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6 Best Refinance Lenders for Paying Off Student Loans Fast

Look for lenders that allow biweekly and greater-than-minimum payments via autopay, and offer repayment schedules that fit your debt payoff goal.

Last updated on August 16, 2024
Written by 
Cecilia Clark
Assistant Assigning Editor
Des Toups
Edited by 
Des Toups
Lead Assigning Editor
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Des Toups
Edited by 
Des Toups
Lead Assigning Editor
Fact Checked

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Best Refinance Lenders for Paying Off Student Loans Fast

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
Earnest Student Loan Refinance

Earnest Student Loan Refinance

Check rate
on Earnest's website
on Earnest's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Customized repayment schedules

650

3.95-9.74%

5.89-9.74%

Check rate
on Earnest's website
on Earnest's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Read review
4.5
/5
Best for Nonstandard loan terms

Mid-600s

6.99-13.99%

6.99-13.99%

Advantage Education Loan Student Loan Refinance

Advantage Education Loan Student Loan Refinance

5.0
/5
Best for Borrowers without a degree

670

5.95-9.99%

N/A

PNC Student Loan Refinance

PNC Student Loan Refinance

4.0
/5
Best for Borrowers without a degree

Does not disclose

6.99-16.39%

7.89-17.39%

ELFI Student Loan Refinance

ELFI Student Loan Refinance

4.5
/5
Best for Customer service

680

4.88-8.44%

4.86-8.49%

LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check rate
on LendKey's website
on LendKey's website
4.5
/5
Best for Borrowers who want to refinance with a community bank or credit union

680

4.89-9.04%

5.54-9.12%

Check rate
on LendKey's website
on LendKey's website
Earnest Student Loan Refinance
Check rate
on Earnest's website
on Earnest's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

5.0
Min. credit score

650

Fixed APR

3.95-9.74%

Variable APR

5.89-9.74%

Key facts

Earnest lets borrowers increase their minimum monthly payment at any time, schedule multiple extra payments at once and make greater-than-minimum payments via autopay.

Pros
  • Customizable payments and loan terms.
  • Option to skip one payment every 12 months.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Loans aren't available in Nevada.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 760.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: No, but must be within six months of graduation and have income or a job.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.20% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance 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. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. 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.
Read Full Review
College Ave Student Loan Refinance

College Ave Student Loan Refinance

4.5
Min. credit score

Mid-600s

Fixed APR

6.99-13.99%

Variable APR

6.99-13.99%

Key facts

College Ave allows borrowers to choose a repayment term between 5 and 20 years. That can help pay off loans faster by not extending your current repayment term.

Pros
  • You can choose any loan term between 5 and 20 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Mid-700s.
  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 years
DisclaimerCollege 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 10/08/2024. 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.
Advantage Education Loan Student Loan Refinance

Advantage Education Loan Student Loan Refinance

Min. credit score

670

Fixed APR

5.95-9.99%

Variable APR

N/A

Key facts

Advantage allows borrowers without a degree to refinance without a co-signer. They also offer bi-weekly autopay and have five repayment term options.

Pros
  • You can refinance without a degree.
  • Forbearance of 24 months is twice as long as most lenders.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
  • You cannot postpone repayment if you re-enroll in school.
Qualifications
  • Typical credit score of approved borrowers: Does not disclose.
  • Minimum income: Does not disclose.
  • Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
PNC Student Loan Refinance

PNC Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

6.99-16.39%

Variable APR

7.89-17.39%

Key facts

PNC lets borrowers without a degree refinance while offering four loan terms and a 0.50% autopay discount, a larger discount than most other lenders offer.

Pros
  • Interest rate discount for autopay is larger than most lenders offer.
  • Borrowers can refinance without a degree.
Cons
  • No flexible repayment options for struggling borrowers.
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Does not disclose.
  • Loan amounts: $10,000 to $75,000.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years.
ELFI Student Loan Refinance

ELFI Student Loan Refinance

Min. credit score

680

Fixed APR

4.88-8.44%

Variable APR

4.86-8.49%

Key facts

Education Loan Finance provides borrowers with a dedicated loan advisor and automatically applies extra payments to the principal loan balance.

Pros
  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.
Cons
  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $10,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
LendKey Student Loan Refinance
Check rate
on LendKey's website
on LendKey's website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Min. credit score

680

Fixed APR

4.89-9.04%

Variable APR

5.54-9.12%

Key facts

In addition to connecting borrowers with community banks and credit unions, LendKey offers five terms and automatically applies extra payments to the principal loan balance.

Pros
  • Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 751.
  • Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
  • Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

The fastest way to pay off student loans

Refinancing is one of the fastest ways to pay off student loans. With a lower interest rate, the same monthly payment goes further toward the loan principal.

Here's how to prioritize fast student loan payoff during every step of the refinancing process.

  • Find the right refinance lender. You can pay off your refinanced student loan early regardless of which lender you choose, because student loan refinance lenders don’t charge prepayment penalties. But not all lenders go the extra mile to make quick payoff convenient. Look for lenders that let you make biweekly (every two weeks) and greater-than-minimum payments via autopay, so you can set it and forget it. (Most lenders offer a quarter-point interest rate discount for using autopay.)

  • Choose the shortest repayment timeline you can afford. Also look for lenders that offer repayment schedules that fit with your debt payoff goal; some offer shorter terms that others. If you want to be debt-free in seven years, for instance, it’s helpful to have a seven-year loan term. That way, you’ll meet your goal just by making the minimum payments — any extra payments will be gravy.

  • Refinance with the lender that offers you the lowest rate. Above are top-rated lenders that offer all or most of these fast payoff features. Get rate estimates from each and go with the lender that offers you the lowest interest rate.

  • Make extra and biweekly payments. Once you’ve refinanced, you can accelerate repayment by paying extra when you can and making biweekly student loan payments instead of monthly ones.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Last updated on August 16, 2024

To recap our selections...

NerdWallet's Best Refinance Lenders for Paying Off Student Loans Fast

  • Earnest Student Loan Refinance: Best for Customized repayment schedules
  • College Ave Student Loan Refinance: Best for Nonstandard loan terms
  • Advantage Education Loan Student Loan Refinance: Best for Borrowers without a degree
  • PNC Student Loan Refinance: Best for Borrowers without a degree
  • ELFI Student Loan Refinance: Best for Customer service
  • LendKey Student Loan Refinance: Best for Borrowers who want to refinance with a community bank or credit union
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