Student Loan Refinancing Guide
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Factors that determine if you should refinance
Refinancing can save you time and money, but it's not always the best route for every borrower. Here are a few factors that everyone should consider before making the jump to refinance a student loan.
Rising interest rates
Rapidly rising rates should be a primary consideration when determining the best time to refinance. Due to sky-high inflation, the Federal Reserve has been hiking rates at a historic level in an attempt to cool the economy. When the Federal Reserve hikes rates, private student loans are impacted and lenders raise their minimum and maximum rates in response. While rates are higher than usual at this time, borrowers looking to refinance private loans shouldn't wait for them to drop. No one can be certain on how the Fed will respond to the economy, but it's predicted that rates will continue to rise.
If you've been thinking about refinancing your private loans for a while, now may be the time to do it. You'll lock in the lowest rate possible and can always refinance again in the future to score better terms. Just make sure you're applying for a fixed rate loan. Variable interest rates are subject to change based on the Fed and will likely only increase, while fixed rates don't change during the life of the loan.
Loan type
Borrowers who have high interest or variable-rate private student loans should consider refinancing as soon as possible due to the Federal Reserve raising interest rates in an attempt to combat inflation. Variable-rates fluctuate based on market activity, so it's best to lock in the lowest rate possible before another potential rate hike.
With student loan forgiveness currently in limbo, those with federal student loans should re-consider refinancing until after the payment pause expires or a decision is made on Biden's debt relief plan. Payments are set to resume no later than 60 days after June 30, 2023. Refinancing before this date will cause you to forfeit the remainder of the pause – and any potential extensions in the future – as private lenders only provide company-specific benefits to borrowers.
Federal loan benefits
Those who refinance their federal loans lose out on all of the federal benefits and repayment programs, including loan forgiveness. Before refinancing, it's best to take a step back and examine every federal option, as most private lenders don't offer nearly as many hardship or payment relief programs.
The U.S. Department of Education offers occupation and income-based forgiveness and repayment programs, like Public Service Loan Forgiveness and Income-Driven Repayment. Plus, borrowers can apply for financial hardship payment relief at any time. While most private lenders provide some relief programs, it's rare to see a company boast a portfolio of benefits comparable to the Education Department's offerings.
Long-term goals
If you have a mix of federal and private debt, assess your financial situation to determine whether refinancing is absolutely necessary before signing on the dotted line.
Consider your current financial situation, loan balance and the resumption of student loan payments to gain a holistic view of what your refinancing goals are. If you're looking to save money on interest charges, make sure to apply for a lender only if you're guaranteed a lower rate through prequalification.
If your credit is in good health but you're looking for a more manageable monthly payment, then refinancing may be your best bet if you don't qualify for any federal programs.
What refinancing could mean for you
Student loan refinancing can be a big help to your finances, but only in the right situation.
Here's what refinancing could look like if you:
-
If you only have private student loans with high interest rates, then refinancing could save you a significant amount of money over time and would simplify your monthly payment. However, you must first qualify for a better rate and therefore, be in good financial standing with a good to excellent credit score.
-
If you only have federal student debt, it'll likely be a good idea to look into consolidating your loans into a federal Direct loan before refinancing with a private lender. You can only consolidate federal student loans into a Direct loan and end up saving money in interest depending on your credit.
If you don't end up with more favorable terms, then consider refinancing. Just keep in mind that consolidation allows you to remain eligible for federal benefits.
-
Most borrowers choose to refinance a mix of federal and private loans. For eligible borrowers, it saves money by setting one, uniform rate. It also simplifies repayment by consolidating the multiple payments into one, monthly payment.
However, borrowers with federal loans will likely want to hold off on refinancing until official news is released from the Biden administration regarding forgiveness or payments resuming.
-
If you want to refinance right now, it doesn't make sense to pull the trigger unless you can ensure the new loan has better terms and a lower interest rate. Due to the rates, skip over a lender if it doesn't offer prequalification. It's likely that you'll end up with a higher rate unless your current interest is extremely high.
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Most lenders have strict income approval requirements; most set an annual minimum of around $30,000. Those who don't have a predictable or sufficient income likely won't get approved without the help of a co-signer. While there are lenders that cater to those with a low-income, they typically have higher rates, so check the interest ranges before applying.
A co-signer is someone who takes on legal responsibility for the loan and signs the contract as well. If you miss a payment, the co-signer must pay and their credit could be negatively affected, so it's important that all parties involved are aware of the potential consequences of co-signing.
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International students can have a harder time qualifying for a refinance loan than those studying domestically. Most lenders that cater to international students require a co-signer in strong financial health.
Your eligibility may also depend on your program of study and status. Some lenders won't accept students unless they've graduated and may disclude specific certification or degree programs. Check the lender's website to make sure you meet the requirements prior to applying.
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Most lenders don't allow current students to refinance their student loans before graduating. Some may accept those who are close to graduating and have already accepted a job with a set salary, but it's not likely that every lender has that leniency.
See how much you could save with refinancing
A student loan refinance calculator can help you parse through lenders to find the offer that'll save you the most money. After pre qualifying, you can enter in the predicted loan details and compare them with your current details to see how your new monthly payment, interest costs and repayment timeline could change.
How to refinance your loans with Bankrate in 3 steps
Ready to compare student loan refinancing options?
Comparing options and lenders can be an overwhelming process, as many companies offer similar services. It's best to focus on the details listed in the company's terms and conditions to factor in any hidden fees and rate increases.
Thankfully, there are resources available that do all of the hard work for you by listing out all the lender details; all you need to do is apply. Use our resource below to sift through the best lenders and find the company that'll help you reach your long-and short-term financial goals.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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STUDENT LOAN
Best for getting matched with a community lender
![Lendkey](https://www.bankrate.com/static/loans/logos/lendkey.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
LendKey connects borrowers to loans from community banks. Even after borrowers are approved and loans are funded, LendKey will continue to service the loan through it being paid off, so there's no handoff to worry about.
- Be a U.S. citizen or permanent resident
- Have graduated with at least an associate degree
- Late fee
- Insufficient funds fee
Pros
- Repayment terms of 5 to 20 years
- One application to compare multiple lenders
- No origination fees
Cons
- Loan details and fees depend on the lender you're matched with
- Associate degree or higher required
- Forbearance options vary by lender
Terms and Conditions Apply
Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 5 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
As of 06/13/2024 student loan refinancing rates range from 5.24% to 9.60% Fixed APR with AutoPay.
STUDENT LOAN
Best for good credit
![Education Loan Finance](https://www.bankrate.com/static/loans/logos/Education Loan Finance.png?optimize=medium&format=pjpg&auto=webp)
4.2
Bankrate Rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Refinancing with Education Loan Finance (ELFI) is best for borrowers looking to refinance a large loan amount. Its applications also come with the assistance of a loan advisor, which make it a good choice for those who want a tailored experience.
- Be a U.S. citizen or permanent resident
- Be the age of majority at the time of application
- Earned a bachelor’s degree or higher from a Title IV, U.S. domiciled nonprofit postsecondary institution at the time of application
- Have a credit score of at least 680, at least 36 months of credit history and a minimum income of $35,000
- Late payment fee
- Returned payment fee
Pros
- Minimal fees
- Personalized customer support
- No co-signer required for qualified borrowers
Cons
- Only available for certain schools
- Co-signer release not allowed
- Strict acceptance requirements
Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees
Your Starting Interest Rate (upon approval)
The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for.
Your Interest Rate during the life of a loan: Fixed-Rate Loans
Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan.
Your Interest Rate during the life of the loan: Variable-Rate Loans*
Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year, or 15-year term. Your loan amount will not exceed the cost of attendance less financial aid as certified by your school. For variable rate loans applied for after 7:00 PM EST on January 7, 2022, the variable interest rate will be based on a publicly available index, the Prime Rate of Interest as published in the Money Market Section of the Wall Street Journal. These variable rates will be calculated and set each month by adding a margin between -2.50% to 5.72% to the Prime Rate. If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use the LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 1.05% to 11.39% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future.
Loan Fees & Example
Application Fee: $0
Origination Fee: 0%
Loan Guarantee Fee: 0%
Prepayment Fee: 0%
Late Charge: the lesser of 5% of the past due amount or $50
Returned Check or Insufficient Funds Charge: $30 For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
Federal Loan Alternatives and Disclosure Regarding Benefits
You may qualify for federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentloans.gov & studentaid.ed.gov/sa
Think carefully before taking out a loan with Education Loan Finance. You are encouraged to start with grants, scholarships, savings, and federal student loans before utilizing private student loans. Federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance.
Private education loans are not eligible to be included in a Federal Direct Consolidation Loan.
See https://studentaid.gov/understand-aid/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers.
Next Steps
1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).
Reference Notes
Interest Rate
Your interest rate will depend on the loan term that you select.
Interest rates are valid within the preceding 30 days.
Repayment Options
Immediate
The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan.
Fixed
The borrower pays a fixed monthly payment of $25.00 while in school and grace period. This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period.
Interest Only
The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra.
Deferred
The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan. Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance. The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request.
Electronic Payment Requirement
You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account.
Borrower Eligibility Criteria
All loans are subject to credit approval.
Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
Must be at the age of majority or older at the time of loan application.
Must reside in a state in which Education Loan Finance is authorized to lend.
A cosigner is not required but may help you qualify and/or receive a lower rate.
Must be an eligible student enrolled at least half-time at a post-secondary educational institution.
Co-Signers
Must be at the age of majority or older at the time of loan application.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
STUDENT LOAN
Best for Indiana residents
![Invested](https://www.bankrate.com/static/loans/logos/invested.png?optimize=medium&format=pjpg&auto=webp)
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
INvestEd is best for borrowers with strong credit, as the refinance requirements are more strict than similar lenders. However, you can refinance even if you have not earned your degree yet, which is a plus.
- Be either a U.S. citizen or permanent resident
- Must be an Indiana resident
- Have a FICO score of at least 670
- Have an annual income of at least $36,000
- No delinquencies of 60 days or more during the previous 24 months
- Monthly payments for approved credit must not exceed 40% to 50% of gross monthly income
- No repossessions, foreclosures or garnishments
- No reported bankruptcies within the past five years
- The loan must be a private or federal education loan, in repayment and current at the time of your refinance application
- Returned payment fee
Pros
- No fees are enforced for loan application
- Autopay discount
- Deferment options
Cons
- High credit requirement
- Low maximum loan amount
- Strict debt-to-income ratio requirement
INvestEd Student Loan Disclosures
1These rates are expressed as APR.
Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.
The Fixed rate will not change during the term.
The variable rate is subject to increase after consummation. The maximum variable interest rate is 21.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).
STUDENT LOAN
Best for co-signer release
![EDvestinU](https://www.bankrate.com/static/loans/logos/edvestinu.png?optimize=medium&format=pjpg&auto=webp)
3.8
Bankrate Rating = 3.8/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
EdvestinU is a private student loan lender that is a fitting choice for students who live in or attend school in New Hampshire, as you can receive up to a 1.5 percent discount.
- Be either a U.S. citizen or permanent resident who resides in an eligible state
- Be at least 18 years old
- Have qualifying federal or private student loans used to attend a Title IV institution
- Have an individual income of $30,000 for loans of less than $100,000
- Have a minimum individual income of $50,000 for anything above $100,000
- Late payment fee of 5% of the scheduled payment
Pros
- International students may be able to qualify
- Discounts available for New Hampshire students and residents
- Philanthropic driven mission
Cons
- Complicated co-signer release requirements
- Limited loan amount
- Restrictive income requirements
EdvestinU Refinance Loan
Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.
APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.
Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.
Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.
Granite Edvance In-School Loan Products
Granite Edvance and EdvestinU student loan products are offered by Granite Edvance Corporation. NMLS ID#1527348
The Granite Edvance Student Loan requires the borrower to be a resident of NH or a resident of an eligible state attending college in New Hampshire.
APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.
Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.
Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.
APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.
Loans are funded by Granite Edvance Corporation NMLS ID# 1527348 www.nmlsconsumeraccess.org. Granite Edvance and EdvestinU® are brand names of Granite Edvance Corporation.
STUDENT LOAN
Best for using a co-borrower
![mefa](https://www.bankrate.com/static/loans/logos/mefa.png?optimize=medium&format=pjpg&auto=webp)
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
The Massachusetts Educational Financial Authority, or MEFA has been in business since 1982 and is a good option for students refinancing before getting their degree.
- Must be a U.S. citizen or permanent resident
- Have an established credit history or a co-borrower with one
- Have no history of bankruptcy or foreclosure in the past 60 months
- Have no history of default on an education loan and no delinquencies on education debt in the past 12 months
- Loans must have been used at an eligible nonprofit degree-granting institution
- None
Pros
- No fees
- Quick approval timeline
- Low minimum interest rate
Cons
- Limited repayment terms available
- Undefined credit qualification requirements
- Unspecified university requirements
MEFA Student Loan Disclosure
These rates are expressed as APR. The Fixed interest rate will not change during the term. To be eligible for a MEFA Undergraduate Loan, the student must:
Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. If the student is currently enrolled for the current academic year, a student may:
Borrow a MEFA Loan for the summer session
Borrow a MEFA Loan to cover a past due balance within the current academic year
Maintain satisfactory academic progress as defined by the college or university
All borrowers must be citizens or permanent residents of the United States. MEFA’s private student loans are subject to credit qualification, completion of a loan agreement, self-certification form, school certification of cost of attendance minus estimated financial aid, and student’s enrollment at a MEFA’s participating school.
For Student Deferred Repayment with Co-borrower release option, the co-borrower, non-student may request for a release after 48 consecutive on-time monthly installments and must meet certain credit and eligibility requirements when applying for the release. For the purpose of the co-borrower release application, on-time payments are defined as payments received within 15 days of the due date. Co-borrower must complete an application for release and provide income verification documents as part of the review. Credit and eligibility requirements are subject to change.
STUDENT LOAN
Best for financial benefits and resources
![RISLA](https://www.bankrate.com/static/loans/logos/RISLA.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate on Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
The Rhode Island Student Loan Authority (RISLA) is a private student loan company that serves students nationwide. It is an especially strong refinance option for those who have not received their degree yet.
- Be a U.S. citizen or permanent resident
- Be enrolled or planning to attend a Title IV degree-granting program at an eligible public or nonprofit school
- Have a minimum annual income of at least $40,000
- None
Pros
- No fees
- Income-based repayment option
- Borrower protection programs
Cons
- Steep income requirements
- Minimal repayment terms
- High minimum amount
1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
STUDENT LOAN
Best for available discounts
![Citizens](https://www.bankrate.com/static/loans/logos/Citizens Bank.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Citizens Bank has several discounts that can reduce your interest rate, including a loyalty discount and an automatic payment discount. These discounts can knock 0.5 percent off your APR, saving you even more money over the long term.
- Borrowers must be U.S. citizens, permanent residents or resident aliens
- Borrowers with an associate degree or no degree must have made at least 12 qualifying payments after leaving school,
- Borrowers with a bachelor's degree may refinance while still enrolled in school
- Medical residents looking to refinance must have graduated from medical school and be matched to an eligible residency or fellowship program
- Late fee
- Returned payment fee
Pros
- Graduation not required to apply
- Loyalty discount for existing Citizens Bank customers
- Five repayment term options
Cons
- $10,000 minimum refinancing requirement
- Comparatively high rate caps
- Co-signer release period of 36 months
ELIGIBILITY DISCLOSURES
Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.
Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.
Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.
Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.
Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.
Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.
RATE DISCLOSURES
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Jun 01, 2024, the 30-day average SOFR index is 5.32%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Education Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 12.41% (7.02% - 12.42% APR). Fixed interest rates range from 6.49% - 10.98% (6.49% - 10.99% APR).
Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 11.52% (7.02% - 11.53% APR). Fixed interest rates range from 6.49% - 10.09% (6.49%- 10.10% APR).
Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.81% - 11.52% (7.81% - 11.53% APR). Fixed interest rates range from 7.28% - 10.09% (7.28% - 10.10% APR).
Student Loan Rate Disclosure: Variable interest rates range from 5.97% - 16.48% (5.97% - 16.47% APR). Fixed interest rates range from 4.39% - 15.50% (4.39% - 15.46% APR).
Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.97% - 16.48% (5.97% - 16.47% APR). Fixed interest rates range from 4.39% - 15.50% (4.39% - 15.46% APR).
Graduate Loan Rate Disclosure: Variable interest rates range from 5.97% - 14.98% (5.97% - 14.95% APR). Fixed interest rates range from 4.39% - 14.00% (4.39% - 13.97% APR).
Business/Law Loan Rate Disclosure: Variable interest rates range from 5.97% - 14.98% (5.97% - 14.94% APR). Fixed interest rates range from 4.39% - 14.00% (4.39% - 13.96% APR).
Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.97% - 14.98% (5.97% - 14.47% APR). Fixed interest rates range from 4.39% - 14.00% (4.39% - 13.82% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 9.03% - 9.53% (9.03% - 9.54% APR). Fixed interest rates range from 9.05% - 9.55% (9.05% - 9.56% APR).
STUDENT LENDING PROGRAM DISCLOSURES
Wireless Charges: Wireless carrier, text, and/or data charges may apply.
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.
Automatic Payment Discount: 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.
Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer.
Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $150,000, Graduate Degrees: $150,000, MBA and Law: $225,000, Healthcare: $180,000 or $350,000 depending on your degree (Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).
Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2020 and October 1, 2024 the origination fee is 4.228%.
Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).
Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 5.00% APR results in 54 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $123.61. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.
Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students or prospective students, or parents/guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Diversity, Equity & Inclusion Scholarship, entrants must also be an: American Indian or Alaskan Native, African American or Black, Hispanic or Latino/a, Asian, Native Hawaiian, or other Pacific Islander, women, member of the LGBTQ+ community, individual with disabilities, and/or a Veteran. Sweepstakes begins at 12:00 AM ET on 7/1/23 and ends at 11:59 p.m. ET on 6/30/24. Sponsored by Citizens. See Official Rules for details.
Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.
SAVINGS DISCLOSURES
Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,914 Citizens Education Refinance Loan customers who refinanced their loans between March 1, 2023 and March 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.
Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 2,776 Citizens Education Refinance Loan customers who lowered their interest rate on loans between March 1, 2023 and March 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 14.51% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.
Education Refinance Loan for Parents and Federal Loan Savings Comparison: Interest rate savings are calculated as the difference between the Citizens Education Refinance Loan for Parents’ lowest offered fixed rate of 7.28% (7.28% APR) and the Federal Parent PLUS Loan interest rate of 8.05% for loans first disbursed between July 1, 2023 and June 30, 2024. The Citizens Education Refinance Loan for Parents lowest rate includes the available Citizens loyalty and automatic payment discounts for eligible and creditworthy applicants.
Parent Loan Savings: Origination fee savings of $737 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $17,429 as compared to the Citizens Student Loan for Parents, which has no origination fees.
Graduate Loan Savings: Origination fee savings of $806 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $19,067 as compared to the Citizens Student Loan, which has no origination fees.
APPLICATION & SOLICITATION DISCLOSURES
The site for Application Solicitation Disclosures is under construction. For more information, please call the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST and Saturday, 8:30am - 5:00pm. Closed Sunday.
STUDENT LOAN
Best overall student loan refinance company
![SoFi](https://www.bankrate.com/static/loans/logos/sofi.png?optimize=medium&format=pjpg&auto=webp)
4.7
Bankrate Rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
SoFi is a well-respected institution and stands out in the refinancing space for those with strong credit who are able to secure competitive minimum rates.
- Be U.S. citizens, permanent residents or visa holders
- Be at least the age of majority with sufficient income or an offer of employment
- Must have graduated with at least an associate degree from a Title IV school
- Bar loans and residency loans are not eligible
- No fees
Pros
- No fees
- Member rewards
- Customer support 7 days a week
Cons
- Associate degree or higher required
- Vague credit requirements
- SoFi doesn't service refi loans
UNDERGRADUATE LOANS: Fixed rates from 4.44% to 14.70% annual percentage rate ("APR") (with autopay), variable rates from 5.49% to 13.97% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 14.48% APR (with autopay), variable rates from 5.99% to 13.97% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.03% APR (with autopay). 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. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. 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. Information current as of 07/19/2023.
REFINANCE LOANS: Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% 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 13.95% APR; 15- and 20- year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. 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. You may pay more interest over the life of the loan if you refinance with an extended term.
STUDENT LOAN
Best for flexible repayment options
![Earnest](https://www.bankrate.com/static/loans/logos/Earnest.png?optimize=medium&format=pjpg&auto=webp)
4.5
Bankrate Rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Earnest lets you pick a payment that fits with your budget, meaning it will tinker with the length of your loan until you land on a monthly payment you can afford.
- Be a U.S. citizen or permanent resident of an eligible state
- Be at least the age of majority
- Be graduated or currently enrolled less than half time and be in repayment on your student loans or be completing your degree at the end of the semester
- Have consistent income
- Have all student loan accounts in good standing
- Be current on rent or mortgage payments
- Have no bankruptcies on your credit report
- Minimum credit score of 665
- Florida stamp tax of 0.35%
Pros
- No origination fees
- Refinance as early as your final semester
- Choose biweekly or monthly payments
Cons
- Credit score of at least 665 required
- Not available in Nevada
- No co-signer option
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.54% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
STUDENT LOAN
Best student loan refinance company for no fees
![College Ave](https://www.bankrate.com/static/loans/logos/CollegeAve.png?optimize=medium&format=pjpg&auto=webp)
4.4
Bankrate Rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
College Ave has a large range of terms which makes it a suitable option for borrowers looking to extend their repayment schedule.
- Be U.S. citizens or permanent residents
- Be at least 18 years old
- Have graduated from a Title IV undergraduate or graduate program within College Ave's network
- Late fee
Pros
- Co-signer release
- Fast prequalification
- No origination fee
Cons
- No co-signer option
- Borrowers must have graduated
- Comparatively high starting rates
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(2)All rates shown include the autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degree.
(4)This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and 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.
Information advertised valid as of 06/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loans
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(5)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(6)Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(7)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(8)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 06/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
STUDENT LOAN
2024 Bankrate Awards Winner for best student loan for refinancing
![Laurel Road](https://www.bankrate.com/static/loans/logos/laurel road.png?optimize=medium&format=pjpg&auto=webp)
4.4
Bankrate Rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
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Some student loan lenders don't refinance associate degree debt, but borrowers earning an associate degree in dental hygiene, nursing, occupational therapy and more can refinance with Laurel Road as soon as their final term.
- Be a U.S. citizen or permanent resident or have a co-signer who is
- Have graduated or be enrolled in good standing in the final term preceding graduation and be employed or have an offer of employment
- Late fee of 5% of the amount or $28, whichever is less
- Nonsufficient funds fee of $20
- Returned payment fee of $20
Pros
- Quick prequalification process
- Discount for opening a Laurel Road checking account
- Refinance as early as your final semester
Cons
- Strict eligibility requirements for associate degree applicants
- Low maximum amount for associate degree applicants
- Several fees