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.
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Banks may offer increased personalized customer service and relationship discounts for student loan refinance borrowers who also have another account with them. If you value such features, consider these banks:
SoFi.
Discover.
LendKey (via community banks).
Laurel Road.
PNC.
But with student loan refinancing, your priority should be finding the lowest possible rate — even if that means straying from your current bank. Many of the best student loan refinance companies are online lenders, like CommonBond, or credit unions, like PenFed.
Banks That Refinance Student Loans
| Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.0/5 Best for Refinancing with a community bank | 660 | 4.49-10.68% | 4.76-7.86% | Check rateon LendKey's websiteon LendKey's website | |
5.0/5 Best for Refinancing with an online bank | 650 | 4.99-8.99% | 5.38-9.19% | Check rateon SoFi's websiteon SoFi's website | |
4.0/5 Best for Refinancing with an online bank | Does not disclose | N/A | N/A | ||
5.0/5 Best for Refinancing with a brick-and-mortar, national bank | 660 | 4.49-8.70% | 4.74-8.60% | Check rateon Laurel Road's websiteon Laurel Road's website | |
4.0/5 Best for Refinancing with a brick-and-mortar, national bank | Does not disclose | 4.49-13.74% | 5.64-14.89% |
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
660
4.49-10.68%
4.76-7.86%
Community banks and credit unions originate LendKey loans, but LendKey acts as the servicer.
- 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.
- 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.
- 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.
Our pick for
Refinancing with an online bank
SoFi Student Loan Refinance
650
4.99-8.99%
5.38-9.19%
- 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.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
- 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.
Discover Student Loan Refinance
Does not disclose
N/A
N/A
- No late fees.
- More flexible repayment options for struggling borrowers than other lenders.
- Can refinance without a degree.
- 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.
- 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.
Our pick for
Refinancing with a brick-and-mortar, national bank
Laurel Road Student Loan Refinance
660
4.49-8.70%
4.74-8.60%
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.
- 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.
- Payment postponement isn’t available if borrowers return to school.
- 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.
PNC Student Loan Refinance
Does not disclose
4.49-13.74%
5.64-14.89%
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.
- Interest rate discount for autopay is larger than most lenders offer.
- Borrowers can refinance without a degree.
- 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.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Loan amounts: $10,000 to $75,000.
- Must have a degree: No.
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.
Banks that don’t refinance student loans
Most big-name, national brick-and-mortar banks don’t refinance student loans, including:
Capital One.
Wells Fargo.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on December 12, 2022
NerdWallet's Banks That Refinance Student Loans
- LendKey Student Loan Refinance: Best for Refinancing with a community bank
- SoFi Student Loan Refinance: 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
- Can any bank refinance student loans?
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.
- Which banks refinance student loans?
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.
- Does Bank of America refinance student loans?
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.
- Should I refinance student loans with a bank?
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.
