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5 Best Student Loan Refinance Bonus Programs of June 2023

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

By
Cecilia Clark
Apr 14, 2023

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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

Check rate
on LendKey's website
4.0
/5
Best for Refinance referral bonuses

660

4.49-10.68%

5.02-8.18%

Check rate
on LendKey's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

Check rate
on Earnest's website
5.0
/5
Best for Refinance referral bonuses

680

4.96-8.99%

5.15-8.94%

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

Splash Financial Student Loan Refinance

Check rate
on Splash Financial's website
5.0
/5
Best for Refinance referral bonuses

650

5.34-8.37%

7.27-7.27%

Check rate
on Splash Financial's website
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

Check rate
on Education Loan Finance's website
4.5
/5
Best for Refinance referral bonuses

680

5.08-8.04%

4.78-8.49%

Check rate
on Education Loan Finance's website
SoFi Student Loan Refinance

SoFi Student Loan Refinance

Check rate
on SoFi's website
5.0
/5
Best for General bonuses

650

4.99-9.99%

5.74-9.99%

Check rate
on SoFi's website

Our pick for

Refinance referral bonuses

LendKey Student Loan Refinance
Check rate
on 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

5.02-8.18%

Key facts

Get $200 deposited to PayPal for every person you successfully refer to LendKey who refinances a student loan. The person you refer will receive $200 via PayPal 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.
  • 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
Read Full Review
Earnest Student Loan Refinance
Check rate
on Earnest's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

5.0
NerdWallet rating
Min. credit score

680

Fixed APR

4.96-8.99%

Variable APR

5.15-8.94%

Key facts

You and your referral both earn $200 for a successful student loan refinance referral. Referrals aren’t available for Earnest’s other financial products.

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 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 5.21% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.40% APR to 9.19% 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
Splash Financial Student Loan Refinance
Check rate
on Splash Financial's website
Splash Financial Student Loan Refinance

Splash Financial Student Loan Refinance

5.0
NerdWallet rating
Min. credit score

650

Fixed APR

5.34-8.37%

Variable APR

7.27-7.27%

Key facts

Get $250 for each person you successfully refer to Splash Financial. Your referral will receive $250 as well.

Pros
  • Select from multiple repayment options between 5 and 25 years.
  • 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: $10,000 to $500,000.
  • Must have a degree: Yes, a bachelor’s degree or higher.
Available Term Lengths5 to 25 years
DisclaimerSplash Financial, Inc. (NMLS # 1630038) reserves the right to modify or discontinue products and benefits at any time without notice. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers. Terms and conditions apply. Products may not be available in all states. These rates are subject to change at any time. If you do not use the specific link included on this website, offers on the Splash website may include other offers from lending partners that may have a higher rate. Fixed Rate options range from 5.34% (with autopay) to 8.37% (with autopay). Variable rate options range from 7.27% (with autopay) to 7.27% (without autopay). Some of the rates are based on the one-month London Interbank Offered Rate (“LIBOR”) index and some are 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). Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
Read Full Review
Education Loan Finance Student Loan Refinance
Check rate
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

4.5
NerdWallet rating
Min. credit score

680

Fixed APR

5.08-8.04%

Variable APR

4.78-8.49%

Key facts

Earn $400 for every person you successfully refer to ELFI; the person you refer will get $100 credited toward their loan.

Pros
  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.
Cons
  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $10,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Read Full Review

Our pick for

General bonuses

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

SoFi Student Loan Refinance

5.0
NerdWallet rating
Min. credit score

650

Fixed APR

4.99-9.99%

Variable APR

5.74-9.99%

Key facts

Amounts vary by promotional campaign.

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 9.99% APR with a 0.25% autopay discount. Variable rates from 5.74% APR to 9.99% 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 13.95% APR; 15- and 20-year terms are capped at 13.95% 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.
Read Full Review

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. For example, you can’t earn more than 10 referral bonuses from Laurel Road in a calendar year.

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 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 April 14, 2023

To recap our selections...

NerdWallet's Best Student Loan Refinance Bonus Programs of June 2023

  • LendKey Student Loan Refinance: Best for Refinance referral bonuses
  • Earnest Student Loan Refinance: Best for Refinance referral bonuses
  • Splash Financial Student Loan Refinance: Best for Refinance referral bonuses
  • Education Loan Finance Student Loan Refinance: Best for Refinance referral bonuses
  • SoFi Student Loan Refinance: Best for General bonuses

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.

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