3 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.
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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.
Best Refinance Lenders for Paying Off Student Loans Fast
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | 680 | 4.96-8.99% | 5.32-8.94% | Check rateon Earnest's website on Earnest's website | |
5.0 /5 | 680 | 5.79-8.24% | N/A | ||
5.0 /5 | Mid-600s | 5.99-11.99% | 5.99-11.99% | Check rateon College Ave's website on College Ave's website |
Earnest Student Loan Refinance
680
4.96-8.99%
5.32-8.94%
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.
- 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.
- You can’t apply with a co-signer.
- Loans aren't available in Nevada.
- 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.
RISLA Student Loan Refinance
680
5.79-8.24%
N/A
RISLA offers bi-weekly payments through autopay and the option for shorter loan terms. It is also one of few lenders that offers income-based repayment for borrowers who experience unexpected financial hardships.
- Income-based repayment plan available, with forgiveness after 25 years.
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
- 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.
College Ave Student Loan Refinance
Mid-600s
5.99-11.99%
5.99-11.99%
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.
- You can choose any loan term between 5 and 15 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
- 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.
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.)
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.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on November 4, 2022
NerdWallet's Best Refinance Lenders for Paying Off Student Loans Fast
- Earnest Student Loan Refinance: Best for Customized repayment schedules
- RISLA Student Loan Refinance: Best for Unemployment safety net
- College Ave Student Loan Refinance: Best for Nonstandard loan terms
