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2 Best Student Loan Refinance Bonus Programs

Student loan refinance bonuses can save you money, but don't make a decision based on the bonus alone.

Last updated on May 2, 2025
Cecilia Clark
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Head of Content, Personal & Student Loans
Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

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NerdWallet's student loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, The New York Times, The Washington Post, Nasdaq, MSN, ABC News, MarketWatch and many other national and regional media outlets. They also have appeared on NerdWallet's “Smart Money” podcast, as well as local TV and radio.

Best Student Loan Refinance Bonus Programs From Our Partners

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

LendKey Student Loan Refinance

See Offers
on Credible’s website
on Credible’s website
4.5
/5
Best for Refinance referral bonuses

680

4.89-9.04%

5.54-9.12%

See Offers
on Credible’s website
on Credible’s website
SoFi Student Loan Refinancing

SoFi Student Loan Refinancing

See Offers
on SoFi®'s website
on SoFi®'s website
COMPARE RATES
on Credible’s website
on Credible’s website
4.5
/5
Best for Refinance referral bonuses

650

4.49-9.99%

5.99-9.99%

See Offers
on SoFi®'s website
on SoFi®'s website
COMPARE RATES
on Credible’s website
on Credible’s website

Our pick for

Refinance referral bonuses

LendKey Student Loan Refinance
COMPARE RATES
on Credible’s website
on Credible’s website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Min. credit score

680

Fixed APR

4.89-9.04%

Variable APR

5.54-9.12%

  • Key facts

    Get $200 for every person you successfully refer to LendKey who refinances a student loan. The person you refer will receive $200 as well.

    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.
    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
SoFi Student Loan Refinancing

SoFi Student Loan Refinancing

Min. credit score

650

Fixed APR

4.49-9.99%

Variable APR

5.99-9.99%

  • Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.
    Pros
    • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
    • Dedicated Student Loan Debt Specialist available for borrowers.
    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

How student loan refinance bonuses work

Third parties, including websites like NerdWallet, receive a commission from student loan refinance lenders for sending borrowers their way. Some of these referrers reduce that commission, offering the difference to borrowers as a bonus for refinancing via their website.

You may not save money by opting for the best sign-up bonus if it isn’t paired with the lowest interest rate. For example, say you plan to refinance $30,000. One lender offers you a $500 refinance bonus and an interest rate of 5%. Another has no bonus but a rate of 4.5%.

Even if you put that $500 directly toward your loan, you’d still pay more overall ($37,547 vs. $37,310) thanks to the higher interest rate, based on a 10-year repayment plan. Use a student loan refinance calculator to make sure you’re getting the best deal possible.

How student loan referral bonuses work

Many lenders offer money for referring new customers to them. These are similar to sign-up bonuses, except you’re the third party providing the application link. If you plan to take advantage of a referral bonus, do the following first:

  • Know which link to use. The lender will provide you with a custom link. If your friends, family or other referrals don't click on that specific link at the start of their application, you likely won’t be able to get the referral bonus.

  • Learn when the deadline is. The person you refer must successfully complete the refinancing process within a set number of days from starting it. ELFI, for example, gives you 90 days to do this; for SoFi, the window is 120 days. Know this deadline so you know when to give someone a nudge.

  • Find out if there’s a limit. Some lenders limit how many bonuses you can receive.

Additional terms and conditions will apply. Be sure to read the lender’s complete guidelines.

Other student loan refinance promotions

It’s rare to find student loan refinance bonuses that don’t require a referral from a website, another borrower or your employer. But other promotions are available from some lenders:

  • Prepayment bonuses. A lender may reward you for paying off your loan early.

  • Interest rate discounts. Most lenders will lower your interest rate by 0.25 percentage points if you enroll in automatic payments. Some offer a larger deduction; PNC’s autopay discount is 0.50 percentage points, for example.

  • Loyalty rewards. Financial institutions may lower your interest rate further if you have an existing account with them.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 19 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 May 2, 2025

Frequently asked questions

  • A student loan refinance bonus is a monetary award that third party affiliates offer to get your business. Bonuses may be cash or another form, like a gift card, and amounts vary by affiliate.

  • You must start and complete the refinancing process via a specific lender’s link to get the bonus. Student loan refinancing bonuses cannot be awarded to you retroactively.

  • Bonuses aren’t worth it if you pass on a better overall deal. A $200 bonus sounds nice, but you could pay far more than that in the long run if you opt for a higher interest rate to get that cash.

  • Many lenders will offer you money in exchange for sending new customers their way. Bonuses may be available for you and the person you refer, or you may be able to split the payment.

To recap our selections...

NerdWallet's Best Student Loan Refinance Bonus Programs

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