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5 Best Student Loan Refinancing Companies of June 2024

The best student loan refinancing companies typically offer lower interest rates. But some refinance lenders also excel at serving specific customer groups.

NerdWallet
By
Last updated on October 24, 2023
Edited by
✅ Fact checked and reviewed
Karen Gaudette Brewer
Edited by
✅ Fact checked and reviewed

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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 Refinancing Companies

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
SoFi Student Loan Refinancing

SoFi Student Loan Refinancing

Check rate
on SoFi's website
on SoFi's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Banks to refinance student loans

650

5.24-9.99%

6.24-9.99%

LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check rate
on LendKey's website
on LendKey's website
4.5
/5
Best for Student loan refinancing with low income

Not disclosed.

5.49-9.45%

5.53-8.70%

Check rate
on LendKey's website
on LendKey's website

Our pick for

Banks to refinance student loans

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

SoFi Student Loan Refinancing

4.5
Min. credit score

650

Fixed APR

5.24-9.99%

Variable APR

6.24-9.99%

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
DisclaimerFixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% 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. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. 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. You may pay more interest over the life of the loan if you refinance with an extended term.
Read Full Review

Our pick for

Student loan refinancing with low income

You can refinance if you don't make a lot of money, but this may not make sense for federal loan borrowers.

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

LendKey Student Loan Refinance

Min. credit score

Not disclosed.

Fixed APR

5.49-9.45%

Variable APR

5.53-8.70%

Key facts

Borrowers who refinance with LendKey have an average income of $65,000 — the lowest number among lenders who shared this information with NerdWallet.

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

Our pick for

State-based refinancing

ISL Refinance Loan
Read review
ISL Refinance Loan

ISL Refinance Loan

Min. credit score

660

Fixed APR

6.81-11.83%

Variable APR

N/A

Key factsBest for saving on interest before graduation and borrowers who didn’t finish school.
Pros
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • You can refinance without a degree.
  • You can refinance while in school or during a medical residency.
Cons
  • Interest rates vary by refi product.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Approximately 750.
  • Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)
  • Must have a degree: No.
Available Term Lengths5, 7, 10, 15 or 20

Our pick for

Overall

RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

6.34-8.29%

Variable APR

N/A

Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
  • Co-signer release available after 24 months.
Cons
  • 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
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-13.99%

Variable APR

6.99-13.99%

Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
Pros
  • You can choose any loan term between 5 and 20 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.

How to refinance student loans

  1. Identify your financial goals. Refinancing can help you lower your monthly student loan payment, total payback amount or both. You can also use a refinance to change your loan terms and pay off your student debt faster. Consider your goals first to determine if refinancing will help you meet them.

  2. Evaluate your finances. For the best chances of approval, you'll likely need a credit score in the high 600s, a debt-to-income, or DTI, ratio of 50% or better and stable income.

  3. Compare rates. Get prequalified with several lenders to see who gives you the best deal. The lenders on this list will show you your rate offer without affecting your credit score.

  4. Choose a lender and complete the application. You may need the following information to complete the official application: loan verification statement, proof of employment, proof of residency, proof of graduation, proof of identity.

  5. Sign the final documents and wait for loan payoff. Once underwriting is complete, you’ll need to sign some final paperwork to accept the loan. You'll usually have three days to cancel the refinance loan if you change your mind.

Best student loan refinance companies

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 October 24, 2023

To recap our selections...

NerdWallet's Best Student Loan Refinancing Companies of June 2024

  • SoFi Student Loan Refinancing: Best for Banks to refinance student loans
  • LendKey Student Loan Refinance: Best for Student loan refinancing with low income
  • ISL Refinance Loan: Best for State-based refinancing
  • RISLA Student Loan Refinance: Best for Overall
  • College Ave Student Loan Refinance: Best for Overall

Further reading

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