7 Best Student Loan Refinancing Companies of November 2024
The best student loan refinancing companies typically offer lower interest rates. But some refinance lenders also excel at serving specific customer groups.
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A student loan refinance is when you move your loans from one lender to a new, private lender. The new servicer will pay off your old debt and typically offer you a better interest rate or more suitable terms. These better terms can save you money.
You can refinance federal and private student loan debt into one, new private loan. But refinancing federal student loans means you will forfeit federal benefits, like income-driven repayment plans and eventual student loan forgiveness. If you want to keep your federal loans federal, consider consolidation with the Department of Education.
Refinancing student loans is usually best for those with strong credit and stable income since this often results in better loan terms.
NerdWallet student loan experts evaluated dozens of data points to identify the best student loan refinance companies for different customers.
We've identified all our selections below.
Best Student Loan Refinancing Companies
| Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 650 | 4.49-9.99% | 5.99-9.99% | Check rateon SoFi's websiteon SoFi's website | |
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | Check rateon LendKey's websiteon LendKey's website | |
5.0 /5 | 680 | 6.34-8.29% | N/A | ||
4.5 /5 | 680 | 4.88-8.44% | 4.86-8.49% | Check rateon ELFI's websiteon ELFI's website | |
5.0 /5 | 670 | 5.95-9.99% | N/A | ||
5.0 /5 | 650 | 3.95-9.74% | 5.89-9.74% | Check rateon Earnest's websiteon Earnest's website | |
4.5 /5 | Does not disclose | N/A | N/A |
Our pick for
Banks to refinance student loans
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank. While LendKey connects borrowers with community banks and credit unions, LendKey services the loans.
- 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.
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
- 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.
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.49%
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
- 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.
- 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.
SoFi Student Loan Refinancing
650
4.49-9.99%
5.99-9.99%
Best for borrowers who may prefer an online bank and want plenty of benefits with their refinanced student loan.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Dedicated Student Loan Debt Specialist available for borrowers.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
- Typical credit score of approved borrowers or co-signers: 700+.
- Loan amounts: $5,000, up to your total outstanding loan balance.
- Must have a degree: Yes, an associate degree or higher.
Our pick for
Student loan refinancing with low income
You can refinance if you don't make a lot of money, but this may not make sense for federal loan borrowers.
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
Advantage requires borrowers to have a minimum annual income of $24,000.
- 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.
- 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.
- 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.
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
Earnest has no minimum income requirement. Borrower's median income is $70,000 one of the lowest shared with NerdWallet.
- 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.
- Loans aren't available in Nevada.
- 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.
Our pick for
State-based refinancing
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
Best for borrowers who didn’t graduate. Loans are not available to borrowers in Alaska, Delaware, Iowa, Maine, Maryland, Nevada, New Jersey, Rhode Island, Washington and Washington, D.C.
- 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.
- 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.
- 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
Best for borrowers who want payment flexibility should they run into financial trouble. Loans are available to borrowers nationwide.
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Our pick for
Borrowers with no degree
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
Best for borrowers who didn’t graduate and who may be looking for a longer forbearance period.
- 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.
- 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.
- 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.
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
Best for borrowers who are still enrolled in school and have a job offer.
- 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.
- Loans aren't available in Nevada.
- 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Our pick for
Lenders offering co-signer release
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
Borrowers can request a co-signer release after 12 months. They will need to pass a hard credit check and meet other eligibility requirements to release a co-signer from an Advantage Refinance Loan.
- 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.
- 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.
- 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
RISLA requires borrowers make 24 full, on-time and consecutive payments as well as provide credit score and employment information when they apply to release a co-signer.
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Our pick for
International borrowers
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
International borrowers are required to provide proof of a permanent residency card.
- 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.
- 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.
- 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.
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
International borrowers must possess a Permanent Resident Card (10-year non-conditional or 2-year conditional), be a DACA recipient, be an Asylee or hold an H-1B visa with a U.S. Citizen cosigner.
- 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.
- Loans aren't available in Nevada.
- 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.
Our pick for
Paying off student loans fast
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
Advantage provides features like bi-weekly autopay and five repayment term options.
- 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.
- 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.
- 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.
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
Earnest offers borrowers a variety of features to encourage faster refinance student loan payoff, including allowing borrowers to increase their minimum monthly payment and schedule multiple extra payments.
- 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.
- Loans aren't available in Nevada.
- 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.
Our pick for
Credit unions to refinance student loans
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- 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.
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
- 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.
Navy Federal Student Loan Refinance
Does not disclose
N/A
N/A
- Forbearance of 18 months is longer than many lenders offer.
- Greater-than-minimum payments allowed via autopay.
- Available only to existing Navy Federal Credit Union customers
- Students cannot refinance a parent PLUS loan in their name.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers: Did not disclose.
- $7,500 minimum to $125,000 for undergraduates, or $175,000 for graduate students.
- Must have a degree: Yes, at least an associate degree.
Our pick for
MBA student loan refinance lender
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
Earnest offers features like customized repayment schedules and payment amounts, which can help MBA graduates pay off debt fast.
- 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.
- Loans aren't available in Nevada.
- 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
MBA graduates can benefit from payment flexibility features like income-based repayment should they run into financial trouble.
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Our pick for
Medical school student loan refinance lender
Earnest Student Loan Refinance
650
3.95-9.74%
5.89-9.74%
Earnest’s customized repayment schedules can help doctors to pay off debt fast after residency.
- 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.
- Loans aren't available in Nevada.
- 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.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
Doctors looking for payment flexibility after residency could benefit should they run into financial trouble.
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
How to refinance student loans
Identify your financial goals. Refinancing can help you lower your monthly student loan payment, total payback amount or both. You can also use a refinance to change your loan terms and pay off your student debt faster. Consider your goals first to determine if refinancing will help you meet them.
Evaluate your finances. For the best chances of approval, you'll likely need a credit score in the high 600s, a debt-to-income, or DTI, ratio of 50% or better and stable income.
Compare rates. Get prequalified with several lenders to see who gives you the best deal. The lenders on this list will show you your rate offer without affecting your credit score.
Choose a lender and complete the application. You may need to provide documentation of the following information to complete the official application:
Loan income verification statement.
Proof of employment or income.
Proof of residency.
Identification.
Graduation information.
Pay attention to any extra information that might be needed. Depending on the lender, additional information may be required. Check with the lender to see what documentation is needed for their requirements.
Sign the final documents and wait for loan payoff. Once underwriting is complete, you’ll need to sign some final paperwork to accept the loan. You'll usually have three days to cancel the refinance loan if you change your mind.
Best student loan refinance companies
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 October 24, 2023
NerdWallet's Best Student Loan Refinancing Companies of November 2024
- LendKey Student Loan Refinance: Best for Banks to refinance student loans + Credit unions to refinance student loans
- ELFI Student Loan Refinance: Best for Banks to refinance student loans
- SoFi Student Loan Refinancing: Best for Banks to refinance student loans
- Advantage Education Loan Student Loan Refinance: Best for Student loan refinancing with low income + State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + International borrowers + Paying off student loans fast
- Earnest Student Loan Refinance: Best for Student loan refinancing with low income + Borrowers with no degree + International borrowers + Paying off student loans fast + MBA student loan refinance lender + Medical school student loan refinance lender
- RISLA Student Loan Refinance: Best for State-based refinancing + Borrowers with no degree + Lenders offering co-signer release + MBA student loan refinance lender + Medical school student loan refinance lender
- Navy Federal Student Loan Refinance: Best for Credit unions to refinance student loans
