Refinance Student Loans and save!

Our comprehensive listing of student loan refinance lenders connects you to dozens of
loan options. Make sure to compare and save!

Lender

Fixed Rate APR

Variable Rate APR

Repayment Length

 

Laurel Road

3.37% - 7.02%
notes: 1

2.80% - 5.90%
notes: 1

5, 7, 10, 15, 20
years


LendKey

3.15% - 8.79%
notes: 2

2.68% - 8.06%
notes: 2

5, 7, 10, 15, 20
years


CommonBond

3.20% - 7.25%
notes: 3

2.57% - 7.25%
notes: 3

5, 7, 10, 15, 20
years


College Ave Student Loans

3.25% - 7.75%
notes: 4

2.75% - 7.25%
notes: 4

5 - 15
years (your choice) 5


SoFi

3.40% - 7.75%
notes: 6

2.63% - 7.695%
notes: 6

5, 7, 10, 15, 20
years


Thrivent

3.99% - 9.99%
notes: 7

3.88% - 10.88%
notes: 7

5, 10, 15
years


Citizens Bank

3.50% - 8.69%
notes: 8

2.62% - 8.07%
notes: 8

5, 10, 15, 20
years
Rate and Repayment Examples


Earnest

3.25% - 6.32%
notes: 10

2.57% - 5.87%
notes: 10

5-20
years (your choice)


Discover Student Loans

5.24% - 8.24%
notes: 12

4.74% - 7.99%
notes: 12

10, 20
years


Education Loan Finance

3.09% - 6.69%
notes: 14

2.69% - 6.01%
notes: 14

5, 7, 10, 15, 20
years


Splash Financial

3.25% - 7.28%
notes: 15

3.48% - 7.26%
notes: 15

5, 7, 8, 12, 10, 15, 20
years


Lender

APR

 
Laurel Road

3.37% - 7.02%
notes: 1

LendKey

3.15% - 8.79%
notes: 2

CommonBond

3.20% - 7.25%
notes: 3

College Ave Student Loans

3.25% - 7.75%
notes: 4

SoFi

3.40% - 7.75%
notes: 6

Thrivent

3.99% - 9.99%
notes: 7

Citizens Bank

3.50% - 8.69%
notes: 8

Earnest

3.25% - 6.32%
notes: 10

Discover Student Loans

5.24% - 8.24%
notes: 12

Education Loan Finance

3.09% - 6.69%
notes: 14

Splash Financial

3.25% - 7.28%
notes: 15

About Our Top Student Refinance Lenders

  • Easy, entirely online application process
  • Get a personalized rate offer with no impact on your credit within 2 minutes
  • No origination or application fees
  • No prepayment penalties
  • Receive a 0.25% rate discount when making automatic payments from a checking account
  • Up to 12 months of forbearance is available at Laurel Road's discretion
  • Available for private, federal, undergrad, and graduate school student loans
  • $100/month payment option for medical and dental residents and fellows
  • Borrowers save more than $20,0001 over the life of their loan on average when refinancing with Laurel Road
  • Higher chance of approval with our network of not-for-profit lenders
  • 2 minute rate check with no impact on your credit score
  • No handoffs – you'll be with our fully trained customer care team from your application to your final payment
  • Available for private, federal, undergraduate and graduate school student loans
  • Never any application or origination fees, or prepayment penalties
  • Save over $24,000 on average and pay no fees!
  • Refinancing and consolidation of private and federal student loans
  • 5, 7, 10, 15, and 20 Year Repayment Terms
  • Unemployment protection – put your payments on hold while they help find you a new job
  • Social good - for every fully funded degree through CommonBond, they fund the education of a student in need abroad for a year
  • Refinance and consolidate both federal and private student loans
  • Rates as low as 2.75% for variable rates4
  • Rates as low as 3.25% for fixed rates4
  • No application or origination fees
  • 3 minutes to fill out application and receive instant credit decision
  • Choose immediate full payments or 2 years of interest only
  • Additional 0.25% interest rate reduction with Nationwide Bank discount4
  • No application or origination fees
  • Unemployment protection: If you lose your job, they will pause loan payments and help you find a new job
  • No minimum income requirement
  • Career support to help you advance in your career and enhance your personal brand
  • Available for both private and federal loans
  • For more than 100 years; Thrivent Financial has served our members with the tools and resources to help them be wise with money and to live generously.
  • Loan Amounts up to $120,000
  • Loan terms up to 15 years
  • Fixed and Variable Rate Options
  • No Loan Origination or Disbursement Fees...ever!
  • TFCU offers a 0.25% rate reduction with automated payments
  • Financial guidance through a faith-based lens...we call it New School Lending
  • Citizens Bank, N.A. has a nearly 200 year history of serving customers and communities
  • 0.50 percentage point interest rate reduction discounts available9
  • No application, origination or disbursement fees
  • Competitive fixed and variable interest rates
  • Lower rates based on your full financial profile, not just your credit score
  • Clients have saved $30,93911 on average by refinancing with Earnest
  • Flexible terms and lifetime service provided in-house
  • No fees for origination, prepayment, or loan disbursement
  • Two-minute rate check with no obligation or impact to your credit score
  • Great rates and flexible terms that could lower your overall monthly payment amount each month.
  • Make just one payment each month so you don't have to worry about multiple payments and due dates
  • No fees ever – $0 application, origination or late fees
  • 0.25% interest rate reduction while enrolled in automatic payments (included in lowest listed APRs)13
  • Refinance and consolidate federal and private student loans as well as Parent PLUS loans
  • Offer discounted rates automatically as there is no need to enroll in auto debit
  • $100 bonus for completing required paperwork within 30 days of application
  • No application, origination, or prepayment fees
  • Get a rate offer with no impact on your credit within minutes
  • No origination or application fees
  • No prepayment penalties
  • Parent PLUS refinancing
  • Available for private, federal, undergrad, and graduate school student loans
  • Co-signer release available after 12-months
  • Specialized product for medical residents/fellows with deferred payments

Refinance Student Loans: The Guide

Many of the 44 million Americans who have used student loans to pay for college could benefit when they refinance student loans borrowed in pursuit of their degree. Graduates (and parent borrowers, too) can often lower a monthly payment, find a better interest rate, and/or combine their several loans into one convenient payment. Our Guide to Refinance Student Loans provides a quick overview to help you make the right decision about whether or not to refinance student loans.

What is student loan refinancing?

Student loan refinancing describes the process of taking out a new loan where the proceeds are used to pay off an existing federal student loan(s) and/or private student loan(s).

Who can refinance student loans?

Anyone who holds education debt, including federal student loans, private student loans, or federal parent loans, is eligible to refinance student loans. However, lenders have credit, income, and other requirements that can severely limit a borrower's eligibility for refinancing.

What is student loan consolidation?

Student loan consolidation is a form of refinancing available from the US Department of Education that is available only for federal student loans and parent PLUS loans. Learn more about consolidation.

How does one refinance student loans?

To refinance student loans, a prospective borrower chooses a refinancing lender, and completes an application. If a co-signer is required, the co-signer must also complete a section of the application. Once the student loan refinance is approved, the new lender will work with the borrower to identify the student loans to be refinanced.

The lender will do most of the leg-work involved in contacting the previous lenders, but the borrower is often called-upon to verify account details. There are stories of borrowers refinancing as many as 25 (!) student loans into a new loan. In cases where there are many existing loans, this part of the process can take a few days to a few weeks. Once details on each of the existing student loans are in hand, the new lender finalizes the process by releasing money directly to the previous lenders.

Important! Continue to make regular payments on the existing loans until the new loan is funded.

What to look for in a student loan refinance product?

Prospective borrowers who want to refinance student loans have many lenders and loan structures to choose from – so make sure to do your homework and evaluate your options.

Lenders

Student loan refinance is available from many lenders. Large banks and financial institutions, state-sponsored agencies, specialty education lending companies, and credit unions are among the types of organizations that make student loan refinance loans.

When evaluating the lender, consider factors such as customer service, longevity, and the organization's mission (some of the lenders may have non-profit status and/or commit to support a particular social good). Also, consider whether you have dealings – such as deposit accounts, a credit card, or other borrowing – from a prospective student loan refinance lender. Sometimes this broader relationship with a lender can lead to interest rate discounts or other benefits.

Loan type

Most lenders offer a choice to refinance student loans with either a fixed interest rate or a variable interest rate structure. There are potential benefits to either structure, so think carefully about what structure is best for you.

In general, variable rate loans will carry lower interest rates, but have the risk that rates will increase over the time you are repaying the loan. Fixed rate loans usually have somewhat higher interest rates, but that rate won't increase over the repayment period.

Length of repayment

Most lenders will refinance student loans with a range of lengths of time over which the borrower can repay the new loan. Typically, these range from 5-15 years, although some lenders will allow up to 20 years to repay.

Keep in mind that a longer repayment term means you will be paying interest on the loan for a longer period, resulting in a higher total cost of loan.

Other factors

In addition to the obvious points of comparison we discuss above, make sure to pay attention to other possible benefits offered by some lenders. For example, some lenders will refinance student loans and provide discounts for automatic debiting of monthly payments. Other loan features, such as co-signer "release" or repayment flexibility for economic hardship, can also make a particular student loan refinance product stand out from among the many options available. Read the fine print.

Make sure you shop around – use comparison resources like ours – before you commit to refinance student loans with a particular lender. We are also building comprehensive reviews of the various student loan refinance lenders, including for College Ave Student Loans, Earnest, and LendKey.

Is student loan refinance right for me?

Refinance student loans with your personal objectives in mind. Are you trying to save money on your monthly payment? Are you trying to lower your total cost of borrowing? Are you trying to streamline your finances by replacing several loans with one new loan? Those three considerations are the main drivers of why graduates and parents refinance student loans. If refinancing helps you meet one of these objectives, then it might be the right step for you.

Laurel Road Disclosures

1 Laurel Road Bank is a Connecticut banking corporation offering products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $3 billion in federal and private school loans, saving these borrowers thousands of dollars each. Lending services provided by Laurel Road Bank, Member FDIC.

FIXED APR - Fixed rate options consist of a range from 3.62% per year to 5.80% per year for a 5-year term, 4.33% per year to 6.25% per year for a 7-year term, 4.69% per year to 6.65% per year for a 10-year term, 4.96% per year to 7.05% per year for a 15-year term, or 5.52% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.62% per year to 5.80% per year for a 5-year term would be from $182.46 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.33% per year to 6.25% per year for a 7-year term would be from $138.21 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.65% per year for a 10-year term would be from $104.56 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.96% per year to 7.05% per year for a 15-year term would be from $78.87 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.52% per year to 7.27% per year for a 20-year term would be from $68.90 to $79.16.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower's bank account.

VARIABLE APR - Variable rate options consist of a range from 3.05% per year to 5.14% per year for a 5-year term, 3.55% per year to 5.30% per year for a 7-year term, 4.07% per year to 5.57% per year for a 10-year term, 4.36% per year to 5.86% per year for a 15-year term, or 4.65% per year to 6.15% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 3-month London Interbank Offered Rate (LIBOR), as published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 3-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 1.20% to 3.29% for the 5-year term loan, 1.70% to 3.45% for the 7-year term loan, 2.22% to 3.72% for the 10-year term loan, 2.51% to 4.01 for the 15-year term loan, and 2.80% to 4.30% for the 20-year term loan, respectively, to the daily average of the 3-month LIBOR index published on each business day during the 91-day period ending on the 20th day of the calendar month immediately preceding each "Change Date," as defined below, rounded to two decimal places, with no origination fees. (For purposes of determining the 3-month LIBOR index, a business day is any Monday through Friday excluding U.S. federal holidays.) The variable interest rate will change quarterly on the first day of each calendar quarter ("Change Date") if the Current Index changes. The monthly payment for a sample $10,000 loan at a range of 3.05% per year to 5.14% per year for a 5-year term would be from $179.91 to $189.35. The monthly payment for a sample $10,000 loan at a range of 3.55% per year to 5.30% per year for a 7-year term would be from $134.63 to $142.75. The monthly payment for a sample $10,000 loan at a range of 4.07% per year to 5.57% per year for a 10-year term would be from $101.58 to $108.87. The monthly payment for a sample $10,000 loan at a range of 4.36% per year to 5.86% per year for a 15-year term would be from $75.79 to $83.63. The monthly payment for a sample $10,000 loan at a range of 4.65% per year to 6.15% per year for a 20-year term would be from $64.08 to $72.51.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower's bank account.

MAXIMUM RATES - Borrowers who take out a variable loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%. Borrowers who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

SAVINGS EXAMPLE - Average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers' previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

This information is current as of March 29, 2018 and is subject to change.

LendKey Disclosures

2 Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments.

CommonBond Disclosures

3 All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.92% as of May 10, 2018.

College Ave Student Loans Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC, or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

4 The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House ("ACH"). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Borrowers can take advantage of an additional 0.25% interest rate reduction if the automatic withdrawal comes from a qualifying Nationwide Bank account for a total interest rate reduction of 0.50%. Advertised rates shown include both interest rate reductions. Rates are valid as of 5/1/2018. Variable rates may increase after consummation.

5 This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate ("APR"): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Bank are service marks of Nationwide Mutual Insurance Company. ©2018 Nationwide

SoFi Disclosures

6 Fixed rates from 3.400% APR to 7.750% APR (with AutoPay). Variable rates from 2.630% APR to 7.695% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.630% APR assumes current 1 month LIBOR rate of 1.97% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Thrivent Disclosures

7 Disclaimers

Citizens Bank Disclosures

8 Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 1, 2018, the one-month LIBOR rate is 1.97%. Variable interest rates range from 2.62% - 8.07% (2.62% - 8.07% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.50% - 8.69% (3.50% - 8.69% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.

9 Loyalty Discount Disclosure: 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, DE, MA, MI, NH, NJ, NY, OH, PA, RI, 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 Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and 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.

Earnest Disclosures

10 Rates above include 0.25% discount for auto-pay.

11 Disclaimer

Discover Student Loans Disclosures

12 Get a variable interest rate from 4.74% APR to 7.99% APR (3-Month LIBOR + 2.49% to 3-Month LIBOR + 5.74%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 5.24% APR to 8.24% APR for a 10-year repayment term or from 5.49% APR to 8.24% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.25% as of April 1, 2018. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. The lowest listed APRs include a 0.25% rate reduction for automatic payments. Visit www.discover.com for more information, including up-to-date interest rates and APRs.

13 View Terms and Conditions.

Education Loan Finance Disclosures

14 Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor's degree or higher from an approved post-secondary institution.

Splash Financial Disclosures

15 Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval.