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.
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Some refinance lenders make it easier than others to pay off student loans fast. These top-rated refinancing lenders scored highest for features that help you pay off student loans more quickly.
Scroll to the bottom of the page for more tips about how to get rid of your college debt quickly.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
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 GO TO LENDER SITE on Earnest's website COMPARE RATES on Credible’s website | 5.0 /5 | 650 | 3.89-9.89% | 5.88-9.99% | GO TO LENDER SITE on Earnest's website COMPARE RATES on Credible’s website |
4.5 /5 | Mid-600s | 6.99-13.99% | 6.99-13.99% | ||
5.0 /5 | 670 | 5.95-9.99% | N/A | ||
4.0 /5 | Does not disclose | 6.99-16.39% | 7.89-17.39% | ||
4.5 /5 | 680 | 4.88-8.44% | 4.86-8.24% | COMPARE RATES on Credible’s website | |
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | COMPARE RATES on Credible’s website |
Earnest Student Loan Refinance
650
3.89-9.89%
5.88-9.99%
- 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 yearsDisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.14% APR to 10.14% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.24% 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.
College Ave Student Loan Refinance
Mid-600s
6.99-13.99%
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 yearsDisclaimerCollege 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
670
5.95-9.99%
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
Does not disclose
6.99-16.39%
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
680
4.88-8.44%
4.86-8.24%
- 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 yearsDisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
LendKey Student Loan Refinance
680
4.89-9.04%
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 yearsDisclaimerSee 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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on August 16, 2024
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
