Refinancing your student loans
can save you thousands or lower your monthly payment.
Lower your payments. Save money.
When you refinance student loans, you can save 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.
Steady income.
A co-signer with good credit and income if your scores and income don't qualify you.
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.
Refinancing your student loans may be right for you if:
Your loans qualify for refinancing.
You're not giving up payment options you might need.
You're getting a better interest rate.
Your lender offers features you need.
Shop for lenders that serve your state.
Click “See details” to see requirements and available terms.
Review pros, cons and NerdWallet’s rating.
Click “Check Rate” to apply on the lender’s site.
Pre-qualifying won’t affect your credit score.
Supply basic information such as your school, income and loan amounts.
Choose an offer and complete your application on the lender's site.
You'll typically need to provide the following documents:
Loan or payoff verification statements.
Proof of employment (W-2 form, recent pay stubs, tax returns).
Proof of residency.
Proof of graduation.
Government-issued ID.
Your lender will do a hard credit check and finalize your interest rate. If you're denied, the lender must let you know why.
Sign the final disclosure document.
You typically have three days to cancel the loan if you change your mind.
Your new lender will pay off your existing loan, usually within a few weeks.
Keep paying your existing lender until the process is completed.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Earnest's website | 4.25-9.79% | 650 | 5.68-9.79% | Check Rate on Earnest's website |
 Check Rate on SoFi®'s website | 3.99-9.99% | 650 | 5.74-9.99% | Check Rate on SoFi®'s website |
 Check Rate on LendKey's website | 4.39-9.24% | 680 | 4.18-6.23% | Check Rate on LendKey's website |
 Check Rate on ELFI's website | 4.29-8.44% | 680 | 4.74-8.24% | Check Rate on ELFI's website |
 Check Rate on Splash Financial's website | 3.71-10.24% | 650 | 4.74-10.74% | Check Rate on Splash Financial's website |
If you have federal student loans, keep in mind that refinancing to a private loan means you'll lose access to protections available only to federal student loan borrowers, like income-driven repayment plans and loan forgiveness. If you decide to refinance federal loans, you should have stable personal finances and emergency savings before taking that risk.
If you have private student loans, along with good credit and stable income, refinancing could be a good choice if you can secure a lower interest rate. Refinancing carries no fees or costs. For those who qualify for a lower interest rate, student loan refinancing may help you accomplish one or more of these goals:
Pay less interest over the life of the loan.
Pay off education debt faster.
Reduce monthly student loan payments.
Release a co-signer.
Refinance a parent loan in the child's name.
Use a student loan refinance calculator to estimate your savings.
When you refinance student loans, a private lender pays off your existing loans and replaces them with one loan with a new interest rate and repayment schedule. Going forward, you’ll make monthly payments to the new lender.
» MORE: How to refinance student loans in 7 steps
You — or your co-signer — typically need credit scores that are at least in the high 600s. Many refinance lenders seek borrowers with scores in the mid-700s. The better your (or your co-signer’s) credit, the better the rate you’ll likely qualify for. Additionally, you need enough income to comfortably cover your expenses, student loan payments and other debts.
» MORE: Refinancing student loans with bad credit
It depends on your situation and goals. If you meet the credit and income requirements to qualify for a lower rate, refinancing can save you money and help you become debt-free faster.
If you consolidate your federal loans through the government, you won’t receive a lower interest rate, but you may qualify for loan forgiveness programs or income-driven repayment plans. Federal student loan consolidation won’t save you money. In fact, it may extend your loan repayment schedule, increasing the amount of interest you pay long term.
» MORE: Pros and cons of consolidating federal student loans
Most borrowers will want to go with the lowest interest rate they qualify for. But if rates are similar, look for lenders offering other features you value, such as the ability to refinance parent PLUS loans in the child’s name or flexible repayment options in case of an unexpected financial hardship.
» MORE: The best student loan refinancing companies
Get rid of debt more quickly | |
Most lenders require a qualified co-signer | |
Find a lower rate or refi in your child's name | |
Co-signers can strengthen your application | |
Options for students who didn't graduate |
Many or all of the products featured here are from partners who compensate us. This may influence which products we write about and where and how the product appears on a page; however, this does not influence our evaluations of lenders' products. Read our editorial guidelines.
Best for borrowers who want plenty of benefits with their refinanced student loan.
Best for borrowers who want plenty of benefits with their refinanced student loan.
Best for receiving offers from multiple lenders.
Best for receiving offers from multiple lenders.
Best for borrowers who value good customer service.
Best for borrowers who value good customer service.
Education Loan Finance Subject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/ |
Earnest Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.24% APR to 10.24% APR (3.99% - 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .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 a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are available only to the most creditworthy borrowers and require selecting the shortest loan term, enrolling in the 0.25% Auto Pay discount, qualifying for the Grad Degree Discount of up to 0.65%, and applying through a participating partner referral link, which provides an additional 0.20% rate discount. Enrolling in Auto Pay is not required as a condition for approval. Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school. Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan. Please note that you will lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan. If you file for bankruptcy, you may still be required to pay back this loan. Earnest clients may skip a payment through a one, one-month forbearance during a 12 month period. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Interest will not be capitalized on loans originated to Michigan residents under the Regulatory Loan Act of 1963. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest's discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term. |
SoFi With all discounts. Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 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. You may pay more interest over the life of the loan if you refinance with an extended term. |
LendKey See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers |
Splash Financial Splash Financial, Inc. (NMLS # 1630038) Terms and conditions apply. Products may not be available in all states. Splash reserves the right to modify or discontinue products and benefits at any time without notice. The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but it does not guarantee you will receive any loan offers. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, including, but not limited to, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit. 3.71-10.24% Fixed APR and 4.74 - 10.24% Variable APR. Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require AutoPay. The AutoPay interest rate discount requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The AutoPay discount will not be applied if AutoPay is not in effect. See loan agreement for details. Savings over the life of your loan assumes the same or shorter loan terms and/or interest rates on your refinance, and may not be representative of your situation. Actual savings, if any, may vary based on interest rates, balances, remaining repayment of terms and other factors. Loans feature repayment terms of 60 to 300 months. For example, a $10,000 loan with an APR of 2.49% per year for a 60-month term would have a monthly payment of $177.43. The rates used in calculating this example is shown without the autopay discount (0.25%). |
