7 Best Student Loan Refinancing Companies in 2024

on SoFi's website

on Sparrow’s website

SoFi Student Loan Refinancing

4.5

Min. credit score

650

Fixed APR

4.49-9.99%

Variable APR

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

DisclaimerFixed rates range from 4.49% APR to 9.99% APR with 0.25% autopay discount and 0.25% direct deposit discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.25% direct deposit discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 11/20/24 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 and Direct Deposit are 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. 0.25% Direct Deposit Discount: Terms and conditions apply. Offer good for Student Loan Refinance (SLR) borrowers that apply for a new SLR on or after 9/17/2024. To be eligible to receive the 0.25% interest rate reduction offer: You must (1) Complete a Student Loan refinance application with SoFi beginning September 17, 2024; (2) Be approved by SoFi for the loan meeting all SoFi’s underwriting criteria; (3) Have either an existing SoFi Checking and Savings account, a SoFi Money cash management account or open a new SoFi Checking and Savings account within 30 days of funding the new loan, AND receive a direct deposit of at least $1,000 to the account within the first 30 days of funding the new loan ("Direct Deposit Account"); (4) Be the primary SLR account holder. If eligible at SoFi’s sole discretion, you will receive this discount during periods in which you have received direct deposits of at least $1,000 every 30 days to a Direct Deposit Account. This discount will be removed during periods in which SoFi determines you have not received at least $1,000 every 30 days in direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to obtain a Loan. This discount lowers your interest rate but does not change the amount of your monthly payment. SoFi reserves the right to change or terminate this Rate Discount Program to unenrolled participants at any time without notice.

on ELFI's website

on Sparrow’s website

ELFI Student Loan Refinance

4.5

Min. credit score

680

Fixed APR

4.88-8.44%

Variable APR

4.86-8.49%

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 years

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

on LendKey's website

on Sparrow’s website

LendKey Student Loan Refinance

4.5

Min. credit score

680

Fixed APR

4.89-9.04%

Variable APR

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 years

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

Our pick for

Student loan refinancing with low income

on Earnest's website

on Sparrow’s website

Earnest Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

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 years

DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.20% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% APR to 9.99% 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

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

5.0

Min. credit score

680

Fixed APR

6.34-8.29%

Variable APR

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

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

on Earnest's website

on Sparrow’s website

Earnest Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

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 years

RISLA Student Loan Refinance

5.0

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

Our pick for

Lenders offering co-signer release

Advantage Education Loan Student Loan Refinance

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

5.0

Min. credit score

680

Fixed APR

6.34-8.29%

Variable APR

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

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

on Earnest's website

on Sparrow’s website

Earnest Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

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 years

Our pick for

Paying off student loans fast

Advantage Education Loan Student Loan Refinance

5.0

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

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

on Earnest's website

on Sparrow’s website

Earnest Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

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 years

Our pick for

Credit unions to refinance student loans

on LendKey's website

on Sparrow’s website

LendKey Student Loan Refinance

4.5

Min. credit score

680

Fixed APR

4.89-9.04%

Variable APR

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 years

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

Navy Federal Student Loan Refinance

4.5

Min. credit score

Does not disclose

Fixed APR

N/A

Variable APR

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

on Earnest's website

on Sparrow’s website

Earnest Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

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 years