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Graduate to a better student loan
Refinancing your student loans can save you thousands — either by shrinking your interest rates or tapping into other unique (and sometimes creative) perks. Better yet, it’s free to refinance and you can get prequalified in less than ten minutes.
Refinancing your student loans can save you thousands — either by shrinking your interest rates or tapping into other unique (and sometimes creative) perks. Better yet, it’s free to refinance and you can get prequalified in less than ten minutes.
on Earnest's website
5.0
NerdWallet ratingMin. credit score
650Fixed APR
5.19-Variable APR
5.99-on Earnest's website
Variable APR
5.99-9.74%
Key facts
Best 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
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 Lengths
5 to 20 years
Disclaimer
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.24% APR to 9.99% 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 8.95% 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 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. 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.
on Education Loan Finance's website
4.5
NerdWallet ratingMin. credit score
680Fixed APR
5.48-Variable APR
5.28-on Education Loan Finance's website
Variable APR
5.28-8.99%
Key facts
Best for borrowers who value good customer service.
Pros
You are assigned a student loan advisor.
You can refinance parent PLUS loans in your name.
Cons
Payment postponement isn’t available for borrowers who return to school.
The minimum amount to refinance is more than many lenders require.
No co-signer release available.
Qualifications
Typical credit score of approved borrowers or co-signers: 774.
Loan amounts: $10,000 up to your total outstanding loan balance.
Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths
5, 7, 10, 15 or 20 years
Disclaimer
Subject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
on SoFi's website
5.0
NerdWallet ratingMin. credit score
650Fixed APR
5.24-Variable APR
6.24-on SoFi's website
Variable APR
6.24-9.99%
Key facts
Best for borrowers who want plenty of benefits with their refinanced student loan.
Pros
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Dedicated Student Loan Debt Specialist available for borrowers.
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 Lengths
5, 7, 10, 15 or 20 years
Disclaimer
Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% 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 13.95% APR; 15- and 20- year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. 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. You may pay more interest over the life of the loan if you refinance with an extended term.
Earnest: Borrowers can choose their own monthly payment amount and increase it at any time to become debt-free faster.
Laurel Road: Borrowers can refinance their parents’ PLUS loans
SoFi: Offers borrowers extra perks like career coaching and no-fee investing.
To recap our selections...