6 Banks That Refinance Student Loans of July 2026
If you already have an account with a bank that refinances student loans, you may be able to get a lower rate by refinancing there. However, most big banks don't offer student loan refinancing.
To find refinancing for your student loan, you may have to stray from your current bank. Your priority should be finding the lowest rate — and that may or may not be with a bank. Many of the best student loan refinance companies are actually online lenders.
Here are our picks for the best banks to refinance student loans. Some are true, chartered banks; some are marketplaces that connect you with community banks; and some are lenders that partner with or are backed by banks.
Why trust NerdWallet
- 17 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 41 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 17 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 41 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Banks That Refinance Student Loans
Lender | NerdWallet editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | Does not disclose | 3.99-9.99% | 5.74-9.99% | Check Rate on SoFi®'s website | |
5.0 /5 | 650 | 3.74-9.79% | 5.68-9.79% | Check Rate on Earnest's website | |
4.0 /5 | 680 | 4.29-8.44% | 4.74-8.24% | Check Rate on ELFI's website | |
4.0 /5 | 680 | 4.39-9.24% | 4.18-6.23% | Check Rate on LendKey's website |
Our pick for
refinancing with an online bank
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: $5,000 minimum, no maximum.
- Must have a degree: No. Borrowers can refinance a loan with an associate’s degree or with no degree earned.
- "You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- 0.25-percentage-point rate discount with automatic payments.
- Potential 0.125-percentage-point rate discount for doctors and dentists, and a 0.125-percentage-point rate discount for SoFi Plus members.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
Our pick for
lenders that refinance through partner banks
2026 Best Student Loan Refinancing
Overall
- 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.
- Customizable payments and loan terms.
- Eligible borrowers can skip one payment every 12 months.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Won’t allow you to transfer parent loans to your name.
Our pick for
refinancing with a regional bank
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: $10,000 with no maximum.
- Must have a degree: Yes, must have earned a bachelor’s degree or higher.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Assigns a dedicated student loan advisor.
- Charges a late payment fee, whereas some competitors do not.
- The minimum loan amount is higher than many other lenders require.
Our pick for
refinancing through a marketplace
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: $5,000 to $250,000.
- Must have a degree: Yes, must have at least an associate degree.
- Allows borrowers to pre-qualify with a soft credit check (only for refi loans).
- Has a 0.25-percentage-point rate discount with automatic payments.
- Enables borrowers to shop multiple lenders with one application.
- Refinance loans not available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Community banks and credit unions originate LendKey loans, but LendKey acts as the servicer.
- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $5,000 to no maximum
- Must have a degree: Yes, a bachelor’s degree or higher.
- Select from multiple repayment options.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- 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.
Our pick for
refinancing with a brick-and-mortar, national bank
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: Need a minimum student loan balance of $10,000 in order to refinance, and a maximum loan amount of $300,000 for a bachelor's degree, $500,000 for a graduate degree and $750,000 for a professional degree.
- Must have a degree: Must have a bachelor’s degree or higher to be eligible.
- Citizens Bank offers refinancing loan terms between five and 20 years.
- Applicants can learn their rate in just a few minutes with no hard credit pull.
- Co-signers are allowed but not required.
- Extra payments are applied to the principal balance, which can help borrowers pay down their loan faster than if extra payments were applied to the interest.
- International and Deferred Action for Childhood Arrivals (DACA) students can qualify with a citizen or resident co-signer.
- In order to refinance a loan, applicants must earn at least $24,000 in income.
- Late fees are charged for payments made after 15 days of the due date.
What exactly is student loan refinancing?
Student loan refinancing refers to replacing your current loan or loans with a new one, with a goal of lowering your interest rate, reducing your monthly payment and paying less overall. Refinancing has to be done through a private lender, such as a bank. It usually does not cost anything to refinance private student loans, and the savings can be significant.
Which banks refinance student loans?
It might be easiest to start with banks that don't refinance student loans. Big-name, national brick-and-mortar banks that don't refinance student loans include:
Bank of America
Chase
U.S. Bank
Capital One
Wells Fargo
PNC
PNC just recently stopped offering student loans or student loan refinancing.
Why refinance my student loans with a bank?
Before refinancing your student loans at all, determine if it's the right step for you. If you have federal student loans, you may want to think twice because refinancing federal loans waives your access to government programs like student loan forgiveness and income-driven repayment.
If you won't need access to federal student loan benefits, and can get a lower interest rate on a new loan, refinancing could make sense. Some banks, like SoFi, offer rate discounts to existing customers who have a checking or savings account. You might also be able to lower your rate if you opt for automatic payments from your checking or savings.
Community banks often have lower loan rates overall, but finding one that offers student loan refinancing can be a challenge. One option is to use a marketplace that connects borrowers with community banks and credit unions. Marketplace lenders, like LendKey, have a network of lenders that compete for your business. And, you only have to submit a single application.
» MORE: Banks that offer private student loans
How do I refinance my student loans with a bank?
When you apply to refinance a loan, the process is similar to applying for any bank loan. Most banks will want you to have a credit score in the mid-600s or higher (or a co-signer who does) and a stable income for them to approve a loan. Plus, if you have good credit, you're likely to get a lower interest rate and save more through refinancing.
Here are the basic steps to get student loan refinancing through a bank:
Research lenders. Get estimates from multiple banks to determine which offers the best interest rate and terms. Most banks will allow you to pre-qualify and see your rate without impacting your credit score.
Complete paperwork. Plan to have documents verifying your graduation, income and residency to complete the application.
Wait for pay off. Once your refinance lender approves your new loan, it will pay off the debt to your current lender and you’ll make payments on your refinance loan moving forward.
» MORE: How to refinance student loans
Last updated on July 15, 2026
Frequently asked questions
Which banks refinance student loans?
Start with your own bank to see if they refinance student loans. Also, check with traditional, community banks as well as online banks. For the most part, you won't find student loan refinancing at large, well-known banks. After you determine the banks where you may want to apply, ask if you can pre-qualify to see an interest rate estimate without impacting your credit score. Your goal is to find the bank with the lowest possible rate to make refinancing worthwhile.
Does Bank of America refinance student loans?
Bank of America does not refinance student loans. Other well-known, national banks that don’t offer this option include Chase Bank, U.S. Bank, Wells Fargo and PNC.
How we chose the best student loans
Our team of student loan experts follows an objective and robust methodology to rate lenders and pick the best.
20
Providers reviewed
20
Providers reviewed
We reviewed 20 banks, credit unions and online lenders — including the top by market share and search volume — plus lenders serving niche and nontraditional borrowers.
10+
Categories designated
10+
Categories designated
Each lender is evaluated across weighted categories, covering dozens of features related to flexibility, affordability, availability, transparency and customer experience.
40+
Data points analyzed
40+
Data points analyzed
Our team tracks and reassesses more than 40 data points annually, including APR ranges, fees, credit requirements and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet reviewed 20 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top lenders by market share and online search volume, as well as lenders that serve specialty or nontraditional markets. Some lenders are NerdWallet partners, but this did not influence our selection of the winner.
Within weighted categories, we consider dozens of features and more than 40 data points for each financial institution. Depending on the category, these may include the availability of bi-weekly payments through autopay, minimum credit score and income requirement disclosures, availability to a wide range of 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. Read more about our ratings methodologies for student loans and our editorial guidelines.
NerdWallet's Banks That Refinance Student Loans of July 2026
- SoFi®: Best for refinancing with an online bank, Fixed APR: 3.99-9.99%
- Earnest: Best for lenders that refinance through partner banks, Fixed APR: 3.74-9.79%
- ELFI: Best for refinancing with a regional bank, Fixed APR: 4.29-8.44%
- LendKey: Best for refinancing through a marketplace, Fixed APR: 4.39-9.24%
- Splash Financial: Best for refinancing through a marketplace, Fixed APR: 3.99-10.24%
- Citizens: Best for refinancing with a brick-and-mortar, national bank, Fixed APR: 5.73-10.29%