nw_logo_hor_rgb_screen in partnership with  Screenshot 2017-03-06 15.44.29

Are you looking to refinance your student loans?

IonTuition has teamed up with NerdWallet to help you compare your student loan refinance options. Read on to learn more about us and whether refinancing is right for you.

The average eligible borrower saves $18,000 over the life of a student loan when he or she refinances.

NerdWallet has compared some of the top lenders to save you time finding the lowest rate you’ll qualify for.

To qualify, you need credit in the mid-600s or higher and a steady income, or access to a co-signer. Student loan refinancing is not the same as federal consolidation. Learn more on our refinance FAQ page.

The best refinance lender for you depends on your priorities. Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. See our reviews for the full details.

Student loan refinance options

Lender APR Min. credit score Get started

Fixed: 3.09% - 6.69%
Variable: 2.55% - 6.01%
680
Fixed: 3.49% - 8.72%
Variable: 2.47% - 7.99%
660

Fixed: 3.2% - 7.25%
Variable: 2.72% - 7.25%
660

Fixed: 3.75% - 7.03%
Variable: 2.85% - 7.59%
670
Fixed: 3.25% - 8%
Variable: 2.88% - 7.63%
680
Fixed: 3.5% - 7.02%
Variable: 2.95% - 6.37%
Varies

Fixed: 3.75% - 8.69%
Variable: 2.72% - 8.32%
Varies
Fixed: 3.89% - 6.97%
Variable: 2.47% - 6.23%
650

Fixed: 3.899% - 7.804%
Variable: 2.48% - 6.99%
Varies
Fixed: 5.24% - 8.24%
Variable: 4.87% - 8.12%
Varies

Why use NerdWallet

At NerdWallet, we offer straightforward advice and tools to help you make the best possible financial decisions. All for free.

Advice you can bank on

We’ve spent countless hours reviewing lenders and analyzing offers to help you save on your student loans.

All the info you need

Quickly find what you need with our easy-to-understand reviews – free of jargon and overly complex language.

Up-to-date reviews

We regularly update our list of student loan refinance options as lenders introduce new features and offers.


Learn more about student loan refinancing

Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

Education Loan Finance
Subject to credit approval. Terms and conditions apply. http://www.elfi.com/terms/

LendKey
See LendKey’s full terms and conditions at https://www.lendkey.com/disclaimers

CommonBond
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.98% as of June 1, 2018.

PenFed
FIXED APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.25% to 7.03% (3.25% – 7.03% APR) and will vary based on application terms, level of degree and presence of a co-signer. VARIABLE APR: Variable rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.70% – 7.44% (2.70% – 7.44% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. All rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. PenFed reserves the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet PenFed’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of 08/01/2018. PenFed loans are originated by Pentagon Federal Credit Union. This credit union is federally insured by the National Credit Union Administration.

College Ave
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC, or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Rates are valid as of 7/13/2018. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. $5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Nationwide, The Nationwide N and Eagle, Nationwide is on your side and Nationwide Bank are service marks of Nationwide Mutual Insurance Company. ©2018 Nationwide

Laurel Road
FIXED APR: Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.89% per year to 6.00% per year for a 7-year term, 4.99% per year to 6.40% per year for a 10-year term, 5.05% per year to 6.80% per year for a 15-year term, or 5.36% per year to 7.02% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). VARIABLE APR: Variable rate options consist of a range from 2.80% per year to 5.37% per year for a 5-year term, 3.58% per year to 5.53% per year for a 7-year term, 4.10% per year to 5.80% per year for a 10-year term, 4.39% per year to 6.09% per year for a 15-year term, and 4.68% per year to 6.38% per year for a 20-year term, with no origination fees. The variable interest rates are based on a Current Index, which is the 3-month London Interbank Offered Rate (LIBOR), as published in the “Money Rates” section of The Wall Street Journal (Eastern Edition). The variable interest rates and Annual Percentage Rate (APR) will increase or decrease with the 3-month LIBOR index changes.

Citizens Bank
Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%- 8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

SoFi
Includes autopay discount of 0.25%. Fixed rates from 3.899% APR to 7.804% APR (with AutoPay). Variable rates from 2.510% APR to 7.554% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.510% APR assumes current 1 month LIBOR rate of 2.10% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for student loan refinancing. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

Discover
Get a variable interest rate from 4.87% APR to 8.12% APR (3-Month LIBOR + 2.49% to 3-Month LIBOR + 5.74%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 5.24% APR to 8.24% APR for a 10-year repayment term or from 5.49% APR to 8.24% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 1.625% as of January 1, 2018. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. The lowest listed APRs include a 0.25% rate reduction for automatic payments. Visit https://www.discover.com/student-loans/consolidation.html for more information, including up-to-date interest rates and APRs.