Ratings Methodology for Student Loan Refinancing

Our comprehensive rating system for lenders offering student loan refinancing considers a range of factors.

20+ providers reviewed

10+ categories designated

40+ data points analyzed

Methodology, broken down by category

NerdWallet’s overall ratings for student loan refinancing are weighted averages of ratings in the following primary categories:

5.0

Overall score

We evaluate forbearance options and death and disability discharge, among other factors. Lenders with the highest marks for payment flexibility generally offer at least five options for borrowers struggling with payments.

Fast repayment (15%)

We pay close attention to whether a lender offers a 10-year term or shorter; has three or more loan terms; allows greater-than-minimum payments through autopay; allows bi-weekly payments through autopay; and offers an in-school repayment option. Top lenders generally meet all of NerdWallet’s criteria for faster repayment.

Availability (25%)

We look at eligibility requirements for degree completion, visa-holders, state of residence, parent loan refinance, co-signer, PLUS loan refinance, and refinance amounts. Top lenders generally lend to those with at least an associate’s degree and allow the refinancing of PLUS loans.

Transparency (20%)

We consider interest rates, use of a soft credit check, fees and underwriting requirement disclosures. Top lenders generally allow borrowers to get their interest rate and loan terms with a soft credit check and disclose their interest rate range, minimum income requirements and minimum credit score requirements.

Customer experience (20%)

We analyze access to a dedicated advisor, use of an in-house customer service team, live chat availability and complaints processes. Top lenders generally have a defined complaint process and separate complaint department or ombudsman, live chat and in-house customer service.

Variations in scoring and weighting

In some cases, a lender may score high enough to receive a five-star rating but doesn’t meet one or more of the must-have criteria. They include:

A soft credit check
Current rates displayed on the lender’s website
At least 12 months of forbearance

Half a star is deducted from lenders who meet the point requirement for five stars but don’t meet the must-have criteria.

Data collection and review process

We survey 20 banks, credit unions and online lenders that offer private student loans and student loan refinancing, including the top lenders by market share and online search volume, as well as lenders that serve some specialty or nontraditional markets.

Surveys for all lenders are similar, although some questions differ by the product types offered. All surveys include more than 40 data points.

Our team checks lender websites to confirm key survey responses. We also follow up with company representatives as needed. At least one writer and an editor verify facts in every lender review to ensure accuracy.

Data accuracy

Student loan reviews are reassessed and fully updated every 12 to 18 months. Our team also updates data as needed through the year, such as rate changes, new features and star ratings. We keep in contact with providers to ensure information is current.

The review team

NerdWallet's student loans review team covers a range of education and college finance topics. Our writers and editors have over 30 years of combined experience in finance. Each team member adheres to NerdWallet’s strict guidelines for editorial integrity.

In addition to NerdWallet, the work of our team members has appeared in The New York Times, The Associated Press, Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets.