10 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 primary reason people refinance their student loans. But you may not know which lenders are best to help you achieve that goal.
Depending on your credit score, debt-to-income ratio (or DTI) and employment status, any refinance lender could help you lower your student loan payment. Simply looking at a lender’s lowest advertised rate isn’t a good indicator of whether they’ll be the best option. Actual interest rates vary based on lender-determined creditworthiness, and the lender with the lowest advertised rate might not be the lender that makes you the best offer.
If you are struggling to make student loan payments or are working to strengthen your finances, changing lenders through refinance may not be your best option. Contact your servicer to discuss what's available.
To find out which is the best lender to help you lower your student loan payments, pre-qualify with several companies where you meet the qualifications. Then, compare offers and see which one is best to help you reach your goals.
Here are our top-rated lenders to help in your search.
Lower payments are a primary reason people refinance their student loans. But you may not know which lenders are best to help you achieve that goal.
Depending on your credit score, debt-to-income ratio (or DTI) and employment status, any refinance lender could help you lower your student loan payment. Simply looking at a lender’s lowest advertised rate isn’t a good indicator of whether they’ll be the best option. Actual interest rates vary based on lender-determined creditworthiness, and the lender with the lowest advertised rate might not be the lender that makes you the best offer.
If you are struggling to make student loan payments or are working to strengthen your finances, changing lenders through refinance may not be your best option. Contact your servicer to discuss what's available.
To find out which is the best lender to help you lower your student loan payments, pre-qualify with several companies where you meet the qualifications. Then, compare offers and see which one is best to help you reach your goals.
Here are our top-rated lenders to help in your search.
Top Lenders to Lower Your Student Loan Payment
Lender | NerdWallet rating | Min. credit score | Fixed APR | Variable APR | Learn more |
---|---|---|---|---|---|
![]() Splash Financial Student Loan Refinance Check rate on Splash Financial's website | Best for Getting multiple offers at once | 650 | 4.39- | 3.99- | Check rate on Splash Financial's website |
Earnest Student Loan Refinance Check rate on Earnest's website | Best for Borrowers who want a nonstandard loan term | 680 | 4.39- | 4.09- | Check rate on Earnest's website |
![]() SoFi Student Loan Refinance Check rate on SoFi's website | Best for Repayment flexibility | 650 | 4.49- | 4.99- | Check rate on SoFi's website |
Laurel Road Student Loan Refinance Check rate on Laurel Road's website | Best for Medical professionals | 660 | 4.24- | 3.74- | Check rate on Laurel Road's website |
Nelnet Bank Student Loan Refinance Check rate on Nelnet Bank's website | Best for Repayment flexibility | 680 | 4.49- | 6.59- | Check rate on Nelnet Bank's website |
College Ave Student Loan Refinance Check rate on College Ave's website | Best for Borrowers who want a nonstandard loan term | Mid- | 4.99- | 4.44- | Check rate on College Ave's website |
![]() Advantage Education Loan Student Loan Refinance | Best for Borrowers who didn’t graduate | Does not disclose | 3.54- | N/A | Read review |
![]() ISL Refinance Loan | Best for Borrowers who didn’t graduate | 670 | 6.93- | N/A | Read review |
![]() Navient Student Loan Refinance | Best for Repayment flexibility | 650 | 4.49- | 4.40- | Read review |
![]() RISLA Student Loan Refinance | Best for Income-based repayment | 680 | 5.29- | N/A | Read review |
Our pick for
Getting multiple offers at once
This marketplace gives you multiple offers at once.

on Splash Financial's website
Splash Financial Student Loan Refinance

Min. credit score
650Fixed APR
4.39-Variable APR
3.99-on Splash Financial's website
Our pick for
Borrowers who want a nonstandard loan term
on Earnest's website
Earnest Student Loan Refinance
Min. credit score
680Fixed APR
4.39-Variable APR
4.09-on Earnest's website
on College Ave's website
College Ave Student Loan Refinance
Min. credit score
Mid-Fixed APR
4.99-Variable APR
4.44-on College Ave's website
Our pick for
Repayment flexibility

on SoFi's website
SoFi Student Loan Refinance

Min. credit score
650Fixed APR
4.49-Variable APR
4.99-on SoFi's website
on Nelnet Bank's website
Nelnet Bank Student Loan Refinance
Min. credit score
680Fixed APR
4.49-Variable APR
6.59-on Nelnet Bank's website
Navient Student Loan Refinance

Min. credit score
650Fixed APR
4.49-Variable APR
4.40-Our pick for
Medical professionals
These loans have special features for medical professionals.
on Laurel Road's website
Laurel Road Student Loan Refinance
Min. credit score
660Fixed APR
4.24-Variable APR
3.74-on Laurel Road's website
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

Min. credit score
Does not discloseFixed APR
3.54-Variable APR
N/AISL Refinance Loan

Min. credit score
670Fixed APR
6.93-Variable APR
N/AOur pick for
Income-based repayment
RISLA Student Loan Refinance

Min. credit score
680Fixed APR
5.29-Variable APR
N/ASteps to refinance for the lowest payment
Get your finances in order. To qualify for student loan refinance, you’ll likely need a credit score in the high 600s, a DTI below 50% and 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. And don’t think that just because a lender advertises the lowest rates, you won’t get a better offer elsewhere. Pre-qualify with several lenders that will give you your rate and monthly payment information without doing 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. Often, offers with the lowest interest rates also have shorter loan repayment terms. This may not bring down your monthly bill, or may decrease it only a little. Offers that have longer repayment terms tend to have higher interest rates. If the interest rate on a longer-term refinance is less than your current rate, you could see a big drop in the monthly payment. However, longer terms also mean higher total repayment costs.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on December 19, 2022
To recap our selections...
NerdWallet's Top Lenders to Lower Your Student Loan Payment
- Splash Financial Student Loan Refinance: Best for Getting multiple offers at once
- Earnest Student Loan Refinance: Best for Borrowers who want a nonstandard loan term
- SoFi Student Loan Refinance: Best for Repayment flexibility
- Laurel Road Student Loan Refinance: Best for Medical professionals
- Nelnet Bank Student Loan Refinance: Best for Repayment flexibility
- College Ave 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
- ISL Refinance Loan: Best for Borrowers who didn’t graduate
- Navient Student Loan Refinance: Best for Repayment flexibility
- RISLA Student Loan Refinance: Best for Income-based repayment