Best of
The best student loan refinancing companies typically offer lower interest rates. But some refinance lenders also excel at serving specific customer groups.
Last updated on October 24, 2023
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A student loan refinance is when you move your loans from one lender to a new, private lender. The new servicer will pay off your old debt and typically offer you a better interest rate or more suitable terms. These better terms can save you money.
You can refinance federal and private student loan debt into one, new private loan. But refinancing federal student loans means you will forfeit federal benefits, like income-driven repayment plans and eventual student loan forgiveness. If you want to keep your federal loans federal, consider consolidation with the Department of Education.
Refinancing student loans is usually best for those with strong credit and stable income since this often results in better loan terms.
NerdWallet student loan experts evaluated dozens of data points to identify the best student loan refinance companies for different customers.
We've identified all our selections below.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's student loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, The New York Times, The Washington Post, Nasdaq, MSN, ABC News, MarketWatch and many other national and regional media outlets. They also have appeared on NerdWallet's “Smart Money” podcast, as well as local TV and radio.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's student loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, The New York Times, The Washington Post, Nasdaq, MSN, ABC News, MarketWatch and many other national and regional media outlets. They also have appeared on NerdWallet's “Smart Money” podcast, as well as local TV and radio.
Best Student Loan Refinancing Companies
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
LendKey Student Loan Refinance Check rateon LendKey's website on LendKey's website COMPARE RATESon Sparrow’s website on Sparrow’s website | 4.5 /5 Best for Banks to refinance student loans + Credit unions to refinance student loans | Not disclosed. | 5.24-9.60% | 5.53-8.70% | Check rateon LendKey's website on LendKey's website COMPARE RATESon Sparrow’s website on Sparrow’s website |
Education Loan Finance Student Loan Refinance Check rateon Education Loan Finance's website on Education Loan Finance's website COMPARE RATESon Sparrow’s website on Sparrow’s website | 4.5 /5 Best for Banks to refinance student loans | 680 | 4.84-8.69% | 5.28-8.99% | Check rateon Education Loan Finance's website on Education Loan Finance's website COMPARE RATESon Sparrow’s website on Sparrow’s website |
Our pick for
Banks to refinance student loans
on LendKey's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
LendKey Student Loan Refinance
4.5
NerdWallet rating
Min. credit score
Not disclosed.
Fixed APR
5.24-9.60%
Variable APR
5.53-8.70%
Key facts
Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank. While LendKey connects borrowers with community banks and credit unions, LendKey services the loans.
Pros
- 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.
Cons
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications
- 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.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Read Full Review
Check rateon Education Loan Finance's website
on Education Loan Finance's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Education Loan Finance Student Loan Refinance
4.5
NerdWallet rating
Min. credit score
680
Fixed APR
4.84-8.69%
Variable APR
5.28-8.99%
Key factsBest for borrowers who value good customer service.
Pros
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
Cons
- Payment postponement isn’t available for borrowers who return to school.
- The minimum amount to refinance is more than many lenders require.
- No co-signer release available.
Qualifications
- Typical credit score of approved borrowers or co-signers: 774.
- Loan amounts: $10,000 up to your total outstanding loan balance.
- Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Read Full Review
Check rateon SoFi's website
on SoFi's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
SoFi Student Loan Refinancing
4.5
NerdWallet rating
Min. credit score
650
Fixed APR
4.99-9.99%
Variable APR
6.24-9.99%
Key facts
Best for borrowers who may prefer an online bank and want plenty of benefits with their refinanced student loan.
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Dedicated Student Loan Debt Specialist available for borrowers.
Cons
- No co-signer release available.
- Loan size minimum is higher than most lenders.
Qualifications
- 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.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFixed rates range from 4.99% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopaydiscount. 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 08/26/24 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.
Read Full Review
Our pick for
Student loan refinancing with low income
You can refinance if you don't make a lot of money, but this may not make sense for federal loan borrowers.
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
Advantage requires borrowers to have a minimum annual income of $24,000.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
Earnest has no minimum income requirement. Borrower's median income is $70,000 one of the lowest shared with NerdWallet.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
Read Full Review
Our pick for
State-based refinancing
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
Best for borrowers who didn’t graduate. Loans are not available to borrowers in Alaska, Delaware, Iowa, Maine, Maryland, Nevada, New Jersey, Rhode Island, Washington and Washington, D.C.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Read review
RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key facts
Best for borrowers who want payment flexibility should they run into financial trouble. Loans are available to borrowers nationwide.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
Read Full Review
Our pick for
Borrowers with no degree
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
Best for borrowers who didn’t graduate and who may be looking for a longer forbearance period.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
Best for borrowers who are still enrolled in school and have a job offer.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
Read Full Review
Read review
RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
Read Full Review
Our pick for
Lenders offering co-signer release
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
Borrowers can request a co-signer release after 12 months. They will need to pass a hard credit check and meet other eligibility requirements to release a co-signer from an Advantage Refinance Loan.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Read review
RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key facts
RISLA requires borrowers make 24 full, on-time and consecutive payments as well as provide credit score and employment information when they apply to release a co-signer.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
Read Full Review
Our pick for
International borrowers
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
International borrowers are required to provide proof of a permanent residency card.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
International borrowers must possess a Permanent Resident Card (10-year non-conditional or 2-year conditional), be a DACA recipient, be an Asylee or hold an H-1B visa with a U.S. Citizen cosigner.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
Read Full Review
Our pick for
Paying off student loans fast
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key facts
Advantage provides features like bi-weekly autopay and five repayment term options.
Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Read Full Review
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
Earnest offers borrowers a variety of features to encourage faster refinance student loan payoff, including allowing borrowers to increase their minimum monthly payment and schedule multiple extra payments.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
Read Full Review
Our pick for
Credit unions to refinance student loans
Check rateon LendKey's website
on LendKey's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
LendKey Student Loan Refinance
4.5
NerdWallet rating
Min. credit score
Not disclosed.
Fixed APR
5.24-9.60%
Variable APR
5.53-8.70%
Key factsBest for borrowers who prefer to work with a community bank or credit union, rather than a big bank.
Pros
- 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.
Cons
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications
- 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.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Read Full Review
Read review
Navy Federal Student Loan Refinance
4.5
NerdWallet rating
Min. credit score
Does not disclose
Fixed APR
N/A
Variable APR
N/A
Key factsAn option for members of Navy Federal Credit Union, especially those who have an associate degree.
Pros
- Forbearance of 18 months is longer than many lenders offer.
- Greater-than-minimum payments allowed via autopay.
Cons
- Available only to existing Navy Federal Credit Union customers
- Students cannot refinance a parent PLUS loan in their name.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
- Typical credit score of approved borrowers: Did not disclose.
- $7,500 minimum to $125,000 for undergraduates, or $175,000 for graduate students.
- Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 10 or 15 years
Read Full Review
Our pick for
MBA student loan refinance lender
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
Earnest offers features like customized repayment schedules and payment amounts, which can help MBA graduates pay off debt fast.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
Read Full Review
Read review
RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key facts
MBA graduates can benefit from payment flexibility features like income-based repayment should they run into financial trouble.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
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Our pick for
Medical school student loan refinance lender
Check rateon Earnest's website
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
Key facts
Earnest’s customized repayment schedules can help doctors to pay off debt fast after residency.
Pros
- 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.
Cons
- Loans aren't available in Nevada.
Qualifications
- 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.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% 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.
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RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key facts
Doctors looking for payment flexibility after residency could benefit should they run into financial trouble.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
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How to refinance student loans
Identify your financial goals. Refinancing can help you lower your monthly student loan payment, total payback amount or both. You can also use a refinance to change your loan terms and pay off your student debt faster. Consider your goals first to determine if refinancing will help you meet them.
Evaluate your finances. For the best chances of approval, you'll likely need a credit score in the high 600s, a debt-to-income, or DTI, ratio of 50% or better and stable income.
Compare rates. Get prequalified with several lenders to see who gives you the best deal. The lenders on this list will show you your rate offer without affecting your credit score.
Choose a lender and complete the application. You may need to provide documentation of the following information to complete the official application:
Loan income verification statement.
Proof of employment or income.
Proof of residency.
Identification.
Graduation information.
Pay attention to any extra information that might be needed. Depending on the lender, additional information may be required. Check with the lender to see what documentation is needed for their requirements.
Sign the final documents and wait for loan payoff. Once underwriting is complete, you’ll need to sign some final paperwork to accept the loan. You'll usually have three days to cancel the refinance loan if you change your mind.
Best student loan refinance companies
Compare Earnest vs. SoFi for student loan refinancing
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STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on October 24, 2023
NerdWallet's Best Student Loan Refinancing Companies of September 2024
- LendKey Student Loan Refinance: Best for Banks to refinance student loans + Credit unions to refinance student loans
- Education Loan Finance Student Loan Refinance: Best for Banks to refinance student loans
- SoFi Student Loan Refinancing: Best for Banks to refinance student loans
- Advantage Education Loan Student Loan Refinance: Best for Student loan refinancing with low income + State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + International borrowers + Paying off student loans fast
- Earnest Student Loan Refinance: Best for Student loan refinancing with low income + Borrowers with no degree + International borrowers + Paying off student loans fast + MBA student loan refinance lender + Medical school student loan refinance lender
- RISLA Student Loan Refinance: Best for State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + MBA student loan refinance lender + Medical school student loan refinance lender
- Navy Federal Student Loan Refinance: Best for Credit unions to refinance student loans
Further reading
Should I Refinance My Student Loans?
By Cecilia Clark
How to Pay Off Student Loans Fast
By Ryan Lane
How to Get The Lowest Student Loan Payment
By Ryan Lane
