The bottom line:
Best for borrowers who may need flexible repayment options.
Pros & Cons
More flexible repayment options for struggling borrowers than other lenders.
No late fees.
You can refinance without a degree.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
No option to make greater-than-minimum payments via autopay.
Navient is a servicer for federal and private student loans that was once part of Sallie Mae. Navient offers refinanced student loans originated by the online lender Earnest, branded as NaviRefi.
Previously, NaviRefi was available only by invitation to borrowers with loans serviced by Navient. Now, borrowers can apply even if they aren't existing customers.
Navient considers your earning potential and credit score when approving loans. It also offers multiple options for borrowers who can't afford payments. If you may need repayment flexibility, are looking for a lender that considers your earning potential and are offered a lower rate than you currently have, NaviRefi could be a good choice for you.
Navient is facing multiple lawsuits alleging that it harmed borrowers throughout the repayment process. The company has challenged the allegations.
Navient student loan refinancing at a glance
Borrowers struggling to afford payments have flexible repayment options.
No option to apply with a co-signer.
You can refinance without a degree.
How NaviRefi could improve
NaviRefi could improve its student loan refinance product by:
Conducting soft credit checks to give personalized rate estimates.
Allowing greater-than-minimum payments via auto-pay.
Letting borrowers refinance their parents' PLUS loans in their own name.
How much can refinancing save?
NaviRefi student loan refinancing details
Before refinancing with NaviRefi
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with NaviRefi
If NaviRefi denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders, including those that allow a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Frequently asked questions
NaviRefi is a student loan refinancing product offered by the servicer Navient. NaviRefi loans are originated by the online lender Earnest and now available to all qualified borrowers.
Yes. NaviRefi is a product offered by the student loan servicer Navient. NaviRefi loans are issued by the online lender Earnest, which is also owned by Navient, and serviced by Navient.
Refinancing with Navient is a good option if its NaviRefi program offers you the lowest interest rate.