Best of

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.

By
Cecilia Clark
Jun 21, 2023

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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 rateon LendKey's website
on LendKey's website
COMPARE RATESon Credible’s website
on Credible’s website
Best for Refinancing with a community bank

660

7.11-11.18%

N/A

SoFi Parent PLUS Refinancing

SoFi Parent PLUS Refinancing

5.0
/5
Best for Refinancing with an online bank

None

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 rateon LendKey's website
on LendKey's website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

4.0
Min. credit score

660

Fixed APR

7.11-11.18%

Variable APR

N/A

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.
  • No payment postponement available if borrowers return to school or serve in the military.
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

None

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 in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Additional perks like career planning, job search assistance and entrepreneurship support available.
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
DisclaimerNotice: SoFi’s Refinance Loan is a private student loan. Understand that when you refinance federal loans, you forfeit all flexible federal repayment options that are or may become available to federal student loan borrowers. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.Notice: Though SoFi offers an Unemployment Protection Program and career services, SoFi’s Refinance loan is a private loan. Understand that when you refinance federal loans, you forfeit certain flexible repayment options that are or may become available. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.*NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.Fixed 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 will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/08/2023 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.
Discover Student Loan Refinance

Discover Student Loan Refinance

Min. credit score

Varies

Fixed APR

5.99-9.99%

Variable APR

7.62-11.62%

Key factsBest for borrowers who may need wiggle room on payments, or those who didn't graduate.
Pros
  • No late fees.
  • More flexible repayment options for struggling borrowers than other lenders.
  • Can refinance without a degree.
Cons
  • Only two repayment terms available.
  • No co-signer release available.
  • 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: Did not disclose.
  • Must have a degree: No.
  • Loan amounts: Consolidate up to the aggregate amount of your education loan debt. Maximum limit of $150,000 applies.
Available Term LengthsVisit Lender Website
DisclaimerLowest APRs are available for the most creditworthy applicants who are approved and choose a shorter repayment term, and include an Auto Debit Reward. If you are approved, you may receive a lower rate if you add a creditworthy cosigner. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 5.50% as of October 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

Our pick for

Refinancing with a brick-and-mortar, national bank

Laurel Road Student Loan Refinance
Check rateon 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

5.74-10.99%

Variable APR

5.49-10.89%

Key facts

Laurel Road is a division of Key Bank. Existing Key Bank customers can receive a 0.25% interest rate discount by applying via the Key Bank 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 10/18/23, 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. ©2022 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

4.99-15.89%

Variable APR

5.49-16.49%

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
  • 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.

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, 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 29 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 June 21, 2023

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
  • Discover Student Loan Refinance: 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

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 Citizens Bank. Online banks include SoFi and Discover.

  • 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

NerdWallet Pixel