Let’s face it: With over $1.3 trillion in outstanding student loan debt, we’ve got a serious epidemic on our hands. Making those huge monthly student loan payments can cripple your budget and make it hard for you to get ahead. Student loan refinancing could be just the boost you need to get your savings and your finances back on track.

We’ve talked before about whether or not refinancing your student loans is a good option. Generally speaking, if you can refinance your loans into a better interest rate, you could save thousands of dollars in interest over the life of your loan. Refinancing can also help you lower your monthly payments. You can use that extra money to pay your bills, save money for retirement, or pay down your debt faster.

Of course, before you refinance you need to make sure that it’s the right move for you. You should usually stay away if your credit score has dropped or if you plan on using federal “loan forgiveness” benefits. Although most borrowers don’t qualify, refinancing your federal loan into a private student loan could eliminate that option.

If you’re in the market to refinance your student loans, you’ve come to the right place. In order to save you time and effort, we’ve done some of the dirty work for you. Listed below is a comparison of some of our favorite student loan refinancing companies. Check them out, and be sure to click on our affiliate links if you want to learn more!

Best Student Loan Refinancing Companies

Before we dig into the nitty-gritty details, here’s a list of our favorite places to refinance your student loans.

SoFi: Our Favorite Place to Refinance Your Student Loans

SoFi Logo horizontalWith excellent customer service and great rates to boot, SoFi is our favorite place for refinancing student loans. Founded by Stanford University graduates in 2011, this online loan program was originally offered only to students at Stanford. SoFi has grown quickly and is now helping borrowers all across the U.S. save an average of $22,359* when they refinance their student loans.

SoFi offers both fixed and variable rates for refinancing your student loans. Fixed rates range from 3.375% to 6.74% APR* when you choose their autopay option. Current variable rates range from 2.615% to 6.54%* with autopay.

One of the coolest things about SoFi is that they don’t just rely on your credit score to determine your interest rate. Instead, they take a holistic approach to determining your creditworthiness. When making a lending decision, SoFi considers your employment history, the merit of your account, and a number of other factors above and beyond a simple FICO® score.

As of March 1, they’ve also decreased the minimum loan amount required to secure a loan. Now, borrowers need only refinance $5,000 in student loan debt – down from the previous $10,000 minimum.

Here’s a little more information about SoFi:

  • Fixed rates starting at 3.350%* APR with autopay
  • Variable rates starting at 2.615%* APR with autopay
  • Available for undergraduate, graduate, and Parent PLUS loans
  • No origination or prepayment fees
  • $5,000 minimum to refinance student loans
  • Federal and private student loan refinancing available
  • Term lengths of 5, 7, 10, 15, and 20 years
  • Unemployment protection
  • Average savings of over $22,000 over the life of the loan
  • Get $100 Cash Back Through This Link When Your SoFi Application is Accepted

CommonBond: Refinancing for Social Good

commonbond logoTired of high rates, confusing applications, and bad customer service, CommonBond was created by three graduate students seeking to make the student loan refinancing process easier. They certainly succeeded as CommonBond is now one of the best places to refinance your student loans.

CommonBond offers borrowers the chance to refinance both federal and private student loans – including undergraduate, graduate, and Parent PLUS loans. They offer extremely competitive fixed and variable rates to their customers, with variable rates ranging from 2.14% to 5.69% APR and fixed rates from 3.50% to 7.49% APR when choosing autopay. CommonBond also offers a Hybrid option, where the interest rate is fixed for the first 5 years and variable for the last 5 years. Hybrid rates start from 3.78% to 6.24% APR with autopay.

Our favorite thing about CommonBond is their commitment to social causes. For every degree that they fully fund, CommonBond will also fund a year’s worth of schooling for one student abroad through Pencils of Promise. These funds are used to cover the costs of tuition, supplies, transportation, and uniforms. If you ask us, that’s pretty freakin’ cool!

Here are a few more things to know about refinancing student loans through CommonBond:

  • Fixed rates starting at 3.50% APR with autopay
  • Variable rates starting at 2.14% APR with autopay
  • Hybrid rates starting at 3.78% APR with autopay
  • Private and federal student loan refinancing available
  • Undergraduate, graduate, and Parent PLUS loan refinancing available
  • No origination, prepayment, or application fees
  • Term lengths of 5, 10, 15, and 20 years
  • Borrowers save an average of $14,581 over the life of the loan
  • Unemployment protection
  • Pencils of Promise partnership
  • Read Here to Learn More About CommonBond

Earnest: Radical Repayment Flexibility

Earnest logoA self-described team of “math and computer nerds,” Earnest strives to help financially responsible people save money on student loans. Rather than basing lending decisions completely on fixed credit score or income requirements, Earnest bases application approval and interest rates on merit-based data points. The more financially responsible you are, the better your interest rate.

Like other lenders, Earnest offers fixed and variable rate options. At Earnest, fixed rates start at 3.37% APR while variable rates begin at 2.80% when you choose autopay. Through their system, you can get an easy to understand rate quote within 2 minutes. Just fill out the info here.

Of all the student loan refinancing companies available, Earnest my provide borrowers with the most flexibility. Instead of shoving you into a predetermined payment plan, Earnest allows you to choose your own monthly payment and builds your repayment terms around your preferred amount. That means you can choose any repayment length between 5 and 20 years in order to achieve your desired monthly payment. You can also switch between fixed rate and variable rate options without being charged a fee.

Here’s some more info about refinancing student loans with Earnest:

  • Fixed rates starting at 3.37% APR with autopay
  • Variable rates begin at 2.80% APR with autopay
  • Minimum loan amount to refinance is $5,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees
  • Eligible to skip payment every 12 months when you make 6 months of on-time payments
  • Switch between fixed and variable rates with no fees
  • Average borrower saves $17,936 over the life of the loan
  • Read Here to Learn More About Earnest

Save Money on Your Student Loans

Student loan refinancing could save you thousands of dollars over the life of your loan. We compare some of the best student loan rates here!If high student loan payments are becoming unmanageable, you should strongly consider refinancing them into a lower rate. Doing so can help free up money for other bills, save money on interest, or help you pay your student loans off faster. Regardless of which company you select, refinancing your student loans could potentially save you thousands of dollars.

As always, be sure you understand all of the terms and conditions before you make the leap. To learn more about any of the companies listed above, or to get free quotes, just follow the links!

*SoFi Disclaimers