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Best Student Loans Refinance May 2024

Making sense of student loan refinancing has never been easier. This page brings together top providers, offering a straightforward comparison of rates, terms, and features. Make educated decisions and take a step closer to financial freedom.

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Key Facts

  • Minimum credit score of 660 to 700
  • Debt-to-income ratios vary by lender
  • Annual income requirements vary by lender
  • Minimum annual income: $24,000

Pros

pros iconCan refinance Parent PLUS loans

pros iconQuickly compare multiple lending partners on a single platform

pros iconGet your rate and find out if you qualify with a soft credit pull

pros iconSome lending partners will refinance student loans without a degree

Cons

cons iconSame interest rate as going directly through lender

cons iconThose with high debt-to-income ratios may find it challenging to find a lender

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.99% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties..

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680.

Bonus disclosure:
“All bonus payments are by gift card.”

*Not all available financial products and offers from all financial institutions have been reviewed by this website

  • $5K-$500K Loan Amount
  • 660 Min Credit
  • 4.07-16.49% APR Fixed
Editor's Choice
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Key Facts

  • Credit score of 640 or higher (varies by lender)
  • Lenders require at least an associate degree
  • Some lenders require a bachelor’s degree from a Title IV accredited school
  • Degree requirements vary according to the lender
  • Must be a U.S. citizen or legal resident of the United States

Pros

pros iconEasy pre-qualification with no hard credit pull

pros iconGet to search rates from multiple banks and credit unions at once

pros iconGreat customer service reputation

pros iconReasonable interest rates available

Cons

cons iconNot available to people with bad credit rating

cons iconTerms and requirements vary by lender partner

cons iconYou may need to join a credit union if you want a loan from that establishment

Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are subject to change at any point before application submission. Your pre-qualified rate is based on the information you provided. All final offers require verified credit information which could impact your qualified rate. The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer.

Some lending partners may require less info if you apply directly on their website. If a lending partner has an available loan for you, you will be invited to submit a loan application to the lender for its review. Please be advised that a lending partner with an available loan offer for you may conduct another soft credit pull as part of its application review process.

To qualify, a borrower must be a US citizen or other eligible status and meet lender underwriting requirements. The borrower must meet applicable underwriting requirements based on specific lender criteria. Not all borrowers receive the lowest rate as advertised. Also, the lowest rates are reserved for the highest-qualified borrowers.

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. It will depend on various factors, including the term of the loan, a responsible financial history, income, and other factors. Variable rates are subject to change.

For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33.

  • $5K-$500K Loan Amount
  • 650 Min Credit
  • 4.49-9.99% APR Fixed
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Key Facts

  • Min credit score: 670
  • US citizens or permanent residents only
  • Qualifying after bankruptcy: Yes, after five years

Pros

pros iconJoint refinancing available for married couples

pros iconGood interest rates

pros iconThe lender has a reputable standing

Cons

cons iconBachelor’s degree is a minimum requirement

cons iconSome negative customer support reviews

cons iconNo longer terms available for max loan

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will suit their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also assess brands we are not engaged with).

These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewers’ findings and subjective experience, and product popularity, impact the placement and position of the brands within the comparison table. In the event that we assign ratings or scoring, they are based on the standing in the comparison table or according to the other formula in the event detailed explicitly by us. See our How we Rate page and Terms of Use for information.

The reviews, ratings, and scoring are provided “as is” without guarantees or warranties regarding the information contained on our website, which shall not be considered as endorsement. We do our best to keep the information up-to-date. However, an offer’s terms might change at any time. We do not compare or include all service providers, brands, and offers available in the market. Loan Payment Example: A $35,000 personal loan financed at 4.99% APR would amount to 60 monthly payments of approximately $676.49 each.

  • $8K-$500K Loan Amount
  • 670 Min Credit
  • 7.74-9.93% APR Fixed
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Key Facts

  • Minimum credit score: 650/680
  • Minimum of $5,000 loan balance
  • Must be a US citizen or hold a 10-year Permanent Resident Card
  • Student loan debt must be from Title IV-accredited schools
  • Must be employed, have a written job offer that will begin in 6 months, or possess consistent income
  • Must not have any previous bankruptcies on credit report

Pros

pros iconLow interest rates

pros iconYou can customize your loan payment

pros iconYou can skip 1 payment every 12 months (after at least 5 months of on-time interest payments)

pros iconNo origination or prepayment fees

Cons

cons iconYou can’t apply with a cosigner

cons iconCredit score minimum of 650

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  • $1K-$500K Loan Amount
  • 650 Min Credit
  • 4.45-14.9% APR Fixed
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Key Facts

  • Minimum credit score of 670
  • Loan has to be for a degree-granting institution
  • Full-time and part-time students accepted
  • Must be a US citizen or permanent resident
  • Non US citizens or residents must have a co-signer

Pros

pros iconNo origination fee or prepayment penalty

pros iconWide range of loan options

pros iconGood repayment terms

pros iconQuick time to funding

pros iconWell-syllabised lender

Cons

cons iconNo pre-qualification

cons iconLate fees in place

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will suit their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also assess brands we are not engaged with).
These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewers’ findings and subjective experience, and product popularity, impact the placement and position of the brands within the comparison table. In the event that we assign ratings or scoring, they are based on the standing in the comparison table or according to the other formula in the event detailed explicitly by us. See our How we Rate page and Terms of Use for information.
The reviews, ratings, and scoring are provided “as is” without guarantees or warranties regarding the information contained on our website, which shall not be considered as endorsement. We do our best to keep the information up-to-date. However, an offer’s terms might change at any time. We do not compare or include all service providers, brands, and offers available in the market.

  • $2K-$500K Loan Amount
  • 670 Min Credit
  • 6.20-8.99% APR Fixed
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Key Facts

  • Min credit score: 680
  • US citizenship: US citizens or permanent residents only
  • Qualifying after bankruptcy: Yes, after five years

Pros

pros iconNo origination fees

pros iconGet up to 25 months of forbearance

pros iconNo prepayment penalties

Cons

cons iconNo disclosure of income requirements

cons iconAvailable to those with a bachelor's degree

All material on this Site is for general informational purposes only, and you agree to use it at your own risk. While we try to ensure that any information we post to this Site is both timely and accurate, errors may appear from time to time for which we will not be liable.

This Site may not be updated daily, and specific information may not be the most current information available. Though we may post follow-up information and reports and continue to provide access to the original information and reports, as in an archive of news stories, for example, we may not go back and change the original report to reflect new developments.

  • $5K-$500K Loan Amount
  • 680 Min Credit
  • 2.59-6.74% APR Fixed
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Key Facts

  • Minimum credit score of 650
  • Minimum loan amount of $5,000
  • US citizen, permanent resident or visa holder
  • Employed with sufficient income or have an offer of employment beginning in the next 3 months
  • Graduated with an associate’s degree or higher from a Title IV school
  • Looking to refinance education debt only

Pros

pros iconStudent loans have competitive rates and no hidden fees

pros iconQualified education loans are eligible for refinancing

pros iconMembership benefits and discounts

pros iconFlexible repayment plans and deferment available

Cons

cons iconHigher eligibility requirements than other student loan lenders (ex. 650 minimum credit score)

cons iconNot all student loans come with a cosigner release option (though you may be able to remove the cosigner by refinancing)

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

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 other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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, evaluation of your creditworthiness, years of professional experience, income, and a variety of 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, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, 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 pull and may affect your credit.

©2022 Social Finance, Inc. All rights reserved.”

Fixed rates from 3.99% APR to 9.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 01/16/24 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: 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. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

  • $5K-$500K Loan Amount
  • 650 Min Credit
  • 4.99-9.99% APR Fixed

Top Student Loan Refinance Providers

650

Min Credit Score

4.49-9.99%

APR. Fixed Rate

4.74-9.99%

APR. Variable Rate

$5K-$500K

Loan Amount

5-25 years

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

20 days

Funding Time

Student Loan Refinance

4.49-9.99%

APR. Fixed Rate

4.74-9.99%

APR. Variable Rate

Min $5K

Loan Amount

Pros & Cons

drop-down-btn
  • con-icon Easy pre-qualification with no hard credit pull
  • con-icon Get to search rates from multiple banks and credit unions at once
  • con-icon Great customer service reputation
  • con-icon Reasonable interest rates available
  • con-icon Not available to people with bad credit rating
  • con-icon Terms and requirements vary by lender partner
  • con-icon You may need to join a credit union if you want a loan from that establishment

Student Loan Type

drop-down-btn
  • Private student loans
  • Student loan refinance

670

Min Credit Score

7.74-9.93%

APR. Fixed Rate

2.17-4.47%

APR. Variable Rate

$8K-$500K

Loan Amount

5, 8, 12, or 15-year terms

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

Undisclosed

Prepayment Fee

10 days

Funding Time

Student Loan Refinance

7.74-9.93%

APR. Fixed Rate

2.17-4.47%

APR. Variable Rate

$8K-$500K

Loan Amount

Pros & Cons

drop-down-btn
  • con-icon Joint refinancing available for married couples
  • con-icon Good interest rates
  • con-icon The lender has a reputable standing
  • con-icon Bachelor’s degree is a minimum requirement
  • con-icon Some negative customer support reviews
  • con-icon No longer terms available for max loan

Student Loan Type

drop-down-btn
  • Private student loans
  • Student loan refinance

What Is Student Loan Refinancing?

Student loan refinancing replaces or consolidates existing loans into one new loan. It can save money on interest, simplify payments, and lower monthly payments. Refinancing federal loans with a private lender may result in losing access to federal loan benefits, including loan forgiveness. Refinancing can reduce interest rates and combine federal and private loans into one easy payment.

Student Loan Refinancing: Key Terms to Know

  • Fixed-rate and Variable-rate: These are the types of interest rates available when refinancing. A fixed rate remains constant over the duration of the loan, while a variable rate can fluctuate based on market conditions.
  • Cosigner: This is a person who co-signs your student loan refinance application. They agree to be legally responsible for repaying the loan if the primary borrower fails to make payments. A cosigner can help a borrower with a low credit score qualify for a loan or secure better terms.
  • Federal Loan Protections: Federal student loans offer certain protections that may not be available with private loans. This includes benefits like loan deferment, forbearance, and Public Service Loan Forgiveness. Refinancing federal loans with a private lender could result in the loss of these protections.
  • Debt-to-Income Ratio: This is a measure lenders use to evaluate a borrower's ability to manage monthly payments and repay debts. It is the ratio of total monthly debts to total monthly income.

Applying for a Student Loan Refinance

The process to apply for student loan refinancing is much like applying for any other type of loan. Once you find a lender willing to work with you based on your needs and credit history, complete the loan application process and the lender will automatically pay off all your existing loans. Once the loan disbursement has gone through, you will have a new monthly payment amount, interest rate, and loan payoff date. 

Best Time to Refinance Student Loans

There are several instances when refinancing your student loans could be beneficial and save you money. For example, maybe your credit score has increased significantly or the general rate environment has improved. 

Here are some of the best times to refinance your student loans.

  • Your finances have improved: Getting a new job with a higher salary or improving your credit score can greatly impact your finances. If you are in a better position and you can qualify for a loan with much better terms, then it could make sense to refinance for significant savings. 
  • You have multiple loans: Taking track of multiple loans with different monthly payments can be stressful. When you refinance, you can combine all of your student loans into one easy-to-manage monthly payment.
  • You have loans with high variable rates: Variable-rate loans can be expensive to pay, especially if interest rates start to increase. By refinancing your variable-rate loans into fixed-rate, you can know exactly how much interest you will pay over the life of the loan.
  • Interest rates are low: It's important to keep track of if the Federal Reserve is increasing or cutting rates. If rates are decreasing, you may want to look into your options for securing a lower rate.

When looking to refinance your student loans, the best time is when it can save you money. 

Pros and Cons of Student Loan Refinancing

There are many pros and cons to student loan refinancing that you should consider before doing so. Let us take a look at some of the reasons that student loan refinancing may or may not make sense for your financial situation. 

Pros Cons
Lower interest rates save money:  If you refinance your loans and qualify for a lower interest rate, you could save hundreds or even thousands over your loan term. May lose federal loan protections: Federal student loans can come with many protections that private loans do not.
Flexible repayment terms: This can give you the flexibility to choose a term that fits your budget and your financial goals.

Potential for fees: Refinancing student loans can come with fees, such as origination fees and application fees. Be sure to factor these fees into your decision before refinancing.

Pay off your loans faster: When you refinance them, you can combine them into one loan and have just one account to manage and an easy-to-remember payment due date.

You may need a co-signer: Because the eligibility requirements are stringent, you may need a co-signer to qualify for a loan. Co-signing a refinancing loan is a major commitment since student loans can be in repayment for 10 to 20 years.

How to Refinance Your Student Loans

Refinancing your student loans is a simple process that can be done in as little as a few days. It can save you money, reduce your monthly payment, and make repayment easier due to better terms and conditions. Here are some of the basic steps that you should know. 

  1. Asses your current situation: It is important to know where you stand before applying for any type of refinancing. Check the rates and terms of your current student loans, and look at your credit report to determine if any significant improvements would qualify you for a lower interest rate and better terms. 
  2. Shop around and compare lenders: After you prequalify, take a look at which lenders you may want to consider. Compare rates, terms, and monthly payments to find the loan that makes sense for you. 
  3. Apply for the loan: Prequalifying for refinancing can take only a few minutes with no impact on your credit. Once you prequalify, you can go ahead and fill out the loan application directly with the lender. 
  4. Start paying your loan: Once you’ve signed the loan agreement and got approved, your lender should pay off your student loans on your behalf and give you a new monthly payment date and amount. Continue to make all your payments on time and in full until the end of the loan term. 

Current Average Rates for Student Loan Refinancing

Interest rates for student loan refinancing depend on your credit score, refinancing amount, and loan term. The lender you choose to work with can also have an impact on refinancing rates.

As of April 2023, current interest rates averaged between 4.99% and 8.99% for fixed-rate loans and 4.54% to 9.19% for variable-rate. 

  • Fixed-rate: 4.99% to 8.99% 
  • Variable rate: 4.54% to 9.19%

Student Loan Refinancing Qualification Criteria

The specific qualification criteria for student loan refinancing vary depending on the lender, but here are some general factors that lenders may consider:

  • Credit score: Most lenders require a good or excellent credit score for refinancing, typically around 650 or higher. However, minimum credit score requirements can vary from lender to lender. Some lenders may allow students with credit scores as low as 580 to obtain a loan, whereas some lenders may require a minimum credit score of 710. 
  • Income: Lenders may require proof of stable income or employment to ensure you can make your loan payments.
  • Debt-to-income ratio: Lenders may also consider your debt-to-income ratio, which compares your monthly debt payments to your monthly income.
  • Education: Some lenders may require you to have completed a degree from an accredited institution.
  • Loan type: Some lenders may only refinance certain types of loans, such as federal or private student loans.
  • Citizenship or residency status: Most lenders require that you are a U.S. citizen or permanent resident.

It's important to note that meeting these criteria does not guarantee approval for refinancing. Lenders may also consider other factors, such as your employment and credit history when deciding.

If you have bad credit or no credit history, the chances of qualifying are pretty low. If you do happen to qualify, you may be required to pay some of the highest interest rates on the lending market. This is where a co-signer with an excellent credit score can help you qualify and lock in a much lower interest rate. 

Should I Use A Cosigner When Refinancing My Student Loans?

Using a cosigner to refinance your student loans may increase your chances of qualifying for a loan or finding a loan with a better rate. This is especially true if you have a lower credit score. Remember that if you cannot pay your loan, your co-signer will become responsible for the loan and be required to make payments. That is why it is important that both you and the co-signer fully understand what you are agreeing to before going through with a loan offer. 

Conclusion

When refinancing your student loans, there are many things to consider. Most importantly, you should be refinancing your loans to your benefit. Whether it is to save money with a lower interest rate or lower your monthly payment, it is important to find the right loan for your situation. You can make sure you find the best student loan refinancing options by going online and prequalifying.