7 Best Student Loan Refinancing Companies in 2025
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A student loan refinance is when you move your loans from multiple lenders to one new, private lender to lower the interest rate or get better terms.
NerdWallet student loan experts evaluated dozens of data points to identify the best student loan refinance companies for different customers. See our picks below and learn if refinancing your student loans makes sense for you.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Student Loan Refinancing Companies in 2025
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
 SoFi Student Loan Refinancing GO TO LENDER SITE on SoFi®'s website COMPARE RATES on Credible’s website | 4.5 /5 | 650 | 4.49-9.99% | 5.99-9.99% | GO TO LENDER SITE on SoFi®'s website COMPARE RATES on Credible’s website |
4.5 /5 | 680 | 4.88-8.44% | 4.86-8.24% | COMPARE RATES on Credible’s website | |
 Earnest Student Loan Refinance GO TO LENDER SITE on Earnest's website COMPARE RATES on Credible’s website | 5.0 /5 | 650 | 4.25-10.49% | 5.88-10.49% | GO TO LENDER SITE on Earnest's website COMPARE RATES on Credible’s website |
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | COMPARE RATES on Credible’s website | |
5.0 /5 | 670 | 5.95-9.99% | N/A |
Our pick for
Banks to refinance student loans
SoFi Student Loan Refinancing
650
4.49-9.99%
5.99-9.99%
- Key facts
Best for borrowers who may prefer an online bank and 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
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.24%
- Key factsBest for borrowers who value good customer service.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 yearsDisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- Key facts
Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank. While LendKey connects borrowers with community banks and credit unions, LendKey services the loans.
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 yearsDisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Our pick for
Student loan refinancing with low income
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
Earnest has no minimum income requirement. Borrower's median income is $70,000 one of the lowest shared with NerdWallet.
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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
Advantage requires borrowers to have a minimum annual income of $24,000.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Our pick for
State-based refinancing
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
Best for borrowers who didn’t graduate. Loans are not available to borrowers in Alaska, Delaware, Iowa, Maine, Maryland, Nevada, New Jersey, Rhode Island, Washington and Washington, D.C.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key facts
Best for borrowers who want payment flexibility should they run into financial trouble. Loans are available to borrowers nationwide.
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
Our pick for
Borrowers with no degree
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
Best for borrowers who didn’t graduate and who may be looking for a longer forbearance period.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
Best for borrowers who are still enrolled in school and have a job offer.
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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
RISLA Student Loan Refinance
680
6.34-8.29%
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
Our pick for
Lenders offering co-signer release
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
Borrowers can request a co-signer release after 12 months. They will need to pass a hard credit check and meet other eligibility requirements to release a co-signer from an Advantage Refinance Loan.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key facts
RISLA requires borrowers make 24 full, on-time and consecutive payments as well as provide credit score and employment information when they apply to release a co-signer.
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
Our pick for
International borrowers
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
International borrowers are required to provide proof of a permanent residency card.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
International borrowers must possess a Permanent Resident Card (10-year non-conditional or 2-year conditional), be a DACA recipient, be an Asylee or hold an H-1B visa with a U.S. Citizen cosigner.
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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
Our pick for
Paying off student loans fast
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
Advantage provides features like bi-weekly autopay and five repayment term options.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most 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 Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
Earnest offers borrowers a variety of features to encourage faster refinance student loan payoff, including allowing borrowers to increase their minimum monthly payment and schedule multiple extra payments.
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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
Our pick for
Credit unions to refinance student loans
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- Key factsBest for borrowers who prefer to work with a community bank or credit union, rather than a big bank.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 yearsDisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Navy Federal Student Loan Refinance
Does not disclose
N/A
N/A
- Key factsAn option for members of Navy Federal Credit Union, especially those who have an associate degree.Pros
- Forbearance of 18 months is longer than many lenders offer.
- Greater-than-minimum payments allowed via autopay.
Cons- Available only to existing Navy Federal Credit Union customers
- Students cannot refinance a parent PLUS loan in their name.
- 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: Did not disclose.
- $7,500 minimum to $125,000 for undergraduates, or $175,000 for graduate students.
- Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 10 or 15 years
Our pick for
MBA student loan refinance lender
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
Earnest offers features like customized repayment schedules and payment amounts, which can help MBA graduates 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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key facts
MBA graduates can benefit from payment flexibility features like income-based repayment 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
Our pick for
Medical school student loan refinance lender
Earnest Student Loan Refinance
650
4.25-10.49%
5.88-10.49%
- Key facts
Earnest’s customized repayment schedules can help doctors to pay off debt fast after residency.
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- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key facts
Doctors looking for payment flexibility after residency could benefit 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
What is student loan refinancing?
Student loan refinancing takes multiple loans and combines them into a new loan with a private lender such as a bank or online lender. The new servicer will pay off your old debt and typically offer a lower interest rate or longer term with smaller monthly payments — saving you money or making your payments more manageable. You can refinance federal and private student loan debt into one new private loan.
What is student loan consolidation?
Student loan consolidation is similar to refinancing, but only federal loans can be consolidated, and the process happens through the Department of Education. Borrowers can combine multiple federal loans into a new Direct Consolidation Loan after graduating, leaving school or moving to less than half-time enrollment.
Consolidating may result in lower monthly payments and the ability to participate in loan forgiveness programs and income-driven repayment plans.
However, there are downsides to consolidation, like a longer repayment timeline, an increase in interest and the potential loss of certain benefits. It’s important to weigh the advantages and disadvantages of refinancing versus consolidation carefully before taking action to ensure you don’t lose useful federal benefits.
The Department of Education does not consolidate private student loans. You would need to contact your private student loan servicer to see what consolidation and refinancing options are available.
How to refinance student loans
Identify your financial goals. Do you need lower monthly payments? Or do you want to pay less interest over a shorter term? Refinancing to a shorter term means higher monthly payments, but you’ll pay less total interest. The opposite is true: with lower monthly payments, you’ll pay more interest over a longer term.
Evaluate your finances. For the best chances of approval, you'll likely need a credit score in the mid to high 600s, a debt-to-income, or DTI, ratio of 50% or better and stable income.
Compare rates. Get pre-qualified with several lenders to compare estimated rates and terms. The lenders on this list will show you an offer without affecting your credit score.
Choose a lender and complete the application. Some lenders require documentation to verify information like your income. Depending on the lender, you may be asked for the following as part of the formal application:
Loan income verification statement.
Proof of employment or income.
Proof of residency.
Identification.
Graduation information.
Sign the final documents and wait for loan payoff. Once underwriting is complete, you’ll need to sign final paperwork to accept the loan.
Student loan refinance rates
Private student loan interest rates can be fixed or variable and range from 3.95% to 9.99%. The rate you receive depends on factors such as credit history and income.
If you opt to federally consolidate your loans instead of privately refinancing them, your interest rate will not necessarily decrease. Interest rates for Direct Consolidation Loans are the weighted average of interest rates for the loans you are consolidating, which could increase your interest rate slightly. The benefit is a fixed interest rate that will not change over time.
Should I refinance my student loans?
Refinancing student loans is usually best for those with strong credit and stable income, since this often results in better loan terms.
Can you refinance federal student loans?
You can refinance federal student loans into a private loan, but it means you'll forfeit federal benefits like income-driven repayment plans and eventual student loan forgiveness. If you want to keep your federal loans federal, consider consolidation with the Department of Education.
Can you refinance private student loans?
Private student loans can be refinanced, and interest rates are either fixed or variable. The ideal time to refinance your student loans is when you can get a lower rate and commit to the monthly repayments. Borrowers with limited credit history may not qualify for a lower rate through private student loan refinancing.
Best student loan refinance companies
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 26 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 November 22, 2024
NerdWallet's Best Student Loan Refinancing Companies in 2025
- SoFi Student Loan Refinancing: Best for Banks to refinance student loans
- ELFI Student Loan Refinance: Best for Banks to refinance student loans
- Earnest Student Loan Refinance: Best for Student loan refinancing with low income + Borrowers with no degree + International borrowers + Paying off student loans fast + MBA student loan refinance lender + Medical school student loan refinance lender
- LendKey Student Loan Refinance: Best for Banks to refinance student loans + Credit unions to refinance student loans
- Advantage Education Loan Student Loan Refinance: Best for Student loan refinancing with low income + State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + International borrowers + Paying off student loans fast
- RISLA Student Loan Refinance: Best for State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + MBA student loan refinance lender + Medical school student loan refinance lender
- Navy Federal Student Loan Refinance: Best for Credit unions to refinance student loans
