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.

Steps to Refinance your Student Loans


Shop and select a Qualified Lender
Find a lender that fits your lifestyle, needs, and your goals through our comparison chart.

Provide Legal Documents & Apply
Now that you have found a lender to work with its time to apply.

Wait for Approval
Congratulations! You have made it to the end of the refinancing process.
Our Top Student Loan Refinancing Companies

LENDER MORE INFO

*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]

Best Student Loan Refinance Lenders for 2018

Lender
Earnest Operations LLC

Eligible 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)


Refinance Student Loans with Earnest

Eligibility Requirements

  • Must 18 years old
  • Must be a U.S. Citizen or permanent resident
  • Must have completed your degree
  • Must have all debt must have been accrued by paying for education at a Title IV School
  • Must be in the final semester of school or completed your degree
  • Must be either; employed, have an offer letter, or have proof of consistent income
  • Must have debt from the child or their education
  • Must be the primary borrower on their loans (no co-signer initially)
  • Finally, you can not be in the process of taking out any loans for future schooling

Benefits of working with Earnest

  • Interest rate flexibility (The option to switch between fixed and variable every 6 months)
  • Autopay discount
  • Ability to make bi-weekly payments
  • Flexible loan terms (Both payment and loan length)

Things to note

  • Not all 50 states eligible
  • Restricted states include: Alabama, Delaware, Kentucky, Mississippi, Nevada or Rhode Island (Can not refi in these states)
  • Long application process
  • More personal information needed then typical lenders (i.e. bank information)

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)


Refinance Student Loans with LendKey

Eligibility Requirements

  • Must have a credit score of 660
  • Earn at least $24,000 per year
  • Must earn 3x your debt load (amount)
  • Must be a U.S. citizen or Permanent Resident
  • Must have graduated from an accredited university

Benefits of working with LendKey

  • Interest-only payments (15 – 20-year loans qualify for this)
  • Forbearance for economic hardship (18 months – longest in space)
  • Cosigner release (After 12 months of on-time payments)
  • Minimum balance of $5,000 in order to refinance
  • Refinance & consolidate both private and federal student loans
  • Top tier customer support team
  • No credit score impact

Things to note

  • State Restrictions for the following states: Maine, Nevada, North Dakota, Rhode Island & West Virginia
  • Unable to qualify if you have not graduated
  • If you did not go to a Title IV-accredited school you will not be able to refinance

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)


Refinance Student Loans with CommonBond

Eligibility Requirements

  • Must be a U.S. citizen or permanent resident
  • Must have a credit score above 660
  • Must have gone to an accredited school (Title IV school)

Benefits of working with CommonBond

  • Military Deferment for active duty
  • Deferment for borrowers who decide to go back to school
  • Forbearance for up to 24 months
  • Applicants can begin making full payments once approved
  • Only lender with a hybrid refinancing option (Mix between fixed and variable)
  • No application, origination or disbursement fees
  • Refinancing & consolidation of both private & federal student loans

Things to note

  • On the longer side of things
  • If you did not graduate you will NOT qualify
  • If you did not go to a Title IV-Accredited school you will not qualify
  • Co-signer release after 36 months
  • Having a co-signer may help you get a lower rate
  • Hard pull on credit score
  • State Restrictions for South Dakota, Nevada, Mississippi, Louisiana, Vermont, and Idaho (All other states eligible)

Lender
Laurel Road

Eligible 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)


Refinance Student Loans with Laurel Road

Eligibility Requirements

  • Must be a U.S. citizen with a valid I-551 card
  • Must have graduated
  • Must have attended an accredited Title IV institution
  • Must show proof that you are a working professional
  • For Parent PLUS loans, the child must have graduated
  • Credit profile, monthly debt, and monthly income considered when applying
  • Must have a good credit score
  • Income must be high enough to cover the loan payments

Benefits of working with Laurel Road

  • No origination fee or prepayment penalty
  • Refinance both Federal and Private student loans
  • Refinance Parent PLUS Loans & Medical Student Loans

Things to note

  • Can qualify if you have had a bankruptcy after 4 years.
  • If you did not graduate you will not qualify for their program
  • You must have gone to a Title IV-accredited school

Lender
Purefy Inc.

Eligible Degrees
Graduate & Undergraduate

Loan Terms
5, 8, 12, 15 years

Fixed Loan
Rates from 3.25% – 7.03% APR (with automatic payment)

Variable Loan
Rates from 2.70% to 7.44% APR (with automatic payment)


Refinance Student Loans with PenFed Powered by Purefy

Eligibility Requirements

  • Must be a U.S. Citizen
  • Must have graduated from a Title IV-accredited school
  • Have a good credit score (Above 670)
  • Have a high enough income to afford loan payments

Benefits of working with PenFed powered by Purefy

  • Couples refinancing
  • Loan experts available through text, chat, email or phone

Things to note

  • Unable to qualify if you did not graduate
  • You will not qualify for this program if you did not go to and Title IV-accredited school
  • You can apply for this loan if you have a bankruptcy that was 10 years ago
  • Forbearance on case-by-case basis

Lender
Social Finance, Inc

Eligible 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)


Refinance Student Loans with SoFi

Eligibility Requirements

  • Applicants must have a high credit score of at least 680
  • Must have a high income
  • Must have completed an eligible graduate or undergraduate program (Title IV-Accredited)
  • Must be a US Citizen  or Vias holder(J-1, H-1B, E-2, O-1 and TN visas recognized)

Benefits of working with SoFi

  • Career support
  • Flexible payment features
  • Entrepreneur program
  • Forbearance for up to 12 months
  • Low payment options for medical and dental residents & fellows
  • No origination fees or prepayment penalties

Things to note

  • Unemployment protection
  • They do have a co-signer release option
  • Community events speaker series
  • Must have graduated
  • Must have attended a Title IV-Accredited school
  • Can qualify with a bankruptcy after 7 years

Lender
Education Loan Finance from SouthEast Bank

Eligible 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)


Refinance Student Loans with Elif

Eligibility Requirements

  • Must have a good credit score, typically above 680
  • Must have an income of at least $35,000
  • Must have graduated from a Title IV-Accredited school
  • Must be a U.S. Citizen or permanent resident
  • Must have a bachelor’s degree or higher

Benefits of working with Elfi

  • Refinance both federal and private student loans
  • No application fees
  • Origination fees
  • No prepayment penalties

Things to note

  • You can apply with a co-signer
  • Co-signer release is available, however with some restrictions (A cosigner may not be taken off your loan but you can apply for a new loan without your cosigner.)
  • Must have graduated in order to qualify
  • You will not be able to use Elfi if you have a bankruptcy

Lender
Splash Financial, Inc.

Eligible 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)


Refinance Student Loans with Splash Financial

Eligibility Requirements

  • Must have private or federal student
  • Must have a high income
  • Must have a high credit, generally 700 without a cosigner
  • With a cosigner, you must have a 67o and your cosigner must be 720 or higher
  • Must be a U.S. Citizen
  • Must make enough to afford your expenses
  • Must have graduated from a school that Splash Financial has approved

Benefits of working with Splash Financial

  • Consolidate both you and your spouse’s student loans
  • Heavy focus on helping medical residents and fellows
  • Very motivated lender with competitive refinancing rates

Things to note

  • Unable to qualify if you had a prior bankruptcy
  • No application fees
  • No origination fees
  • Forbearance on a case by case basis
  • Cosigner release option after 12 months of on-time payments

Lender
Brazos Education Lending Corporation

Eligible Degrees
Graduate & Undergraduate

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

Variable Loan
Rates from 3.02% to 6.47% APR (with automatic payment).

Fixed Loan
Rates from 3.15% to 6.35% APR (with automatic payment).

State Restrictions
This loan is only available in the state of Texas


Refinance Student Loans with Brazos

Eligibility Requirements

  • Must have a good credit score (At least 720 or above)
  • When applying with a co-signer your income must be $30,000 + FICO of 690+
  • Without a co-signer, that number jumps to $60,000
  • Only eligible if you have a Bachelor’s degree or higher from an Accredited University
  • Must be a resident of Texas
  • Must be a US Citizen or Permanent Resident

Benefits of working with Brazos

  • Can refinance multiple private, federal and Parent PLUS loans into a singular loan for a lower rate.
  • Both Fixed and Variable Rates available
  • Up to $250,000 for medical graduates or professional school loans

Things to note

  • Only available to Texas Residents
  • Forbearance is offered up to 12 months
  • Applicants with prior defaulted loans with no be approved
Refinance Student Loans Overview

What is the process for refinancing student loans?

‣ The process of refinancing a student loan is rather simple. The goal of refinancing a student loan is either one of two things. Either you are looking for a lower interest rate than you currently have or you are looking to consolidate multiple loans into one more manageable loan. Regardless of what direction you choose, they both include getting a lower interest rate. With this lower interest rate, you may be able to save thousands over the lifetime of the loan.

How can I benefit from refinancing my student loans?

‣ As stated previously, the main benefit of refinancing a student loan is to obtain a lower interest rate. This is typically done through a private lender like the ones you see above. Let’s use an example to explain this a little better. Let’s assume that you currently have federal student loans, maybe even a Grad PLUS Loan. If the interest rates for these loans are up in the 7% rage, you could find yourself paying a ton more money over the life of the loan then you would with a lower rate. Another key benefit of refinancing comes in the form of consolidation. Let’s say that you have a couple of student loans and you want to combine them all to make it easier on yourself. You now have the ability to do this through student loan refinancing. This can help your multiple loans to turn into a singular more manageable student loan. Finally, you may even qualify to refinance your student loan to allow for a longer payoff period. This is something that may seem appealing at first, but do keep in mind that if you choose to refinance for a new 20-year loan lets say, you will be paying the interest on that loan for the entire time. We always recommend seeking financial guidance from a trained professional before making a decision on if refinancing your student loans is the best option for you.

In what case should I not refinance my student loans?

‣ While there are quite a few great reasons to consider refinancing your student loans, it’s not a great solution for everyone. One of the biggest drawbacks to refinancing your student loans is that any and all loans that were once federal now become private student loans. Why is that bad you ask? Due to the loans now becoming private, you no longer will have access to federally sponsored benefits. These benefits include things such as deferment, forbearance, Public Service Loan Forgiveness and income-driven repayment plans just to name a few. Most of the lenders today do offer some form of Forbearance, but you will need to inquire with the lender for a full disclosure regarding your case. Unfortunately, once you refinance the change is permanent.

Another reason that you may not want to consider refinancing your student loans would be due to unstable income. One of the biggest factors when applying to refinance your student loans is your income. Many lenders have a minimum requirement that you must meet in order to qualify to refinance your student loans. If you do not have a stable income, it will make your application process that much harder even with a solid cosigner. You also may not want to refinance your student loans if you are pursuing any federal forgiveness programs as refinancing will disqualify you from those programs.

If you have the income, steady job, a solid credit score and would like to save yourself some money and time, student loan refinancing can be a solid route to take.

How do I go about qualifying for student loan refinancing?

‣ When looking to refinance your student loans, there are many factors that are considered. Since you are deciding to go private, you will need to qualify with the private lenders set of terms and guidelines. You can see some of this information highlighted above but each lenders terms and conditions are different. When being considered for a private student loan, everything in your financial life will come into play.

Most of the refinancing companies we work with do require a high credit score and history, along with proof of stable income. Another thing to consider is that depending on the career field that you are in, you may not qualify as some lenders only work with specific degrees and degree fields.

The best way for you to find out if you are eligible to refinance your student loans is to look at the chart above and see the eligibility requirements. Each lenders requirements will vary, so compare the lenders based on your needs. Always check the fine print and make sure that the lender you are looking at works in your state.

If you think refinancing your student loans is the right choice, you can start the application process by simply click on the request rate buttons on this page.  Many of our lending partners how you to find out if you qualify without hurting your credit score. Please verify on the chart above regarding your credit score being soft or hard pulled. Get started today to see how much you may be able to save.

For more great student loan refinancing articles, head over to our blog.

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.