Have federal student loans? Think before you refinance

Weigh the payment pause and potential loan forgiveness in your decision. Keep up with the latest.

Compare your student loan refi optionsforcredit in

NerdWallet
By
Last updated on May 2, 2022


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Here are 5 options for you

SoFi Student Refinancing

5.0

NerdWallet rating 

on SoFi

Fixed APR 
5.24-9.99% 
Variable APR 
6.24-9.99% 
MIN. Credit 
650 

on SoFi

Rating and review

5.0

NerdWallet rating 

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

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.

Earnest Student Loan Refinance

5.0

NerdWallet rating 

on Earnest

Fixed APR 
5.19-9.74% 
Variable APR 
5.99-9.74% 
MIN. Credit 
650 

on Earnest

Rating and review

5.0

NerdWallet rating 

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

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.

Splash Financial Student Loan Refinance

5.0

NerdWallet rating 

on Splash Financial

Fixed APR 
6.64-8.95% 
Variable APR 
7.60-7.85% 
MIN. Credit 
650 

on Splash Financial

Rating and review

5.0

NerdWallet rating 

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

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.

LendKey Student Loan Refinance

4.0

NerdWallet rating 

on LendKey

Fixed APR 
5.49-12.18% 
Variable APR 
5.52-8.70% 
MIN. Credit 
660 

on LendKey

Rating and review

4.0

NerdWallet rating 

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

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.

Education Loan Finance Refinance

4.5

NerdWallet rating 

on Education Loan Finance

Fixed APR 
5.48-8.69% 
Variable APR 
5.28-8.99% 
MIN. Credit 
680 

on Education Loan Finance

Rating and review

4.5

NerdWallet rating 

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

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.

Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.