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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.

By
Cecilia Clark
Dec 12, 2022

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Banks That Refinance Student Loans

LenderNerdWallet RatingMin. credit scoreFixed APRVariable APRLearn more
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check rateon LendKey's websiteon LendKey's website
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
SoFi Student Loan Refinance

SoFi Student Loan Refinance

5.0/5
Best for Refinancing with an online bank

650

4.99-8.99%

5.38-9.19%

Discover Student Loan Refinance

Discover Student Loan Refinance

4.0/5
Best for Refinancing with an online bank

Does not disclose

N/A

N/A

Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Check rateon Laurel Road's websiteon Laurel Road's website
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
PNC Student Loan Refinance

PNC Student Loan Refinance

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
Check rateon LendKey's websiteon LendKey's website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

4.0
NerdWallet rating
Min. credit score

660

Fixed APR

4.49-10.68%

Variable APR

4.76-7.86%

Check rateon LendKey's websiteon LendKey's website
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 Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

Our pick for

Refinancing with an online bank

SoFi Student Loan Refinance

SoFi Student Loan Refinance

Min. credit score

650

Fixed APR

4.99-8.99%

Variable APR

5.38-9.19%

Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.
Pros
  • 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.
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
DisclaimerFixed rates range from 4.99% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.38% APR to 9.19% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Discover Student Loan Refinance

Discover Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

N/A

Variable APR

N/A

Key factsBest for borrowers who may need wiggle room on payments, or those who didn't graduate.
Pros
  • No late fees.
  • More flexible repayment options for struggling borrowers than other lenders.
  • Can refinance without a degree.
Cons
  • 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.
Qualifications
  • 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.
Available Term LengthsVisit Lender Website

Our pick for

Refinancing with a brick-and-mortar, national bank

Laurel Road Student Loan Refinance
Check rateon Laurel Road's websiteon Laurel Road's website
Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Min. credit score

660

Fixed APR

4.49-8.70%

Variable APR

4.74-8.60%

Check rateon Laurel Road's websiteon Laurel Road's website
Key facts

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.

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 years
DisclaimerFull Laurel Road Disclaimers. Rates as of 3/21/23, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. Notice for Federal Loan Holders: The Department of Education recently announced forgiveness of $10,000 for qualifying Federal student loan borrowers and $20,000 for qualifying Pell Grant recipients. Read more here (https://studentaid.gov/debt-relief- announcement). If you refinance a federal student loan with Laurel Road, you will no longer qualify for forgiveness or federal student loan repayment options, including but not limited to Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), and relief offered by the federal government related to the COVID-19 pandemic (such as 0% interest rate, suspension of payments, and forgiveness). Additionally, federal student loans offer deferment, forbearance, and loan forgiveness options that are not available with Laurel Road. Please carefully consider these loss of federal benefits and consult www.studentaid.gov for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 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

PNC Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

4.49-13.74%

Variable APR

5.64-14.89%

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 Lengths5, 10 or 15 years.

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.

» MORE: Banks that offer private student loans

Banks that don’t refinance student loans

Most big-name, national brick-and-mortar banks don’t refinance student loans, including:

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.

Last updated on December 12, 2022

To recap our selections...

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

  • 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.

  • 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.

  • 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.

Further reading

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