HAVE FEDERAL STUDENT LOANS? THINK BEFORE YOU REFINANCEWeigh potential loan forgiveness in your decision. Keep up with the latest.

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Last updated on October 1, 2024
NerdWallet
Written by 
NerdWallet
NerdWallet
Written by 
NerdWallet

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Here are 5 options for you
Earnest Student Loan Refinance
5.0
NerdWallet rating
Check rate
on Earnest
COMPARE RATES
on Sparrow’s website
FIXED APR
3.95-8.99%
VARIABLE APR
5.89-9.74%
MIN. CREDIT
650
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 Lengths
5 to 20 years
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.
SoFi Student Loan Refinancing
4.5
NerdWallet rating
Check rate
on SoFi
COMPARE RATES
on Sparrow’s website
FIXED APR
3.99-9.99%
VARIABLE APR
5.99-9.99%
MIN. CREDIT
650
Qualifications
  • 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.
Available Term Lengths
5, 7, 10, 15 or 20 years
Pros
  • 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.
Cons
  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
LendKey Student Loan Refinance
4.5
NerdWallet rating
Check rate
on LendKey
COMPARE RATES
on Sparrow’s website
FIXED APR
4.89-9.04%
VARIABLE APR
5.54-9.12%
MIN. CREDIT
680
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 Lengths
5, 7, 10, 15 or 20 years
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.
2024 BEST STUDENT LOAN REFINANCING FOR PARENTS
ELFI Student Loan Refinance
4.5
NerdWallet rating
Check rate
on ELFI
COMPARE RATES
on Sparrow’s website
FIXED APR
4.84-8.44%
VARIABLE APR
4.86-8.49%
MIN. CREDIT
680
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 Lengths
5, 7, 10, 15 or 20 years
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.
Splash Financial Student Loan Refinance
5.0
NerdWallet rating
Check rate
on Splash Financial
FIXED APR
5.94-8.95%
VARIABLE APR
7.60-7.85%
MIN. CREDIT
650
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 Lengths
5 to 25 years
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.
DisclaimersAnnual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.