5 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% | COMPARE RATES on Credible’s website | |
 SoFi Student Loan Refinancing GO TO LENDER SITE on SoFi®'s website COMPARE RATES on Credible’s website | 4.5 /5 | 650 | 4.49-9.99% | 5.99-9.99% | GO TO LENDER SITE 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
Our pick for
Refinancing with a brick-and-mortar, national bank
Laurel Road Student Loan Refinance
680
4.99-8.90%
5.29-9.20%
- Key facts
Laurel Road is a division of KeyBank. Existing KeyBank customers can receive a 0.25% interest rate discount by applying via the KeyBank 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 yearsDisclaimerFull Laurel Road Disclaimers. Rates as of 1/9/25, 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. ©2024 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
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.
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.
SoFi: Offers a rate discount for customers with a SoFi account.
Laurel Road: Offers a rate discount for opening a checking account.
PNC: Offers a rate discount 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, and loans refinanced through College Ave Student Loans are funded by Firstrust Bank, First Citizens Community 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.
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 26 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 February 4, 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
- 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
- ELFI Student Loan Refinance: Best for Refinancing with a regional bank
