BEST OF

5 Best Refinance Lenders for Paying Off Student Loans Fast

Look for lenders that allow biweekly and greater-than-minimum payments via autopay, and offer repayment schedules that fit your debt payoff goal.

Ryan LaneDecember 22, 2020
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Some refinance lenders make it easier than others to pay off student loans fast. These top-rated refinancing lenders scored highest for features that help you pay off student loans more quickly.

Scroll to the bottom of the page for more tips about how to get rid of your college debt quickly.

Summary of Best Refinance Lenders for Paying Off Student Loans Fast

Earnest Student Loan Refinance
Check Rate

on Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating 
Earnest Student Loan Refinance

Fixed APR

2.98 - 5.79%

Variable APR

1.99 - 5.64%

Min. Credit Score

650

Check Rate

on Earnest's website

Variable APR

1.99 - 5.64%

Key facts

Earnest lets borrowers increase their minimum monthly payment at any time, schedule multiple extra payments at once and make greater-than-minimum payments via autopay.

Pros

  • Customizable payments and loan terms.

  • Option to skip one payment every 12 months.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • You can’t apply with a co-signer.

  • Loans aren't available in Kentucky and Nevada.

Qualifications

  • Typical credit score of approved borrowers or co-signers: 760.

  • Loan amounts: $5,000 to $500,000.

  • Must have a degree: No, but must be within six months of graduation and have income or a job.

Available Term Lengths

5 to 20 years

Disclaimer

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility
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PenFed Student Loan Refinance
Check Rate

on Purefy's website

PenFed Student Loan Refinance

5.0

NerdWallet rating 
PenFed Student Loan Refinance

Fixed APR

2.99 - 5.15%

Variable APR

2.19 - 4.49%

Min. Credit Score

670

Check Rate

on Purefy's website

Variable APR

2.19 - 4.49%

Key facts

PenFed has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster, including availability of shorter loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay.

Pros

  • Married couples can refinance student loans into a single loan.

  • 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.

Cons

  • Estate is still responsible for the loan if the borrower dies.

Qualifications

  • Typical credit score of approved borrowers or co-signers: 773.

  • Loan amounts: $7,500 to $300,000.

  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as December 15, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.99% APR to 5.15% APR and Variable Rates range from 2.19% APR to 4.49% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
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College Ave Student Loan Refinance
Check Rate

on College Ave's website

College Ave Student Loan Refinance

4.5

NerdWallet rating 
College Ave Student Loan Refinance

Fixed APR

3.34 - 6.19%

Variable APR

3.24 - 6.04%

Min. Credit Score

Upper 600s

Check Rate

on College Ave's website

Variable APR

3.24 - 6.04%

Key facts

College Ave lets borrowers choose a repayment term between 5 and 20 years. That can help pay off loans faster by not extending your current repayment term.

Pros

  • You can choose any loan term between five and 20 years.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • No co-signer release available.

  • Students cannot refinance a parent PLUS loan in their name.

  • Loans aren’t available in Maine.

Qualifications

  • Typical credit score of approved borrowers or co-signers: Mid-700s.

  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.

  • Must have a degree: Yes, an associate degree or higher.

Available Term Lengths

5 to 20 years

Disclaimer

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. All rates shown include the autopay discount. (1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. (2)This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. (3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
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Splash Financial Student Loan Refinance
Check Rate

on Splash Financial's website

Splash Financial Student Loan Refinance

4.5

NerdWallet rating 
Splash Financial Student Loan Refinance

Fixed APR

2.63 - 5.49%

Variable APR

N/A

Min. Credit Score

650

Check Rate

on Splash Financial's website

Variable APR

N/A

Key facts

Splash lets borrowers make greater-than-minimum payments via autopay and may allow biweekly payments, depending on which of its partner lenders funds your loan.

Pros

  • You are assigned a dedicated account representative.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loan features vary by lender.

  • Forbearance and death discharge may not be available.

  • You may need to become a member of a credit union to qualify.

Qualifications

  • Splash Financial currently does not offer variable rates or accept co-signers through NerdWallet.

  • Typical credit score of approved borrowers or co-signers: 700+.

  • Loan amounts: $25,001 to $500,000.

  • Must have a degree: Yes, a bachelor’s degree or higher.

Available Term Lengths

5, 7, 10, and 15 years

Disclaimer

Fixed rates range from 2.63% APR to 5.49% APR. Rates are current as of October 1, 2020 and reflect those offered by participating lending partners. Lending partners may vary and are displayed at the sole discretion of Splash. Not all lending partners are available for all application channels. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income, and other factors. Terms and conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice.
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RISLA Student Loan Refinance
See my rates

on NerdWallet's secure website

RISLA Student Loan Refinance

4.5

NerdWallet rating 
RISLA Student Loan Refinance

Fixed APR

3.49 - 8.14%

Variable APR

N/A

Min. Credit Score

680

See my rates

on NerdWallet's secure website

Variable APR

N/A

Key facts

RISLA lets borrowers make greater-than-minimum payments via autopay. You can't schedule biweekly payments, but you can set up recurring weekly payments.

Pros

  • Income-based repayment plan available, with forgiveness after 25 years.

Cons

  • No co-signer release available.

  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

  • Students cannot refinance a parent PLUS loan in their name.

Qualifications

  • Typical credit score of approved borrowers: 748.

  • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.

  • Must have a degree: No.

Available Term Lengths

5, 10 or 15 years
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The fastest way to pay off student loans

Refinancing is one of the fastest ways to pay off student loans. With a lower interest rate, the same monthly payment goes further toward the loan principal.

Here's how to prioritize fast student loan payoff during every step of the refinancing process.

  • Find the right refinance lender. You can pay off your refinanced student loan early regardless of which lender you choose, because student loan refinance lenders don’t charge prepayment penalties.But not all lenders go the extra mile to make quick payoff convenient. Look for lenders that let you make biweekly (every two weeks) and greater-than-minimum payments via autopay, so you can set it and forget it. (Most lenders offer a quarter-point interest rate discount for using autopay.)

» MORE: Earnest vs. SoFi: Which is better for refinancing student loans?

  • Choose the shortest repayment timeline you can afford. Also look for lenders that offer repayment schedules that fit with your debt payoff goal; some offer shorter terms that others. If you want to be debt-free in seven years, for instance, it’s helpful to have a seven-year loan term. That way, you’ll meet your goal just by making the minimum payments — any extra payments will be gravy.

  • Refinance with the lender that offers you the lowest rate. Above are top-rated lenders that offer all or most of these fast payoff features. Get rate estimates from each and go with the lender that offers you the lowest interest rate.

  • Make extra and biweekly payments. Once you’ve refinanced, you can accelerate repayment by paying extra when you can and making biweekly student loan payments instead of monthly ones.

Last updated on December 22, 2020

To recap our selections...

NerdWallet's Best Refinance Lenders for Paying Off Student Loans Fast