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Does Refinancing Student Loans Save Money?

How much can you save?

Generally, the more you owe on student loans, the more you can save by refinancing. Student loan refinancing will save you money if you qualify for a lower interest rate and either keep the same term length or get a shorter one. A lower rate can give you lower monthly student loan payments, a shorter repayment period, or both.

Graduate to a better student loan

Student loan refinancing will save you money if you qualify for a lower interest rate and either keep the same term length or get a shorter one. A lower rate can give you lower monthly student loan payments, a shorter repayment period, or both. Unlike refinancing a mortgage, refinancing student loans is free. There are no fees or hidden costs.

Lender

Fixed APR

Variable APR

Min credit score

NerdWallet rating

Show Details

Fixed APR

3.45-7.49%

Fixed

Variable APR

2.14-6.79%

Variable

Min credit score

650

on Earnest Student Loan Refinance's secure website

Show Details

NerdWallet rating

Show Details

Fixed APR

3.46-8.24%

Fixed

Variable APR

2.14-8.01%

Variable

Min credit score

660

on CommonBond Student Loan Refinance's secure website

Show Details

NerdWallet rating

Show Details

Fixed APR

3.48-7.94%

Fixed

Variable APR

2.14-7.71%

Variable

Min credit score

Does not disclose

on SoFi Student Loan Refinance's secure website

Show Details

NerdWallet rating

Show Details

Fixed APR

3.29-6.69%

Fixed

Variable APR

2.80-6.01%

Variable

Min credit score

680

on Education Loan Finance Student Loan Refinance's secure website

Show Details

See why these lenders make the grade

  • Earnest: Borrowers can choose their own monthly payment amount and increase it at any time to become debt-free faster.
  • CommonBond: Lets borrowers temporarily pause payments for up to 24 months — longer than most other lenders.
  • SoFi: Offers borrowers extra perks like career coaching and no-fee investing.
  • Education Loan Finance: Assigns each applicant a dedicated loan advisor to help make the refinancing process easier.

Get personalized student loan savings estimates

To estimate savings and decide whether you should refinance, you’ll need real rates based on your own financial profile. Here’s how to compare offers from multiple lenders:

  • Get rate estimates. The lenders above offer pre-qualification, which means they’ll do a soft credit pull to estimate the interest rate you’ll qualify for. Soft credit pulls do not hurt your credit.
  • Compare the interest rates various lenders offer. Make sure the savings you’ll get make refinancing worth it for you.
  • Look at more than the interest rate. Choose the term length that your loans currently have — or a shorter one — to ensure you save money both monthly and long-term.
Haven't graduated yet?

If you're still in school, you may need a private student loan to fill a gap in your financial aid package. Compare rates from these top-rated lenders so you can go back to focusing on your degree.

Start saving (a ton) on your student loans.