We scoured the globe, reviewed all the student loan refinance providers we could find, and then chose a select few to provide you with the very best. Here's our top list.
SoFi—Best overall and our pick for the top lender of 2023.
Laurel Road—Best for medical and dental residents.
Earnest—Best for flexibility and customization.
NaviRefi—Best for borrower protections.
Citizens Bank—Best for international students.
College Ave—Best for unconventional loan terms.
ELFI—Best for parents.
RISLA—Best for income-based repayment.
Brazos—Best for borrowers from Texas.
PenFed—Best for married couples.
Refinance Student Loans: Top 10 Lenders
Here are our picks for the best companies that offer student loan refinance in 2023:
SoFi—Best overall and our pick for the top lender of 2023.
Laurel Road—Best for medical and dental residents.
Earnest—Best for flexibility and customization.
NaviRefi—Best for borrower protections.
Citizens Bank—Best for international students.
College Ave—Best for unconventional loan terms.
ELFI—Best for parents.
RISLA—Best for income-based repayment.
Brazos—Best for borrowers from Texas.
PenFed—Best for married couples.
Compare Lenders to Refinance Your Student Loans
Student loan refinance companies: common features
Here’s what you should know about our selection of refinance companies—
Good credit score is the absolute minimum requirement to qualify for refinancing. (A score in the mid-700s is what you should aim for.)
You must be a graduate (or a current student) of a Title IV school (an institution that offers federal student aid).
You’ve got an option to prequalify (that is, to find out your rates without damaging your credit score).
All top lenders offer a 0.25% autopay discount on your APR.
None of these lenders have origination or pre-payment fees.
You can refinance both federal and private loans (or any combination of the two types).
Best Companies for Student Loan Refinancing: Our Reviews
Best overall and our pick—SoFi
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $5,000 to full amount. |
Loan types | Private and federal |
Late fee | No |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 650 |
Minimum income | Income must exceed expenses. |
Degree required | Associate |
SoFi’s a pioneer—it was the first company to refinance private and federal student loans together.
And it stays ahead of the curve, boasting some of the best student loan refinance rates and a wide range of terms.
It will cover your student loan up to the full amount, no matter how monstrous it is (graduate students, rejoice).
SoFi offers special terms for medical students—you’ll get 3.74% APR and monthly payments of $100 during residency.
With SoFi, you’ll never fear losing your job—you can apply for Unemployment Protection (your loan will go into forbearance for 3–12 months while you receive career guidance to get back on your feet).
- Unemployment Protection Program.
- Co-signer release available.
- Career coaching and financial advising for members.
- Children can take over their parents’ Parent PLUSi loans.
- You need at least an associate’s degree.
SoFi offers plenty of other loans and services—check out our review of SoFi’s personal loans.
Best for medical and dental residents—Laurel Road
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $7,500 to full amount |
Loan types | Private and federal |
Late fee | Up to $39 |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 660 |
Minimum income | No |
Degree required | Associate |
The Association of American Medical Colleges (AAMC) says the median debt of a medical school graduate is $200,000.
That’s quite a burden to carry when you’re fresh out of med school—and Laurel Road can lift it off your shoulders.
The company offers its lowest interest rates to healthcare professionals (including dentists, optometrists, and nurses).
Like SoFi, Laurel Road sets monthly payments of just $100 while you’re in residency. (Fellows and residents can also opt in for a full deferment with a six-month grace period.)
Laurel Road has a bunch of booming banking products that pair well with your loan:
Link your checking or savings account for a discount (0.25%–0.55%).
Receive $300 cash bonus for direct deposit.
Get a 2% cashback credit card and redeem points towards your student loan.
- Benefits and reduced rates for medical students.
- Online banking grants extra perks.
- Refinance your parents’ loans.
- Late fee is 5% or $28.
- There’s a $50,000 cap for an associate's degree.
Best for flexibility and customization—Earnest
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $10,000 to full amount |
Loan types | Private and federal |
Late fee | No |
Availability | Available in all states but NV |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 650 |
Minimum income | 35000 |
Degree required | No |
Earnest is an Olympic gymnast among lenders—as flexible as they come.
You can personalize your loan so it fits you like a glove—choose a repayment plan, adjust the due date, and set your own monthly payments.
Earnest is also like a top opera singer—no one else has this range. It offers 180 loan terms—and you can pick a precise number of months.
Refinance companies don’t bombard you with fees, but most will sneak a late payment penalty. Not Earnest, though—you won’t pay a cent if you’re late on your monthly contributions.
No more talking to a robot on the phone (or worse—a chatbot). With Earnest you get in-house customer support for the duration of your loan.
- No fees.
- Fully customizable loan terms.
- Skip one payment in 12 months.
- Don’t need a degree to apply.
- You can’t apply with a co-signer.
- You can’t transfer parent loan to a child.
- It’s not available in Kentucky and Nevada.
Other considerations
Earnest doesn’t allow you to use a co-signer on their loans—your financial situation and credit history have to be impeccable to qualify.
If you’re still in school or had to drop out of college, you might struggle with these conditions.
Also check out—
Best for borrower protections—NaviRefi
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $5,000 to $500,000 |
Loan types | Private and federal |
Late fee | No |
Availability | Available in all states but NV |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 680 |
Minimum income | No |
Degree required | No |
If you fall down on your luck, it’s nice to have a safety net to catch you.
Navient’s refinance product NaviRefi offers a ton of assistance to those who are struggling financially.
Need some time to land on your feet after college?—NaviRefi will match the grace period of your student loans up to nine months.
When you experience hardships, you can apply for a rate reduction program—the lender will knock off both your interest and monthly payments for the next six months.
After the first six on-time payments, you’ll be able to skip a payment once a year without negative consequences.
- The longest grace period.
- Skip one payment every 12 months.
- Rate reduction or forbearance during hardships.
- Doesn’t require a degree.
- You can’t qualify with a prior bankruptcy.
- It’s not available in Nevada.
- Navient faced lawsuits from customers in the past.
Best for international students—Citizens Bank
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $10,000 to $300,000 |
Loan types | Private and federal |
Late fee | Up to $175 |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | Not disclosed |
Minimum income | $24,000 |
Degree required | Bachelor |
Citizens is one of the best banks for refinancing student loans.
It has your back, even if you’re not a US citizen or permanent resident. (International students often have fewer opportunities—and have to pay higher interest rates—to finance their education in the US.)
To refinance as a foreigner, you’ll need a valid Social Security number and an American co-signer.
You might be interested in this bank if you’re looking to refinance a large loan balance.
Citizens Bank sets a high ceiling:
$300,000—bachelor’s degrees.
$500,000—graduate degrees.
$750,000—professional degrees.
Citizens accepts refinance with an associate’s degree or no diploma at all—as long as you’ve made 12 on-time payments on your student loan.
- Resident aliens are welcome to apply.
- Additional 0.25% rate discount with Citizens bank account.
- Refinance for medical students and parents.
- Co-signer release available (after 36 months).
- There’s a 5% late fee.
- It’s available after 12 payments if you don’t have a bachelor's.
Best for choosing unconventional terms—College Ave
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10 or 15 years |
Loans amounts | From $1,000 to full amount |
Loan types | Private and federal |
Late fee | 5% of the unpaid balance or $25, whichever is less. |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | No requirement |
Minimum income | $35,000 |
Degree required | Bachelor |
If you’ve graduated with a self-designed major (or love to order from a Starbucks secret menu) you’ll like College Ave.
You can experiment with a nonstandard loan term (anywhere between 5 and 15 years).
College Ave might not be as generous as some lenders, but it covers all the basics.
After you complete half of your term, you can release your co-signer.
You can request more than a year of forbearance during hardships, natural disasters, or active military service. (Parents can refinance their loans as well.)
- Flexible loan terms.
- Forbearance up to 18 months, including natural disasters.
- Co-signer release available.
- Late fee equals to 5% or $25.
- High minimum salary requirement—$50,000.
- Parents can’t refinance Parent PLUS loans in your name.
Best for parents who consider refinancing their loans—ELFI
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $1,000 to $57,500 |
Loan types | Private and federal |
Late fee | 5% or $50 |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 680 |
Minimum income | $35,000 |
Degree required | Bachelor |
Saving for your kids' college fund isn’t enough nowadays. (One in three families has to use these savings to stay afloat.)
Parents often prefer to bear the burden of soaring college costs, taking out education loans for their kids.
Many companies don’t offer any options to refinance parent loans. Education Loan Finance (ELFI) provides two—parents can refinance themselves or the child can step up and take over the loan.
ELFI’s interest rates start twice as low as what parent PLUS has set up for 2023.
Understanding the ins and outs of your student loans refinance can take forever—so ELFI pairs you with a student loan advisor who will curate the whole process and make it child’s play for you.
- $400 referral bonus.
- Parents can refinance their loans themselves or through you.
- Up to 12 months of forbearance if you experience financial hardships.
- No cap on loan amount.
- Late fee’s 5% or $50.
- You must have 36 months of credit history to apply.
- There’s co-signer release.
Best for income-based repayment—RISLA
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10 or 15 years |
Loans amounts | From $1,500 to $45,000 |
Loan types | Private and federal |
Late fee | No |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 680 |
Minimum income | $40,000 |
Degree required | No |
Equality is when everyone gets the same opportunities and support. Equity acknowledges that people require different resources to thrive—and some may need more help than others.
Rhode Island Student Loan Authority (RISLA) gets this.
Income-based repayment is the cornerstone of refinancing with this provider. If you go for this program, RISLA will adjust your monthly payments based on your income and family size.
In times of financial stress, RISLA also provides up to two years of forbearance.
If you’re still in school, you have a choice to begin deferred refinance—lock-in a low interest rate now and repay after graduation (with a six-month grace period).
- Income-based repayment with loan forgiveness after 25 years.
- Immediate or deferred refinance.
- Doesn’t require a degree.
- Longest forbearance—24 months.
- There’s a 6% late fee.
- RISLA doesn’t offer variable interest rates.
- Co-signer release is unavailable.
Best for borrowers from Texas—Brazos
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10, 15, or 20 years |
Loans amounts | From $10,000 to $400,000 |
Loan types | Private and federal |
Late fee | 5% of the monthly payment or $7.50 (whichever is greater) up to a maximum fee of $35. |
Availability | Available only in Texas |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 690/720 |
Minimum income | $30,000 |
Degree required | No |
Howdy Y’all! We’re here to spill the sweet tea—
If you live in Texas, you’re in luck (and not just because of the best BBQ in the country).
Brazos Higher Education—a non-profit lender—offers some of the lowest student loan refinance rates. (Even the interest cap is below average.)
There’s just one catch—you must live in Texas.
Brazos also has a wide range of loan terms and forbearance options.
If you’re a Texan with a stable job—you’ll struggle to find a better option.
- Extra low interest rates.
- $200 referral bonus.
- Forbearance for financial hardships and natural disasters.
- It’s available to Texas residents only.
- There’s no co-signer release.
- High credit score (720+) and annual income ($60,000+) are required.
Best for married couples—PenFed
Terms/Fees
TYPE | DESCRIPTION |
|---|---|
Loan terms | 5, 7, 10 or 15 years |
Loans amounts | From $7,500 to $500,000 |
Loan types | Private and federal |
Late fee | No |
Availability | Available in all U.S. states |
Requirements
TYPE | DESCRIPTION |
|---|---|
Minimum credit score | 670/720 |
Minimum income | $42,000 |
Degree required | No |
What’s the next step after marriage? Opening a joint bank account, taking out a mortgage, trying for a baby?
No, the best way to start off your life together is by combining your student loans.
Pentagon Federal Credit Union—aka PenFed—offers this unique opportunity.
A third of Americans between 25 and 34 have student debt—chances are you and your partner have to juggle multiple student loans. PenFed will simplify repaying your shared debt to the maximum.
PenFed’s also your choice if you have strong family ties. Using a successful co-signer to qualify for better loan terms is a top-notch strategy. You don’t need to wait for years (or re-refinance) to release your co-signer—you can do it after only 12 months.
- Spouses can refinance their loans together.
- Fastest co-signer release.
- You can take over your parents’ loan.
- PenFed doesn’t offer variable interest rates.
- Late fee’s between $5 and $25.
- You must be a US citizen.
- You need to become a PenFed member.
Our Methodology
To select the best place to refinance student loans, we’ve graded 15 companies across dozens of data points.
Here are the four broader categories we based our final scores upon:
Affordability: how high are the interest rates?
Availability: what are the requirements to qualify for refinance, and is it available nation-wide?
Benefits: co-signer release, referral bonuses, perks for medical students—and everything extra the loan has to offer.
Variety: how broad are the loan terms and amounts?
Student Loan Refinance Companies—The More You Know
There’s a Greek myth of Sisyphus who had to roll a giant boulder up the hill in Hades (aka hell). Every time he’d reach the top, the rock would roll down, and the poor guy had to start again—bearing that heavy weight and repeating the task for all eternity.
That’s what repaying your student loans may feel like—you graduate from college, but with your hard-earned diploma comes a huge debt that you have to carry with you for years (sometimes decades).
And not only do you have to pay hundreds of dollars every month, you might also need to keep track of multiple student loans at once.
Refinancing your student loans can reduce your suffering: cut the period of your Sisyphean labors, bring down the amount you’ll pay monthly, and combine all your loans into one.
In a word, turn the boulder into your lucky gemstone.
Top 10 lenders for refinancing your student loans in 2023.
The best pick for couples, healthcare workers, and… Texans.
If refinancing student loans is the right choice for you.
How to Refinance Student Loans
What is student loan refinancing?
When you refinance your student loans, you take out a new loan with a private lender.
The lender then pays off your existing debt and offers you new terms.
Refinancing student loans can lower your interest rate and monthly payments.
(If you play your cards right—you’ll end up paying thousands of dollars less.)
Examples of education loan refinancing
Check out how refinancing your student loans can affect the total interest and monthly payments—
TYPE OF LOAN | ORIGINAL STUDENT LOAN | LOWER RATE REFINANCE | SHORTER TERM REFINANCE |
|---|---|---|---|
Loan amount | $50,000 | $50,000 | $50,000 |
Loan term | 10 years | 10 years | 5 years |
Fixed APR | 7% | 4.5% | 7% |
Monthly payments | $580.5 | $519 | $990 |
Total interest | $19,665 | $12,183 | $9,404 |
*The terms, monthly payments, and total interest shown here are approximations. Check the actual numbers with your provider.
Pros and cons of refinancing your loans
- Combine multiple loans into one simple payment.
- Lower your interest rates or monthly payments significantly.
- Customize loan terms—pay off your student loans much faster.
- Reduce the total amount you’ll pay.
- Remove a co-signer.
- Pay off your parents’ loans in your name.
- You’ll need an excellent credit score and a high income to be able to refinance.
- Variable rates tend to go up.
- You’ll lose your federal protections and benefits.
- No guarantee that you’ll get better terms.
Fixed and variable interest rates
There are two types of student loan refinance rates—fixed and variable.
(This might be a bit confusing if you only knew how personal loans charge interest.)
Fixed APR
A fixed interest rate doesn’t change for the life of your loan.
You get exactly what you’ve signed up for—including monthly payments set in stone.
It’s easy to plan for the future and calculate all the expenses upfront.
All federal student loans have fixed interest rates.
Variable APR
Refinancing with a variable interest rate is a bit of a gamble—a variable rate will fluctuate with the market and can change every month.
But the starting interest rate is usually lower than the fixed APR.
If you are planning to repay your loan quickly, you can save a significant amount of money in interest.
Student loan refinancing vs. consolidation
These are two terms many people use interchangeably when talking about combining student loans into one.
Yet refinancing and consolidating student loans isn’t the same process.
Consolidating student loans
When you consolidate your student loans, you replace several federal ones with a Direct Consolidation Loan from the government.
You’ll get a new interest rate (a weighted average of all your existing rates).
However—unlike refinance—consolidation can’t lower your overall interest. Saving money isn’t the goal here.
You can minimize your monthly payments, though—by stretching out this loan for up to thirty years.
You’ll get to keep access to Public Service Loan Forgiveness and various income-driven repayment plans. (Applying is easy and won’t lower your credit score, as there’s no credit check.)
Important: Federal student loan payment pause has been extended until June 30, 2023—payments will resume 60 days after that.
Biden administration proposed a Debt Relief program, including a one-time student loan forgiveness of up to $20,000. (Several courts have recently blocked this program, but the litigation will continue.)
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