Find a lender that can help you save, get ahead in your career or both.
Finding the best student loan refinancing provider depends on what your priorities are. We narrowed down options for a wide range of borrowers — from saving month to month to finding career support.
When making our selection, we considered the lender’s APRs, minimum and maximum refinancing amounts, loan terms and repayment plans, as well as eligibility requirements. To ensure our picks meet a wide range of needs, we also considered perks, discounts and other unique features that set lenders apart.
But if you really want to find the best option for you, prequalify with multiple lenders and compare offers.
How 6 top student loan refinancing providers compare
While there is no one “best” student loan refinancing provider, you might find a fit in these six.
Refinancing with Discover could be a good choice if you're about to switch gears in your career. You can defer repayments for a variety of reasons, from going back to school to working a low-paying public service job. There are also several options to reduce your repayments — or hold off on them entirely — as long as your loan is in good standing.
The downside is that its starting rates aren't the most competitive. And you need to meet all requirements on your own, even if you bring on a cosigner.
Pros
Repayment assistance options
No fees
Right-to-cancel period
Auto debit reward
Educational resources
Cons
Can't refinance postgraduate loans
No cosigner release
Checking rates affects your credit
Relatively high rates
Lack of transparency on credit requirements
Minimum Loan Amount
$5,000
Max. Loan Amount
$150,000
APR
2.49% to 6.24%
Interest Rate Type
Variable
Fixed rate
2.99% to 6.74%
Minimum Loan Term
10 years
Maximum Loan Term
20 years
Requirements
Must be a US citizen or permanent resident with a US address, good credit standing, no more than $150,000 in student debt, verifiable income, and the primary borrower on all loans up for consolidation.
Pros
Repayment assistance options
No fees
Right-to-cancel period
Auto debit reward
Educational resources
Cons
Can't refinance postgraduate loans
No cosigner release
Checking rates affects your credit
Relatively high rates
Lack of transparency on credit requirements
Minimum Loan Amount
$5,000
Max. Loan Amount
$150,000
APR
2.49% to 6.24%
Interest Rate Type
Variable
Fixed rate
2.99% to 6.74%
Minimum Loan Term
10 years
Maximum Loan Term
20 years
Requirements
Must be a US citizen or permanent resident with a US address, good credit standing, no more than $150,000 in student debt, verifiable income, and the primary borrower on all loans up for consolidation.
SoFi is the biggest name in online student loan refinancing. And while it offers highly competitive starting rates, the main benefit of working with this lender is the perks. It offers a wide range of career and personal financial support with the goal of helping its members reach financial freedom.
But it doesn't offer cosigner release, so you'll have to refinance again if you want to remove your cosigner from your loan. And it only considers individual income, making it less than ideal if you rely on your spouse's income.
Pros
Member perks
Unemployment protection
Career support
Wealth advisors
Perks for referral
No hidden fees
Limited-time deals
Cons
Not great for low credit
You'll lose federal benefits
No cosigner release
Only considers individual income
Minimum Loan Amount
$5,000
Max. Loan Amount
Full balance of your qualified education loans
APR
1.74% to 7.99%
Interest Rate Type
Variable
Fixed rate
3.49% to 7.99%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
Must be an employed US citizen not living in Vermont with a minimum loan balance of at least $5,000.
Pros
Member perks
Unemployment protection
Career support
Wealth advisors
Perks for referral
No hidden fees
Limited-time deals
Cons
Not great for low credit
You'll lose federal benefits
No cosigner release
Only considers individual income
Minimum Loan Amount
$5,000
Max. Loan Amount
Full balance of your qualified education loans
APR
1.74% to 7.99%
Interest Rate Type
Variable
Fixed rate
3.49% to 7.99%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
Must be an employed US citizen not living in Vermont with a minimum loan balance of at least $5,000.
**Student Loan Refinance Disclaimer Fixed rates range from 2.74% APR to 7.74% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 8.02% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. 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.
Citizens Bank offers competitive rates and accepts one of the highest debt loads out there. It's one of the few lenders that also accepts parent loans. Parent borrowers don't need to wait until their child is out of school to qualify. And if you already have an account with this bank, you could be looking at some serious rate discounts.
This might not be the best choice if you never finished school or want the option to pause repayments, however. You get higher rates if you don't have a degree, and it only offers two weeks of financial hardship forbearance.
Pros
Rewards high-level degrees
Fast turnaround
Parent loan refinancing
Autopay and loyalty discounts
Cosigner release
Cons
Higher rates for no degree
No in-school refinancing
No cosigner release on parent loans
Not much forbearance
Can't refinance federal loans on an IDR plan
Minimum Loan Amount
$10,000
Max. Loan Amount
$350,000
APR
1.99% to 7.98%
Interest Rate Type
Variable
Fixed rate
2.59% to 8.23%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
US citizen, permanent resident or resident alien; make at least $24,000; at least $10,000 in student debt; made at least 12 full, on-time repayments if you don't have a bachelor's degree or 3 full payments if you do.
Pros
Rewards high-level degrees
Fast turnaround
Parent loan refinancing
Autopay and loyalty discounts
Cosigner release
Cons
Higher rates for no degree
No in-school refinancing
No cosigner release on parent loans
Not much forbearance
Can't refinance federal loans on an IDR plan
Minimum Loan Amount
$10,000
Max. Loan Amount
$350,000
APR
1.99% to 7.98%
Interest Rate Type
Variable
Fixed rate
2.59% to 8.23%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
US citizen, permanent resident or resident alien; make at least $24,000; at least $10,000 in student debt; made at least 12 full, on-time repayments if you don't have a bachelor's degree or 3 full payments if you do.
Earnest could be a good pick if you're looking to reduce your monthly repayments. You start with how much you can afford to pay each month, and then it works from there to provide personalized rates and terms. Earnest also offers parent loan refinancing, several types of forbearance and lets you skip a payment every year.
But you'll need to look elsewhere if you were planning on refinancing with a cosigner or have debt from a program you never finished. It also doesn't operate in all 50 states.
Pros
No origination, late or prepayment fees
Offers refinance during your last semester
Can refinance an incomplete degree
Offers deferment, forbearance and the ability to skip a payment
Cons
Doesn't accept cosigners
Spending and savings habits could hurt you
Variable rates not available in all states
Minimum Loan Amount
$5,000
Max. Loan Amount
$500,000
APR
1.74% to 7.99% APR with autopay
Interest Rate Type
Variable
Fixed rate
2.99% to 7.99% with 0.25% autopay discount
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
650+ credit score, $5,000+ in student debt from a Title IV school, meet income and credit history requirements, live in an eligible state, US citizen or permanent resident, ages 18+
Pros
No origination, late or prepayment fees
Offers refinance during your last semester
Can refinance an incomplete degree
Offers deferment, forbearance and the ability to skip a payment
Cons
Doesn't accept cosigners
Spending and savings habits could hurt you
Variable rates not available in all states
Minimum Loan Amount
$5,000
Max. Loan Amount
$500,000
APR
1.74% to 7.99% APR with autopay
Interest Rate Type
Variable
Fixed rate
2.99% to 7.99% with 0.25% autopay discount
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
650+ credit score, $5,000+ in student debt from a Title IV school, meet income and credit history requirements, live in an eligible state, US citizen or permanent resident, ages 18+
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% 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.
This bank offers possibly the lowest rates out there and no limits on how much you can refinance. It also has a special refinancing program for medical student debt designed to fit the budget of medical residents. And it's one of the few lenders that works with Parent PLUS Loans. However, its income requirements are higher than many others on this list — you might not be able to qualify if you work a public service job. It also doesn't offer cosigner release.
Pros
Refinance up to 100% of student loan debt
Cosigner release
Hardship leniency
Competitive interest rates
Refinance PLUS loans
Cons
No academic deferment
Laurel Road account required for discount
High minimum loan
Minimum Loan Amount
$5,000
Max. Loan Amount
None
APR
1.37% to 5.90%
Interest Rate Type
Variable
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
All loans must be for qualified higher education expenses and in grace or repayment status and cannot be in default. You must have annual income of $60,000 or higher.
Pros
Refinance up to 100% of student loan debt
Cosigner release
Hardship leniency
Competitive interest rates
Refinance PLUS loans
Cons
No academic deferment
Laurel Road account required for discount
High minimum loan
Minimum Loan Amount
$5,000
Max. Loan Amount
None
APR
1.37% to 5.90%
Interest Rate Type
Variable
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
All loans must be for qualified higher education expenses and in grace or repayment status and cannot be in default. You must have annual income of $60,000 or higher.
This platform can connect you with multiple refinancing offers from small financial institutions in your area if you want to keep it local. It streamlines the application process and makes it easy to compare offers from competing banks and credit unions. But you'll need to look elsewhere if you never finished your degree — you must have completed your program to qualify with its network of lenders.
Pros
Low rates
Variable or fixed rate
High loan amount and flexible terms
Savings in fees
Cons
Degree required
Can't refinance test prep loans
Cosigner release not available on all loans
Minimum Loan Amount
$7,500
Max. Loan Amount
$300,000
APR
2.62% to 5.25%
Interest Rate Type
Variable
Fixed rate
2.99% to 7.93%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
You must be a US citizen or permanent resident and have an undergraduate or graduate degree.
Pros
Low rates
Variable or fixed rate
High loan amount and flexible terms
Savings in fees
Cons
Degree required
Can't refinance test prep loans
Cosigner release not available on all loans
Minimum Loan Amount
$7,500
Max. Loan Amount
$300,000
APR
2.62% to 5.25%
Interest Rate Type
Variable
Fixed rate
2.99% to 7.93%
Minimum Loan Term
5 years
Maximum Loan Term
20 years
Requirements
You must be a US citizen or permanent resident and have an undergraduate or graduate degree.
Ask yourself these questions to make sure you’re picking the lender that best suits your needs:
Nail down you priorities.
Go into your comparison knowing exactly why you want to refinance. Is it lower rates? A lower monthly cost? More flexible repayments? This can help you figure out which factors to prioritize first when you’re comparing providers.
Use a calculator to figure out how much you’ll save in the short and long term.
Consider how much you’ll pay each month in addition to how much you’ll pay overall in interest and fees with each lender. Ideally, you can save in both. If not, decide which is most important to you and focus on that area of savings.
Double-check that you can meet the eligibility requirements on my own.
While you can refinance with a cosigner, many top lenders have minimum requirements the borrower must meet on their own as well. There’s also a chance you might want to take your cosigner off your loan down the road. Review each lender’s eligibility criteria and cosigner release requirements — if it’s even available.
Consider what benefits you stand to lose by refinancing with this lender.
Refinancing your federal student loans means you won’t be eligible for a wide range of deferment, forbearance, cancellation and forgiveness programs. And even private student loan providers might offer benefits you could lose if you refinance with another lender. Make sure you aren’t sacrificing any perks you’ve relied on.
Do research on the servicer the lender uses and check for red flags.
A student loan servicer is the company that handles your student loan repayments — often this is different than the lender you borrow from. You can usually find out what servicer a specific lender uses on its website or by calling customer service. Read up on your new potential servicer to learn what quality of customer service you’ll receive — and what problems other borrowers have faced.
Bottom line
Refinancing your student loans with another company can help you save or offer flexibility — especially with private student loans. To find the best option for you, go into it knowing your priorities and don’t be afraid to ask questions. You can learn more about how it works with our guide to student loan refinancing. Ready to apply? Check out our step-by-step guide to refinancing.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
It depends on your particular situation. Generally, you can benefit from refinancing the most after you’ve made some headway in your career and consistently paid your student loans on time with your current servicer. It might not be the right choice if you’re struggling with repayments or have bad credit — deferment or forbearance might be a better option.
There’s no one “best” student loan servicer for everyone — each borrower has different needs and experiences. However, you can check out our guide to student loan servicers and read our reviews to find out what current customers have to say.
You can, though not all lenders accept debt from incomplete degrees. Others might charge higher rates if you dropped out. Check out our guide to refinancing without a degree to learn what your best options are.
It depends on your unique situation. You might benefit from refinancing your federal loans if you don’t plan on applying for forgiveness and haven’t been able to take advantage of income-driven repayment plans. However, if you plan on going back to school or have struggled to make repayments in the past, you might not want to.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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