Shed your student loan debt in 5 steps
Mar. 29, 2023
How to Send Your Kid to College Without Breaking the Bank
Mar. 19, 2023
Should I Get a Personal Loan or Student Loan Refinance?
Aug. 01, 2023
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time
With lower interest rates, you can reduce your student loan payments and save big. Compare our top refinance lenders and find the best rates for you.
Do I qualify for student loan refinancing?
Why is student loan refinancing an option to consider?
SoFi®
284 peoplevisited this site today
Credible
Earnest
Splash Financial
Citizens Bank
ELFI
MEFA
LendKey
NaviRefi
Fiona
applied for refinance in the past month
SoFi®
284 peoplevisited this site today
A student loan refinance involves replacing one or more student loans with a new loan with better terms from a private lender. Both private and federal student loans can be refinanced. The purpose of refinancing is to get a lower interest rate and thereby reduce the monthly payments and lifetime costs. Many private lenders, including banks, online lenders, and credit unions offer student loan refinance loans. People with federal loans can also consolidate—rather than refinance—their debts. This involves combining multiple federal loans into a single loan with one simple monthly payment.
The table below shows a sample of rates for student loan refinances compared to rates for first-time private and federal student loans. The Refinance column shows the lowest rates advertised by each lender. The First-Time Column shows fixed rates for federal government loans and lowest rates from private lenders.
| Refinanced Student Loans | First-Time Student Loans |
|---|---|
| 4.86% - 13.34%* Variable APR / 3.85% - 11.85%* Fixed APR (Credible) | 1.24% Variable APR / 3.75% Fixed APR (Credible) |
| 5.99% - 9.99% (with all discounts) Variable APR / 3.99% - 9.99% (with all discounts) Fixed APR (SoFi) | 5% APR (Federal Perkins Loan) |
| 5.28% - 10.24% Variable APR / 4.99% (with autopay) - 10.24% (without autopay) Fixed APR (Splash Financial) | 4.236% APR (Federal (PLUS Loan) |
As the above table shows, it is often worth refinancing a student loan. If you’ve graduated from college and have built a good credit score, then you can achieve a much lower interest rate by refinancing—and potentially save thousands of dollars in the long run.
Things to take into consideration before refinancing:
| Pros | Cons |
|---|---|
| Potential for major savings over life of loan | With longer term, potential to pay more over life of loan |
| Reduced monthly payments | Applying for refinance can affect credit score |
| One single payment makes life easier | By refinancing federal loan, you waive rights to cancellation or forgiveness programs |
| More flexible repayment terms | |
| Option of dropping previous co-signer from loan |
Eligibility can vary slightly between lenders, but the following are standard requirements for most refinance loans:
Lenders also look at the following:
A student loan refinance application is similar to other loan or refinance applications. It involves the following steps:
| Benefits | Risks |
|---|---|
| Greater chance of approval | Co-signer takes on liability for debts |
| Reduced interest rate if co-signer has good credit | Damage to co-signer’s credit score in event of missed payments |
| Flexibility to release co-signer at pre-determined date in future | Potential damage to relationship with co-signer over financial matters |
A co-signer can be a:
If you have private student loans or private and federal loans, refinancing could be the best way to save money. But if you only have federal loans, you may want to consider debt consolidation or any of the federal government’s loan forgiveness or cancellation programs.
If you’re unable to meet the minimum payments, these are just some of the programs for being forgiven all or a portion of your loan amount:
† Credible Terms and Conditions:
Close with a better rate than you prequalify for on Credible and get a $200 gift card. Terms Apply.
Splash Financial Disclaimer:
*Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of July 17, 2024. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Fixed APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rate options range from 4.99% (with autopay) to 10.24% (without autopay) and will vary based on application terms and level of degree.
Variable APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 5.28% to 10.24% (without autopay) and will vary based on application terms and level of degree. Variable APRs and amounts subject to increase or decrease.
**Repayment examples are for illustrative purposes only. Loans feature repayment terms of 5 to 20 years. For example, if you receive a $10,000 loan with a 15-year repayment term and an 8.50% APR, you would have a required monthly payment of $98.47. Late payments or subsequent charges and fees may increase the cost of your loan.
See additional disclaimers at: https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
SoFi Student Loan Refinance Disclaimer:
Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 5.99% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans).
SoFi rate ranges are current as of 10/4/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most
creditworthy borrowers.
For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance.
Autopay is not required to receive a loan from SoFi.
You may pay more interest over the life of the loan if you refinance with an extended term.
*Earnest Disclaimer:
Visit Earnest's eligibility page for more details
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.20% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
NaviRefi Disclaimer:
You can choose between fixed and variable rates. Fixed interest rates are 5.21% - 9.99% APR (4.96% - 9.74% APR with Auto Pay discount). Starting variable interest rates are 5.97% - 9.99% APR (5.72% - 9.74% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.
Loan cost examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $85) and a 8.24% APR would result in a total estimated payment amount of $20,434. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $85) and a 8.24% APR would result in a total estimated payment amount of $20,434. Your actual repayment terms may vary.
*Laurel Road Disclaimer:
Terms and Conditions Apply. Rates as of 09/29/2024. Rates subject to change and all products subject to credit approval.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult StudentAid.gov for the most current information.
Citizens Disclaimer:
Education Refinance Loan Rate: Variable interest rates range from Variable interest rates range from 6.53%-13.34% (6.53%-13.34% APR). Fixed interest rates range from 5.89%-11.85% (5.89%-11.85% APR).
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. when our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree to refinance while enrolled in school. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced.
Education Refinance Loan for Parents: Eligibility The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.
Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 8.15% APR results in 54 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $161.99. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.
Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.