Refinance Student Loans

Ready to take control of your student debt? We thought so. Finding the right lender when you are trying to consolidate or refinance your student loans can be challenging and we know from experience that there is no one-size-fits-all solution. At the Student Loan Calculator, we have comprised a lender marketplace for student loan refinancing and debt consolidation. Our partners include; lenders, community banks, VC’s and other financial institutions. Below you will find our lender comparison chart which allows you to see and compare lenders based on items such as APR, terms, co-signer eligibility, credit score, and much more. Let’s tackle your debt head-on together.

Four Steps to Refinance your Student Loans


Compare Rates with Multiple Lenders
Shop around to find which lender best fits your needs. Remember, you don’t need to accept the first offer you are given and checking your rate will not affect your credit score. Compare away!

Select a Qualified Lender
Find a lender that fits your lifestyle. At this time, you want to take into account interest rates, terms, discounts, etc. To get a better idea of your payments, head over to our refinance calculator.

Provide Legal Documents & Apply
Now that you have found a lender to work with its time to apply. Please note when applying you may be required to show your ID and social, proof of income, and loan documents.

Wait for Approval
Congratulations! You have made it to the end of the refinancing process. Continue paying your federal loans normally and you will be notified if you have been approved to refinance.
Student Loan Refinance Lender Comparison Chart
LENDER RATES (APR) MORE INFO
Earnest Student Loan Refinancing logo - The Student Loan Calculator 2.57% – 6.39% Request Rate
LendKey Student Loan Refinancing logo - The Student Loan Calculator 2.58% – 8.12% Request Rate
The Student Loan Calculator 2.79%– 6.74% Request Rate
The Student Loan Calculator 2.99%– 6.99% Request Rate
Purefy Logo - This is displayed through the lender comparison chart - The Student Loan Calculator 3.50%– 7.28% Request Rate
Sofi Logo - This is displayed through the lender comparison chart - The Student Loan Calculator 2.61%– 6.74% Request Rate
ELFI Logo - This is displayed through the lender comparison chart - The Student Loan Calculator 2.39%– 6.69% Request Rate
Splash Financial Logo - This is displayed through the lender comparison chart - The Student Loan Calculator 3.15%– 5.19% Request Rate

*Any terms, rates, or other student loan related information listed on The Student Loan Calculator’s website or blog is provided as is and without any warranty or guarantee. The displayed information is not intended to legally bind The Student Loan Calculator or any of its lending partners on The Student Loan Calculator. The displayed rates and terms are based on information provided to The Student Loan Calculator via its lenders. Rates will vary depending on credit information, employment history, and income statements as a few examples. The Student Loan Calculator is not a lender and is not involved with approving or granting loans through the approval process. If you would like more information on a specific loan, please head over to that lender’s website to further view terms and conditions. For any questions or concerns please email us at [email protected]

Student Loan Refinance Lender Profiles

Earnest is one of the top lenders in the student loan refinance space. Unlike some of the other lenders you may come across, Earnest takes specific data, such as spending patterns, savings patterns, and many other metrics to determine if you are someone who would be a great fit for their student loan refinancing product. Not only does this set them apart, but this also allows for the borrower to have a great lending experience across the board. If you want to find out more information on Earnest , click on the visit Earnest button below.

Lender
Earnest Operations LLC

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 10, 15, 20 years

Variable Loan
Rates from 2.34% to 6.02% APR (with automatic payment)

Fixed Loan
Rates from 3.38% to 6.74% APR (with automatic payment)

LendKey is one of the more unique lenders that we have the privilege to work with. LendKey has serviced over 40,000 borrowers and has lent over $1+ Billion to their borrowers. LendKey works with over 265 credit unions and community banks to help their borrowers get competitive rates they may not find elsewhere. Ready to take the plunge with student loan refinancing? Check out LendKey for all your refi needs.

Lender
Lendkey Technologies, Inc.

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 7, 10, 15, 20 years

Variable Loan
Rates from 2.58% to 6.32% APR (with automatic payment)

Fixed Loan
Rates from 3.15% to 7.26% APR (with automatic payment)

When looking for options in the student loan refinancing space, CommonBond is one of the true leaders. CommonBond takes a different approach to the student loan refi process offering technology as a way of making your debt something that is manageable. With over $1+ Billion dollars lent out to their borrowers, you can see they are a clear leader in the space. Their goal is to provide their users with a more transparent, simple, and affordable options when it comes to paying for education. Take the next steps with CommonBond today.

Lender
CommonBond, Inc

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 7, 10, 15, 20 years

Variable Loan
Rates from 2.32% to 6.18% APR (with automatic payment)

Fixed Loan
Rates from 3.37% to 7.74% APR (with automatic payment)

Laurel Road is a FDIC-insured lender we’ve partnered with. Laurel Road has lent over $2 billion to borrowers in all 50 states. They offer you the ability to refinance up to 100% of your existing private or federal loans, with loan terms of up to 20 years including variable or fixed interest rates. This is a big deal, as not all lenders work with or allow you to refinance your private student loans. Laurel Road also offers no prepayment or origination fees. They are the only lender in the country that allow residents and fellows to refinance during training. Better yet, you’ll pay $100/month through residency, fellowship, and your first 6 months in practice regardless of how much is refinanced. Once practicing, you’ll begin on a standard repayment plan. See how much Laurel Road can help you save today.

Lender
Laurel Road

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 7, 10, 15, 20 years

Variable Loan
Rates from 3.64% to 6.29% APR (with automatic payment)

Fixed Loan
Rates from 4.25% to 7.20% APR (with automatic payment)

Purefy has some unique offerings when it comes to refinancing your student loans that you may not find with other lenders. How does Purefy set itself apart from the rest you may ask? For one they offer the ability for you to refinance loans that may not be in your name. As a example, lets say you just got married, Purefy allows you to refinance and uses the high of the two credit scores when determining a rate. Another plus that is offered by Purefy is that currently they only offer fixed rate loans so you know what you will be paying in interest for the life of the loan. See more information on how Purefy can help you below.

Lender
Purefy Inc.

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 8, 15 years

Fixed Loan
Rates from 3.50% to 7.28% APR (with automatic payment)

SoFi is a new type of financial organization taking a revolutionary approach to lending and wealth supervision. From unmatched products and resources to faster service and open conversations, SoFi is all about helping their members surpass and find success. Whether or not they’re wanting to buy a property, conserve money on student loans, move up in their careers, or invest in the future, the SoFi community functions to enable their members to achieve the aspirations they set and obtain fiscal success accordingly. With over $7 Billion in funded refinance student loans, there is a clear reason why SoFi one of the leaders in the student loan space. Learn more about SoFi below.

Lender
Social Finance, Inc

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 7, 10, 15, 20 years

Variable Loan
Rates from 2.34% to 6.27% APR (with automatic payment)

Fixed Loan
Rates from 3.37% to 6.74% APR (with automatic payment)

Education Loan Finance, also known as Elfi is one of the newer lenders that we have added to our site. Elfi offers some of the lowest rates we have seen across all of our lenders with rates starting from just 2.39% for variable rates and as low as 3.19% for fixed. To qualify for refinancing, your loan amount will need to be over $15,000. Elfi offers competitive rates for both federal and private student loans as well as Parent PLUS student loans. Their motto is to use the interest you would have paid on your student loans to “invest in your dreams”. Learn more about how Elfi is leading the charge is helping people pay off their student loans smarter and faster.

Lender
Education Loan Finance from SouthEast Bank

Eligable Degrees
Graduate & Undergraduate

Loan Terms
5, 7, 10, 15, 20 years

Variable Loan
Rates from 2.39% to 6.01% APR (with automatic payment)

Fixed Loan
Rates from 3.19% to 6.69% APR (with automatic payment)

Splash Financial is one of the newest lenders in the space but don’t let that fool you. They are taking huge strides towards competing with some of the biggest lenders out there. Splash Financial focuses on both private and federal student loans and specializes in medical student loans for both residency and fellows. They have just recently broken into the general population student loan refinancing and have some of the lowest rates that we have seen by any of our lenders. If you are ready to take the next step toward your financial goals be sure to have Splash Financial at the top of your list.

Lender
Splash Financial, Inc.

Eligable Degrees
Graduate, Undergraduate, Residency & Fellowship (Graduate)

Loan Terms
5, 8, 12, 15  years

Variable Loan
Rates from 3.15%– 4.84% APR (with automatic payment)

Fixed Loan
Rates from 3.50%– 5.19% APR (with automatic payment)

Common Reasons to Look into Refinancing Your Student Loans

Refinance to shorten or extend the term of your loan

‣ Depending on what type of loan you have, (in most cases it’s a federal loan) you may have the option to extend or shorten the term of the loan. According to the consumerfinance.gov website, the typical repayment time is generally 120 months (10 years). If you would like the pay off your student loan in a quicker amount of time,   refinancing is a good option to help shrink the 120-month option to something a little smaller such as a 5-year loan. On the other side of the spectrum, you may have the option to extend the length of your loan. Some of our lending partners allow for you to extend the term of your loan up to 25 years. This will allow you more time to pay off the loan, the possibility of a lower interest rate, and a lower overall monthly payment throughout the loan term.

Refinance to get a lower interest rate

‣ One of the most common reasons that people will refinance their student loans is to get a new, lower interest rate. Some of our lending partners have interest rates starting in the mid 2% range, which can be huge overall savings if you qualify for that rate. The main takeaway from this is that with the lower interest rate, you can potentially save tens or even tens of thousands of dollars depending on the starting debt amount. Take a close look at what your current rate is and compare it with our refinancing lenders to see have they stack up.

Refinance to lower your monthly payment

‣ Another super common reason that people look into refinancing is to see about lowering their payment. Many of the lending partners on this site offer the user the ability to take a loan out from as little as 5 years and in some cases allow you to take them out for up to 25 years. Generally, the longer the loan, the lower your monthly payment may be, whereas the shorter your loan is, the higher the monthly payment will be. This also ties into the previous point regarding refinancing to shorten or extend the term of your loan we discussed earlier.

Refinance from an adjustable-rate to a fixed-rate loan

‣ A not so common reason that people may choose to refinance their student loans is to see about switching their loan from an adjustable-rate (also known as variable-rate) to a fixed-rate loan, or vice vera. Through refinancing, you may have the option to change your loan from a variable-rate, which could have a fluctuation in rates with how the economy is doing, to a finite fixed-rate loan, where the APR stays the same. On the other side of the spectrum, if you have a super high fixed-rate loan, you may want to look into getting a variable-rate loan, as you could potentially see savings if the variable rate drops below that of the fixed-rate loan.

Refinance to remove a co-signer from your loan

‣ If you are ready to take over your loan for yourself, you can generally refinance to remove a co-signer from the loan. Many of our lending partners offer what is known as a co-signer “release” which allows for you to drop your co-signer after a certain number of specified months. If your current student loan is using a co-signer and they want out or if you are ready to take sole responsibility for paying off the loan, then refinancing may be an option to not only help remove your co-signer but also could save you some money in the process with a lower interest rate.

Ready to take control of your student debt? We thought so.
Now let us help you. Get started today.