6 Banks That Refinance Student Loans
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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 your bank. But with student loan refinancing, your priority should be finding the lowest rate — even if that means straying from your current bank. Many of the best student loan refinance companies are online lenders.
Here are our picks for the top banks that refinance student loans.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Banks That Refinance Student Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | See Offers on Credible’s website | |
 SoFi Student Loan Refinancing See Offers on SoFi®'s website COMPARE RATES on Credible’s website | 4.5 /5 | 650 | 4.49-9.99% | 5.99-9.99% | See Offers on SoFi®'s website COMPARE RATES on Credible’s website |
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
680
4.89-9.04%
5.54-9.12%
- 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 yearsDisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Our pick for
Refinancing with an online bank
SoFi Student Loan Refinancing
650
4.49-9.99%
5.99-9.99%
- Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Dedicated Student Loan Debt Specialist available for borrowers.
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
Nelnet Bank Student Loan Refinance
Mid to High 600s
4.99-8.96%
5.99-9.21%
- Key factsBest for borrowers with strong finances.Pros
- You can see if you'll qualify and what rate you'll get without a hard credit check.
Cons- Does not discharge loans in cases of death or permanent disability.
- Doesn't allow biweekly payments via autopay.
Qualifications- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $5,000 - $500,000. Maximum loan limits subject to limits on total student loan debt.
- Must have a degree: Yes, at least an undergraduate degree.
Available Term LengthsMultiple term optionsDisclaimerFixed interest rates range from 4.99% APR (with auto debit discount) to 8.96% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 5.99% APR (with auto debit discount) to 9.21% APR (without auto debit discount). Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.31% as of June 1, 2025. Lowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. The lowest rate for each loan type requires automatically withdrawn (i.e., auto debit) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range. Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan. Your actual savings, if any, may vary based on interest rates, balances, remaining repayment terms and other factors. Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score. Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information. This referral partner is not the creditor of Nelnet Bank loans and may receive compensation from Nelnet Bank for the referral of Nelnet Bank loan customers. For federally-held student loans, interest (currently at 0%) will resume September 1, 2023 and payments (currently suspended) will begin, starting in October. Please be aware, refinancing your federally-held loans will disqualify them for any federally-held loan benefits such as potential debt forgiveness and the remaining payment suspension and 0% interest. Carefully consider your options.
Our pick for
Refinancing with a brick-and-mortar, national bank
PNC Student Loan Refinance
Does not disclose
6.99-16.39%
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.
Citizens Student Loan Refinance
Does not disclose
5.90-11.38%
6.18-12.37%
- Key factsBest for existing Citizens Bank customers or borrowers who didn't graduate or aren't U.S. citizens.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- Estate is still responsible for loans refinanced by parents if the borrower dies.
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 Lengths5, 7, 10, 15 or 20 years
Our pick for
Refinancing with a regional bank
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.24%
- 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 yearsDisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Banks that refinance student loans
Among banks that refinance student loans, some offer rate discounts to existing customers who have a checking or savings account. Others will lower your rate if you opt for automatic payments.
Some community banks also offer student loan refinancing. You can find them through LendKey, a marketplace that connects borrowers with community banks and credit unions.
Some online student loan refinance lenders are backed by banks. For example, ELFI is the student loan refinancing division of Tennessee-based SouthEast 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.
What is student loan refinancing?
Student loan refinancing refers to switching private lenders with the goal of lowering your interest rate and acquiring new loan terms. It usually does not cost anything to refinance private student loans, and the savings can mean lower monthly payments and total interest cost.
Should I refinance my student loans with a bank?
Aim to find the loan with the lowest rate you qualify for. That may be from a bank you have an account with, especially if it offers you a discount or lower interest rate. It makes sense to refinance your student loan if you have a credit score in the mid to high 600s (or a co-signer who does) and have a stable income.
How do I refinance my student loans with a bank?
First, determine if student loan refinancing is right for you. If you have federal loans, you may want to think twice because refinancing federal loans waives your access to government programs like student loan forgiveness and income-driven repayment plans.
If you have private student loans, a strong credit score and a stable income, refinancing your student loans with a bank may be a good choice. Here are the steps to take:
Research lenders. Get estimates from multiple banks to determine which offers the best interest rate and terms. Most banks will allow you to pre-qualify and see your rate without impacting your credit score.
Complete paperwork. Plan to have documents verifying your graduation, income and residency to complete the application.
Wait for pay off. Once your refinance lender approves your new loan, it will pay off the debt to your current lender and you’ll make payments on your refinance loan moving forward.
» MORE: How to refinance student loans
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 19 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 May 5, 2025
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.
NerdWallet's Banks That Refinance Student Loans
- LendKey Student Loan Refinance: Best for Refinancing with a community bank
- SoFi Student Loan Refinancing: Best for Refinancing with an online bank
- PNC Student Loan Refinance: Best for Refinancing with a brick-and-mortar, national bank
- ELFI Student Loan Refinance: Best for Refinancing with a regional bank
- Citizens Student Loan Refinance: Best for Refinancing with a brick-and-mortar, national bank
- Nelnet Bank Student Loan Refinance: Best for Refinancing with an online bank
