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4 Banks That Refinance Student Loans

Teddy NykielAugust 21, 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.

Summary of Banks That Refinance Student Loans

LenderFixed APRVariable APRMin. Credit ScoreLearn More
Wells Fargo Student Loan Refinance

Wells Fargo Student Loan Refinance

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5.24-9.74%

5.24-9.74%

Does not disclose

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Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

Check Rate

on Citizens Bank's website

3.45-9.02%

2.15-8.82%

Does not disclose

Check Rate

on Citizens Bank's website

PNC Student Loan Refinance

PNC Student Loan Refinance

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4.39-6.59%

4.39-6.59%

660

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First Republic Student Loan Refinance

First Republic Student Loan Refinance

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1.95-4.20%

N/A

Did not disclose.

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LenderFixed APRVariable APRMin. Credit ScoreLearn More
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

Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

Check Rate

on Citizens Bank's website

3.45-9.02%

2.15-8.82%

Does not disclose

Check Rate

on Citizens Bank's website

PNC Student Loan Refinance

PNC Student Loan Refinance

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4.39-6.59%

4.39-6.59%

660

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First Republic Student Loan Refinance

First Republic Student Loan Refinance

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1.95-4.20%

N/A

Did not disclose.

See my rates

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Wells Fargo Student Loan Refinance
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Wells Fargo Student Loan Refinance

Wells Fargo Student Loan Refinance
Fixed APR 
5.24-9.74% 

Variable APR 
5.24-9.74% 

Min. Credit Score 
Does not disclose 

See my rates

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Variable APR

5.24-9.74%

Key facts

Wells Fargo offers interest rate discounts for borrowers with a qualifying Wells Fargo consumer checking account, a prior federal or private student loan made by Wells Fargo, or Portfolio by Wells Fargo.

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.

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

5, 7, 10, 15 or 20 years

Disclaimer

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Citizens One Student Loan Refinance
Check Rate

on Citizens Bank's website

Citizens One Student Loan Refinance

Citizens One Student Loan Refinance
Fixed APR 
3.45-9.02% 

Variable APR 
2.15-8.82% 

Min. Credit Score 
Does not disclose 

Check Rate

on Citizens Bank's website


Variable APR

2.15-8.82%

Key facts

Borrowers with a Citizens Bank account — like a checking account or auto loan — at the time of application get a 0.25 percentage point interest rate discount.

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.

Qualifications

  • Typical credit score of approved borrowers or co-signers: Does not disclose.

  • Loan amounts: $10,000 to $500,000.

  • Must have a degree: No.

Available Term Lengths

5, 7, 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 November 1, 2019, the one-month LIBOR rate is 1.80%. Variable interest rates range from 2.15%-8.82% (2.15%-8.82% 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 3.45%-9.02% (3.45%-9.02% 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 Bank 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.

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PNC Student Loan Refinance
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PNC Student Loan Refinance

PNC Student Loan Refinance
Fixed APR 
4.39-6.59% 

Variable APR 
4.39-6.59% 

Min. Credit Score 
660 

See my rates

on NerdWallet's secure website


Variable APR

4.39-6.59%

Key facts

PNC has branches in 19 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

  • Fewer repayment term lengths than other lenders offer.

  • 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: 761.

  • Loan amounts: $10,000 to $75,000.

  • Must have a degree: No.

Available Term Lengths

10 or 15 years

Disclaimer

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First Republic Student Loan Refinance
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First Republic Student Loan Refinance

First Republic Student Loan Refinance
Fixed APR 
1.95-4.20% 

Variable APR 
N/A 

Min. Credit Score 
Did not disclose. 

See my rates

on NerdWallet's secure website


Variable APR

N/A

Key facts

San Francisco-based First Republic Bank offers some of the lowest student loan refinance rates in the industry to customers who meet its checking account requirements. You must live near a First Republic location to have a checking account and refinance student loans.

Pros

  • You are assigned a dedicated relationship manager.

  • Interest rebate if you pay off your refinanced loan within four years.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

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.

  • Only available to borrowers who live near a First Republic Bank branch.

Qualifications

  • Typical credit score of approved borrowers or co-signers: 770.

  • Loan amounts: $25,000 to $300,000, depending on the highest degree earned.

  • 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 October 30, 2019, and are subject to change. Terms and conditions apply. The terms of this loan may differ from your current loan(s). For example, this loan does not contain special features such as forbearance periods or income-based repayment plans available for some student loans. This loan may not be dischargeable in bankruptcy. This product is not available in all markets. For a complete list of locations, visit firstrepublic.com/locations. This is not a commitment to lend or extend credit. Contact your legal, tax and financial advisors for advice on deciding whether this is the right product for you. 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.

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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 August 21, 2019