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Best refinance student loans in November 2024

Updated Oct 29, 2024

What to know first: Refinancing your student loans may land you a lower interest rate and a smaller monthly payment. However, refinancing isn't always a good idea. If you have federal student loans, refinancing comes with downsides you should consider. You'll also need to research student loan companies and their terms to find the best deal.

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STUDENT LOAN

Lendkey: Best for getting matched with a community lender

4.0

Fixed APR from
5.24- 9.40%
Loan term
5-15 yrs
Loan amount
$5k- $250K
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STUDENT LOAN

Education Loan Finance: Best for good credit

4.2

Fixed APR from
4.84- 8.44%
Loan term
5-20 yrs
Loan amount
Starting at $1k
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STUDENT LOAN

EDvestinU: Best for co-signer release

3.8

Fixed APR from
6.00- 10.37%
Loan term
5-20 yrs
Loan amount
$7.5k- $200K
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STUDENT LOAN

INvested: Best for Indiana residents

Fixed APR from
5.12- 9.46%
Loan term
5-20 yrs
Loan amount
$1k- $250K
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STUDENT LOAN

Mefa: Best for using a co-borrower

Fixed APR from
6.20- 8.99%
Loan term
7-15 yrs
Loan amount
$10k- $500K
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STUDENT LOAN

RISLA: Best for financial benefits and resources

4.0

Fixed APR from
3.85- 8.74%
Loan term
5-15 yrs
Loan amount
$7.5k- $250K
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STUDENT LOAN

Citizens Bank: Best for available discounts

4.0

Fixed APR from
5.89- 11.85%
Loan term
5-20 yrs
Loan amount
$10k- $750K
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STUDENT LOAN

SoFi: Best overall student loan refinance company

4.7

Fixed APR from
3.99- 9.99%
Loan term
5-20 yrs
Loan amount
$1k- $500K
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STUDENT LOAN

Earnest: Best for flexible repayment options

4.5

Fixed APR from
3.99- 8.99%
Loan term
5-20 yrs
Loan amount
$5k- $500K

STUDENT LOAN

Laurel Road: 2024 Bankrate Awards Winner for best student loan for refinancing

4.4

Fixed APR from
4.99- 8.90%
Loan term
3-20 yrs
Loan amount
$5k- $500K

STUDENT LOAN

College Ave: Best student loan refinance company for no fees

4.4

Fixed APR from
6.99- 13.99%
Loan term
5-20 yrs
Loan amount
$1k- $500K

Find out how much you could save

Use this calculator to quickly determine if refinancing is worth it for you.

Compare refinancing rates from top student loan lenders

Use this table to compare Bankrate's top refinance lender picks. Pay close attention to the interest rates offered to maximize your savings, but don't forget to consider the available loan amounts and repayment terms. You want to be sure the available loan terms result in a monthly payment that fits your budget. 

Also, remember that refinance loans can have fixed or variable rates. A fixed interest rate will remain unchanged over the life of the loan, while a variable rate fluctuates based on market conditions.

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LENDER BEST FOR VARIABLE APR* FIXED APR* LOAN TERM LOAN AMOUNT
LendKey Comparing multiple lenders N/A 5.24%-9.40% 5 - 20 years Starting at $5,000**
Education Loan Finance Good credit 5.28% - 8.99% 5.48% - 8.69% 5 - 20 years Starting at $1,000
INvestEd Indiana residents Not disclosed From 5.85% 5 - 20 years $5,000 - $250,000
EDvestinU Co-signer release 8.04% - 9.79% 6.00% - 10.37% 5 - 20 years $30,000 - $100,000
MEFA Using a co-borrower Not disclosed 6.20% - 8.99% 7 - 15 years Not disclosed
RISLA Financial benefits and resources Not disclosed From 7.64% 5 - 15 years $1,500 - $50,000
Citizens Bank Available discounts 7.78%-13.34% 6.49%-11.85% 5 - 20 years $10,000 - $750,000
SoFi Overall refinancing 5.99%-9.99% 3.99%-9.99% 5 - 20 years $1,000 - full balance of education loans
Earnest Flexible repayment options 5.89%-8.94% 3.99%-8.99% 5 - 20 years $5,000 - $500,000
College Ave No fees 6.99%-13.99% 6.99%-13.99% 5 - 20 years $5,000-$500,000
Laurel Road Students in health care 5.24%-9.70% 5.19%-9.50% 5 - 20 years $5,000 - full balance of education loans
Splash Financial Low rates 4.86%-9.99% 3.99%-9.99% 5 - 15 years Starting at $5,000
Loan details presented in the table above are current as of June 13, 2024. Check the lenders’ websites for more current information. The student loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.
 
*Rates include autopay discount.

** Minimum $10,001 for AZ residents, $15,001 for CT residents, $6,000 for MA residents.

LENDER BEST FOR VARIABLE APR* FIXED APR* LOAN TERM LOAN AMOUNT
Earnest Flexible repayment options 5.89%-8.94% 3.99%-8.99% 5 - 20 years $5,000 - $500,000
LendKey Comparing multiple lenders N/A 5.24%-9.40% 5 - 20 years Starting at $5,000**
College Ave No fees 6.99%-13.99% 6.99%-13.99% 5 - 20 years $5,000 - $500,000
Splash Financial Low rates 4.86%-9.99% (with autopay) 3.99%-9.99% (with autopay) 5-15 years Starting at $5,000

*Rates include autopay discount.

** Minimum $10,001 for AZ residents, $15,001 for CT residents, $6,000 for MA residents.

LENDER BEST FOR VARIABLE APR* FIXED APR* LOAN TERM LOAN AMOUNT
SoFi Co-signer release 5.99%-7.89% 3.99%-7.64% 5 - 20 years $5,000 - full balance of education loans
Earnest Flexible repayment options 5.89%-8.94% 3.99%-8.99% 5 - 20 years $5,000 - $500,000
Education Loan Finance (ELFI) Few fees 4.86%-8.11% 4.84%-8.09% 5 - 10 years Starting at $10,000

*Rates include autopay discount.

LENDER BEST FOR VARIABLE APR* FIXED APR* LOAN TERM LOAN AMOUNT
SoFi Overall refinancing 5.87%-9.99% 3.87%-9.99% 5 - 20 years $1,000 - full balance of education loans
Earnest Flexible repayment options 5.89%-8.94% 3.99%-8.99% 5 - 20 years $5,000 - $500,000
Laurel Road Students in health care 4.97%-9.41% 4.92%-9.21% 5 - 20 years $5,000 - full balance of education loans
Splash Financial Low rates 6.39%-9.84% (with autopay) 6.39%-9.84% (with autopay) 5-15 years Starting at $5,000

*Rates include autopay discount.

A closer look at top student loan refinancing companies

The closer look section offers a detailed view of Bankrate’s top picks for student loan refinancing. This includes product perks and highlights, as well as drawbacks and who may benefit the most from applying with a particular lender.

LendKey: Best for getting matched with a community lender 

Lendkey
Rating: 4 stars out of 5
4

Overview: LendKey pairs with multiple small student loan lenders to offer student loan refinancing. There are no origination fees.

Fixed APR
5.24%–9.40%
Loan amount
$5k– $250k
Loan term
5-15 yrs

Education Loan Finance: Best for good credit

Education Loan Finance
Rating: 4.2 stars out of 5
4.2

Overview: Education Loan Finance, or ELFI, is a Tennessee-based lender touted for its undergraduate and graduate loan products. It offers comprehensive support for its borrowers and pairs each applicant with an advisor.

Fixed APR
4.84%–8.44%
Loan amount
Starting at $1k
Loan term
5-20 yrs

INvestEd: Best for Indiana residents

Invested

Overview: INvestEd has been in the student loans business for over 40 years and serves Hoosiers looking to secure financing for higher education or adjust their current loan. It offers competitive rates starting at 5.85 percent and a range of discounts for those residing in Indiana.

Fixed APR
5.12%–9.46%
Loan amount
$1k– $250k
Loan term
5-20 yrs

EDvestinU: Best for co-signer release

EDvestinU
Rating: 3.8 stars out of 5
3.8

Overview: EdVestinU is an online lender that specifically serves U.S. citizens and permanent residents who reside in New Hampshire. The lender offers refinance loans with low rates, almost no fees and even offers a 0.25 percent interest rate discount for enrolling in its autopay feature. It also offers one of the fastest timelines on the market — borrowers can apply for a refinance loan at any point after receiving their student loans.

Fixed APR
6.00%–10.37%
Loan amount
$7.5k– $200k
Loan term
5-20 yrs

MEFA: Best for using a co-borrower

mefa

Overview: According to MEFA, individuals who have refinanced with the lender have reduced their interest rate by an average of 28 percent. Borrowers who qualify, or who have a co-borrower who does, can take advantage of the low-cost loan that comes with fixed rates and no fees. To qualify, applicants must have a clean student loan repayment record, must have attended an eligible nonprofit school and need to meet the lender's credit approval standards.

Fixed APR
6.20%–8.99%
Loan amount
$10k– $500k
Loan term
7-15 yrs

RISLA: Best for financial benefits and resources

RISLA
Rating: 4 stars out of 5
4

Overview: RISLA allows current students the option of refinancing their student loans while still enrolled through a unique benefit — its 'pay-later' loan. Although repayment will begin a short six months after graduating, the lender will defer your payments while still in school, which can help you save on interest accrual.  

Fixed APR
3.85%–8.74%
Loan amount
$7.5k– $250k
Loan term
5-15 yrs

Citizens Bank: Best for available discounts

Citizens
Rating: 4 stars out of 5
4

Overview: Citizens Bank offers student loan refinancing for borrowers who need to refinance up to $750,000 in student loans, although maximums vary based on your degree type. Variable interest rates as low as 7.03 percent APR, while fixed rates start at 6.49 percent, with repayment options between five and 20 years.

Fixed APR
5.89%–11.85%
Loan amount
$10k– $750k
Loan term
5-20 yrs

SoFi: Best overall student loan refinance company

SoFi
Rating: 4.7 stars out of 5
4.7

Overview: SoFi is one of the most popular lenders for borrowers looking to refinance their student loans, and it’s easy to see why. The lender has a wide range of repayment options and benefits to its members. Along with that, this lender offers loans with competitive interest rates and no hidden fees, including no origination fees. 

Fixed APR
3.99%–9.99%
Loan amount
$1k– $500k
Loan term
5-20 yrs

Earnest: Best for flexible repayment options

Earnest
Rating: 4.5 stars out of 5
4.5

Overview: Earnest lets you refinance your student loans with the potential for a low APR and flexible repayment options. With repayment terms from five to 20 years, it's easy to find a repayment timeline that works for your budget.

Fixed APR
3.99%–8.99%
Loan amount
$5k– $500k
Loan term
5-20 yrs

College Ave: Best student loan refinance company for no fees

College Ave
Rating: 4.4 stars out of 5
4.4

Overview: College Ave is a lender that serves borrowers in both undergraduate and graduate programs and is backed by Firstrust Bank, First Citizens Community Bank and M.Y. Safra Bank. It offers competitive interest rates and offers tools to help consumers understand the lending process. 

Fixed APR
6.99%–13.99%
Loan amount
$1k– $500k
Loan term
5-20 yrs

Laurel Road: 2024 Bankrate Awards Winner for best student loan for refinancing

Laurel Road
Rating: 4.4 stars out of 5
4.4

Overview: Laurel Road is a lender with low rates and a robust online experience. Borrowers can choose a term of five, seven, 10, 15 or 20 years.

Fixed APR
4.99%–8.90%
Loan amount
$5k– $500k
Loan term
3-20 yrs

Splash Financial: Best student loan refinance company for low rates

Splash Financial
Rating: 4 stars out of 5
4

Overview: Splash Financial is a lending marketplace that lets you refinance from $5,000 to the full amount of your loans. It doesn't lend money itself, but it partners with lenders to match you with one that meets your requirements and financial situation.

Fixed APR
3.99%–9.99%
Loan amount
$5k– $500k
Loan term
5-25 yrs

What is student loan refinancing?

Student loan refinancing is the process of taking out a new loan to pay off your existing student loans. When you refinance your student loans, you may qualify for a lower interest rate and a different repayment timeline. The time to refinance your student loans is when it saves you money on interest or lowers your monthly payments.

Refinancing is a good idea for people with a large monthly payment or a high interest rate since refinancing into new terms can make loans more affordable in both the short and long term. Borrowers with good credit, in particular, will qualify for the best rates and terms. You can refinance both federal and private student loans, though it's usually best to avoid refinancing federal loans since they come with a number of perks that aren't available through private lenders.

How student loan refinancing works

Just as you did when initially borrowing for your education, the student loan refinancing process requires you to take out a new and improved loan. This loan will be used to pay off your remaining student loan balance, just with new terms and rates. Many times, borrowers will choose to refinance their loan at a longer term to extend the pay period. However, keep in mind that this move can result in you spending more in the long-run. 

Student loan refinancing requirements

Once you find a lender that best suits your financial situation, check the specific refinancing requirements. These can vary from lender to lender, but here are a few general criteria to be aware of:

  • Debt-to-income ratio: Your debt-to-income ratio (DTI) is a measurement of how much debt you've accumulated compared to your monthly earnings. You have a better chance of getting approved if your debt-to-income ratio is below 50 percent.
  • Credit score: When you apply for any loan, your credit score matters. Check your lender's credit score requirements before applying. If your credit score is in the mid-600s or lower, you may need to add a co-signer to your loan to qualify.
  • Income: Lenders may impose a minimum income threshold, and they will likely want to see proof of employment — this tells them that you have the cash to make your monthly payments. Come prepared with recent paystubs, W2 forms or recent bank statements, as most lenders require documentation. 
  • Refinancing amount: You will likely need to owe a minimum of $5,000 in student loans if you'd like to refinance. If you have less than that, most lenders won't work with you.
  • Degree: You'll typically need a completed college degree to be eligible for student loan refinancing, though some lenders accept borrowers regardless of degree status.

If the lender you're considering offers a prequalification tool, you can see your estimated rate based on your general financial history with a soft credit inquiry, which won't hurt your credit score.

Should I refinance my student loans?

Refinancing your student loans makes financial sense only if the loan you apply for has a lower interest rate than the current interest rate of your student loans. You can use a loan calculator to determine your current monthly payment versus that of the loan you're considering. 

While you may decide to refinance to a longer term to lower your monthly payments, keep in mind that this means you'll likely increase the overall cost of your loan through interest accrual.

Whether you should refinance also depends on what type of loans you have. Refinancing could be smart if you have private loans, but you'll lose benefits if you refinance federal loans. These benefits include:

Ask the experts: When should you refinance a student loan?


Nationally recognized student financial aid expert

"There are two ways of refinancing a student loan. For federal loans, you can obtain a Federal Direct Consolidation Loan. This combines multiple federal education loans into a single loan, making it easier to repay. You may be able to qualify for alternate repayment plans by consolidating. Consolidation doesn't really change the cost of the loan, since the interest rate on a consolidation loan is the weighted average of the interest rates on the loans included in the consolidation loan, rounded up to the nearest 1/8th of a percentage point. If you choose a longer repayment term, the monthly payment may decrease, but you will be in debt for longer and pay more interest over the life of the loan. For federal and private student loans, you can obtain a private refi, which pays off the old loans with a new private student loan. The interest rate on the private refi is based on your credit score, and the credit score of your cosigner if any. If your credit scores have improved a lot, you may be able to qualify for a lower interest rate. A private refi can also change the repayment term, which can affect the size of the monthly student loan payment. Thus, there are several possible reasons to refinance a student loan, such as changing the loan servicer, changing the repayment plan or repayment term, changing the monthly payment, and obtaining a different interest rate."

Writer, Personal Loans and Debt Relief

"Refinancing is only a good idea if you fit within the two categories: you have a hard time organizing your student loan payments and you'd qualify for a lower interest rate with a new loan. Most lenders offer a prequalification tool that allows you to see what your predicted rates would be if you were to qualify. If you have fairly high rates on your existing loans, it may be a good option to refinance. However, be certain you’re scoring a lower rate with a refinance loan. Due to the current high-rate environment, unless you have sky-high rates and a stellar credit score, it may not make sense to refinance until rates cool off."

Pros and cons of refinancing student loans

Before choosing a lender, consider whether refinancing your student loans is the best move for your current situation.

Green circle with a checkmark inside

Pros

  • You can consolidate several student loans into one, which means you can make just one payment each month.
  • You may be able to secure a lower interest rate.
  • Refinancing to a longer repayment period gives you a lower monthly payment.
Red circle with an X inside

Cons

  • Private lenders usually require good or excellent credit (or a co-signer) to qualify for a new loan with their best rates and terms.
  • You give up federal protections like deferment, forbearance and income-driven repayment plans when you refinance federal loans with a private lender.
  • You're locking yourself into another repayment plan.

How to refinance a student loan

The process to refinance your student loan requires the following 5 steps: 

  • Determine if refinancing is the best option: First and foremost, you must consider if this is the right financial move. Will you truly save money in the long run or will your monthly payment just reduce slightly?
  • Research lenders: There are many options available when it comes to refinancing your loan. Compile a list of potential lenders so you can compare features and rates. 
  • Shop for the best loan options: Every lender has its own acceptance criteria based on your credit score and loan. Shop around with many lenders to ensure you are getting the best new loan for your needs. 
  • Submit a loan application: To apply for a loan you will likely need to share information on your current student loan, personal contact information and any co-signer documents. 
  • Transfer payments to your new lender: Make sure that your old loan closes so you can begin making payments on your new loan. Be on the lookout for a payoff letter from your old lender to confirm the process has been completed. 

Frequently asked questions

How we chose the best student loan refinancing lenders 

Bankrate's trusted personal loans industry expertise

48

years in business

25

lenders reviewed

14

loan features weighed

350

data points collected

To find the best private student loan lenders, Bankrate's team of experts evaluated over 20 lenders. Each lender was then rated on a 14-point scale. The scale is split into three main categories:

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.