5 Best Student Loan Refinancing Companies of December 2023

on Credible’s website

LendKey Student Loan Refinance

4.0

Min. credit score

660

Fixed APR

7.11-11.18%

Variable APR

N/A

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.
No payment postponement available if borrowers return to school or serve in the military.

Qualifications

Typical credit score of approved borrowers or co-signers: 751.
Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
Must have a degree: Yes, at least an associate degree.

Available Term Lengths5, 7, 10, 15 or 20 years

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

Our pick for

Banks to refinance student loans

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on SoFi's website

SoFi Student Refinancing

5.0

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.
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 Lengths5, 7, 10, 15 or 20 years

DisclaimerNotice: SoFi’s Refinance Loan is a private student loan. Understand that when you refinance federal loans, you forfeit all flexible federal repayment options that are or may become available to federal student loan borrowers. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.Notice: Though SoFi offers an Unemployment Protection Program and career services, SoFi’s Refinance loan is a private loan. Understand that when you refinance federal loans, you forfeit certain flexible repayment options that are or may become available. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.*NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.Fixed 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 will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/08/2023 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.

Our pick for

Overall

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on College Ave's website

on Credible’s website

College Ave Student Loan Refinance

5.0

Min. credit score

Mid-600s

Fixed APR

6.99-11.99%

Variable APR

6.99-11.99%

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 15 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 09/01/2023. 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.

on Credible’s website

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RISLA Student Loan Refinance

5.0

Min. credit score

680

Fixed APR

5.79-8.24%

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.

Cons

No co-signer release available.
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

State-based refinancing

on Credible’s website

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ISL Refinance Loan

5.0

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