Browse rates from top lenders
Browse rates from top lenders
No loan payments for six months after graduation
No loan payments for six months after graduation
Check your personalized rate in minutes
Refinancing your student loan could lower your monthly payments and help you save thousands in interest over time
Quick online application
Earn a $200 bonus for referring friends and family
Doesn’t charge application or origination fees
No application fees, no origination fees and no pre-payment penalties
Eligibility for part-time students
Student loan refinancing involves taking out a new loan from a private lender to replace one or multiple existing student loans. The new loan typically comes with revised terms, such as a lower interest rate or more manageable repayment conditions.
Both federal and private student loans can be refinanced through private lenders, such as banks, credit unions, and online financial institutions. Those who only hold federal student loans can also consider federal consolidation programs to manage their debt. However, unlike refinancing, consolidation may not always come with a lower interest rate.
| Pros | Cons |
| Lower interest rates | Federal benefits like forgiveness programs no longer apply |
| Lower monthly payments | Requires strong credit |
| Only one payment per month | Lower monthly payment = longer term (and vice versa) |
| Faster debt pay off | |
| Option to release cosigner |
Evaluate a few key factors before refinancing your student loans.
Different lenders offer different rates. So, before you go ahead with refinancing, make sure to choose a lender that can help you save the most.
Select a favorable loan term when refinancing your student loans. Longer terms usually lower monthly payments but increase the interest rate. Shorter terms, on the other hand, lead to higher monthly payments but help reduce the overall cost of the loan. See whether the lender offers flexibility in selecting and modifying repayment terms.
Some lenders impose origination fees, late payment penalties, and prepayment fees. These are unnecessary additions to the overall cost and can be avoided. Look for lenders that offer refinancing with no fees at all.
Along with interest rates, terms, and fees, compare lenders based on their customer support and overall borrower satisfaction.
While requirements vary slightly by lender, most refinancing applications require you to produce documents that prove the following:
Lenders may also check the following:
Outstanding debt: The total remaining balance influences both eligibility and loan terms.
SoFi stands out among student loan refinancing lenders for various reasons. First, its no-fee structure means you do not have to pay charges such as origination, late payment, and insufficient funds fees. Second, it offers accessible customer support throughout the week. And third, SoFi offers a flat 0.25% discount on interest rates to those who enable autopay.
Credible is a great tool if you are looking to manage your student loans. It simplifies your search for refinancing lenders by comparing the top names. Plus, Credible allows you to view prequalified rates from multiple lenders within minutes, without impacting your credit score.
Earnest offers competitive fixed interest rates, starting as low as 3.71%. It also has accessible credit requirements, with a minimum recommended credit score of around 665. This makes it a viable option for those seeking affordability with reasonable eligibility criteria.
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