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SimpleFi student loan refinancing alternatives

3 other lenders to consider for flexible eligibility requirements and repayment options.


SimpleFi may no longer offer student loan refinancing, but there are several other lenders out there that carry similar values.

Why doesn’t SimpleFi offer student loan refinancing?

SimpleFi stopped offering loans and student loan refinancing in 2018. It’s not clear why the lender went out of business, though it might have had something to do with a lawsuit filed against it with the state of California. According to details on its Better Business Bureau (BBB) page, the company was cited for overcharging administrative, returned check and late fees to customers between 2013 and 2015.

3 alternatives to SimpleFi student loan refinancing

SimpleFi’s loan and refinancing products were designed to service all types of borrowers, not just those with high incomes and good credit. The lender was inspired by the Navy Marine Corps Relief program, which gives borrowers access to interest-free loans during times of hardship. Instead, SimpleFi partnered with businesses to offer low-interest loans regardless of credit, as long as the borrower had a company sponsor.

Since SimpleFi is no longer an option, we rounded up three alternative lenders to consider. These lenders offer flexible eligibility requirements, repayment options and more.

Best for military borrowers: Navy Federal Credit Union

  • How much you can refinance: $7,500 to $175,000
  • APRs: From 2.89%
  • Terms: 5 to 15 years
  • Eligibility requirements: Navy Federal Credit Union member, at least $2,000 monthly income, graduate of approved degree program, US citizen or permanent resident, meet underwriting credit criteria

If you’re affiliated with the US armed forces or Department of Defense, you might want to consider refinancing with Navy Federal. Its loans come with low income requirements — you only need to make $24,000 a year to qualify. And it offers forbearance on a case-by-case basis if you lose your job, get injured or have some other financial hardship crop up.

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Best for flexible repayment plans: Earnest

  • How much you can refinance: $5,000 to $500,000
  • APRs: From 1.99%
  • Terms: 5 to 20 years
  • Eligibility 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+

Similar to SimpleFi, Earnest’s goal is to present borrowers with flexible repayment options. It offers an array of loan terms, the option to skip one payment a year and deferment if you’re called up to active duty or decide to go back to school. It also lets you choose how much you’d like to pay each month, and then it fits your rate and term to fit that exact amount. You even have the option to adjust your payment due date at any time. However, you’ll need to meet higher financial standards to qualify with this lender.

Best for borrowing from a lender with a social mission: Commonbond

  • How much you can refinance: $5,000 to $500,000
  • APRs: From 2.14%
  • Terms: 5 to 20 years
  • Eligibility requirements: US citizen or permanent resident, graduated from an eligible title IV school or program.

If you’re interested in a lender that has a deep-rooted social mission and accepts fair-credit borrowers, Commonbond offers competitive rates, a range of loan terms and the option to pause repayments for up to 24 months if you hit a financial rough patch. Additionally, Commonbond has a social-good program: For each degree fully funded through its loans, the company donates tuition to a student in need for a year.

Compare more student loan refinancing providers

Data indicated here is updated regularly
Name Product Min. Credit Score Max. Loan Amount
SoFi Student Loan Refinancing Variable Rate (with Autopay)
Full balance of your qualified education loans
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Purefy Student Loan Refinancing (Variable Rate)
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
Good to excellent credit
Get prequalified offers from top student loan refinancing providers in one place.
Splash Financial Student Loan Refinancing
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
Get a tailored interest rate and repayment plan with no hidden fees.

Compare up to 4 providers

Bottom line

If you were hoping to take advantage of SimpleFi’s lenient eligibility requirements and flexible repayment options, you have quite a few other lenders to consider instead. These refinancing providers we highlighted offer competitive rates, a range of loan terms and the opportunity to pause repayments due to economic hardship.

To compare even more lenders, check out our guide to student loan refinancing.

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