10 Top Lenders to Lower Your Student Loan Payment

Min. credit score

650

Fixed APR

4.47-8.99%

Variable APR

6.94-6.94%

Check rateon Splash Financial's website

Key factsBest for receiving offers from multiple lenders.

Pros

You are assigned a dedicated account representative.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

Loan features vary by lender.
Forbearance and death discharge may not be available.
You may need to become a member of a credit union to qualify.

Qualifications

Splash Financial currently does not offer variable rates or accept co-signers through NerdWallet.
Typical credit score of approved borrowers or co-signers: 700+.
Loan amounts: $10,000 to $500,000.
Must have a degree: Yes, a bachelor’s degree or higher.

Available Term Lengths5 to 25 years

DisclaimerSplash Financial, Inc. (NMLS # 1630038) reserves the right to modify or discontinue products and benefits at any time without notice. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers. Terms and conditions apply. Products may not be available in all states. These rates are subject to change at any time. If you do not use the specific link included on this website, offers on the Splash website may include other offers from lending partners that may have a higher rate. Fixed Rate options range from 4.74% (with autopay) to 8.99% (with autopay). Variable rate options range from 6.94% (with autopay) to 7.19% (without autopay). Some of the rates are based on the one-month London Interbank Offered Rate (“LIBOR”) index and some are 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). Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.

Our pick for

Borrowers who want a nonstandard loan term

Check rateon Earnest's website

Earnest Student Loan Refinance

5.0

Min. credit score

680

Fixed APR

4.96-8.99%

Variable APR

4.99-8.94%

Check rateon Earnest's website

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

You can’t apply with a co-signer.
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 5.21% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 9.19% 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 9.13% 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 9.21%. For loan terms over 15 years, the interest rate will never exceed 9.24%. 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.

Check rateon College Ave's website

College Ave Student Loan Refinance

5.0

Min. credit score

Mid-600s

Fixed APR

5.99-11.99%

Variable APR

5.99-11.99%

Check rateon College Ave's website

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. 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 3/1/2023. 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.

Our pick for

Repayment flexibility

Check rateon SoFi's website

SoFi Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

4.99-8.99%

Variable APR

5.38-9.19%

Check rateon SoFi's website

Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.

Pros

You can refinance parent PLUS loans in your name.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
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

DisclaimerFixed rates range from 4.99% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.38% APR to 9.19% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. 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.

Check rateon Nelnet Bank's website

Nelnet Bank Student Loan Refinance

5.0

Min. credit score

High-600s

Fixed APR

4.74-9.69%

Variable APR

6.94-13.60%

Check rateon Nelnet Bank's website

Key factsBest for borrowers who may need wiggle room on payments.

Pros

International students can apply with a co-signer who is a qualified U.S. citizen or permanent resident.
You can see if you'll qualify and what rate you'll get without a hard credit check.

Cons

Below-average customer support compared with other lenders.
Doesn't allow biweekly payments via autopay.

Qualifications

Typical credit score of approved borrowers or co-signers: Did not disclose.
Loan amounts: $5,000 - $225,000.
Must have a degree: No.

Available Term LengthsMultiple term options

DisclaimerFixed interest rates range from 4.74% APR (with auto debit discount) to 9.69% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 6.94% APR (with auto debit discount) to 13.60% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month SOFR as published by the Federal Reserve Bank of New York on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.67% as of March 1, 2023. Lowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payments, a five-year repayment term, and the borrower making immediate principal and interest payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range. Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score. Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan. Subject to Credit approval. A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met: • The account must have been in full principal and interest repayment for at least 24 months. • Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made. Note: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify toward the 24 consecutive on-time payments. • The loan must be current at the time of request. • The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months. • The loan must not have been permanently modified from its original terms in the credit agreement. • The primary borrower must be a U.S. citizen or have permanent residency in the United States. • The primary borrower must meet the age of majority requirement in their permanent state of residency. • Requirements are subject to change. • If all of these conditions have been met, an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

Navient Student Loan Refinance

5.0

Min. credit score

650

Fixed APR

4.59-8.99%

Variable APR

4.99-7.99%

Key factsBest for borrowers whose loans are already serviced by Navient.

Pros

More flexible repayment options for struggling borrowers than other lenders.
No late fees.
You can refinance without a degree.

Cons

You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
No option to make greater-than-minimum payments via autopay.

Qualifications

Typical credit score of approved borrowers or co-signers: 700+.
Loan amounts: $5,001 minimum, maximum $150,000 for undergraduate and graduate programs, $250,000 for professional degree programs.
Must have a degree: No.

Available Term Lengths5 to 20 years

Our pick for

Medical professionals

These loans have special features for medical professionals.

Check rateon Laurel Road's website

Laurel Road Student Loan Refinance

5.0

Min. credit score

660

Fixed APR

4.49-8.70%

Variable APR

4.74-8.60%

Check rateon Laurel Road's website

Key factsBest for borrowers who want to refinance during their medical or dental residency.

Pros

You can refinance parent PLUS loans in your name.
Refinancing available for medical and dental residents.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

Payment postponement isn’t available if borrowers return to school.

Qualifications

Typical credit score of approved borrowers or co-signers: Did not disclose.
Loan amounts: $5,000 up to your total outstanding loan balance.
Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.

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

DisclaimerFull Laurel Road Disclaimers. Rates as of 3/21/23, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. Notice for Federal Loan Holders: The Department of Education recently announced forgiveness of $10,000 for qualifying Federal student loan borrowers and $20,000 for qualifying Pell Grant recipients. Read more here (https://studentaid.gov/debt-relief- announcement). If you refinance a federal student loan with Laurel Road, you will no longer qualify for forgiveness or federal student loan repayment options, including but not limited to Income Based Repayment (IBR), Public Service Loan Forgiveness (PSLF), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), and relief offered by the federal government related to the COVID-19 pandemic (such as 0% interest rate, suspension of payments, and forgiveness). Additionally, federal student loans offer deferment, forbearance, and loan forgiveness options that are not available with Laurel Road. Please carefully consider these loss of federal benefits and consult www.studentaid.gov for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

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

5.0

Min. credit score

Does not disclose

Fixed APR

4.24-7.52%

Variable APR

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, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or 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

ISL Refinance Loan

5.0

Min. credit score

670

Fixed APR

6.93-11.58%

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

Our pick for

Income-based repayment

RISLA Student Loan Refinance

5.0

Min. credit score

680

Fixed APR

5.29-7.74%

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