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Banks That Refinance Student Loans

Teddy NykielMay 28, 2019

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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.

Citizens One Student Loan Refinance
Check Rate

on Citizens Bank's website

Check Rate

on Citizens Bank's website

Fixed APR

3.59-9.99%

Variable APR

2.60-9.64%

Min. Credit Score

Does not disclose

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • You can refinance parent PLUS loans in your name.
  • Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.

Cons

  • No flexible repayment options for struggling borrowers.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 690 or higher.
  • Loan amounts: $10,000 to $500,000.
  • Must have a degree: No.

Available Term Lengths

  • 5, 10, 15 or 20 years

Disclaimer: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2019, the one-month LIBOR rate is 2.40%. Variable interest rates range from 2.60%- 9.64% (2.60%-9.64% APR)and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.59%-9.99% (3.59% - 9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

Wells Fargo Student Loan Refinance
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Fixed APR

5.24-9.74%

Variable APR

5.24-9.74%

Min. Credit Score

Does not disclose

Pros

  • You are assigned a dedicated student loan advisor.
  • More flexible repayment options for struggling borrowers than other lenders offer.

Cons

  • Fewer repayment term lengths than other lenders.
  • You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 748.
  • Loan amounts: $1,000 up to the total cost of attendance.
  • Must have a degree: No.

Available Term Lengths

  • 15 or 20 years
First Republic Student Loan Refinance
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Fixed APR

1.95-4.70%

Min. Credit Score

750

Pros

  • Low rates for meeting the checking account requirements.
  • You are assigned a dedicated banker.
  • Interest rebate if you pay off your refinanced loan within four years.

Cons

  • You must have a First Republic Bank ATM Rebate Checking account to receive the advertised rates.
  • No option to pause payments through deferment or forbearance, unlike other lenders.
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $15,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

  • 5, 7, 10 or 15 years

Disclaimer: Annual Percentage Rate. Rates effective as of February 15, 2019, and are subject to change. Borrower must open a First Republic ATM Rebate Checking account ("Account"). Terms and conditions apply to the Account. If the Account is closed, the rate will increase by 5.00%. Rates shown include relationship-based pricing adjustments of: (1) 2.00% for maintaining automatic payments and direct deposit with the Account; (2) 0.50% for depositing and maintaining a deposit balance equal to the greater of 10% of the approved loan amount or $5,000 into the Account; and (3) an additional 0.25% for depositing and maintaining a deposit balance equal to the greater of 20% of the approved loan amount or $10,000 into the Account. Payment example for a loan amount of $100,000. 5-year/60 monthly payments of $1750.59 at 1.95% APR. 7-year/84 monthly payments of $1310.10 at 2.75% APR. 10-year/120 payments of $991.21 at 3.55% APR. 15-year/180 payments of $737.19 at 3.95% APR. Assumes an original loan amount of $147,000, 10-year term, and a rate of 7.21% APR, refinanced to 3.55% APR. Total savings over the 10-year term would be $31,882. Loan amount reflects all customers who refinanced their student loans with First Republic Bank between 1/1/2015 and 9/1/2017. 7.21% was the Direct Plus Student Loan Program rate effective 7/1/2014 to 6/30/2015. Actual savings may vary based on the interest rates, balances and remaining repayment term of the loans being refinanced.

PNC Student Loan Refinance
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See my rates

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Fixed APR

4.39-6.59%

Variable APR

4.39-6.59%

Min. Credit Score

660

Pros

  • Interest rate discount for autopay is larger than most lenders offer.

Cons

  • Fewer repayment term lengths than other lenders offer.
  • Co-signer release after 48 months is longer than most other lenders.
  • No flexible repayment options for struggling borrowers.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 747.
  • Loan amounts: $10,000 to $75,000.
  • Must have a degree: No.

Available Term Lengths

  • 10 or 15 years

Summary of Banks That Refinance Student Loans

LenderFixed APRVariable APRMin. Credit ScoreLearn More
Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

Check Rate

on Citizens Bank's website

3.59-9.99%

2.60-9.64%

Does not disclose

Check Rate

on Citizens Bank's website

Wells Fargo Student Loan Refinance

Wells Fargo Student Loan Refinance

See my rates

on NerdWallet's secure website

5.24-9.74%

5.24-9.74%

Does not disclose

See my rates

on NerdWallet's secure website

First Republic Student Loan Refinance

First Republic Student Loan Refinance

See my rates

on NerdWallet's secure website

1.95-4.70%

N/A

750

See my rates

on NerdWallet's secure website

PNC Student Loan Refinance

PNC Student Loan Refinance

See my rates

on NerdWallet's secure website

4.39-6.59%

4.39-6.59%

660

See my rates

on NerdWallet's secure website

LenderFixed APRVariable APRMin. Credit ScoreLearn More
Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

Check Rate

on Citizens Bank's website

3.59-9.99%

2.60-9.64%

Does not disclose

Check Rate

on Citizens Bank's website

Wells Fargo Student Loan Refinance

Wells Fargo Student Loan Refinance

See my rates

on NerdWallet's secure website

5.24-9.74%

5.24-9.74%

Does not disclose

See my rates

on NerdWallet's secure website

First Republic Student Loan Refinance

First Republic Student Loan Refinance

See my rates

on NerdWallet's secure website

1.95-4.70%

N/A

750

See my rates

on NerdWallet's secure website

PNC Student Loan Refinance

PNC Student Loan Refinance

See my rates

on NerdWallet's secure website

4.39-6.59%

4.39-6.59%

660

See my rates

on NerdWallet's secure website

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, including Discover.

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. Laurel Road loans are funded by Laurel Road Bank, formerly a division of Darien Rowayton Bank. Loans refinanced through College Ave Student Loans are funded by Firstrust Bank or Safra Bank.

Banks that don’t refinance student loans

A few national brick-and-mortar banks don’t refinance student loans:

  • Chase.
  • Bank of America.
  • U.S. Bank.

Last updated on May 28, 2019