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Student loan refinancing offers like SoFi

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Find other providers with competitive rates and additional perks to help you save.

SoFi is one of the most well-known refinancing companies out there. With fixed rates ranging from 3.899% to 7.979% and variable rates from 2.47% to 6.99% with an autopay discount, you might even be able to save on your federal student loans. You can refinance as little as $5,000 with terms between 5 years and 20 years.

On top of this, SoFi offers a range of perks to help you grow your career and become financially independent. But you’re out of luck if you have less-than-stellar credit, are unemployed or never finished school — you likely won’t qualify. It also isn’t ideal for stay-at-home parents, since it only considers individual rather than household income.

Pros

  • Three months of deferment if you lose your job
  • Free financial advice and career coaching
  • No prepayment penalties or origination fees
  • Open to residents of all 50 states as well as J-1, H-1B, E-2, O-1, or TN visa holders with at least two years left
  • Parent PLUS refinancing available
  • No limit to how much you can refinance

Cons

  • Must have a degree to qualify
  • Bar exam loans aren’t eligible
  • Good credit required — even with a cosigner
  • Can’t rely on your spouse’s income

Click here to see SoFi


1. Credible

Unlike SoFi, Credible is an online connection service that helps borrowers prequalify for refinancing with multiple providers. It can help you if you don’t have time to research offers on your own or aren’t sure where to get started — but won’t actually fund the loan.

Its partner lenders offer financing with rates and terms that compare to SoFi, but they might not offer the same career perks. And you’re limited to working with its network of 10 lenders.

Pros

  • No prepayment penalties or origination fees
  • Accepts cosigners
  • Can refinance loans from unfinished degrees
  • Available in all 50 states
  • Parent PLUS refinancing available
  • No limit to how much you can refinance

Cons

  • Limited to Credible’s network of 10 partner lenders
  • Might not get as much help with your career
  • No deferment or forbearance options available

2. Earnest

Earnest is also an online lender that offers student loan refinancing at rates and terms that compare to SoFi. But unlike SoFi, you can get a head start by refinancing during your last semester and can skip a repayment after you’ve made six months of on-time repayments in a row. It also lets you pick your term based on the monthly repayments you can afford.

Also unlike SoFi, it’s not available in all states. On top of this, it doesn’t allow you to apply with a cosigner.

Pros

  • Deferment and forbearance available to qualifying borrowers
  • Refinance while you’re still in school
  • Option to skip a payment
  • No prepayment penalties or origination fees

Cons

  • Doesn’t accept cosigners
  • Not available in Alabama, Delaware, Kentucky, Nevada or Rhode Island
  • Need a degree to qualify
  • Good credit required
  • Can only refinance up to $500,000

3. Purefy

Purefy is an online referral service that simplifies the application process for refinancing with Citizens Bank or PenFed Credit Union, not a lender. Unlike SoFi, PureFy allows you to consolidate loans with your spouse if you’re financially dependent on them.

But if you’re looking for a lender with more lenient credit requirements than SoFi, Purefy might not be for you. Both require strong credit even with a cosigner. Additionally, Purefy has caps on how much you can refinance, depending on your degree. SoFi lets you refinance your entire debt load.

Pros

  • Consolidate debt with your spouse
  • Parent PLUS refinancing available
  • Degree not required
  • Accepts cosigners
  • Available in all 50 states
  • Forbearance and deferment may be available
  • No prepayment penalties or origination fees

Cons

  • Good credit required — even with a cosigner
  • Can only refinance between $7,500 and $300,000.
  • Must be employed for at least two years

4. CommonBond

CommonBond is an online lender that offers refinancing with similar rates and terms as SoFi. But unlike SoFi, it allows you to bring on a cosigner to meet credit requirements. Plus, it offers a hybrid-rate option that allows you to pay off your loan at a fixed rate for the first five years and a variable rate for the last five years. It also donates a percentage of its profits to charities expanding education in the developing world.

However, where SoFi allows borrowers to refinance their entire student debt load, CommonBond has a limit. CommonBond also isn’t available in all states and only works with a limited number of schools.

Pros

  • Cosigner can help you qualify
  • Parent PLUS refinancing available
  • Fixed, variable and hybrid rates
  • Supports education in third-world countries
  • Offers up to two years of forbearance over the life of your loan
  • No prepayment penalties or origination fees

Cons

  • Not available in Idaho, Mississippi, Nevada or Vermont
  • Degree required to qualify
  • Can only refinance up to $500,000

5. ELFI

Education Loan Finance (ELFI) is a direct lender that offers student loan refinancing with rates and terms that compare to SoFi. But if you get a better offer from another company, ELFI could match those rates even after you’ve been approved for a loan. Plus, you can get $100 for completing your application in 30 days and $400 for referring a friend.

However, ELFI’s minimum debt load is higher than SoFi’s. It also tends to ask for ask for more documents and the application can be complicated compared to other online lenders like SoFi.

Pros

  • Accepts cosigners
  • No application fees or prepayment penalties
  • Parent PLUS refinancing available
  • No maximum loan amount
  • Available in all 50 states
  • Forbearance available for up to one year

Cons

  • Degree required to qualify
  • Can’t refinance less than $15,000
  • Relatively complicated application
  • Good credit required

Compare more student loan providers

Rates last updated January 17th, 2019
Name Product Min. Credit Score Max. Loan Amount APR Product Description
Earnest Student Loan Refinancing Variable Rate (w/ autopay)
650
None
2.57% to 6.97% (variable)
Get a tailored interest rate and repayment plan with no hidden fees.
LendingTree Student Loans
Good to excellent credit
Varies by lender
3% (As low as) (fixed)
Compare multiple student loans and student loan refinancing options in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
650
full balance of your qualified education loans
2.47% to 6.99% (variable)
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Credible Student Loan Refinancing
Good to excellent credit
None
2.57%(As low as ) (variable)
Get prequalified offers from top student loan refinancing providers in one place.
PenFed Student Loan Refinancing
700
$300,000
3.75%–7.03% (fixed)
Straightforward refinancing with competitive rates.
Purefy Student Loan Refinancing
620
$300,000
3.01% to 8.61% (variable)
Refinance all types of student loans — including federal and parent PLUS loans.
Splash Financial Student Loan Refinancing
700
$300,000
3.75% (starting at) (variable)
Save on your student loans with this market-leading newcomer.

Compare up to 4 providers

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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