9 Best Student Loan Refinancing Companies in 2016

You don’t have to pay huge student loan bills forever. Student loan refinancing can get you a lower interest rate if you have strong credit and steady income, or if you use a co-signer.

But with more than a dozen lenders offering student loan refinancing, filling out applications and comparing offers can be time-consuming. NerdWallet has partnered with Credible, a student loan refinancing marketplace, to save you time finding the lowest interest rate you qualify for. Through Credible, you’ll fill out one online application for multiple lenders; we’ve compared them all in the table below.

To get started, fill out a short form on Credible’s website. If you qualify, you’ll get immediate refinancing offers without affecting your credit. The lender you choose will only perform a hard credit pull once you complete a full application.

Learn more about student loan refinancing below.

LenderAPR ranges*Average credit scoreEligible loan balancesNext steps
*All APR ranges include a 0.25% autopay discount if available
Citizens Bank logoFixed: 4.74% to 9.39%

Variable: 2.18% to 7.93%
781Undergrads: $10,000 to $150,000

Graduate students: Up to $170,000

Citizens Bank review

CollegeAve logoFixed: 4.74% to 8.5%

Variable: 2.5% to 7.25%
750+$5,000 to $250,000GET STARTED

CollegeAve review
CommonBond logoFixed: 3.5% to 7.49%

Variable: 2.13% to 5.68%

Hybrid (fixed for first five years; variable for next five years): 3.79% to 5.97%
750+$10,000 and up; no maximumGET STARTED

CommonBond review
Rhode Island Student Loan Authority (RISLA) logoFixed with co-signer: 4.24% to 5.74%, depending on length of loan

Fixed without co-signer: 5.49% to 6.99%, depending on length of loan
778$7,500 to $140,000GET STARTED

RISLA review

U-fi logoFixed: 5.28% to 9.49%

Variable: 4.21% to 7.84%
Mid-700sUndergrads: $5,000 to $125,000

Grad students or those with a doctorate: $150,000 maximum

MBA or law school grads: $175,000 maximum

Health professions grads: $225,000

U-fi review

Estimate your savings

To estimate how much money you could save by refinancing, enter your loan information below. If you plan to refinance multiple loans, include the total balance of all the loans and their average interest rate.

Additional refinance options

Some refinancing lenders aren’t available on Credible’s platform, but they might be good matches for you. Visit their websites to fill out an application.

*All APR ranges include a 0.25% autopay discount if available
DRB logoFixed: 3.5% to 7%

Variable: 2.13% and 5.52%
750+$5,000 and up; no minimumDRB review
Earnest logoFixed: 3.5% to 7.05%

Variable: 2.13% to 5.41%
700+$5,000 and up; no minimumEarnest review
Fixed: 3.95% to 6.75%
770$20,000 to $350,000
Purefy review
SoFi logoFixed: 3.5% to 7.74%

Variable: 2.14% to 5.94%
774$5,000 and up; no minimumSoFi review

Student loan refinancing is best if:

You have great credit or a co-signer

Lenders use several factors to decide whether to offer you a loan, including your credit score, income, educational background and job history. Each lender prioritizes those factors differently. You’ll get more offers, at lower interest rates, if your credit score is in the 700s or 800s. If you don’t meet these requirements, you can use a co-signer who does.

You want a lower interest rate

Maybe you took out federal loans when interest rates were high, like 6.8%. Or maybe you took out private loans with even higher interest rates to fill the gap federal loans didn’t cover. Refinancing lets you take advantage of the good credit history you’ve built, and offers you lower interest rates than you initially received. That could mean big savings over time.

Consider refinance alternatives if:

You’ll use federal loan repayment programs

When you refinance a federal student loan, a lender pays it off and issues you a new, private loan. That means you can’t repay the refinanced loan on an income-driven repayment plan, postpone payments using deferment or forbearance, or get loan forgiveness for working in public service. Only refinance your federal loans if you don’t plan to take advantage of these programs.

You don’t meet the requirements

At a minimum, lenders want to see that you have a stable job and a steady income, that you use credit responsibly and that you’ve been in the workforce for a little while. Some lenders also prefer customers who have graduate degrees, especially if you have a lot of debt. This means refinancing isn’t an option for graduates who are struggling to pay their student loan bills.

Understanding fixed vs. variable interest rates

You’ll likely get offers for both fixed- and variable-rate loans. Fixed interest rates don’t change throughout the life of the loan. Variable rates are tied to an economic benchmark and go up and down according to market conditions. Although variable rates have been low, they’ll increase as the Federal Reserve raises interest rates, so they’re best for borrowers who plan to repay their loans fast.