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Excellent Student Loan Refinance Companies

Student loan refinancing means swapping your current student loans for a new loan with a lower interest rate. That could save you big money over time. Unlike refinancing a mortgage, refinancing student loans is free.

Ultimately, the best student loan refinance company is the one that can reduce your rate the most. The lower your rate, the more you’ll save monthly and long term. But certain lenders excel at serving certain types of customers. Compare these deals from our partners to find one that fits your needs.

Overall student loan refinancing

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.45-6.99%

Fixed

Variable APR

2.05-6.49%

Variable

Min credit score

650

on Earnest Student Loan Refinance's secure website

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NerdWallet rating

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Fixed APR

3.21-7.24%

Fixed

Variable APR

2.14-7.21%

Variable

Min credit score

660

on CommonBond Student Loan Refinance's secure website

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NerdWallet rating

Show Details

Fixed APR

3.46-7.94%

Fixed

Variable APR

2.14-7.94%

Variable

Min credit score

Does not disclose

on SoFi Student Loan Refinance's secure website

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Medical school loan refinancing

SoFi is one of two lenders that let borrowers refinance student loans during their medical residency. Additionally, borrowers who refinance with SoFi get access to unique perks such as free career coaching and no-fee investing. SoFi also lets borrowers make biweekly or greater-than-minimum payments automatically.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.46-7.94%

Fixed

Variable APR

2.14-7.94%

Variable

Min credit score

Does not disclose

on SoFi Student Loan Refinance's secure website

Show Details

Fast payoff

SoFi has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster, including availability of shorter loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.46-7.94%

Fixed

Variable APR

2.14-7.94%

Variable

Min credit score

Does not disclose

on SoFi Student Loan Refinance's secure website

Show Details

Student loan refinancing with a credit union

Pentagon Federal Credit Union, or PenFed, is the highest-rated among the credit unions we've reviewed that offer student loan refinancing. PenFed's student loan refinancing product is powered by a company called Purefy. Purefy assigns each refinance customer a personal student loan advisor and gives borrowers access to an in-house customer service team.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.48-6.03%

Fixed

Variable APR

2.67-7.41%

Variable

Min credit score

670

on PenFed Student Loan Refinance's secure website

Show Details

Great for parent loan refinancing

CommonBond is the highest-rated lender that lets borrowers refinance their parents’ PLUS loans with their own. It also stands out for its longer-than-average maximum forbearance period.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.21-7.24%

Fixed

Variable APR

2.14-7.21%

Variable

Min credit score

660

on CommonBond Student Loan Refinance's secure website

Show Details

Excellent customer service

Education Loan Finance is among the lenders that score highest in our customer support category and also have high overall scores. It matches borrowers with a dedicated student loan advisor for the length of the refinancing process. PenFed is among the lenders that score highest in our customer support category and also have high overall scores It matches borrowers with a dedicated student loan advisor for the length of the refinancing process.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.14-6.69%

Fixed

Variable APR

2.39-6.01%

Variable

Min credit score

680

on Education Loan Finance Student Loan Refinance's secure website

Show Details

NerdWallet rating

Show Details

Fixed APR

3.48-6.03%

Fixed

Variable APR

2.67-7.41%

Variable

Min credit score

670

on PenFed Student Loan Refinance's secure website

Show Details

Whether you should refinance student loans depends on your situation. You should refinance your student loans if:

  • You would save money. There is no reason to refinance your loans unless you end up paying less in interest. Use the student loan refinancing calculator below to find out how much you could save.
  • You can qualify. You — or a co-signer — generally need a credit score at least in the high 600s and enough income to consistently pay your debts and other expenses.
  • Your finances are stable. If you refinance, your federal loans won’t be eligible for income-driven repayment and loan forgiveness. Think twice about refinancing your federal loans if it’s likely you won’t be able to make payments consistently.

If you decide to refinance, compare multiple lenders to see who offers you the best rate. If you have similar offers, give greater weight to lenders who offer the most flexibility with payments and the longest possible forbearance options.

Start saving (a ton) on your student loans.