BEST OF

6 Best Student Loan Refinance Bonus Programs of December 2022

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

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Many student loan refinance lenders offer a sign-up or welcome bonus to get your business. To receive these bonuses, you typically must do the following:

  • Apply with a lender via a specific link or URL from a third party.

  • Meet that lender’s approval standards.

  • Complete the refinancing process, from application through disbursal.

Lenders may also offer loyalty rewards to existing customers, as well as bonuses for referring other borrowers or prepaying your refinanced loan.

Student loan refinance bonuses are a nice perk, especially if you use this found money to pay your loan. But they may not put more cash in your pocket than a low interest rate. When considering your refinancing options, aim to save the most money — even if that means passing on the biggest bonus.

Here are our picks for the best student loan refinance bonuses. Select "view details" for each below the summary to find program details, and keep reading for information on how refinance bonuses work.

Best Student Loan Refinance Bonus Programs

Our pick for

Refinance referral bonuses

Splash Financial Student Loan Refinance
Check rate

on Splash Financial's website

Splash Financial Student Loan Refinance

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance

Min. credit score

650

Fixed APR

4.49-8.00%

Variable APR

5.92-8.65%
Check rate

on Splash Financial's website


Variable APR

5.92-8.65%

Key facts

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

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: $10,000 to $500,000.

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

Available Term Lengths

5 to 25 years

Disclaimer

Splash 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 4.49% (with autopay) to 8.00% (with autopay). Variable rate options range from 5.92% (with autopay) to 8.65% (with 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.

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Earnest Student Loan Refinance
Check rate

on Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating 
Earnest Student Loan Refinance

Min. credit score

650

Fixed APR

4.39-8.99%

Variable APR

3.99-8.29%
Check rate

on Earnest's website


Variable APR

3.99-8.29%

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 Lengths

5 to 20 years

Disclaimer

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.64% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 4.24% APR to 8.54% 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.

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Education Loan Finance Student Loan Refinance
Check rate

on Education Loan Finance's website

Education Loan Finance Student Loan Refinance

4.5

NerdWallet rating 
Education Loan Finance Student Loan Refinance

Min. credit score

680

Fixed APR

4.48-7.29%

Variable APR

3.53-7.24%
Check rate

on Education Loan Finance's website


Variable APR

3.53-7.24%

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 Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Subject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/

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LendKey Student Loan Refinance
Check rate

on LendKey's website

LendKey Student Loan Refinance

4.0

NerdWallet rating 
LendKey Student Loan Refinance

Min. credit score

660

Fixed APR

3.99-10.68%

Variable APR

3.27-6.87%
Check rate

on LendKey's website


Variable APR

3.27-6.87%

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 Lengths

5, 7, 10, 15 or 20 years

Disclaimer

See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

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Our pick for

General bonuses

SoFi Student Loan Refinance
Check rate

on SoFi's website

SoFi Student Loan Refinance

5.0

NerdWallet rating 
SoFi Student Loan Refinance

Min. credit score

650

Fixed APR

4.49-8.99%

Variable APR

4.49-8.99%
Check rate

on SoFi's website


Variable APR

4.49-8.99%

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 Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 4.49% APR to 8.99% 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 8.95% APR; 15- and 20-year terms are capped at 9.95% 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.

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Our pick for

Loyalty bonuses

Citizens Student Loan Refinance

4.5

NerdWallet rating 
Citizens Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

5.39-11.88%

Variable APR

5.09-11.68%

Variable APR

5.09-11.68%

Key facts

You can get a 0.25 percentage point interest rate reduction by having a qualifying account with Citizens Bank.

Pros

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

  • You can refinance parent PLUS loans in your name.

  • Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.

Cons

  • Estate is still responsible for loans refinanced by parents if the borrower dies.

Qualifications

  • Typical credit score of approved borrowers or co-signers: Does not disclose.

  • Loan amounts: $10,000 to $500,000.

  • Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

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 make 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. For example, Wells Fargo customers can get a 0.50 percentage point discount by taking part in the Portfolio by Wells Fargo program.

  • Additional perks. Putting extra cash toward your loan is a great strategy to pay it off faster. But you may value a different kind of benefit; for example, CommonBond makes a donation to the nonprofit Pencils for Promise for every student loan it refinances. The lender also offers a SmartSave service, which automatically deposits monthly savings from your refinance into an account with high-yield savings.

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 June 17, 2022

To recap our selections...

NerdWallet's Best Student Loan Refinance Bonus Programs of December 2022

Frequently asked questions