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4 Banks That Refinance Student Loans

Ryan LaneJune 26, 2020

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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.

There are a handful of brick-and-mortar banks that refinance student loans. But with student loan refinancing, you don’t need a brick-and-mortar bank. Your priority should be finding the lowest possible rate you qualify for. Many of the best student loan refinance companies are online lenders, like SoFi and CommonBond, or credit unions, like PenFed.

Summary of Banks That Refinance Student Loans

LenderNerdWallet Rating Fixed APRVariable APRMin. Credit ScoreLearn More
Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

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Best for Refinancing with a national bank

3.20 - 8.63%

2.49 - 8.38%

Does not disclose

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Wells Fargo Student Loan Refinance

Wells Fargo Student Loan Refinance

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Best for Refinancing with a national bank

3.74 - 9.74%

3.00 - 8.74%

Does not disclose

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PNC Student Loan Refinance

PNC Student Loan Refinance

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Best for Refinancing with a national bank

3.44 - 6.24%

2.79 - 5.59%

Does not disclose

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LendKey Student Loan Refinance

LendKey Student Loan Refinance

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Best for Refinancing with a community bank

3.19 - 7.75%

2.63 - 5.25%

660

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Our picks for

Refinancing with a national bank

Citizens One Student Loan Refinance
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Citizens One Student Loan Refinance

Citizens One Student Loan Refinance

Fixed APR

3.20 - 8.63%

Variable APR

2.49 - 8.38%

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website


Variable APR

2.49 - 8.38%

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 formal forbearance options.

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

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.49%-8.38% (2.49%-8.38% APR). Fixed interest rates range from 3.20%-8.63% (3.20%-8.63% APR).
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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

3.74 - 9.74%

Variable APR

3.00 - 8.74%

Min. Credit Score

Does not disclose

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Variable APR

3.00 - 8.74%

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.

Cons

  • Shorter length of hardship forbearance than most other lenders.

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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PNC Student Loan Refinance
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PNC Student Loan Refinance

PNC Student Loan Refinance

Fixed APR

3.44 - 6.24%

Variable APR

2.79 - 5.59%

Min. Credit Score

Does not disclose

See my rates

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Variable APR

2.79 - 5.59%

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

  • 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 Lengths

5, 10 or 15 years.

Disclaimer

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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
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LendKey Student Loan Refinance

LendKey Student Loan Refinance

Fixed APR

3.19 - 7.75%

Variable APR

2.63 - 5.25%

Min. Credit Score

660

See my rates

on NerdWallet's secure website


Variable APR

2.63 - 5.25%

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 Lengths

5, 7, 10, 15 or 20 years

Disclaimer

See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
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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:

Last updated on June 26, 2020

To recap our selections...

NerdWallet's Banks That Refinance Student Loans

Frequently asked questions