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5 Banks That Refinance Student Loans

If you already have an account with a bank that refinances student loans, you could get discounts or lower rates by refinancing with that lender.

Last updated on May 31, 2024
Written by 
Assistant Assigning Editor
Cecilia Clark
Written by 
Assistant Assigning Editor

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Banks That Refinance Student Loans

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check rate
on LendKey's website
on LendKey's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Refinancing with a community bank

Not disclosed.

5.24-9.60%

5.53-8.70%

Check rate
on LendKey's website
on LendKey's website
SoFi Parent PLUS Refinancing

SoFi Parent PLUS Refinancing

4.5
/5
Best for Refinancing with an online bank

650

5.24-9.99%

6.24-9.99%

Our pick for

Refinancing with a community bank

LendKey partners with community banks, as well as credit unions, to refinance student loans.

LendKey Student Loan Refinance
Check rate
on LendKey's website
on LendKey's website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

4.5
Min. credit score

Not disclosed.

Fixed APR

5.24-9.60%

Variable APR

5.53-8.70%

Key facts

Community banks and credit unions originate LendKey loans, but LendKey acts as the servicer.

Pros
  • Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 751.
  • Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
  • Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Read Full Review

Our pick for

Refinancing with an online bank

SoFi Parent PLUS Refinancing

SoFi Parent PLUS Refinancing

Min. credit score

650

Fixed APR

5.24-9.99%

Variable APR

6.24-9.99%

Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.
Pros
  • You can refinance parent PLUS loans from the parent’s name to the student’s.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 700+.
  • Loan amounts: $5,000, up to your total outstanding loan balance.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20- year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.

Our pick for

Refinancing with a brick-and-mortar, national bank

Laurel Road Student Loan Refinance
Check rate
on Laurel Road's website
on Laurel Road's website
Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Min. credit score

660

Fixed APR

5.44-9.75%

Variable APR

5.49-9.95%

Key facts

Laurel Road is a division of KeyBank. Existing KeyBank customers can receive a 0.25% interest rate discount by applying via the KeyBank website.

Pros
  • You can refinance parent PLUS loans in your name.
  • Refinancing available for medical and dental residents.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Payment postponement isn’t available if borrowers return to school.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 up to your total outstanding loan balance.
  • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFull Laurel Road Disclaimers. Rates as of 3/18/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2024 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.
PNC Student Loan Refinance

PNC Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

6.99-16.39%

Variable APR

7.89-17.39%

Key facts

PNC has branches in 29 states. Unlike the other brick-and-mortar banks that refinance student loans, it doesn’t offer a loyalty discount for existing customers. It does offer a 0.50% rate discount for any student loan refinance borrowers who set up automated payments from a checking or savings account — larger than the 0.25% autopay discount that other student loan refinance lenders offer.

Pros
  • Interest rate discount for autopay is larger than most lenders offer.
  • Borrowers can refinance without a degree.
Cons
  • No flexible repayment options for struggling borrowers.
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Does not disclose.
  • Loan amounts: $10,000 to $75,000.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years.

Our pick for

Refinancing with a regional bank

Education Loan Finance Student Loan Refinance
Check rate
on Education Loan Finance's website
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

Min. credit score

680

Fixed APR

5.48-8.69%

Variable APR

5.28-8.99%

Key factsBest for borrowers who value good customer service.
Pros
  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.
Cons
  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $10,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/

Banks that refinance student loans

Some community banks also offer student loan refinancing — find them through LendKey, a marketplace that connects borrowers with community banks and credit unions.

Additionally, some online-only banks refinance student loans.

In other cases, online student loan refinance lenders are backed by banks. For example, Education Loan Finance is the student loan refinancing division of Tennessee-based SouthEast Bank, and loans refinanced through College Ave Student Loans are funded by Firstrust Bank or Safra Bank.

» MORE: Banks that offer private student loans

Banks that don’t refinance student loans

Most big-name, national brick-and-mortar banks don’t refinance student loans, including:

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Last updated on May 31, 2024

To recap our selections...

NerdWallet's Banks That Refinance Student Loans

  • LendKey Student Loan Refinance: Best for Refinancing with a community bank
  • SoFi Parent PLUS Refinancing: Best for Refinancing with an online bank
  • Laurel Road Student Loan Refinance: Best for Refinancing with a brick-and-mortar, national bank
  • PNC Student Loan Refinance: Best for Refinancing with a brick-and-mortar, national bank
  • Education Loan Finance Student Loan Refinance: Best for Refinancing with a regional bank

Frequently asked questions

  • You can only refinance student loans with a bank that offers this product. Traditional brick-and-mortar banks that refinance student loans include PNC and Laurel Road. Online banks include SoFi.

  • Community banks, online banks and traditional banks offer student loan refinancing. Your priority should be finding the lowest possible rate you qualify for, even if it’s not from your current bank.

  • Bank of America does not refinance student loans. Other well-known, national banks that don’t offer this option include Chase Bank, U.S. Bank and Wells Fargo.

  • Aim to find the refinancing loan with the lowest rate you qualify for. That may be a bank you have an account with, especially if it offers you a discount or lower interest rate.

Further reading

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