFed – Student Loan Refinance 

PenFed offers several fixed rate options to refinance eligible federal, private, and Parent PLUS student loans. With its unique consolidation options, PenFed can help borrowers simplify their student loan repayment plans.

Pros

  • Married couples can refinance student loans into one loan
  • Refinance and take over Parent PLUS student loans
  • Higher maximum loan amounts than most lenders
  • No application, origination, or prepayment fees

Cons

  • No variable APR option available
  • Shorter term options than other lenders

Frequently Asked Questions

On April 6, 2022, the U.S. Department of Education extended the student loan payment pause through August 31, 2022, granting immediate financial relief to thousands of borrowers with eligible federal student loans. This payment pause allows the suspension of student loan payments, introduces a 0% interest rate, and stops collections on defaulted student loans.

 

Borrowers with existing federal student loan debt should check to see if their loans are affected by this payment pause before making a refinance decision. Although refinancing can help borrowers secure a lower monthly payment or interest rate, it may also offset the temporary benefits awarded by this pause.

The real answer is — it depends.

 

If you are currently making payments on your federal or private student loan debt and your interest rate is on the higher end of today's rate ranges, you may benefit from a refinance. If approved, you can potentially lower your monthly payment, secure a lower interest rate, and find a repayment plan that works better for you.

 

However, if you have an eligible federal student loan that is affected by the student loan payment pause, you may be better off waiting until the 0% interest rate falls off and the repayment period reopens. Every situation is different, so it is important to consider all of your options before making a decision.

The decision between fixed and variable APR loans should depend on each borrower's risk tolerance. 

 

Fixed APR loans generally start higher than their variable APR counterparts but allow borrowers to lock in their rate for the life of the loan. This is usually the preferred option for risk-averse borrowers and individuals that do not like change. Variable APR loans tend to start lower than fixed APR options but can fluctuate throughout the life of the loan. Fluctuations can either be in your favor or detriment, so you need to be mentally and financially ready to adjust to rate changes.

 

Interest rates have been on the rise in the last few months, but there is no way to know if this trend will continue. Rates are still lower than they have been in quite some time and refinancing is still a great option for many borrowers.

A credit score in the mid-to-high 600s may be enough to qualify for a refinance. Typically, refinance lenders will try to find borrowers with credit scores in the mid-700s, with each lender setting its own minimum requirements. But it's important to understand that the applicant's credit score will not be the only thing considered. Lenders will likely also consider factors like the applicant's income, outstanding debt, and other factors to gauge the applicant's ability to repay debt obligations.

 

To get more information on credit score requirements, please contact your lender directly.

Student loan consolidation will combine multiple federal student loans into one simple monthly payment. It also allows applicants to effectively keep their existing rates (using a weighted average from the combined loans). This type of consolidation is limited to federal loans but allows you to keep your federal benefits as well.

 

Student loan refinancing has a much broader scope and allows you to consolidate both private and federal student loans, get a lower interest rate, and select more suitable repayment terms. Borrowers can also refinance a single loan to get more favorable terms on their existing student loan debt.

 

Refinancing is a great option for individuals with good/great credit and income, as lenders will consider your overall creditworthiness, income, and other factors included in your loan application. Please keep in mind that federal benefits may be lost if you refinance your federal student loans.

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