The Best Student Loan Refinance Lenders – Lower Your Rates Today

Student loans often come with promise for the future, government-backed loan programs, and really high interest rates. Once you’re working and paying your loan repayment bills every month, it can pay to refinance for different terms, lower rates, or to consolidate multiple loans into one monthly payment. Save money by paying for fewer years or lowering your rates dramatically. Do you have a cosigner you’d like to release from your loan? You can do that too. Check out this list of some of the best companies in the business and find out which companies offer the features that can best meet your student debt relief needs.
The Best Student Loan Refinance Lenders – Lower Your Rates Today

Student loans often come with promise for the future, government-backed loan programs, and really high interest rates. Once you’re working and paying your loan repayment bills every month, it can pay to refinance for different terms, lower rates, or to consolidate multiple loans into one monthly payment. Save money by paying for fewer years or lowering your rates dramatically. Do you have a cosigner you’d like to release from your loan? You can do that too. Check out this list of some of the best companies in the business and find out which companies offer the features that can best meet your student debt relief needs.

1

Credible

Competitive personal offers from many lenders

Credible Student Loans Review

Working with some of the best-known and most reliable loan providers in the industry, Credible makes it easy to …
  • Best forStudents looking to compare options
  • Fixed rate APR2.70% (with autopay)*
  • Variable rate APR1.92% (with autopay)*

Credible is a successful loan marketplace offering student loan refinancing, as well as private student loans, personal loans, mortgages, and credit cards. It has one easy form that you’ll fill out per loan type you’re looking for, and your information is totally private. Once the application form is filled out, you’ll get personalized rates, not estimated ranges, from up to 10 lenders in 2 minutes. If you need any assistance choosing, the client success team is available to give you further help. 

You can refinance federal, private and ParentPLUS loans to lower your interest rate, reduce your monthly payment, shorten your loan term, or release a cosigner from your original loans. Credible has been featured in Forbes, the Wall Street Journal, and NBC Nightly News and has a 9.5 out of 10 rating (5 stars) on Trustpilot. Credible is so confident that it’s the best choice, that it offers a $200 Best Rate Guarantee, paying you if you find lower rates elsewhere. You’ll get your final offer in as little as one business day and can pay off your undergrad or graduate school loans in terms ranging from 5 to 20 years.

Positive
  • Incredibly low rates
  • Marketplace of lenders competing for your loan
Negatives
  • Difficult to find loan rates and terms on the site
  • Not a direct lender
2

SoFi

Fast, easy, and all online

SoFi Review

SoFi is a leader among student debt consolidation companies. Its flexibility of terms and rate options coupled with …
  • Best forLong term refinance loans
  • Fixed rate APR2.99% (with autopay)
  • Variable rate APR2.24% (with autopay)
Positive
  • Unemployment protection
  • Cosigning available for refinance loans
Negatives
  • Shortest loan term is 5 years
  • Consolidation forfeits government benefits
3

Earnest

Pick a payment that fits your budget

Earnest Review

Earnest provides student refinancing at low interest rates for borrowers with credit scores over 650 who have …
  • Best forFast applications
  • Fixed rate APR2.98% (with 0.25% autopay discount)
  • Variable rate APR1.99% (with 0.25% autopay discount)

Refinancing with Earnest means that you can consolidate your existing federal and private education loans into a single, lower interest loan with no origination fee. You can choose between fixed and variable rates, and use your improved credit since you took out your original student loans to qualify for lower rates. If you sign up for autopay, Earnest offers a further rate discount of 0.25%. 

Your financial standing is evaluated by more than just your credit score, and you’ll get a fast estimated rate quote, with the final rates shown after your entire application has been approved. The application gathers other indicators of your financial responsibility, such as your job history, savings, and education, giving you the chance to get low rates even if you haven’t built very much credit. Once you’re approved, you can set your monthly payment based on your budget, with Precision Pricing loan terms at 1 to 3 month intervals between 5 to 20 years, meaning that there are 180 options for when to finish repaying your loan. You can even skip one payment a year, and make it up later.

Positive
  • Offers a number of flexible repayment options
  • Precision Pricing model gives borrowers greater flexibility
Negatives
  • No option to apply with a cosigner
  • Lack of informative educational resources
4

LendKey

Simplify your finances with flexible options

LendKey Review

LendKey lets customers tailor their loan terms for maximum savings and benefits while offering the ability to …
  • Best forLower rates and monthly payments
  • Fixed rate APR2.95%
  • Variable rate APR1.97%

LendKey simplifies the student loan refinancing process using a single platform that allows you to find, customize and fund your loan through a network of banks and credit unions. It pairs you with both federal and private student loan refinancing companies, so you can have only one monthly payment that’s simple to keep track of. If you’re still on the fence or looking to learn more before you choose, there’s a student loan refinance calculator available, where you can input the numbers of your current loans and see how much money you could save with different terms and interest rates. There’s even a personal finance educational section with guides and how-to instructions for managing money, refinancing your loans and setting yourself up for the future. It has an excellent rating on Trustpilot, an A+ BBB rating, and an array of positive user reviews to back up the customer service and user experience.

Positive
  • Competitive rates and excellent incentives
  • Consolidate loans into an affordable payment
Negatives
  • Comparison tool lacks information on lenders
  • Not a direct lender
5

Common Bond

Simplify student loans and save money

CommonBond Review

CommonBond concentrates on creating a better future by providing some of the lowest rates in the business, the …
  • Best forHelping others when you refinance
  • Fixed rate APR2.83%
  • Variable rate APR1.97%

Commonbond starts with a student loans quiz, asking you what your primary financial goals are, what you’d like to change about your current student loans, how much you think you owe (ranging from “not much” to “a whole lot”), how long do you have until payoff, how many lenders you currently pay monthly, and what’s your average interest rate. Your results will be an estimate of how much you can save by refinancing your loans with Commonbond based on a 10-year loan and the lowest offered fixed rates. It advertises a monthly payment that fits your budget, a timeline anywhere between 5 and 20 years, and no prepayment penalties. 

Positive
  • Long repayment terms
  • No origination fee or prepayment penalties
  • Strong social mission
Negatives
  • Events only available in NYC
  • No repayment shorter than 5 years
6

Laurel Road

Lending technology builds your loan

Laurel Road Review

Laurel Road is committed to offering low rates and flexible repayment terms that can fit a variety of circumstances …
  • Best forRecent graduates seeking lower rates
  • Fixed rate APR2.80%
  • Variable rate APR1.89%

You can check your student loan refinance rate in 5 minutes or less with Laurel Road’s online loans platform. Aside from student loan refinancing, it also covers graduate school loans, mortgages, and personal loans, so this can be your one-stop-shop if you need other things too. There are zero application or prepayment fees, and it works in all 50 states. Talk to your employer too, because Laurel Road offers employer benefit partnerships with unique benefits. 

It’s one of the unique student loan refinancing lenders that will refinance Parent PLUS loans too, which means that if you’re paying high interest and your child has finished college, it may be time to consider a better rate. You can get up to $400 for referring a friend, which seriously trumps some of the other companies’ find a friend offers with much lower payouts.

Positive
  • Low fixed and variable rates
  • Works with both private and government refinancing
Negatives
  • Good to excellent credit only
  • Underwriting requirements are unclear
7

Splash Financial

Providing hardworking graduates more freedom

Splash Financial Review

Splash Financial is a rookie player making home runs with student loan refinancing. It offers low rates, an easy to …
  • Best forAdvanced degree holders, medical professionals
  • Fixed rate APR2.63%
  • Variable rate APR1.89%

Splash’s mission is to help students move forward and “make a splash in the world.” The application starts with a rate estimate, which doesn’t have any impact on your credit score and takes under 3 minutes with 3 simple questions. You can then secure your new rate and lock it in by submitting a full application, which does have a hard credit pull. Once you’ve been accepted and are happy with your terms, just initiate your loan and start making payments and saving money and time. Splash boasts a 95% customer satisfaction rating and real concierge customer service, as well as a find-a-friend promotion, where you and you friend can both earn $20. Splash tries to get customers freed up from student debt in order to make healthy financial life choices, pursue life goals, and save for retirement.

Positive
  • Low fixed-interest rates save you money
  • No application fee and no prepayment penalties
  • Reliable financial backing
Negatives
  • High credit requirements
  • Refinancing may disqualify you from loan forgiveness
8

College Ave

Three-minute application

College Ave Review

College Ave offers private student loans and refinance loans. It best suits people looking for flexibility and ease …
  • Best forGrads looking for flexibility
  • Fixed rate APR3.34%
  • Variable rate APR3.24%

College Ave advertises that it will not only reduce your monthly payments, it will also reduce your stress level. It’s possible to lower your total loan cost with fixed or variable interest rates, no application or origination fees, and auto-pay discounts of 0.25%. The application takes 3 minutes and is accessible to many types of borrowers. Unlike many other lenders, College Ave allows refinancing from $5,000, allowing flexible terms and loan amounts: there are 16 different loan terms to choose from. College Ave is a Better Business Bureau-accredited company with an A+ rating.

Positive
  • High maximum loan amounts
  • No application or origination fee
Negatives
  • Little clear information about income requirements
  • Loss of federal program benefits
9

Education Loan Finance

No-fee application process

Education Loan Finance Review

Education Loan Finance refinancing lets you combine multiple loans into one simple, easy to pay, affordable loan. …
  • Best forBorrowers with multiple student loans
  • Fixed rate APR2.79%
  • Variable rate APR2.39%

If you have $15,000 or more of student loan debt, Education Loan Finance (ELFI) offers loans with low fixed or variable rates, with minute-to-minute prequalification. It offers refinancing for both student and parent loans, and can help release your cosigner from the original loan. See your personalized quote in minutes, and if you like the rates and terms, apply online. Once you’ve submitted your application, you can upload screenshots or smartphone photos of your documents and sign everything electronically. Parent loans and refinance loans for private student loans have terms of 5, 7, and 10 years, while refinancing government loans can go up to 20. The ELFI management team has over 30 years of expertise in this field, and provides countrywide customer service, including Puert Rico. ELFI has a 4.8 out of 5 star Excellent rating on Trustpilot.

Positive
  • Variety of plans for different budgets
  • Seamless application and verification process
  • Personal Loan Advisors provided
Negatives
  • High minimum loan amount
  • Consolidation forfeits federal loan forgiveness
10

SuperMoney

Get lowest rates from competing lenders

SuperMoney Review

SuperMoney is an online marketplace for student loan refinance, plus other types of loans such as personal loans …
  • Best forComparing multiple offers
  • Fixed rate APR3.39%
  • Variable rate APR2.61%

With loans up to $300,000 and a large network of lenders, SuperMoney allows you to compare offers and really find the right one. It’s 100% free to apply, and you’ll just fill out some questions about yourself, the amount you’re looking to refinance, and the current terms of your loan. The next step is simple: get your money. Receive new loan funding and start paying off your loans at a lower rate. If you have a solid credit history and income, you can qualify for lower rates and save money on both federal and private student loans, for both undergraduate and graduate school. You also don’t need to worry about getting tons of sales calls, as with some loan comparison sites, because the technology integrates with the lenders’ offers directly. Your data will never be sold, and you can get pre-approved right on the SuperMoney platform.

Positive
  • Great user experience
  • Compare multiple lenders with one form
Negatives
  • Not a direct lender
  • Must share personal details to get rates
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