5 Best Student Loan Refinance Bonus Programs
Student loan refinance bonuses can save you money, but don't make a decision based on the bonus alone.
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Many student loan refinance lenders offer a sign-up or welcome bonus to get your business. To receive these bonuses, you typically must do the following:
Apply with a lender via a specific link or URL from a third party.
Meet that lender’s approval standards.
Complete the refinancing process, from application through disbursal.
Lenders may also offer loyalty rewards to existing customers, as well as bonuses for referring other borrowers or prepaying your refinanced loan.
Student loan refinance bonuses are a nice perk, especially if you use this found money to pay your loan. But they may not put more cash in your pocket than a low interest rate. When considering your refinancing options, aim to save the most money — even if that means passing on the biggest bonus.
Here are our picks for the best student loan refinance bonuses. Select "View details" for each lender in the “Our pick for” list to find program details. Also, keep reading for information on how refinance bonuses work.
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 Student Loan Refinance Bonus Programs
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | COMPARE RATES on Credible’s website | |
5.0 /5 | 650 | 5.94-8.95% | 7.60-7.85% | ||
 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 | 680 | 4.88-8.44% | 4.86-8.24% | COMPARE RATES on Credible’s website | |
4.0 /5 | None | 11.74-11.99% | N/A |
Our pick for
Refinance referral bonuses
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- Key facts
Get $200 for every person you successfully refer to LendKey who refinances a student loan. The person you refer will receive $200 as well.
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
Splash Financial Student Loan Refinance
650
5.94-8.95%
7.60-7.85%
- Key facts
Get up to $20 for each referral who checks rates and receives a pre-qualification. $200 for each referral who successfully refinances with Splash Financial.
Pros- Select from multiple repayment options.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loan features vary by lender.
- Forbearance and death discharge may not be available.
- You may need to become a member of a credit union to qualify.
Qualifications- Typical credit score of approved borrowers or co-signers: 700+.
- Loan amounts: $5,000 to $500,000.
- Must have a degree: Yes, a bachelor’s degree or higher.
Available Term Lengths5 to 25 yearsDisclaimerSplash Financial, Inc. (NMLS # 1630038) reserves the right to modify or discontinue products and benefits at any time without notice. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers. Terms and conditions apply. Products may not be available in all states. These rates are subject to change at any time. If you do not use the specific link included on this website, offers on the Splash website may include other offers from lending partners that may have a higher rate. Fixed Rate options range from 5.94% APR - 8.95% APR (without autopay). Variable rate options range from 7.60% APR (with autopay) to 7.85% APR (without autopay). Variable APRs and amounts subject to increase or decrease. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Some of the rates are based on the one-month London Interbank Offered Rate (“LIBOR”) index and some are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 7.50% for a 10-year term would be $118.70. Variable loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 7.85% for a 5-year term would be $202.05.
Earnest Student Loan Refinance
650
3.89-9.89%
5.88-9.99%
- Key facts
You and your referral both earn $200 for a successful student loan refinance referral.
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.
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.24%
- Key facts
Earn $400 for every person you successfully refer to ELFI; the person you refer will get $100 credited toward their loan.
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/
MPOWER Student Loan Refinance
None
11.74-11.99%
N/A
- Key facts
Get $300 per successful referral. The person you refer gets $100.
Pros- DACA and international students can qualify.
- Can refinance an international student loan.
- You can refinance your parent's loan in your name.
Cons- Only one loan term available.
- Few options for struggling borrowers.
Qualifications- Typical credit score of approved borrowers or co-signers: Unavailable.
- Minimum income: None.
- Loan amounts: $2,001 to $100,00.
Available Term Lengths10
How student loan refinance bonuses work
Third parties, including websites like NerdWallet, receive a commission from student loan refinance lenders for sending borrowers their way. Some of these referrers reduce that commission, offering the difference to borrowers as a bonus for refinancing via their website.
You may not save money by opting for the best sign-up bonus if it isn’t paired with the lowest interest rate. For example, say you plan to refinance $30,000. One lender offers you a $500 refinance bonus and an interest rate of 5%. Another has no bonus but a rate of 4.5%.
Even if you put that $500 directly toward your loan, you’d still pay more overall ($37,547 vs. $37,310) thanks to the higher interest rate, based on a 10-year repayment plan. Use a student loan refinance calculator to make sure you’re getting the best deal possible.
How student loan referral bonuses work
Many lenders offer money for referring new customers to them. These are similar to sign-up bonuses, except you’re the third party providing the application link. If you plan to take advantage of a referral bonus, do the following first:
Know which link to use. The lender will provide you with a custom link. If your friends, family or other referrals don't click on that specific link at the start of their application, you likely won’t be able to get the referral bonus.
Learn when the deadline is. The person you refer must successfully complete the refinancing process within a set number of days from starting it. ELFI, for example, gives you 90 days to do this; for SoFi, the window is 120 days. Know this deadline so you know when to give someone a nudge.
Find out if there’s a limit. Some lenders limit how many bonuses you can receive.
Additional terms and conditions will apply. Be sure to read the lender’s complete guidelines.
Other student loan refinance promotions
It’s rare to find student loan refinance bonuses that don’t require a referral from a website, another borrower or your employer. But other promotions are available from some lenders:
Prepayment bonuses. A lender may reward you for paying off your loan early.
Interest rate discounts. Most lenders will lower your interest rate by 0.25 percentage points if you enroll in automatic payments. Some offer a larger deduction; PNC’s autopay discount is 0.50 percentage points, for example.
Loyalty rewards. Financial institutions may lower your interest rate further if you have an existing account with them.
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 January 21, 2025
Frequently asked questions
A student loan refinance bonus is a monetary award that third party affiliates offer to get your business. Bonuses may be cash or another form, like a gift card, and amounts vary by affiliate.
You must start and complete the refinancing process via a specific lender’s link to get the bonus. Student loan refinancing bonuses cannot be awarded to you retroactively.
Bonuses aren’t worth it if you pass on a better overall deal. A $200 bonus sounds nice, but you could pay far more than that in the long run if you opt for a higher interest rate to get that cash.
Many lenders will offer you money in exchange for sending new customers their way. Bonuses may be available for you and the person you refer, or you may be able to split the payment.
NerdWallet's Best Student Loan Refinance Bonus Programs
- LendKey Student Loan Refinance: Best for Refinance referral bonuses
- Splash Financial Student Loan Refinance: Best for Refinance referral bonuses
- Earnest Student Loan Refinance: Best for Refinance referral bonuses
- ELFI Student Loan Refinance: Best for Refinance referral bonuses
- MPOWER Student Loan Refinance: Best for Refinance referral bonuses
