Let’s face it: With over $1.5 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 it’s the right move for you. For starters, you should usually stay away if your credit score has dropped. If you have federal loans serviced through Great Lakes, FedLoan or others, you also need to be careful – particularly if you plan on using federal “loan forgiveness” or income-based repayment options. Although most borrowers don’t qualify, refinancing your federal loan into a private student loan could eliminate those benefits.

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 to learn more!

(Editor’s Note: We strive to provide the most current rate information. Rates listed are current as of September 1st, 2019.)

Our Top Picks

credible logoCredible: Compare Rates from Multiple Lenders

At Credible, you can compare student loan refinancing rates from up to eight lenders all in one convenient place! Just fill out a short form and start comparing rates in less than 2 minutes. You’re also eligible for a bonus of up to $200 if you use our link to refinance with them!

Here’s some more info:

  • Fixed rates starting at 3.29% APR with autopay
  • Variable rates begin at 2.24% APR with autopay
  • Compare up to 8 lenders at once
  • Federal and private student loan refinancing available
  • Private loans for those in school and personal loans also available
  • Repayment term lengths between 5 and 20 years
  • No application, origination, or prepayment fees
  • Read our full Credible review

Splash Financial: Find the Perfect Lender

Splash Financial was created to provide graduates with financial freedom, so they can make an impact in the world without the heavy burden of monthly student loan payments. Splash uses the information you provide to scour rates from their approved lenders. Then, they’ll show you rates from the lender who is your best fit. For married couples, they may also be able to help you refinance student loans into one new loan.

Here’s more info about Splash Financial:

  • Fixed rates starting at 3.48% APR with autopay
  • Variable rates begin at 2.43% APR with autopay
  • Minimum loan amount to refinance is $7,500
  • Maximum loan amount is $300,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 15 years
  • No origination or prepayment fees

Other Top Student Loan Refinancing Lenders

Citizens Bank: Refinancing Without A Degree

Citizens Bank is an excellent option for borrowers who didn’t earn a college degree. It is also one of the few banks that offer great student loan refinancing options. Also, international students are eligible for student loan refinancing with a co-signer. Citizens Bank also offers a co-signer release program. A co-signer may be removed from loan responsibility after making 36 consecutive, on-time principal and interest payments. You can get personalized rates from Citizens Bank through a soft credit check.

Learn more about refinancing your student loans through Citizens Bank here.

  • Fixed rates starting at 3.45% APR with autopay
  • Variable rates begin at 2.34% APR with autopay
  • Minimum loan amount to refinance is $10,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees

PenFed: Super Low-Interest Rates

PenFed offers some of the lowest student loan refinancing rates around. One unique service available through PenFed is that they allow for spousal student loan refinancing. Available terms include 5, 8, 12, and 15-year options.

See more information on student loan refinancing through PenFed:

  • Fixed rates starting at 3.48% APR
  • Variable rates begin at 2.74% APR
  • Minimum loan amount to refinance is $7,500
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 15 years
  • No origination or prepayment fees

SoFi: A Great Place to Refinance Your Student Loans

With excellent customer service and great rates to boot, SoFi is a great 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 big when they refinance their student loans. SoFi offers both fixed and variable rates for refinancing your student loans.

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, 2018 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 3.48%* APR with autopay
  • Variable rates starting at 2.14%* 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

Earnest: Radical Repayment Flexibility

A 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. Through their system, you can get an easy to understand rate quote within 2 minutes.

Of all the student loan refinancing companies available, Earnest may 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 once every 6 months without being charged a fee.

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

  • Fixed rates starting at 3.47% APR with autopay
  • Variable rates begin at 2.27% 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

CommonBond: Generous Forbearance Policies

CommonBond has long been one of the most popular student loan refinancing companies. They offer ultra-competitive interest rates and a unique hybrid loan option. It’s a 10-year loan where the first five years are at a fixed rate and last five years are variable. One thing that sets CommonBond apart from other lenders is their commitment to giving back. They partner with Pencils of Promise to provide education for students in need and build schools.

Learn more about CommonBond here:

  • Fixed rates starting at 3.21% APR with autopay
  • Variable rates begin at 2.09% APR with autopay
  • Minimum loan amount to refinance is only $5,000
  • Maximum loan amount is $500,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees
  • Offers economic hardship and forbearance programs

Laurel Road: Large Debt Options For Borrowers

Laurel Road is one of the few lenders that will refinance more than $300,000 in student loans. If you have that much debt from student loans, you need all the help you can get. That’s where Laurel Road can help. They offer very low, competitive interest rates and have no maximum amounts for refinancing, which makes Laurel Road a great option for medical and dental graduates.

Check out more info about Laurel Road here:

  • Fixed rates starting at 3.50% APR with autopay
  • Variable rates begin at 2.43% APR with autopay
  • Minimum loan amount to refinance is low – just $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

Advantage Education Loan

Advantage Education Loan offers the convenience of consolidating both private and federal loans together into one loan. Although they only offer fixed rates, which start at 4.54% APR when enrolling in autopay. Borrowers must be residents of specific states so be sure to research eligibility before applying. Advantage Education Loan also has no hidden fees.

Check out more information about Advantage Education Loan:

  • Fixed rates starting at 4.54% APR with autopay
  • Variable rates not offered
  • Minimum loan amount to refinance is $7,500
  • Federal and private student loan refinancing available
  • Choose your repayment term of 10, 15, or 20 years
  • No origination or prepayment fees

Education Loan Finance: Great Referral Bonuses

Education Loan Finance offers some of the best referral and bonus programs in student loan refinancing. With their referral program, borrowers can receive $400 if a new customer refinances with Education Loan Finance through their referral link. Plus, the person you referred also receives $100! Although they do not offer autopay discounts, Education Loan Finance still has competitive rates. One drawback for borrowers is Education Loan Finance’s minimum loan balance requirement of $15,000, which is higher than most lenders.

Read more information about Education Loan Finance here:

  • Fixed rates starting at 3.29% APR
  • Variable rates begin at 2.80% APR
  • Minimum loan amount to refinance is $15,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees

LendKey: Community Lending OnlineFedLoan Servicing is accused of costing borrowers thousands by mismanaging student loans. If you're having problems, here are some alternatives to consider.

Tired of high rates, confusing applications, and bad customer service? LendKey can help.

LendKey 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. If you’re in school right now, you can also secure a private student loan through the site.

Our favorite thing about LendKey is that they use community banks and credit unions to fund their loans. In many cases, this can help you get even lower rates. You can search for loans, customize your needs, and apply for funding all through one easy and convenient platform. If you ask us, that’s pretty freakin’ cool!

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

  • Fixed rates starting at 3.49% APR
  • Variable rates starting at 2.24% APR
  • Private and federal student loan refinancing available
  • Undergraduate, graduate, and Parent PLUS loan refinancing available
  • No origination fees
  • Flexible payment options, including interest-only payments for the first four years
  • Term lengths of 5, 7, 10, 15 and 20 years
  • Private student loan financing available for those attending school now

iHelp: Flexible Refinancing Options

iHelp is unique when it comes to repayment options for borrowers. Options include full monthly payments, graduated payments, and partial payments. iHelp also offers borrowers to release co-signers after 24 months of on-time consecutive payments. With low eligibility requirements, iHelp makes it easy for people to get relief from their student loan debt.

Find out more about iHelp here:

  • Fixed rates starting at 4.00% APR
  • Variable rates begin at 4.50% APR
  • Fixed Hybrid rate offered – starting at 3.25% APR
  • Federal and private student loan refinancing available
  • Choose your own repayment term length of 10, 15, or 20 years
  • No origination or prepayment fees

EDvestinU: Refinancing options for High Balance Loans

EDvestinU is the perfect choice for borrowers with high student loan balances.

Their minimum refinancing option starts with $7,500 in student loan debt, but they cover loans up to $200,000. EDvestinU is the national student loan refinancing program of the New Hampshire Higher Education Loan Corporation (NHHELCO). They are a non-profit dedicated to helping borrowers repay student loans more affordably.

Learn more about EDvestinU here:

  • Fixed rates starting at 4.93% APR with autopay
  • Variable rates begin at 5.10% APR with autopay
  • Minimum loan amount to refinance is $7,500
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees
  • Co-signer release program

RISLA: Unique Student Loan Refinancing

RISLA is the Rhode Island Student Loan Authority. They offer a somewhat unique student loan refinancing program in that discounts are offered for those who live, work, or went to school in Rhode Island. RISLA offers refinancing for private student loans, Federal Stafford Loans, Federal PLUS Loans, and Federal Unsubsidized and Subsidized Loans. RISLA differs from other lenders by offering an optional rate reduction with the addition of a cosigner. RISLA only offers fixed rate options.

Check out more information about RISLA here:

  • Fixed rates starting at 3.49% APR with autopay
  • Variable rates not available
  • Minimum loan amount to refinance is $7,500
  • Maximum loan amount goes up to $250,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 15 years
  • No origination or prepayment fees

Brazos: Texas-Sized Savings

Texas Residents are eligible for student loan refinancing through Brazos. They offer refinancing options for both college graduates as well as parents who’ve taken out student loans. Brazos offers low rates, especially when you use autopay. Brazos offers borrowers multiple options for terms ranging from 5 to 20 years.

See more details about Brazos student loan financing here:

  • Fixed rates starting at 3.90% APR with autopay
  • Variable rates begin at 3.09% APR with autopay
  • Minimum loan amount to refinance is $10,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees

MEFA: Competitive Refinancing

The Massachusetts Educational Financing Authority (MEFA) provides competitive student loan refinancing for undergraduate and graduate students. MEFA doesn’t offer payment relief through forbearance or deferment. Make sure you have a stable income and can make payments before applying for refinancing through MEFA.

See more about student loan refinancing through MEFA here:

  • Fixed rates starting at 3.85% APR
  • Variable rates begin at 3.65% APR
  • Minimum loan amount to refinance is $10,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 10 and 15 years
  • No origination or prepayment fees

Best Student Loan Refinance Companies: Final Thoughts

Student loan refinancing could save you thousands of dollars over the life of your loan. 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!

Have you refinanced with any of these companies? Tell us about it in the comments!

*SoFi Disclaimers