Refinance your student loans.

Refinancing your student loans can save you thousands and reduce your monthly payments.

Refinance student loans

Lower your payments. Save Money

Compare custom offers now

Student loan refinancing saves you money by replacing your existing college debt with a new, lower-cost loan through a private lender.

To qualify, you'll need:

  • Credit scores at least in the high 600s – ideally higher
  • A steady income
  • If you fall short on either, you might need a co-signer who qualifies.

You can refinance both federal loans and private loans. It doesn’t cost anything to refinance student loans, and you may be able to reduce your monthly payment or pay off your debt faster.

Which companies refinance student loans?

These well-established student loan refinance lenders offer competitive fixed and variable rates and a variety of repayment options.

LenderFixed APRVariable APR
Education Loan FinanceVisit Elfi3.09-6.69%12.55-6.01%1
CommonBondVisit CommonBond3.20-7.25%22.72-7.25%2
PenFedVisit PenFed3.25-7.03%32.70-7.44%3
College AveVisit College Ave3.25-8.00%42.88-7.63%4
LendKeyVisit LendKey3.49-8.72%52.47-7.99%5
Laurel RoadVisit Laurel Road3.50-7.02%62.80-6.38%6
Citizens BankVisit Citizens One3.50-8.69%72.72-8.17%7
EarnestVisit Earnest3.89-6.32%82.57-5.87%8
SoFiVisit SoFi4.00-7.80%92.51-7.55%9

Frequently Asked Questions

Refinancing is a good idea if you have private student loans, or if you have federal student loans and don’t plan to take advantage of a federal forgiveness program or an income-driven repayment plan. For the biggest savings, choose the shortest repayment term. Federal student loan borrowers with poor credit or who struggle to make payments should investigate government income-driven repayment plans. Others may wish to consider federal student loan consolidation, which could lower payments by extending the term of the loan.

Student loan refinancing calculator

Yes. You need strong credit and a steady income to qualify for refinancing. Most lenders look for a credit score in at least the high 600s, a low debt-to-income ratio and a steady paycheck. Almost all lenders accept co-signers to help you qualify. Some lenders also favorably consider a job with high earning potential in a profession like medicine or law.

What if I don’t qualify to refinance my student loans?

Refinancing and consolidation describe the same thing: turning multiple loans into a single, new loan. If you go through a private lender, like the ones above, you may see a lower interest rate. If you consolidate your federal loans through the government, you won’t receive a lower interest rate, but you may qualify for loan forgiveness programs or income-driven repayment plans.

Federal student loan consolidation vs. private student loan refinancing

Most borrowers will want to go with the lowest interest rate they qualify for. But if rates are similar, look for lenders that offer options such as deferment, forbearance or flexible repayment in case of an unexpected financial hardship.

Choose the best student loan refinancing offer

Refinancing student loans doesn’t cost money. Reputable private lenders do not charge origination fees or prepayment penalties. Consolidating federal loans through the Department of Education is also free. Some so-called debt relief companies charge fees to consolidate loans on your behalf, but it’s never necessary to pay for this service.

Student loan relief companies cash in on confusion

cheatgame.info student loan refinance ratings and reviews

Some of the lowest rates around
  • Type of lenderOnline only
  • Loan servicerMohela
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

Education Loan Finance student loan refinancing review
Education Loan Finance
cheatgame.info rating: 4.0 / 5.0
Refinance a parent PLUS loan in your name
  • Type of lenderOnline only
  • Loan servicerFirstmark Services
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

CommonBond student loan refinancing review
CommonBond
cheatgame.info rating: 5.0 / 5.0
Married couples can refinance their loans together
  • Type of lenderOnline only
  • Loan servicerPenFed Credit Union
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

PenFed student loan refinancing review
PenFed
cheatgame.info rating: 4.5 / 5.0
Interest-only payments available
  • Type of lenderOnline only
  • Loan servicerNationwide Bank
  • Deferment or forbearance availableNo
  • Co-signer release availableNo

College Ave student loan refinancing review
College Ave
cheatgame.info rating: 4.5 / 5.0
Compare offers from more than 300 community banks and credit unions
  • Type of lenderMarketplace that provides offers from multiple lenders
  • Loan servicerLendKey
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

LendKey student loan refinancing review
LendKey
cheatgame.info rating: 4.5 / 5.0
No limit on the loan balance you can refinance
  • Type of lenderTraditional bank
  • Loan servicerMohela
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

Laurel Road student loan refinancing review
Laurel Road
cheatgame.info rating: 4.5 / 5.0
Refinance even if you didn’t graduate
  • Type of lenderTraditional bank
  • Loan servicerFirstmark Services
  • Deferment or forbearance availableYes
  • Co-signer release availableYes

Citizens Bank student loan refinancing review
Citizens Bank
cheatgame.info rating: 5.0 / 5.0
Interest rate is based on your preferred monthly payment
  • Type of lenderOnline only
  • Loan servicerEarnest
  • Deferment or forbearance availableYes
  • Co-signer release availableNo option to apply with a co-signer

Earnest student loan refinancing review
Earnest
cheatgame.info rating: 4.5 / 5.0
Access to career coaching services
  • Type of lenderOnline only
  • Loan servicerMohela
  • Deferment or forbearance availableYes
  • Co-signer release availableNo

SoFi student loan refinancing review
SoFi
cheatgame.info rating: 5.0 / 5.0

More questions? Find the answers in cheatgame.info's student loan refinancing FAQ

Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.

1 Education Loan Finance

Subject to credit approval. Terms and conditions apply. http://www.elfi.com/terms/

2 CommonBond

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.98% as of June 1, 2018.

3 PenFed

FIXED APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.25% to 7.03% (3.25% - 7.03% APR) and will vary based on application terms, level of degree and presence of a co-signer. VARIABLE APR: Variable rates are based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.70% - 7.44% (2.70% - 7.44% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. All rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. PenFed reserves the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet PenFed's underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of 08/01/2018. PenFed loans are originated by Pentagon Federal Credit Union. This credit union is federally insured by the National Credit Union Administration.

4 College Ave

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC, or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account. The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Borrowers can take advantage of an additional 0.25% interest rate reduction if the automatic withdrawal comes from a qualifying Nationwide Bank account for a total interest rate reduction of 0.50%. Advertised rates shown include both interest rate reductions. Rates are valid as of 8/17/2018. Variable rates may increase after consummation. (2)This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. (3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Nationwide, The Nationwide N and Eagle, Nationwide is on your side and Nationwide Bank are service marks of Nationwide Mutual Insurance Company. ©2018 Nationwide

5 LendKey

See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

6 Laurel Road

FIXED APR: Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.89% per year to 6.00% per year for a 7-year term, 4.99% per year to 6.40% per year for a 10-year term, 5.05% per year to 6.80% per year for a 15-year term, or 5.36% per year to 7.02% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). VARIABLE APR: Variable rate options consist of a range from 2.80% per year to 5.37% per year for a 5-year term, 3.58% per year to 5.53% per year for a 7-year term, 4.10% per year to 5.80% per year for a 10-year term, 4.39% per year to 6.09% per year for a 15-year term, and 4.68% per year to 6.38% per year for a 20-year term, with no origination fees. The variable interest rates are based on a Current Index, which is the 3-month London Interbank Offered Rate (LIBOR), as published in the “Money Rates” section of The Wall Street Journal (Eastern Edition). The variable interest rates and Annual Percentage Rate (APR) will increase or decrease with the 3-month LIBOR index changes.

7 Citizens Bank

Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%- 8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.50%-8.69% (3.50% - 8.69% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

8 Earnest

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility.

9 SoFi

Includes autopay discount of 0.25%. Fixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for student loan refinancing. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.