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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.

Cecilia Clark
By
Last updated on September 28, 2023
Edited by
✅ Fact checked and reviewed
Des Toups
Edited by
✅ Fact checked and reviewed

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Best Refinance Lenders for Paying Off Student Loans Fast

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
Earnest Student Loan Refinance

Earnest Student Loan Refinance

Check rate
on Earnest's website
on Earnest's website
Best for Customized repayment schedules

650

5.19-9.74%

5.99-9.74%

Check rate
on Earnest's website
on Earnest's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Check rate
on College Ave's website
on College Ave's website
COMPARE RATES
on Credible’s website
on Credible’s website
5.0
/5
Best for Nonstandard loan terms

Mid-600s

6.99-11.99%

6.99-11.99%

Check rate
on College Ave's website
on College Ave's website
RISLA Student Loan Refinance

RISLA Student Loan Refinance

Read review
5.0
/5
Best for Unemployment safety net

680

5.79-8.24%

N/A

Earnest Student Loan Refinance
Check rate
on Earnest's website
on Earnest's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

5.0
Min. credit score

650

Fixed APR

5.19-9.74%

Variable APR

5.99-9.74%

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
  • Loans aren't available in 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 Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.24% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Read Full Review
College Ave Student Loan Refinance
Check rate
on College Ave's website
on College Ave's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-11.99%

Variable APR

6.99-11.99%

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 5 and 15 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.
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 Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 1/2/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

5.79-8.24%

Variable APR

N/A

Key facts

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.

Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
Cons
  • No co-signer release available.
  • 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 Lengths5, 10 or 15 years

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.

Last updated on September 28, 2023

To recap our selections...

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

  • Earnest Student Loan Refinance: Best for Customized repayment schedules
  • College Ave Student Loan Refinance: Best for Nonstandard loan terms
  • RISLA Student Loan Refinance: Best for Unemployment safety net
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