5 Standout Student Loan Refinancing Lenders
Graduate to a better student loan
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Refinancing your student loans can save you thousands — either by shrinking your interest rates or tapping into other unique (and sometimes creative) perks. Better yet, it’s free to refinance and you can get prequalified in less than ten minutes.
Standout Student Loan Refinancing Lenders From Our Partners
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- 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.
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
- 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.
SoFi Parent PLUS Refinancing
650
4.74-9.99%
5.99-9.99%
- You can refinance parent PLUS loans from the parent’s name to the student’s.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
- 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.
Earnest Student Loan Refinance
665
4.69-9.99%
5.88-9.99%
- 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.
- Loans aren't available in Nevada.
- 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.
See why the lenders make the grade
Laurel Road: Refinances undergraduate, graduate and parent student loans, specializing in loans for medical and dental residents.
Splash Financial: Online marketplace best for borrowers who want quotes from more than one lender.
Earnest: Borrowers can choose their own monthly payment amount and increase it at any time to become debt-free faster.
SoFi: Offers borrowers extra perks like career coaching and no-fee investing.
Lendkey: Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank.
What is student loan refinancing?
Student loan refinancing saves borrowers 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.
A steady income.
If you fall short on either, you might need a co-signer who qualifies.
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.
To decide if refinancing your student loans makes sense, you'll want to make sure your loans qualify, that you're not giving up payment options you might need, that you're getting a better interest rate, and that you've chosen the right company.
Last updated on October 11, 2022
