5 Top Lenders to Lower Your Student Loan Payment
Pre-qualify with multiple lenders to see which one will help you lower your student loan payment the most.
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Lower payments are a big reason people refinance student loans. Refinancing means trading in your existing loans, for one, private loan — ideally with a lower interest rate. This is often a no-brainer if you have private student loans. But think twice about refinancing if you have federal loans. You'll lose a lot of benefits — like access to income-driven repayment plans and loan forgiveness — when you refinance federal student loans.
Many refinance lenders advertise low interest rates, but the lender with the lowest advertised rate might not be the lender that makes you the best offer.
The interest rate a lender offers you will be based on your creditworthiness — including factors like your credit score, debt-to-income ratio (or DTI) and employment status. So if you are struggling to make student loan payments or need to strengthen your finances, refinancing may not be your best bet right now. Contact your servicer to discuss what options are available.
If your credit score, income and DTI meet lenders' qualifications, it's worth seeing how much you can lower your payment by refinancing.
To find the best lender, pre-qualify with several companies where you meet the qualifications. Then, compare offers to see which one helps you reach your goals.
Here are our top-rated lenders to help in your search.
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.
Top Lenders to Lower Your Student Loan Payment
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
 Earnest Student Loan Refinance See Offers on Earnest's website COMPARE RATES on Credible’s website | 5.0 /5 | 650 | 3.99-10.49% | 5.88-10.49% | See Offers on Earnest's website COMPARE RATES on Credible’s website |
5.0 /5 | 670 | 5.95-9.99% | N/A | ||
5.0 /5 | 680 | 6.34-8.29% | N/A | See Offers on Credible’s website | |
4.5 /5 | 680 | 4.88-8.44% | 4.86-8.24% | See Offers on Credible’s website | |
4.0 /5 | Does not disclose | 3.49-14.99% | 4.99-15.47% | See Offers on Credible’s website |
Our pick for
Borrowers who want a nonstandard loan term
Earnest Student Loan Refinance
650
3.99-10.49%
5.88-10.49%
- Key factsBest 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- 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 4.24% 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
Borrowers who didn’t graduate
These lenders refinance student loans even if you haven't graduated.
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key factsBest for borrowers who didn’t graduate.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
Income-based repayment
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
Financing through a regional bank
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/
Our pick for
Existing Citizens Bank customers
Citizens Private Student Loan
Does not disclose
3.49-14.99%
4.99-15.47%
- Key factsBest for existing Citizens Bank customers.Pros
- Six-month grace period extension is available.
- Loyalty discount for existing Citizens Bank customers.
- Multiyear loan approval is available.
Cons- You must be pursuing a bachelor’s degree or higher.
- 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: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 to $100,000.
Available Term Lengths5, 10 or 15 years
Steps to refinance for the lowest payment
Get your finances in order. To qualify for a student loan refinance, you’ll likely need a credit score in the high 600s, a DTI below 50% and a stable income. The stronger your credit profile is on these fronts, the lower the interest rate you can qualify for. While the interest rate isn’t the only factor that can affect your loan payment amount — loan term is the other — it has a big influence. It also helps determine how much you’ll pay in total costs over the life of your loan.
Pre-qualify with multiple lenders. Don’t jump at the first offer you get. Just because a lender offers a low rate, doesn't mean you won’t get a better offer elsewhere. Pre-qualify with several lenders. That means getting your personal rate and monthly payment information without a hard credit check. This way, you can compare monthly payment amounts and total repayment amounts without taking hits to your credit score.
Choose a lender. After you know what you qualify for, consider the details of the offers to see which is best for you. You could be offered a shorter loan term. A shorter repayment period can save you money overall, but your monthly payment could be higher. If you choose a longer term to keep your payment low, just know that you may be paying more in total repayment costs.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 19 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 May 21, 2025
NerdWallet's Top Lenders to Lower Your Student Loan Payment
- Earnest Student Loan Refinance: Best for Borrowers who want a nonstandard loan term
- Advantage Education Loan Student Loan Refinance: Best for Borrowers who didn’t graduate
- RISLA Student Loan Refinance: Best for Income-based repayment
- ELFI Student Loan Refinance: Best for Financing through a regional bank
- Citizens Private Student Loan: Best for Existing Citizens Bank customers
