7 Best Student Loan Refinance Companies of 2024

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Navigating nan world of student indebtedness refinancing tin beryllium a game-changer for nan millions of graduates burdened by acquisition debt. In this elaborate overview of nan champion student indebtedness refinance companies successful 2024, observe really to prehend power of your student loans and unafraid nan financial state you deserve.

Are you 1 of nan 43.4 cardinal assemblage graduates pinch an mean of much than $40,000 successful student indebtedness debt? A student indebtedness refinance whitethorn beryllium your champion opportunity to get amended power of that debt.

Our database of nan 7 champion student indebtedness refinance lenders for 2024 is designed to thief you do conscionable that, arsenic each offers aggregate refinance options astatine a wide assortment of liking rates.

The array beneath provides a summary of nan main features offered by each lender. You tin past scroll down and publication our summary reviews pinch much accusation connected nan ones that liking you.

Our Picks for Best Student Loan Refinance

Here’s our database of nan 7 champion student indebtedness refinance lenders for May 2024:

  • SoFi – Comprehensive Financial Services
  • CommonBond – Generous Forbearance Period
  • Earnest – Option to Skip Payments
  • Splash Financial – Online Marketplace
  • College Ave – Low Minimum Balance
  • LendKey – In-house Loan Servicing
  • PenFed Credit Union – Low Variable Rates

Best Student Loan Refinance – Company Reviews

Best for Comprehensive Financial Services: SoFi

Minimum/maximum indebtedness amount: $5,000 to a maximum magnitude of student indebtedness owed
Minimum in installments people requirement: 650
Loan terms: 5, 7, 10, 15, aliases 20 years
Fixed rates: 5.24% to 9.99% APR
Variable rates: 6.24% to 9.99% APR
Upfront fees:  None

SoFi has go practically synonymous pinch student indebtedness refinancing because that was nan company’s original product. Despite adding further services, it’s still astatine nan apical of nan class. 

Refinances commencement astatine 2.49% and tally arsenic agelong arsenic 20 years. You tin refinance nan afloat magnitude you beryllium connected your existent student loans.SoFi now besides offers almost each imaginable financial service.

This tin beryllium important for young adults starting retired successful life who request different services successful summation to student indebtedness refinances. That includes banking, investments, individual loans, credit cards, and insurance.

Best for Generous Forbearance: CommonBond

Minimum/maximum indebtedness amount: $5,000 to $500,000
Minimum in installments people requirement: 680
Loan terms: 5, 7, 10, 15, aliases 20 years
Fixed rates: 2.98% to 5.79% APR
Variable rates: 1.99% to 5.61% APR
Upfront fees: None

CommonBond is simply a nonstop lender offering student indebtedness refinancing of up to $500,000. The institution offers student indebtedness refinances to borrowers successful 48 states (Mississippi and Nevada are nan exclusions). 

It besides stands retired arsenic having what’s astir apt nan astir generous forbearance programme successful nan manufacture astatine 24 months (most lenders connection only 12).

However, you should beryllium alert that, astatine 680, Commonbond has nan highest minimum in installments people request of nan lenders connected this list.

Best Option to Skip Payments: Earnest

Minimum/maximum indebtedness amount: $5,000 / $500,000
Minimum in installments people requirement: 650
Loan terms: 5 to 20 years
Fixed rates: 4.96% to 8.99% APR (with Autopay discount)
Variable rates: 4.99% to 8.94% APR (with Autopay discount)
Upfront fees: None

Student Loan Refinance Interest Rate Disclosure

Actual complaint and disposable repayment position will alteration based connected your income. Fixed rates scope from 5.21% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates scope from 5.24% APR to 9.19% APR (excludes 0.25% Auto Pay discount). 

Earnest adaptable liking complaint student indebtedness refinance loans are based connected a publically disposable index, nan 30-day Average Secured Overnight Financing Rate (SOFR) published by nan Federal Reserve Bank of New York. 

The adaptable complaint is based connected nan complaint published connected nan 25th day, aliases nan adjacent business day, of nan preceding almanac month, rounded to nan nearest hundredth of a percent. The complaint will not summation much than erstwhile per month. 

The maximum complaint for your indebtedness is 9.13% if your indebtedness word is 10 years aliases less. For indebtedness position of much than 10 years to 15 years, nan liking complaint will ne'er transcend 9.21%. For indebtedness position complete 15 years, nan liking complaint will ne'er transcend 9.24%. 

Please statement that we are not capable to connection variable-rate loans successful AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only disposable for our astir credit-qualified borrowers and incorporate our .25% car salary discount from a checking aliases savings account.

Earnest offers immoderate of nan highest refinance amounts successful nan industry. But what we for illustration champion astir this lender is that it gives you nan action to skip 1 costs each 12 months.

While location are definite requirements to return advantage of this feature, it tin beryllium a bully action to person available.

One limitation you should beryllium alert of is that Earnest doesn’t let adding a cosigner. That tin wounded your chance of approval, arsenic good arsenic nan anticipation of getting a little liking rate.

Best Online Marketplace: Splash

Minimum/maximum indebtedness amount: $5,000 / nary limit
Minimum in installments people requirement: Varies by lender
Loan terms: 5, 7, 10, 15, aliases 20 years
Fixed rates: 4.72% to 9.24% APR
Variable rates: Starting astatine 4.84% APR
Upfront fees: None

Splash Financial is an online indebtedness marketplace. After completing conscionable 1 little online application, you tin get indebtedness quotes from aggregate lenders astatine once. 

Aside from being time-saving, this besides allows you to easy comparison offers and prime nan champion indebtedness and liking rate.

Splash offers nan lowest fixed rates of immoderate lender connected this list. It besides has nan advantage of having nary maximum indebtedness amount. Much for illustration SoFi, it will alteration you to refinance nan afloat magnitude of your outstanding student indebtedness debt.

Best Low Minimum Balance: College Ave

Minimum/maximum indebtedness amount: $1,000 / $150,000; $300,000 for aesculapian schoolhouse grads
Minimum in installments people requirement:
Loan terms: 5, 8, 10, aliases 15 years
Fixed rates: 4.74% to 15.72% APR
Variable rates: 4.74% to 15.72% APR
Upfront fees: None

College Ave provides student loans but pinch little maximum indebtedness amounts than different lenders. The maximum indebtedness word is besides shorter, astatine 15 years. 

But wherever College Ave stands retired is that it provides nan smallest minimum indebtedness balances. The institution will refinance arsenic small arsenic $1,000 successful student indebtedness debt, whereas different lenders will not spell beneath $5,000.

Best for In-House Loan Servicing: LendKey

Minimum/maximum indebtedness amount: $5,000 / $125,000; $250,000 for postgraduate degrees
Minimum in installments people requirement: 660
Loan terms: 5 – 20 years
Fixed rates: 2.49% to 7.75% APR
Variable rates: 1.90% to 5.25% APR
Upfront fees: None

Much for illustration Splash Financial, LendKey is an online student indebtedness marketplace wherever you tin get an array of quotes from aggregate lenders. However, dissimilar akin marketplaces, nan institution maintains servicing of your indebtedness erstwhile it closes.

Unfortunately, it has comparatively debased maximum indebtedness amounts, which could perchance exclude those borrowers successful nan top request of refinancing.

Best for Low Variable Interest Rates: PenFed Credit Union

Minimum/maximum indebtedness amount: $7,500 / $300,000
Minimum in installments people requirement: 670
Loan terms: 5, 7, 10, 12, aliases 15 years
Fixed rates: 3.97% to 11.89% APR
Variable rates: 1.47% to 9.05% APR
Upfront fees: None

PenFed Credit Union is simply a credit union that offers debased variable-rate loans done a business pinch Ascent, a institution dedicated to providing student loans. Those loans are disposable for some undergraduate and postgraduate degrees.

An important limitation to statement is that nan student loans offered are consolidations, not refinances, which we will talk further successful this guide. 

You should besides beryllium alert that nan low-interest rates advertised, which are among nan lowest successful nan industry, are offered to applicants pinch cosigners.

Student Loan Refi Guide

There’s overmuch to cognize astir how student loans work, including erstwhile they tin beryllium utilized and erstwhile they can’t.

Even if you’ve chosen a lender from among nan best student loans available, sometimes your circumstances alteration — and you whitethorn want to return advantage of a bump successful your in installments people to refinance for a little rate.

What Is Student Loan Refinance?

A student indebtedness is conscionable for illustration immoderate different type of loan, isolated from it’s designed specifically to finance schoolhouse loans for higher education.

As nan sanction implies, student indebtedness refinances are constricted to refinancing school-related indebtedness only. You tin see loans from nationalist and backstage lenders, arsenic good arsenic genitor positive loans.

You won’t beryllium capable to see non-student loan-related debt, specified arsenic car loans and in installments paper debt, that you accumulated during your years successful college.

Further, astir lenders will require that you person completed your degree, and it whitethorn beryllium difficult to find 1 consenting to refi subordinate degrees.

Fixed vs Variable Rates

You’ll person noticed that nan array astatine nan apical of this page (and each individual review) has accusation regarding some fixed and adaptable yearly percent rates aliases APRs.

APRs correspond nan costs you walk each twelvemonth to get money. While shown arsenic a percentage, it’s a small spot different than your liking complaint since it besides includes immoderate fees you pay.

As nan sanction says, a fixed-rate student indebtedness has nan aforesaid liking complaint complete nan life of nan loan, truthful you cognize precisely really overmuch you’ll salary each month.

Variable-rate loans, then, person rates that alteration according to nan marketplace conditions of whichever scale nan lender uses — and they’re only offered by backstage lenders, who adhd an further percent called nan margin.

Both types of loans person advantages and disadvantages. Fixed-rate loans are predictable and easy to plan your budget around. Loans pinch adaptable APRs often commencement astatine little rates than fixed ones, but they ever transportation an constituent of consequence since your complaint tin ever increase. 


Since it is simply a refinance, qualifying will mostly dangle connected employment, credit, and yearly income requirements. 

However, galore lenders do let adding a qualified cosigner if you can’t suffice connected your ain aliases you want to return advantage of your cosigner’s higher in installments score.

If you’ve been wondering why cheque your in installments study regularly? you should cognize it’s ever a bully thought to enactment connected apical of your credit. Since your people changes continuously, you’ll request to show it to cognize precisely wherever you guidelines earlier making an exertion for a refinance.

You should beryllium alert that applying for a refinance will require a difficult in installments check, akin to immoderate different awesome financial commitment. 

While this will little your people wide for astir a twelvemonth aliases so, if each your difficult in installments pulls are wrong a 14-day clip frame, nan in installments bureaus will count them arsenic one. 

Also, spot whether nan lenders you take connection prequalification since this will springiness them an thought of your creditworthiness pinch conscionable a soft check.

Credit scores are a awesome constituent of nan student indebtedness support process and its eligibility requirements.

When you apply, your lender will o.k. aliases contradict you based, successful part, connected whether they find you person a bully in installments score and your debt-to-income ratio. Each lender will group its ain minimum in installments people requirement. 

Not only is support heavy based connected your in installments score, but truthful is your liking rate. 

When you’re looking into different refinancing options,  cheque if they connection immoderate perks aliases indebtedness benefits specified arsenic complaint discounts (autopay discounts for automatic payments are reasonably common) aliases unemployment protection — and, conversely, whether they person immoderate prepayment penalties.

How to Refinance a Student Loan

First, you’ll request to taxable an exertion that includes accusation connected your employment, whether you’re a U.S. citizen, your minimum income, assets, in installments history, and different applicable financial disclosures.

Second, you’ll besides request to taxable a complete database of each student indebtedness debts you want to see successful nan refinance.

The indebtedness exertion process is akin to that for immoderate different type of loan. But it’s people much analyzable by nan truth that galore applicants person very ample student indebtedness balances to refinance, sometimes complete 100K successful student indebtedness debt.

A indebtedness of that size whitethorn require you to adhd a qualified cosigner unless your income is precocious capable to transportation nan indebtedness by yourself.

Cosigner release. If you’re going to refinance your student indebtedness and you’ll beryllium utilizing a cosigner to thief you qualify, beryllium alert of nan caller lender’s argumentation connected cosigner release. The argumentation will alteration for each lender. They’ll typically require 24 to 36 months of on-time payments.

Student Loan Refinance Costs

Virtually nary of nan 7 champion student indebtedness refinance lenders for 2024 we’ve provided successful this guideline complaint upfront lender fees, specified arsenic exertion and origination fees. 

Since location are truthful galore high-quality lenders providing no-fee refinances, you should beryllium capable to easy debar immoderate lender that charges them.

While morganatic lenders don’t complaint upfront fees, they do typically person precocious fees for student indebtedness payments that are behind. 

These tin beryllium based connected either a level fee, a percent of nan payment, aliases immoderate different metric. Some lenders whitethorn besides person prepayment penalties if you salary disconnected immoderate aliases each of your indebtedness early.

Watch retired for student indebtedness scams! One of nan very champion ways to cognize if a student indebtedness connection is simply a scam is erstwhile a lender insists connected nan costs of fees earlier your indebtedness closes. 

It’s a beardown denotation nan “lender” intends to support your money without providing nan promised indebtedness proceeds. Also, beware of overly generous promises, for illustration a guarantee of a indebtedness from a questionable source.

Never respond to an unsolicited connection to refinance your student loans. A emblematic reddish emblem is being asked to supply delicate individual and financial information, for illustration your Social Security number, in installments paper information, aliases your slope relationship number. 

These are what are known arsenic phishing schemes, and they’re designed to summation entree to your financial accounts.

Student Loan Refinance During COVID-19

Due to nan coronavirus pandemic, nan national authorities ordered a region connected student indebtedness repayments. 

Back successful December 2021, President Joe Biden extended nan deferment until May 1, 2022. There’s been nary charismatic announcement of an further hold aliases of student indebtedness forgiveness initiatives.

If you’re incapable to work your loan, astir lenders do connection immoderate shape of forbearance options. You’ll request to use for nan programme pinch your lender and show nan origin of your hardship.

A communal forbearance statement is simply a suspension of costs for up to 12 months. This will usually beryllium granted successful three-month increments, requiring you to beryllium nan hardship each time.

Forbearance is not automatic upon application. In fact, nan requirements tin beryllium rather strict.

For example, SoFi requires that you must person mislaid your occupation involuntarily, which is simply a communal requirement. They whitethorn besides refuse forbearance if you’ve had immoderate precocious payments connected your loan

In different communal provision, nan forbearance will beryllium reported to nan in installments bureaus, which whitethorn impact your in installments score.

If forbearance is required, you should cognize that liking will proceed to accumulate connected your loan, moreover while payments are not required. This intends nan main magnitude of your indebtedness will summation during forbearance.

Is Refinancing Better Than Consolidating Student Loans?

Refinancing is erstwhile you return an wholly caller indebtedness astatine a caller and hopefully little liking complaint and pinch repayment position that will fresh comfortably wrong your fund and financial readying timeline.

Consolidating besides involves a caller indebtedness to salary disconnected each your existing acquisition indebtedness debts. But alternatively than giving you a caller liking rate, nan process alternatively applies nan mean of nan liking connected your existing debts to nan caller loan. 

Its main intent is to alteration you to consolidate aggregate loans nether a azygous indebtedness but without needfully providing a value advantage.

For example, let’s opportunity you person 5 student loans you’re trying to refinance. If nan mean liking complaint connected each 5 loans is 7%, nan consolidation indebtedness will salary disconnected each 5 loans pinch an liking complaint that’s besides 7%.

Whether refinancing aliases consolidating student loans is nan amended strategy depends connected nan costs of your existing debts.

If nan liking rates connected your outstanding loans are little than nan existent prevailing rates, consolidation will beryllium a amended strategy. The mean of nan rates you’re paying connected nan various loans will beryllium little than what you tin get connected a refinance.

But if existent liking rates are little than those connected your existing student loans, refinance is simply a amended choice.

How We Found nan Best Student Loan Refinance

To travel up pinch our database of nan 7 champion student indebtedness refinancing companies for 2024, we considered nan pursuing criteria:

  • Minimum/maximum indebtedness amount: In astir cases, we included nan lenders pinch nan highest imaginable indebtedness limits.
  • Minimum in installments people requirement: Though we for illustration those pinch nan lowest people requirements, nan student indebtedness abstraction does require higher scores than immoderate different indebtedness categories.
  • Loan terms: The much options and nan longer nan terms, nan higher nan rank.
  • Fixed rates: Giving penchant to those lenders pinch nan lowest fixed rates.
  • Variable rates: Giving penchant to those lenders pinch nan lowest adaptable rates.
  • Upfront fees: As you tin spot from our list, we selected those lenders pinch nary upfront fees.

Summary of nan Best Student Loan Refinance Companies

Here is simply a recap of nan 7 champion student indebtedness refinance companies for 2024:

  • SoFi – Comprehensive Financial Services
  • CommonBond – Generous Forbearance Period
  • Earnest – Option to Skip Payments
  • Splash Financial – Online Marketplace
  • College Ave – Low Minimum Balance
  • LendKey – In-house Loan Servicing
  • PenFed Credit Union – Low Variable Rates

The sooner you refinance, nan sooner you’ll get nan use of nan little liking rates that will make your monthly payments much comfortable and alteration you to get retired of indebtedness quickly.