Best refinance student loans in February 2025

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. 

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.72% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% 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.

* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64%APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/2025and 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 and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. 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. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

ELFI 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 ELFI. 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 ELFI.

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 ELFI 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.

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).

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.

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 February 1, 2025, the 30-day average SOFR index is 4.34%. 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. 

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.

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.

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.

(1)All rates include the auto-pay 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.

(2)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

(3)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.

Information advertised valid as of 2/03/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.