Best of
4 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 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.
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
| Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
|---|---|---|---|---|---|
Best for Refinancing with a national bank | 3.20 - 8.63% | 2.49 - 8.38% | Does not disclose | See my rates on NerdWallet's secure website | |
Best for Refinancing with a national bank | 3.74 - 9.74% | 3.00 - 8.74% | Does not disclose | See my rates on NerdWallet's secure website | |
Best for Refinancing with a national bank | 3.44 - 6.24% | 2.79 - 5.59% | Does not disclose | See my rates on NerdWallet's secure website | |
Best for Refinancing with a community bank | 3.19 - 7.75% | 2.63 - 5.25% | 660 | See my rates on NerdWallet's secure website |
Our picks for
Refinancing with a national bank
on NerdWallet's secure website
Citizens One Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
on NerdWallet's secure website
Wells Fargo Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
on NerdWallet's secure website
PNC Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
Our pick for
Refinancing with a community bank
LendKey partners with community banks, as well as credit unions, to refinance student loans.
on NerdWallet's secure website
LendKey Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
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:
U.S. Bank.
Capital One.
Last updated on June 26, 2020
To recap our selections...
NerdWallet's Banks That Refinance Student Loans
- Citizens One Student Loan Refinance: Best for Refinancing with a national bank
- Wells Fargo Student Loan Refinance: Best for Refinancing with a national bank
- PNC Student Loan Refinance: Best for Refinancing with a national bank
- LendKey Student Loan Refinance: Best for Refinancing with a community 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 Wells Fargo, PNC and Citizens Bank.
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 and U.S. 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.
