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5 Standout Student Loan Refinancing Lenders

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.

Standout Student Loan Refinancing Lenders From Our Partners

Splash Financial Student Loan Refinance
Check rate

on Splash Financial's website

Splash Financial Student Loan Refinance

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance

Min. credit score

650

Fixed APR

6.64-8.95%

Variable APR

7.60-7.85%
Check rate

on Splash Financial's website


Variable APR

7.60-7.85%

Key facts

Best for receiving offers from multiple lenders.

Pros

  • Select from multiple repayment options between 5 and 25 years.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loan features vary by lender.

  • Forbearance and death discharge may not be available.

  • You may need to become a member of a credit union to qualify.

Qualifications

  • Typical credit score of approved borrowers or co-signers: 700+.

  • Loan amounts: $5,000 to $500,000.

  • Must have a degree: Yes, a bachelor’s degree or higher.

Available Term Lengths

5 to 25 years

Disclaimer

Splash Financial, Inc. (NMLS # 1630038) reserves the right to modify or discontinue products and benefits at any time without notice. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers. Terms and conditions apply. Products may not be available in all states. These rates are subject to change at any time. If you do not use the specific link included on this website, offers on the Splash website may include other offers from lending partners that may have a higher rate. Fixed Rate options range from 6.64% APR - 8.95% APR (without autopay). Variable rate options range from 7.60% APR (with autopay) to 7.85% APR (without autopay). Variable APRs and amounts subject to increase or decrease. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Some of the rates are based on the one-month London Interbank Offered Rate (“LIBOR”) index and some are 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). Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.

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LendKey Student Loan Refinance
Check rate

on LendKey's website

LendKey Student Loan Refinance

4.0

NerdWallet rating 
LendKey Student Loan Refinance

Min. credit score

660

Fixed APR

5.49-12.18%

Variable APR

5.52-8.70%
Check rate

on LendKey's website


Variable APR

5.52-8.70%

Key facts

Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank.

Pros

  • Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.

  • No payment postponement available if borrowers return to school or serve in the military.

Qualifications

  • Typical credit score of approved borrowers or co-signers: 751.

  • Loan amounts: $5,000 to $300,000, depending on the higest degree earned.

  • Must have a degree: Yes, at least an associate degree.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

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

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Laurel Road Student Loan Refinance
Check rate

on Laurel Road's website

Laurel Road Student Loan Refinance

5.0

NerdWallet rating 
Laurel Road Student Loan Refinance

Min. credit score

660

Fixed APR

5.44-9.75%

Variable APR

5.49-9.95%
Check rate

on Laurel Road's website


Variable APR

5.49-9.95%

Key facts

Best for borrowers who want to refinance during their medical or dental residency.

Pros

  • You can refinance parent PLUS loans in your name.

  • Refinancing available for medical and dental residents.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Payment postponement isn’t available if borrowers return to school.

Qualifications

  • Typical credit score of approved borrowers or co-signers: Did not disclose.

  • Loan amounts: $5,000 up to your total outstanding loan balance.

  • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Full Laurel Road Disclaimers. Rates as of 3/18/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

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SoFi Parent PLUS Refinancing
Check rate

on SoFi's website

SoFi Parent PLUS Refinancing

5.0

NerdWallet rating 
SoFi Parent PLUS Refinancing

Min. credit score

650

Fixed APR

5.24-9.99%

Variable APR

6.24-9.99%
Check rate

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 refinance parent PLUS loans in your name.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

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.

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Earnest Student Loan Refinance
Check rate

on Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating 
Earnest Student Loan Refinance

Min. credit score

650

Fixed APR

5.19-9.74%

Variable APR

5.99-9.74%
Check rate

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.

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See why the lenders make the grade

  • Laurel Road: Refinances undergraduate, graduate and parent student loans, specializing in loans for medical and dental residents.

  • Splash Financial: Online marketplace best for borrowers who want quotes from more than one lender.

  • Earnest: Borrowers can choose their own monthly payment amount and increase it at any time to become debt-free faster.

  • SoFi: Offers borrowers extra perks like career coaching and no-fee investing.

  • Lendkey: Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank.

What is student loan refinancing?

Student loan refinancing saves borrowers money by replacing existing education debt with a new, lower-cost loan through a private lender.

To qualify, you’ll need:

  • Credit scores at least in the high 600s – ideally higher.

  • A steady income.

  • If you fall short on either, you might need a co-signer who qualifies.

You can refinance both federal loans and private loans. It doesn’t cost anything to refinance student loans, and you may be able to reduce your monthly payment or pay off your debt faster.

To decide if refinancing your student loans makes sense, you'll want to make sure your loans qualify, that you're not giving up payment options you might need, that you're getting a better interest rate, and that you've chosen the right company.