8 Best Student Loan Refinance Companies of November 2019

Key facts

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

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 Delaware, Kentucky and Nevada.

Qualifications

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

• 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

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility.

Key facts

Best for existing Wells Fargo customers who want to take advantage of payment reduction options.

Pros

• You are assigned a dedicated student loan advisor.

• More flexible repayment options for struggling borrowers than other lenders offer.

Cons

• Fewer repayment term lengths than other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 748.

• Loan amounts: $1,000 up to the total cost of attendance.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Key facts

Best for borrowers who want plenty of benefits with their refinanced student loan.

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 from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 1.81% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 1.81% APR assumes current 1 month LIBOR rate of 1.81% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Key facts

PenFed has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster, including availability of shorter loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay.

Pros

• Married couples can refinance student loans into a single loan.

• 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.

Cons

• No formal deferment/forbearance options.

Qualifications

• Typical credit score of approved borrowers or co-signers: 777.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as November 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.42% APR to 7.16%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

Key facts

SoFi has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster, including availability of shorter loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay.

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 from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 1.81% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 1.81% APR assumes current 1 month LIBOR rate of 1.81% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Key facts

PenFed is the highest-rated lender that lets borrowers refinance their parents' PLUS loans with their own, as well as transfer PLUS loans from parents to children.

Pros

• Married couples can refinance student loans into a single loan.

• 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.

Cons

• No formal deferment/forbearance options.

Qualifications

• Typical credit score of approved borrowers or co-signers: 777.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as November 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.42% APR to 7.16%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

Key facts

SoFi is one of two lenders that let borrowers refinance student loans during their medical residency. Additionally, borrowers who refinance with SoFi get access to unique perks such as free career coaching and no-fee investing. SoFi also lets borrowers make biweekly or greater-than-minimum payments automatically.

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 from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 1.81% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 1.81% APR assumes current 1 month LIBOR rate of 1.81% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Key facts

Lawyers earning high salaries should aim to pay loans as quickly as possible to minimize interest costs. SoFi has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster.

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 from 3.46% APR to 5.98% APR (with AutoPay). Variable rates from 1.81% APR to 5.98% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 1.81% APR assumes current 1 month LIBOR rate of 1.81% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Key facts

MBAs in or headed to the private sector should refinance as early as possible to maximize savings. Earnest lets business school students who are enrolled at least half-time refi in their last semester before graduation.

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 Delaware, Kentucky and Nevada.

Qualifications

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

• 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

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility.

Key facts

Laurel Road is the only lender that lets borrowers refinance dental school loans during residency even if they take on additional student loans for residency. Members of the American Dental Association get a 0.25% interest rate discount for refinancing through Laurel Road.

Pros

• You can refinance parent PLUS loans in your name.

• Refinancing available for medical and dental residents.

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

Cons

• Payment postponement isn’t available if borrowers return to school.

Qualifications

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

• Loan amounts: $5,000 up to your total outstanding loan balance.

• Must have a degree: At least an associate degree for select professions. Borrowers in their last year of undergrad can refinance. For parent plus loans, the child does not need to have graduated to refinance.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

FIXED APR Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.00% per year to 6.00% per year for a 7-year term, 4.30% per year to 6.40% per year for a 10-year term, 4.60% per year to 6.80% per year for a 15-year term, or 5.05% per year to 7.02% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 5.14% per year to 6.25% per year for a 7-year term would be from $142.00 to $147.29. The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 6.65% per year for a 10-year term would be from $107.24 to $114.31. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.05% per year for a 15-year term would be from $80.65 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.61% per year to 7.27% per year for a 20-year term would be from $69.41 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. VARIABLE APR Variable rate options consist of a range from 1.99% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.49% per year to 6.31% per year for a 5-year term would be from $181.87 to $194.77. The monthly payment for a sample $10,000 loan at a range of 4.86% per year to 6.36% per year for a 7-year term would be from $140.68 to $147.82. The monthly payment for a sample $10,000 loan at a range of 4.91% per year to 6.41% per year for a 10-year term would be from $105.63 to $113.09. The monthly payment for a sample $10,000 loan at a range of 5.16% per year to 6.66% per year for a 15-year term would be from $79.92 to $87.99. The monthly payment for a sample $10,000 loan at a range of 5.41% per year to 6.91% per year for a 20-year term would be from $68.28 to $76.99. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

Key facts

ELFI has a maximum debt-to-income ratio of 55%.

Pros

• Above-average customer support compared with other lenders.

• You are assigned a personal 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.

Qualifications

• Typical credit score of approved borrowers or co-signers: 774.

• Loan amounts: $15,000 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. http://www.elfi.com/terms/

Key facts

Wells Fargo is the highest-rated student loan refinance lender we've reviewed that doesn't require borrowers to have a college degree. It also offers generous repayment programs for borrowers who are struggling to make payments, such as the option to temporarily reduce payments.

Pros

• You are assigned a dedicated student loan advisor.

• More flexible repayment options for struggling borrowers than other lenders offer.

Cons

• Fewer repayment term lengths than other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 748.

• Loan amounts: $1,000 up to the total cost of attendance.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Key facts

CommonBond is among the lenders that score highest in our customer support category and also have high overall scores. It matches borrowers with a dedicated student loan advisor for the length of the refinancing process.

Pros

• Forbearance of 24 months is longer than many lenders offer.

• 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.

Cons

• Loans aren’t available in Mississippi and Nevada.

Qualifications

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

• Loan amounts: $5,000 to $500,000.

• Must have a degree: Yes.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍ All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.19% effective August 10, 2019.

Key facts

PenFed is among the lenders that score highest in our customer support category and also have high overall scores It matches borrowers with a dedicated student loan advisor for the length of the refinancing process.

Pros

• Married couples can refinance student loans into a single loan.

• 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.

Cons

• No formal deferment/forbearance options.

Qualifications

• Typical credit score of approved borrowers or co-signers: 777.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as November 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.42% APR to 7.16%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

Key facts

Education Loan Finance is among the lenders that score highest in our customer support category and also have high overall scores. It matches borrowers with a dedicated student loan advisor for the length of the refinancing process.

Pros

• Above-average customer support compared with other lenders.

• You are assigned a personal 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.

Qualifications

• Typical credit score of approved borrowers or co-signers: 774.

• Loan amounts: $15,000 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. http://www.elfi.com/terms/

Key facts

Wells Fargo is the highest-rated lender among brick-and-mortar banks we've reviewed that offer student loan refinancing. It serves a diverse range of student borrowers, including those who didn't graduate or who aren't U.S. citizens.

Pros

• You are assigned a dedicated student loan advisor.

• More flexible repayment options for struggling borrowers than other lenders offer.

Cons

• Fewer repayment term lengths than other lenders.

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 748.

• Loan amounts: $1,000 up to the total cost of attendance.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Key facts

Pentagon Federal Credit Union, or PenFed, is the highest-rated among the credit unions we've reviewed that offer student loan refinancing. PenFed's student loan refinancing product is powered by a company called Purefy. Purefy assigns each refinance customer a personal student loan advisor and gives borrowers access to an in-house customer service team.

Pros

• Married couples can refinance student loans into a single loan.

• 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.

Cons

• No formal deferment/forbearance options.

Qualifications

• Typical credit score of approved borrowers or co-signers: 777.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as November 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.42% APR to 7.16%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

Key facts

Prodigy Finance is the only private lender that offers student loan refinancing to international working graduates in the U.S. Prodigy’s loan doesn't require a U.S. credit history or a Social Security number.

Pros

• The only lender that offers non-co-signed student loan refinancing for international graduates.

• No late fees.

• No co-signer or U.S. credit history needed.

Cons

• No fixed interest rates.

• No formal deferment/forbearance options.

• Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin.

Qualifications

• Typical credit score of approved borrowers or co-signers: No credit history requirements.

• Loan amounts: $15,000 to $350,000.

• Must have a degree: Yes.

Available Term Lengths

7, 10, 15 or 20 years

Disclaimer