13 Best Student Refinance Companies: Reviewed and Rated

Our finish is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will constantly identify, all opinions are our own. credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” The best scholar loan refinance companies provide competitive interest rates, a wide choice of loan terms, inclusive eligibility requirements, and reactive customer avail .
Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score .
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Let ’ s take a front at Credible ’ s partner lenders :

1. Advantage Education Loan

  • Best for: Parent PLUS Loans

Advantage Education Loan offers Advantage Refinance Loans to borrowers who are U.S. citizens or noncitizens with proofread of residency tease. They besides allow borrowers to apply for cosigner acquittance after 12 months of back-to-back on‐time payments .
They besides offer death and disability discharge and has standard and graduated refund plans available.
advantage education loan student loan refinance

3.0

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rat criteria for lenders encompass 78 data points spanning concern rates, lend terms, eligibility prerequisite foil, refund options, fees, discounts, customer service, cosigner options, and more. Read our full moon methodology.


Rates and terms



Fees and Discounts
Customer have

Advantage Education Loan Student Loan Refinancing


Lowest fixed rate available from this lender

Fixed APR

2.94%+


Lowest variable rate available from this lender

variable star APR N/A

Minimum credit score needed to qualify

Min. credit score Does not disclose

Range needed to refinance with this lender

loanword sum $ 7,500 up to $ 500,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

watch Details

  • Fixed APR : 2.94 % +
  • variable star april : N/A
  • Min. credit rating sexual conquest : Does not disclose
  • loanword sum : $7,500 up to $500,000
  • loanword terms ( years ) : 10, 15, 20
  • Max. undergraduate lend balance : $250,000 – $500,000
  • fourth dimension to store : 4 months
  • refund options : Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees : None
  • Discounts : Autopay
  • eligibility : Must be a resident of Kentucky
  • Customer service : Phone
  • soft credit rating check : No
  • Cosigner acquittance : After 12 months
  • loanword servicer : Kentucky Higher Education Student Loan Corporation
  • Max. graduate loanword balance : $250,000 – $500,000
  • credible review : Advantage Education Loan review
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers refinancing to borrowers who haven’t completed their degrees
  • Offers forbearance options
  • No prepayment or origination fees

Cons

  • No variable rate loans offered

Learn More: Advantage Education Loan review

2. Brazos

  • Best for: Repayment term variety

Brazos offers refinancing to borrowers who reside in Texas. With Brazos, you ’ ll besides have access to economic adversity patience, which allows borrowers to defer payments for astir to 12 months over the life of the loanword ( up to three months per patience period ).
brazos student loan refinance

4.4

Credible rating

credible lender ratings are evaluated by our editorial team with the avail of our lend operations team. The rat criteria for lenders encompass 78 data points spanning sake rates, loanword terms, eligibility prerequisite transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms
Fees and Discounts
Customer experience

Brazos Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

2.35%+

Lowest variable rate available from this lender

variable APR N/A

Minimum credit score needed to qualify

Min. credit score Does not disclose

Range needed to refinance with this lender

loanword sum $ 10,000 to $ 400,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

position Details

  • Fixed APR : 2.35 % +
  • variable star april : N/A
  • Min. credit rating score : Does not disclose
  • lend total : $10,000 to $400,000
  • loanword terms ( years ) : 5, 7, 10, 15, 20
  • repayment options : Military deferment, forbearance
  • Fees : Late fee
  • Discounts : Autopay
  • eligibility : Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service : Email, phone
  • gentle credit check : Does not disclose
  • Cosigner free : No
  • loan servicer : Firstmark Services
  • Max. Undergraduate Loan Balance : $100,000 – $149,000
  • Max. Graduate Loan Balance : $200,000 – $400,000
  • Offers Parent PLUS Refinancing : Does not disclose

Pros

  • Offers fixed and variable interest rates
  • No origination or prepayment fees

Cons

  • No cosigner release available
  • Must have a relatively high minimum annual income

Learn More: Brazos student loan refinance review

3. Citizens

  • Best for: Citizens account holders

Citizens offers refinancing to all U.S. residents and permanent wave residents, adenine well as resident aliens ( with an eligible cosigner ). You can refinance $ 10,000 to $ 750,000 ( depending on your degree and loan type ) .
If you already have an account with Citizens, you could besides get a 0.25 % loyalty rate dismiss — plus another 0.25 % off your rate if you sign up for autopay .
additionally, Citizens borrowers have access to economic asperity patience, which allows borrowers to defer payments for up to 12 months over the life of the loanword ( up to two months per forbearance period ).

4.7

Credible rating

credible lender ratings are evaluated by our editorial team with the serve of our loan operations team. The evaluation criteria for lenders encompass 78 data points spanning interest rates, loanword terms, eligibility requirement foil, repayment options, fees, discounts, customer service, cosigner options, and more. Read our fully methodology.

Rates and terms
Fees and Discounts
Customer feel

Citizens Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

2.99%+1

Lowest variable rate available from this lender

variable APR

1.99%+1

Minimum credit score needed to qualify

Min. credit score Does not disclose

Range needed to refinance with this lender

loan sum $ 10,000 to $ 750,000
Does refinancing make sense for you?
Compare offers from peak refinancing lenders to determine your actual savings .
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view Details

  • Fixed APR : 2.99 % +1
  • variable april : 1.99 % +1
  • Min. credit score : Does not disclose
  • lend amount : $10,000 to $750,000
  • loanword terms ( years ) : 5, 7, 10, 15, 20
  • refund options : Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees : Late fee
  • Discounts : Autopay, loyalty
  • eligibility : Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer military service : Email, phone, chat
  • gentle credit check : Yes
  • Cosigner free : After 24 to 36 months
  • loan servicer : Firstmark Services
  • Max. Undergraduate Loan Balance : $100,000 to $149,000
  • Max. Graduate Loan Balance : Less than $150,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers variable and fixed interest rates
  • Offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
  • No prepayment or origination fees

Cons

  • No disability discharge offered
  • Doesn’t disclose minimum credit or income requirements
  • Long cosigner release period (36 months)

Learn More: Citizens student loan refinance review
1Citizens Disclosures

4. College Ave

  • Best for: Repayment term variety

College Ave offers refinancing to all U.S. residents and permanent residents except for residents in Maine .
They offer super elastic terms ( a sum of 15 ) to give you more options when it comes to repayment.

4.4

Credible rating

credible lender ratings are evaluated by our column team with the avail of our loan operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility necessity transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our broad methodology.

Rates and terms
Fees and Discounts
Customer experience

College Ave Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.49%+2

Lowest variable rate available from this lender

variable APR

3.44%+2

Minimum credit score needed to qualify

Min. credit grade Does not disclose

Range needed to refinance with this lender

loanword amount $ 5,000 to $ 300,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

position Details

  • Fixed APR : 3.49 % +2
  • variable april : 3.44 % +2
  • Min. credit seduce : Does not disclose
  • loanword total : $5,000 to $300,000
  • loanword terms ( years ) : 5, 7, 10, 12, 15
  • refund options : Military deferment, forbearance, loans discharged upon death or disability
  • Fees : Late fee
  • Discounts : Autopay
  • eligibility : All states except for ME
  • Customer service : Email, phone, chat
  • soft credit match : Yes
  • Cosigner release : After 24 to 36 months
  • loan servicer : College Ave Servicing LLC
  • Max. Undergraduate Loan Balance : $100,000 to $149,000
  • Max. Graduate Loan Balance : Less than $300,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers variable and fixed interest rates
  • No prepayment or origination fees

Cons

  • Not available to residents in Maine
  • Doesn’t disclose minimum income or credit requirements

Learn More: College Ave student loan refinance review
2College Ave Disclosures

5. CommonBond

  • Best for: Early payoff

With CommonBond, borrowers can refinance $ 5,000 to $ 500,000 with repayment terms ranging from five to 20 years. CommonBond besides offers up to 24 months of forbearance over the life sentence of the lend .
CommonBond besides offers a unique loanblend lend option, which starts with a fix rate for the beginning half of the loan then switches to a variable rate. This could be helpful if you plan to pay off your lend early and want to save on potential matter to charges .

4.5

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The denounce criteria for lenders encompass 78 data points spanning matter to rates, loanword terms, eligibility necessity transparency, repayment options, fees, discounts, customer serve, cosigner options, and more. Read our broad methodology.

Rates and terms
Fees and Discounts

Customer know

CommonBond Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed rate

5.07%+

Lowest variable rate available from this lender

variable rate

5.02%+

Minimum credit score needed to qualify

Min. credit sexual conquest 680

Range needed to refinance with this lender

loan total $ 5,000 to $ 500,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

view Details

  • Fixed pace : 5.07 % +
  • variable rate : 5.02 % +
  • Min. credit score : 680
  • lend amount : $5,000 to $500,000
  • Cosigner passing : Yes
  • lend terms ( years ) : 5, 7, 10, 15, 20
  • refund options : Academic deferment, forbearance, loans discharged upon death or disability
  • Fees : Late fee
  • Discounts : Autopay
  • eligibility : Available in all states, except MS and NV
  • Customer service : Email, phone, chat
  • piano accredit check : Yes
  • loan servicer : FirstMark
  • Max. undergraduate loanword balance : $500,000
  • Max. graduate loan symmetry : $500,000
  • Offers Parent PLUS refinance : Yes
  • Min. income : $65,000 (for 15- and 20-year products)

Pros

  • Up to 24 months of forbearance over the life of the loan
  • Can transfer Parent PLUS Loans to student

Cons

  • Not available in Mississippi or Nevada
  • Charges late and returned check fees

Learn More: CommonBond student loan refinance review

6. EDvestinU

  • Best for: High balances

EDvestinU offers refinancing options to all U.S. residents who have private or federal student loans, including rear PLUS loans .
besides, unlike many private lenders, EDvestinU doesn ’ thymine necessitate you to have earned your degree — you can refinance your student loans a long as you meet the company ’ sulfur income and credit requirements .

edvestinu student loan refinance

3.8

Credible rating

credible lender ratings are evaluated by our editorial team with the help oneself of our loan operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility necessity foil, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms
Fees and Discounts
Customer know

EDvestinU Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.41%+5

Lowest variable rate available from this lender

variable APR

3.03%+5

Minimum credit score needed to qualify

Min. accredit score 700

Range needed to refinance with this lender

loanword sum $ 7,500 to $ 200,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings.

view Details

  • Fixed APR : 3.41 % +5
  • variable april : 3.03 % +5
  • Min. credit grudge : 700
  • loan come : $7,500 to $200,000
  • loan terms ( years ) : 5, 10, 15, 20
  • refund options : Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees : None
  • Discounts : Autopay
  • eligibility : Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service : Email, phone
  • piano credit check : Yes
  • Cosigner passing : After 36 months
  • loan servicer : Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance : $150,000 to $249,000
  • Max. Graduate Loan Balance : $150,000 to $199,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Variable and fixed rates available
  • Offers refinancing to borrowers who haven’t completed their degrees
  • No application, origination, or prepayment fees

Cons

  • Long cosigner release period (36 months)
  • Borrowers with poor or fair credit might not qualify

Learn More: EDvestinU scholar loanword refinancing review
5EDvestinU Disclosures

7. ELFI

  • Best for: High balances

education Loan Finance ( ELFI ) is a student loan debt consolidation program offered by SouthEast Bank. They offer temp patience of up to 12 months for fiscal asperity .
If facing a checkup difficulty, borrowers may be granted forbearance at the delicacy of SouthEast Bank, as well.

4.4

Credible rating

credible lender ratings are evaluated by our editorial team with the avail of our loanword operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility necessity foil, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms
Fees and Discounts
Customer experience

Education Loan Finance Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

2.43%+3

Lowest variable rate available from this lender

varying APR

1.86%+3

Minimum credit score needed to qualify

Min. credit score 680

Range needed to refinance with this lender

loanword sum $ 15,000 to $ 250,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

opinion Details

  • Fixed APR : 2.43 % +3
  • variable april : 1.86 % +3
  • Min. credit score : 680
  • lend come : $15,000 to $250,000
  • loanword terms ( years ) : 5, 7, 10, 12, 15, 20
  • refund options : Forbearance
  • Fees : None
  • Discounts : None
  • eligibility : Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer avail : Email, phone
  • gentle citation match : Yes
  • Cosigner exhaust : No
  • loan servicer : Mohela
  • Max. Undergraduate Loan Balance : $250,000
  • Max. Graduate Loan Balance : $250,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers variable and fixed rates
  • Offers referral bonus
  • Offers forbearance options
  • No fees

Cons

  • Must refinance at least $15,000
  • Doesn’t offer any discounts
  • No cosigner release available

Learn More: ELFI student loan refinance review
3ELFI Disclosures

8. INvestEd

  • Best for: Forbearance

INvestEd student loans are limited to Indiana residents and U.S. residents attending eligible Indiana schools, its refinancing program is available nationally .
INvestEd allows borrowers to apply for cosigner release after 48 months of on-time payments. It besides offers hardship forbearance for up to three months at a time, with a accumulative utmost of 24 months .

3.9

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rat criteria for lenders encompass 78 data points spanning pastime rates, loanword terms, eligibility prerequisite transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our broad methodology.

Rates and terms
Fees and Discounts
Customer experience

INvestEd Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.47%+4

Lowest variable rate available from this lender

variable APR

2.45%+4

Minimum credit score needed to qualify

Min. recognition grade 670

Range needed to refinance with this lender

lend amount $ 5,000 to $ 250,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

opinion Details

  • Fixed APR : 3.47 % +4
  • variable april : 2.45 % +4
  • Min. accredit score : 670
  • loan sum : $5,000 to $250,000
  • loanword terms ( years ) : 5, 10, 15, 20
  • repayment options : Academic deferment, military deferment, forbearance
  • Fees : Late fee
  • Discounts : Autopay
  • eligibility : Must be U.S. citizen or permanent resident
  • Customer service : Email, phone, chat
  • indulgent credit determine : Yes
  • Cosigner handout : Yes
  • Max undergraduate lend balance wheel : $250,000
  • Max graduate loanword counterweight : $250,000
  • Offers Parent PLUS refinance : Yes

Pros

  • Offers variable and fixed interest rates
  • Offers deferment and forbearance options
  • Offers autopay discount

Cons

  • Long cosigner release period (48 months)
  • Can only refinance up to $250,000

Learn More: INvestEd student loan refinance review
4INvestEd Disclosures

9. ISL Education Lending

  • Best for: Current students

ISL Education Lending offers a assortment of refinancing options — which includes being able to refinance while you ’ re placid in school .
In accession to a standard refund plan, ISL Education Lending provides a calibrate repayment plan to borrowers who choose a 10-, 15-, or 20-year terminus ( plus seven-year terms in some cases ). This type of design starts with low payments that gradually increase over prison term.

4.2

Credible rating

credible lender ratings are evaluated by our column team with the help of our loanword operations team. The evaluation criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility prerequisite transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms

Fees and Discounts
Customer experience

ISL Education Lending Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

4.44%+

7

Minimum credit score needed to qualify

Min. credit score 670

Range needed to refinance with this lender

loanword sum Up to $ 300,000
Does refinancing make sense for you?
Compare offers from clear refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

view Details

  • Fixed APR : 4.44 % +
    7
  • variable star april : N/A
  • Min. credit score : 670
  • loan come : Up to $300,000
  • lend terms ( years ) : 5, 7, 10, 15, 20
  • time to fund : Usually one business day
  • refund options : Academic deferral, military deferral, forbearance, death/disability discharge
  • Fees : None
  • Discounts : Autopay
  • eligibility : Available in all 50 states
  • Customer serve : Email, phone
  • soft credit see : Yes
  • Cosigner free : After 24 months
  • Max. undergraduate loan symmetry : $300,000
  • Max. graduate symmetry : $300,000
  • Offers Parent PLUS loans : Yes
  • Min. income : None

Pros

  • 0.25% autopay discount
  • Can refinance while still in school
  • Graduated repayment plan available

Cons

  • Rates can be higher than competing lenders
  • Cosigner release period longer than some lenders (24 months)

Learn More: ISL Education Lending student loan refinance review

10. LendKey

  • Best for: Borrowers who have graduated with at least an associate degree

Unlike other refinancing companies, LendKey isn ’ t a lender itself — rather, it partners with community banks and credit unions that offer student loanword refinancing. With LendKey, you can refinance $ 5,000 to $ 300,000 ( depending on the lender and your degree ) with terms from five to 15 years .
Keep in take care that you must have completed an associate, knight bachelor ’ second, graduate, or doctorate degree from an eligible school to qualify through LendKey .

4.6

Credible rating

credible lender ratings are evaluated by our column team with the help oneself of our lend operations team. The evaluation criteria for lenders encompass 78 data points spanning sake rates, loan terms, eligibility prerequisite transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms
Fees and Discounts
Customer experience

LendKey Student Loan Refinancing

Lowest variable rate available from this lender

variable star APR

2.05%+

Minimum credit score needed to qualify

Min. credit mark 700

Range needed to refinance with this lender

loanword amount $ 5,000 to $ 300,000

Ability to release your cosigner

Cosigner release After 12 months
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

view Details

  • Fixed APR : 2.69 % +
  • varying april : 2.05 % +
  • Min. credit score : 700
  • loanword amount : $5,000 to $300,000
  • loan terms ( years ) : 5, 7, 10, 15
  • Max. undergraduate Loan Balance : $125,000
  • time to fund : 10 to 30 days
  • refund options : Immediate repayment, forbearance
  • Fees : Late fee
  • Discounts : Autopay
  • eligibility : Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution
  • Customer serve : Email, phone
  • delicate citation check mark : Yes
  • Cosigner acquittance : After 12 months
  • loan servicer : LendKey Technologies Inc.
  • Max. alumnus Loan Balance : $175,000
  • credible review : LendKey Student Loans review
  • Offers Parent PLUS Refinancing : No

Pros

  • 0.25% autopay discount from some LendKey partners
  • Some LendKey partners offer cosigner release after just 12 months of consecutive, on-time payments
  • Many LendKey partners provide forbearance options

Cons

  • Must have graduated with at least an associate degree to be eligible
  • Can’t refinance Parent PLUS Loans in student’s name
  • Some LendKey partners charge fees for late payments and insufficient funds

Learn More: LendKey student loan refinance review

11. MEFA

  • Best for: No degree

Massachusetts Educational Financing Authority ( MEFA ) doesn ’ thyroxine fair offer private loans to those in Massachusetts ; residents from any state can apply. With MEFA, you can refinance $ 10,000 up to the total sum of your qualify education debt with refund terms of seven, 10, or 15 years .
Keep in take care that you must have attended a public or nonprofit organization university to refinance with MEFA — for-profit schools aren ’ metric ton eligible .

4.0

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rate criteria for lenders encompass 78 data points spanning concern rates, loan terms, eligibility necessity foil, repayment options, fees, discounts, customer military service, cosigner options, and more. Read our full methodology.

Rates and terms
Fees and Discounts
Customer have

MEFA Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.45%+

Lowest variable rate available from this lender

variable APR N/A

Minimum credit score needed to qualify

Min. credit score 670

Range needed to refinance with this lender

loan sum $ 10,000 up to the total measure
Does refinancing make sense for you?
Compare offers from circus tent refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

opinion Details

  • Fixed APR : 3.45 % +
  • variable april : N/A
  • Min. credit rating score : 670
  • loan amount : $10,000 up to the total amount
  • lend terms ( years ) : 7, 10, 15
  • repayment options : Military deferment, loans discharged upon death or disability
  • Fees : None
  • Discounts : None
  • eligibility : Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service : Email, phone
  • soft credit check : Yes
  • Cosigner release : No
  • loan servicer : AES
  • Max. Undergraduate Loan Balance : No maximum
  • Max. Gradaute Loan Balance : No maximum
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers refinancing to borrowers who haven’t completed their degrees
  • No prepayment or origination fees

Cons

  • Doesn’t offer any discounts (such as autopay discounts)
  • They don’t have a cosigner release available
  • No forbearance or deferment options

Learn More: MEFA student loan refinance review

12. PenFed

  • Best for: Spousal refinancing

You ’ ll want to become a extremity in order to refinance your private and federal loans with Pentagon Federal Credit Union ( PenFed ) .
PenFed allows borrowers to apply for cosigner dismissal after 12 months of back-to-back on-time payments. They besides allow the transfer of lend amounts to a spouse or parent, or from parent to child .

4.5

Credible rating

credible lender ratings are evaluated by our editorial team with the help oneself of our loan operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms
Fees and Discounts
Customer have

PenFed Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.49%+

Lowest variable rate available from this lender

variable APR N/A

Minimum credit score needed to qualify

Min. credit score 670

Range needed to refinance with this lender

loan come $ 7,500 to $ 300,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

watch Details

  • Fixed APR : 3.49 % +
  • variable april : N/A
  • Min. credit sexual conquest : 670
  • loanword amount : $7,500 to $300,000
  • loan terms ( years ) : 5, 8, 12, 15
  • repayment options : Does not disclose
  • Fees : None
  • Discounts : None
  • eligibility : Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer avail : Email, phone, chat
  • soft credit check : Yes
  • Cosigner release : After 12 months
  • loanword servicer : PenFed
  • Max. Undergraduate Loan Balance : $300,000
  • Max. Graduate Loan Balance : $300,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers cosigner release after 12 consecutive monthly payments
  • Can apply for refinancing with your spouse
  • No origination fees or prepayment penalties

Cons

  • Doesn’t offer any discounts (such as autopay discounts)
  • No formal deferment or forbearance options
  • Must become a member to refinance

Learn More: PenFed student loan refinance review

13. RISLA

  • Best for: Income-based repayment

Rhode Island Student Loan Authority ( RISLA ) doesn ’ thymine equitable offer loans to those in Rhode Island ; residents from any state can apply .
They besides offer an income-based refund design to borrowers who demonstrate fiscal hardship. Under this plan, your payments are capped at 15 % of your discretionary income, and any remaining balance will be forgiven by RISLA after 25 years .

3.7

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our lend operations team. The military rank criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms
Fees and Discounts
Customer experience

RISLA Student Loan Refinancing

Lowest fixed rate available from this lender

Fixed APR

3.49%+

Lowest variable rate available from this lender

variable star APR N/A

Minimum credit score needed to qualify

Min. accredit score 680

Range needed to refinance with this lender

loanword amount $ 7,500 to $ 250,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates

Checking rates won’t affect your credit score

watch Details

  • Fixed APR : 3.49 % +
  • variable star april : N/A
  • Min. credit mark : 680
  • lend measure : $7,500 to $250,000
  • loanword terms ( years ) : 5, 10, 15
  • refund options : Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees : None
  • Discounts : Autopay
  • eligibility : Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer avail : Email, phone
  • soft credit check : Does not disclose
  • Cosigner acquittance : No
  • lend servicer : Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance : $150,000 – $249,000
  • Max. Graduate Loan Balance : $200,000 – $249,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Offers refinancing to borrowers who haven’t completed their degrees
  • Low minimum credit score
  • No prepayment or origination fees

Cons

  • No cosigner release option available
  • Charges late fees

Learn More: RISLA student loan refinance review

How we picked the best student loan refinance companies

To find the “ best companies, ” Credible looked at loanword and lender data points from 12 categories to give you a all-around position on each of our spouse refinancing lenders .
here ’ randomness what we considered :

  • Interest rates
  • Repayment terms
  • Repayment options
  • Fees
  • Discounts
  • Customer service availability
  • Maximum loan balances
  • Willingness to refinance parent loans
  • Eligibility criteria
  • Cosigner release options
  • Whether the minimum credit score is available publicly
  • Whether consumers could request rates with a soft credit check

Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loanword that works for you, not by selling your data. This means credible will alone get paid by the lender if you finish the refinance process and a loan is disbursed. additionally, credible charges you no fees of any kind to compare your refinance options .

Other student loan refinancing lenders to consider

here are more student loan refinancing companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won ’ metric ton be able to easily compare your rates with them on the credible platform like you can our spouse lenders.
Check out: 4 Credit Unions for Student Loan Refinancing

How to refinance student loans

If you ’ re ready to refinance your student loans, follow these four steps :

  1. Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms and any fees charged by the lender.
  2. Choose your loan option. After comparing lenders, choose the loan option that best suits your needs.
  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as loan verification statements, proof of employment, and proof of income.
  4. Manage your payments. If you’re approved, make sure to keep up with payments on your old loans until the refinance is processed. Afterward, you could consider signing up for autopay so you won’t miss any payments in the future — many lenders offer rate discounts for borrowers who opt for automatic payments.

Check Out: How to Refinance Your Student Loans

Requirements to refinance student loans

While eligibility criteria vary between lenders, there are coarse requirements for student loan refinancing that you ’ ll probable come across, including :

  • Good credit: You’ll typically need good to excellent credit to qualify for refinancing. Generally, borrowers with good to excellent credit can qualify for lower interest rates compared to borrowers with poor or fair credit.
  • Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the percentage of your monthly income is required to pay expenses like your rent or mortgage, car loan, and other bills. In general, you’ll need a DTI ratio below 50% — though some lenders might require a lower ratio.
  • Verifiable income: Lenders want to see that you’ll be able to afford your future loan payments. Some lenders have a certain minimum income you’ll have to meet while others don’t — but in either case, you’ll typically have to show proof of income.

Learn More: Lenders That Will Refinance Student Loans for Non-Graduates

How to get the best student loan refinance rate

Lenders review your credit to determine not merely your creditworthiness but besides your sake rate. In general, the best rates on student loanword refinancing are reserved for borrowers with full to excellent credit .
Tip: Another way to get a better interest rate is to apply for refinancing with a cosigner. Just keep in mind that your cosigner will parcel responsibility for repayment of the loanword — if you can ’ triiodothyronine make your payments, they ’ ll be on the pilfer. Check Out: How to Refinance Graduate Student Loans

Calculate your potential savings

How much you could save through refinancing chiefly depends on whether you can get a better sake rate vitamin a well as the repayment terminus you choose .
For exemplar, if you qualify for a lower interest rate you could save money on interest charges and potentially pay off your loan faster. Choosing a short refund term could besides get you a lower interest rate .
How much could you save by refinancing? Borrowers who used Credible to refinance their student loans between Nov. 1, 2019, and Dec. 1, 2020, were projected to save an average of $16,9431 Borrowers who used Credible to refinance their student loans between Nov. 1, 2019, and Dec. 1, 2020, were projected to save an average of $ 16,9431 1 over the liveliness of their loans. additionally, these borrowers chose to shorten their repayment terms by an average of 41 months, which besides factored into their total savings. You can use our scholar loanword refinancing calculator below to see how much you can save by refinancing .
step 1. Enter your loan balance wheel
Loan balance

?

Enter the remaining amount of the loans you’d like to refinance

$

step 2. Enter stream loan information
sake rate

?

Enter the average annual interest rate of the loans you’d like to refinance

%

monthly requital

?

Enter the monthly amount you currently pay on your loans (or enter remaining term)

$

Remaining condition

?

Enter the amount of time left to repay your loan (or enter monthly payment)

years

step 3. Enter your newly loan information to start calculating your savings
interest rate

?

Enter an estimated new interest rate.

%

monthly requital

?

Enter the monthly amount to pay on your new loan (or enter new loan term)

$

New loanword condition

?

Enter the amount of time you have to repay your loan (or enter monthly payment)

years

Lifetime Savings

Increased Lifetime Cost

$

New Monthly Payment $

Monthly Savings

Increased Monthly Cost

$

If you refinance your student lend at % sake rate, you can save will pay an extra $ monthly and pay off your loanword by . The entire cost of the new loan will be $ .
Does refinancing make sense for you?
Compare offers from clear refinancing lenders to determine your actual savings .
Check Personalized Rates
Checking rates won ’ t affect your credit score .
Learn More: Credit Unions for Student Loan Refinancing

Frequently asked questions about student loan refinancing

here are the answers to several normally asked questions regarding student loanword refinance .

How has the coronavirus pandemic affected student loans?

due to the COVID-19 pandemic, payments and interest accrual have been paused on federal scholar loans by the CARES Act through August 31, 2022. If you ’ re design to refinance federal scholar loans, it ’ s likely better to wait until after this administrative forbearance expires .
individual student loans, on the other hand, aren ’ deoxythymidine monophosphate eligible for CARES Act benefits — though many private lenders are offering respective types of payment aid to borrowers negatively impacted by the pandemic .
If you have secret scholar loans and can qualify for a lower matter to pace or more favorable refund terms, then refinancing could be a good estimate .

Can you refinance private loans?

Yes, individual student loans are eligible for refinancing. Keep in mind that you can refinance more than once, which means you could refinance your secret loan again if you can get a lower rate or better terms in the future .

Can you refinance federal loans?

Yes, you can refinance union scholar loans. however, keep in heed that doing so will turn your union student loans into a private lend — which means you ’ ll lose access to federal protections, such as access to income-driven repayment plans and scholar loanword forgiveness programs .
You ’ ll besides no longer be eligible for the pause of federal payments and interest accumulation under the CARES Act .

What is federal student loan consolidation?

federal student lend consolidation is a different process than refinancing. If you have federal student loans, you can consolidate them with a federal Direct Consolidation Loan. Your interest rate will be the leaden average of the interest rates on the loans you consolidate
additionally, you could extend your repayment condition up to 30 years through federal consolidation, which could lower your monthly payment and lessen the puree on your budget. Just keep in judgment that having a longer term means you ’ ll pay more in interest over time .

Can you refinance more than once?

Yes, there ’ s no limit to how many times you can refinance. Refinancing more than once could be an particularly adept theme if you can qualify for a lower interest rate or better refund terms, as you could save money on concern and potentially pay off your lend faster .

When is the best time to refinance?

The best time to refinance your student loans is whenever it makes the most fiscal sense for you to do therefore. For example, if you have good credit and will benefit from refinancing, then it could be a good meter for you .
But if you have inadequate credit or mentally ill income, then it might be a better theme to wait to refinance .
Tip: The administrative forbearance period granted by the CARES Act for federal student loans will be ending on August 31, 2022. If it will be difficult to resume your federal loan payments, refinancing could be an option to either lower your interest rate (depending on your credit) or extend your repayment term to reduce your payments.
The administrative patience period granted by the CARES Act for federal scholar loans will be ending on August 31, 2022. If it will be difficult to resume your federal loanword payments, refinancing could be an option to either lower your pastime pace ( depending on your credit rating ) or extend your refund term to reduce your payments. however, keep in mind that if you refinance federal scholar loans, you ’ ll nobelium long have access to federal benefits and protections .

What is the average student loan refinance rate?

On average, scholar loan refinancing rates have continued to drop over the past several months. As of May 3, 2021, borrowers who refinanced through Credible received the pursuit average rate offers on individual student loans :

  • 10-year fixed interest rate loans: Rates averaged a new record low of 3.60%, down from 3.79% in March and 4.94% a year ago.
  • Five-year variable interest rate loans: Rates averaged 3.19%, down from 3.35% in March and 3.36% a year ago.

Keep in mind that your credit equally well as other factors will play a function in determining the sake rates you might be offered .

Can refinancing student loans hurt your credit?

When you apply for refinance, the lender will perform a difficult recognition check to review your credit and determine your creditworthiness. This could cause a flimsy dismiss in your citation score — though normally by only five points or less .
additionally, this is often only temp, and your mark will likely bounce back within a few months .
Tip: Making on-time payments on a refinance loanword could actually help improve your recognition over clock time — which means the positive impact could finally outweigh any negative consequences to your score .

What is the downside to refinancing student loans?

While there are respective likely benefits to refinancing, it ’ south besides important to keep the possible downsides in take care. For exercise :

  • Loss of federal benefits: Refinancing federal student loans means you’ll lose access to federal protections.
  • Lack of repayment plans: Unlike federal student loans, private refinanced loans don’t offer a wide variety of repayment options to choose from, such as income-driven or extended repayment plans.

What credit score is needed in order to refinance?

You ’ ll generally need beneficial to excellent credit to qualify for refinancing — a good credit score is normally considered to be 700 or higher. There are besides some lenders that offer refinancing for bad recognition, but these loans tend to come with higher interest rates compared to good recognition loans .
Tip: If you ’ rhenium struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. even if you don ’ t need a cosigner to qualify, having one could get you a lower sake rate than you ’ vitamin d get on your own .

What’s the difference between refinancing and consolidation?

While refinancing and consolidation both allow you to combine your student loans, they mean something unlike for private and federal scholar loans .

  • Private student loan refinancing (also known as private consolidation) is the process of taking out a new private student loan to pay off your old loans. Depending on your credit, you might get a lower interest rate through refinancing. Keep in mind that you can refinance both private and federal loans — but if you refinance federal student loans, you’ll no longer have access to federal benefits and protections.
  • Federal student loan consolidation is the process of consolidating federal loans into a Direct Consolidation Loan. While this won’t change your interest rate, it will allow you to extend your repayment term up to 30 years, which could greatly reduce your monthly payments. Just remember that you’ll pay more interest over time with a longer term.

What’s the difference between a fixed rate and a variable rate?

many refinancing lenders offer both specify and varying interest rates on their loans. here ’ s how they work :

  • Fixed rates are fixed throughout the life of the loan. This means your payments won’t ever change.
  • Variable rates can fluctuate over time according to market conditions — so your payments could rise or fall in the future.

Keep Reading: When to Refinance Student Loans

1 $16,943 savings disclaimer: Savings estimates assume the analyzed consumers will make full, on-time monthly payments for the full life of the loan according to the terms of their promissory notes. Actual savings may be higher or lower. Average $16,943 savings calculation based on (1) information the users shared with Credible about their original loans (such as loan balance, repayment term, and rate) and created an account between Nov.1, 2019 and Dec. 1, 2020; and (2) actual loan terms for those same users who refinanced into a student loan with a shorter repayment term than the weighted average of their previous loan’s(‘) remaining months to full amortization, calculated using information the users shared with Credible. This calculation excludes borrowers who refinanced to a loan of a similar or longer duration or who reported loan terms that deviate from normal user experiences, including: (i) any loan term with less than one (1) year or more than twenty-five (25) years remaining before refinancing; (ii) monthly loan payments greater than $5,000 per month before refinancing; and (iii) any existing loan amount (before refinancing) that deviates more than five (5) percent from the loan amount disbursed upon refinancing. Our calculations do not take into account variable factors such as the borrower’s potential eligibility for loan forgiveness, variable interest rates, deferments, late payments, underpayments, missed payments, or pre-payments. Please note that your actual savings may vary depending on interest rate, balance, loan terms, credit score, and other factors.
Methodology : credible evaluate loanword and lender data points in 12 categories to identify some of the “ best companies ” for refinancing student loans. We looked at pastime rates, repayment terms, repayment options, fees, discounts, customer service handiness, and maximal loan balances offered by 20 lenders. We besides considered each company ’ randomness willingness to refinance parent loans, eligibility, cosigner release options, whether the minimal credit score is available publicly, and whether consumers could request rates with a balmy credit check .
credible receives compensation from its lender partners when a exploiter of the credible platform closes a lend with the lender .
Read the full Credible rating lender methodology .
Learn about Credible’s mission and promise to our readers .

About the author
Emily Guy Birken Emily Guy Birken
Emily Guy Birken is a credible authority on scholar loans and personal finance. Her cultivate has been featured by Forbes, Kiplinger ’ sulfur, Huffington Post, MSN Money, and The Washington Post on-line .
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source : https://shoppingandreview.com
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