What is Student Loan Refinancing?
A student loan refinance involves replacing one or more student loans with a new loan with better terms
from a private lender. Both private and federal student loans can be refinanced. The purpose of
refinancing is to get a lower interest rate and thereby reduce the monthly payments and lifetime costs.
Many private lenders, including banks, online lenders, and credit unions offer student loan refinance
loans. People with federal loans can also consolidate—rather than refinance—their debts. This involves
combining multiple federal loans into a single loan with one simple monthly payment.
The table below shows a sample of rates for student loan refinances compared to rates for first-time
private and federal student loans. The Refinance column shows the lowest rates advertised by each
lender. The First-Time Column shows fixed rates for federal government loans and lowest rates from
private lenders.
| Refinanced Student Loans |
First-Time Student Loans |
3.67% - 11.11%* Variable APR /
3.99% - 10.15%* Fixed APR (Credible) |
1.24% Variable APR / 3.75% Fixed APR (Credible) |
6.49% - 10.49% (with all discounts) Variable APR /
4.24% - 9.99%
(with all discounts) Fixed APR (SoFi) |
5% APR (Federal Perkins Loan) |
4.86% - 10.74% Variable APR /
4.25% (with autopay) - 10.24% (without
autopay) Fixed APR (Splash Financial) |
4.236% APR (Federal (PLUS Loan) |
Should I Refinance my Student Loan?
As the above table shows, it is often worth refinancing a student loan. If you’ve graduated from
college and have built a good credit score, then you may be able to achieve a much lower interest rate
by refinancing—and potentially save thousands of dollars in the long run.
Things to take into consideration before refinancing:
- Interest rate. Some lenders offer lower rates than others. Before you refinance,
make sure your chosen lender can actually save you money.
- Credit score. Holders of student debt can refinance at a significantly reduced
rate, so long as they have a solid credit score along with steady income and employment. If your
credit score is poor, you may find it more difficult to achieve a reduced rate.
- Term duration. If you refinance at a lower rate but with a longer loan, then your
monthly payments decrease, but you may end up paying more overall due to accruing interest.
- Remaining debt. If you’re fresh out of college and tens of thousands of dollars in
debt, then a refi could make sense. But if you’ve paid off most of your loan and only have a small
amount of debt to pay off, it might not be worth refinancing. True, you could save a small amount. But
on the other hand, applying for any type of loan or refi can affect your credit score—which could
prove damaging if you’re also in the market for a mortgage or other loan.
Credible Visit Credible
The Pros and Cons of Student Loan Refinancing
| Pros |
Cons |
| Potential for major savings over life of loan |
With longer term, potential to pay more over life of loan |
| Reduced monthly payments |
Applying for refinance can affect credit score |
| One single payment makes life easier |
By refinancing federal loan, you waive rights to cancellation or forgiveness programs |
| More flexible repayment terms |
|
| Option of dropping previous co-signer from loan |
|
Student Loan Refinancing Requirements
Eligibility can vary slightly between lenders, but the following are standard requirements
for most refinance loans:
- U.S. citizen or permanent resident
- Aged 18 years or older.
- Reside in a state where your chosen lender is authorized to lend.
- Have employment, sufficient income from other sources, or have an offer of employment
starting within the next 3 months.
- Have graduated with an undergraduate degree or higher from a Title IV school that’s
eligible to process federal student loans.
Lenders also look at the following:
- Credit. This involves a hard credit inquiry which temporarily affects
your credit score. Your credit history is the most important factor in determining your interest rate.
- Income. Your lender will ask to see your pay slips or proof of other
sources of income, in order to assess whether you have sufficient monthly cash flow to meet your
monthly payments.
- Savings. In addition to income, your level of savings will also help the
lender assess your ability to make monthly payments.
- Debt amount. The amount of remaining debt will help the lender determine
the rate and term duration of your loan.
SoFi® Visit SoFi
How to Refinance a Student Loan
A student loan refinance application is similar to other loan or refinance applications. It
involves the following steps:
- Checking your credit. The major credit agencies (Equifax, Experian, and
TransUnion) are legally obligated to share your credit history with you once every 12 months upon
request, free of charge. As a general rule, credit of 700 or more is considered good, and 620-700 is
average.
- Comparing lenders. You can use loan marketplaces to see loan options from
multiple lenders or get a quote from a direct lender.
- Applying for your refinance. You’ll be asked to provide documentation,
including: driver’s license or state ID, Social Security number, pay slips, and employment
information.
Refinancing Student Loans with a Co-signer
| Benefits |
Risks |
| Greater chance of approval |
Co-signer takes on liability for debts |
| Reduced interest rate if co-signer has good credit |
Damage to co-signer’s credit score in event of missed payments |
| Flexibility to release co-signer at pre-determined date in future |
Potential damage to relationship with co-signer over financial matters |
A co-signer can be a:
- Parent
- Guardian
- Spouse
- Close friend
- Relative
- Anyone else who is in a strong financial position and is willing to share the liability
for your debts.
In many cases, recent graduates don’t have the credit history or income to be approved for a
student loan refi unless they bring a co-signer. By bringing a co-signer with good credit and income,
the lender is more likely to approve the refinance and to offer a low interest rate. Bringing on a
co-signer involves more paperwork than applying alone. The lender will ask for documentation from both
the primary borrower and their co-signer. A credit inquiry will be performed for both people.It might
not be easy to find a co-signer. After all, not everyone would be open to sharing your financial
liability. However, if a parent, relative, or close friend agrees to co-sign your refi, you may be able
to sweeten the deal by agreeing to release them in the future. For example, student loans can last
anywhere from 5 years to more than 20 years. If you’re taking out a 20-year loan but envision having
stronger credit in 5 years, you could state in your loan agreement that the co-signer can be released
after 5 years. When you reach the 5-year mark, you’ll need to show the lender that you have strong
credit and sufficient income to maintain the loan on your own.
Splash Financial Visit Splash Financial
Alternatives to Refinancing
If you have private student loans or private and federal loans, refinancing could be the
best way to save money. But if you only have federal loans, you may want to consider debt
consolidation or any of the federal government’s loan forgiveness or cancellation programs.
If you’re unable to meet the minimum payments, these are just some of the programs for
being forgiven all or a portion of your loan amount:
- Public Service Loan Forgiveness. For employees of federal, state, or
local government organizations, and certain non-profits.
- Teacher Loan Forgiveness. For people who have taught full-time in a
low-income school or education service agency for a minimum 5 consecutive years.
- Perkins Loan Cancellation. For teachers serving low-income schools or
children with disabilities. Also available to teachers of math, science, foreign languages, or other
fields classified as having a shortage of qualified teachers.
- Special Circumstances. Student debt may also be canceled in the event
of disability, death, bankruptcy, school closure, withdrawal from school, or if the school falsely
certified the student’s eligibility for the loan.
Summary
A student loan involves a great deal of risk and reward. For most students,
the risk comes from taking out tens of thousands of dollars in loans when they are at their most
vulnerable—young, not-yet employed, and with no credit history. On the flipside, the reward comes by
graduating and finding a job in their chosen profession. In reality, many graduates find themselves
unable to pay off all their student debt. Fortunately, there are ways to cancel or at least reduce your
debt payments. Many students qualify for loan forgiveness or cancellation programs, but even those who
don’t qualify for federal assistance can apply for a student loan refinance and save potentially
thousands of dollars as a result.
Disclaimers
† Credible Terms and Conditions:
Close with a better rate than you prequalify for on Credible and get a $200 gift card. Terms
Apply.
The lenders on the Credible.com platform offer fixed rates ranging from 3.99% -
10.15% APR. Variable interest rates offered by the lenders on Credible.com range from 3.67% - 11.11%
APR. Variable rates will fluctuate over the term of the borrower's loan with changes in the Index
rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall
Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00%
or Prime Rate plus 9.00%.
Rates are subject to change at any time without notice. Your actual
rate may be different from the rates advertised and/or shown above and will be based on factors such as
the term of your loan, your financial history (including your cosigner’s (if any) financial history) and
the degree you are in the process of achieving or have achieved. While not always the case, lower rates
typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter
repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic
Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as
Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is
important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements,
educational institution requirements, citizenship and residency requirements as well as other
lender-specific requirements.
Splash Financial Disclaimer:
*Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits
at any time without notice. Products may not be available in all states. Rates and terms are subject to
change at any point prior to application submission. The information you provide is an inquiry to
determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a
U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are
reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does
not guarantee that you will receive any loan offers or that your loan application will be approved. If
approved, your actual rate will be within a range of rates and will depend on a variety of factors,
including term of loan, creditworthiness, income and other factors. This information is current as of
September 22, 2025. You should review the benefits of your federal student loan; it may offer specific
benefits that a private refinance/consolidation loan may not offer. If you work in the public sector,
are in the military or taking advantage of a federal department of relief program, such as income-based
repayment or public service forgiveness, you may not want to refinance, as these benefits do not
transfer to private refinance/consolidation loans.
Fixed APR: Annual Percentage Rate (APR) is
the cost of credit calculating the interest rate, loan amount, repayment term and the timing of
payments. Fixed rate options range from 4.25% (with autopay) to 10.24% (without autopay) and will vary
based on application terms and level of degree.
Variable APR: Annual Percentage Rate (APR) is
the cost of credit calculating the interest rate, loan amount, repayment term and the timing of
payments. Variable rate options range from 4.86% to 10.74% (without autopay) and will vary based on
application terms and level of degree. Variable APRs and amounts subject to increase or
decrease.
**Repayment examples are for illustrative purposes only. Loans feature repayment
terms of 5 to 20 years. For example, if you receive a $10,000 loan with a 15-year repayment term and an
8.50% APR, you would have a required monthly payment of $98.47. Late payments or subsequent charges and
fees may increase the cost of your loan.
See additional disclaimers at: https://www.splashfinancial.com/disclaimers/Splash Financial, Inc. (NMLS
#1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
SoFi Student Loan Refinance Disclaimer:
Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus
discount. Variable rates range from 6.49% APR to 10.49% APR with 0.25% autopay discount and 0.125% SoFi
Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will
never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 3/18/26 and
are subject to change at any time. Your actual rate will be within the range of rates listed above and
will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer
and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi
variable-rate product, the variable interest rate for a given month is derived by adding a margin to the
30-day average SOFR index, published two business days preceding such calendar month, rounded up to the
nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after
origination if the SOFR index increases. You may pay more interest over the life of the loan if you
refinance with an extended term.
Autopay Discount: The SoFi 0.25% autopay interest rate
reduction requires you to agree to make monthly payments as outlined in your loan agreement by an
automatic monthly deduction from a savings or checking account. This benefit will discontinue and be
lost for periods in which you do not pay by automatic deduction from a savings or checking account. When
the autopay interest rate deduction is added or removed, the next time the loan is re-amortized
(quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan
will be spread over the remaining loan term, and your monthly payment amount will change. This benefit
is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to
receive a loan from SoFi.
SoFi Plus Discount: To be eligible to receive an additional
(0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling
in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an
Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus
Subscription Fee. Once eligible, you will receive this discount during periods in which you have
received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which
SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest
rate but does not change the amount of your regular monthly payment. This discount will be removed
during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and
Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to
change or terminate this interest rate reduction offer for unenrolled participants at any time without
notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription
Fee to be eligible for Loan approval.
Eligible Direct Deposit means a recurring deposit of
regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or
government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or
benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House
(“ACH”) Network during a 30-Day Evaluation Period (as defined below). Although we do our best to
recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits
providers, or government agencies do not designate payments as direct deposit. To ensure you’re
receiving the Student Loan Refinance discount, we encourage you to check your SoFi Plus status in the
Membership & Rewards Center the day after your Eligible Direct Deposit arrives. If your SoFi Plus status
is not reflected in the Membership & Rewards Center, contact us at 855-456-7634 with the details of your
Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start receiving the
Student Loan Refinance discount from the date you contact SoFi for the rest of the current 30-Day
Evaluation Period. You will also be eligible for the Student Loan Refinance discount on future Eligible
Direct Deposits, as long as SoFi Bank can validate them. Deposits that are not from an employer, payroll
or benefits provider, or government agency, including but not limited to check deposits, peer-to-peer
transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from
PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts,
or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit
activity. SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit
activity to determine eligibility and may require additional documentation to complete this
verification. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the
APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation
Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi
mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii)
Banking > Checking > Current APY. SoFi Plus member benefits will be lost during periods in which
the customer has turned off Eligible Direct Deposit into their account. If you are a joint account
holder of a SoFi Checking and Savings account and either you or your joint account holder receives
Eligible Direct Deposit into your SoFi Checking and Savings account, then you will be eligible for all
SoFi Plus benefits, including on accounts you hold in your own name.
Terms and conditions
apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi
loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal
repayment and forgiveness options that are or may become available to federal student loan borrowers
including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment,
Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most
creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated
by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
*Earnest Disclaimer:
Visit Earnest's
eligibility page for more details
1. Interest Rate Disclosure: Actual rate will vary based on your financial profile. Fixed annual
percentage rates (APR) range from 3.94% APR to 10.24% APR (3.69% – 9.99% with .25% auto pay discount).
Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto
pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly
available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal
Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next
business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate
will not increase more than once a month, but there is no limit on the amount that the rate could
increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH,
OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires
selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or
savings account. Enrolling in autopay is not required as a condition for approval.
2. AutoPay
Discount Disclosure: You can take advantage of the Auto Pay interest rate reduction by setting up and
maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account.
The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay.
Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan
repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may
enroll in Auto Pay.
Lender Identification Footnote: Earnest Loans are made by Earnest
Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA
94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California
residents: Loans will be arranged or made pursuant to a California Financing Law
License.
Earnest student refinance loans are serviced by Earnest Operations LLC with support
from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). Earnest LLC and
its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States
of America.
© 2026 Earnest LLC. All rights reserved.
NaviRefi Disclaimer:
You can choose between fixed and variable rates. Fixed interest rates are 5.21% - 9.99% APR (4.96% -
9.74% APR with Auto Pay discount). Starting variable interest rates are 5.97% - 9.99% APR (5.72% - 9.74%
APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight
Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the
index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK,
SC, TN, TX, and VA.
Loan cost examples: These examples provide estimates based on payments
beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240
monthly payments of $85) and a 8.24% APR would result in a total estimated payment amount of $20,434.
For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed
APR: A $10,000 loan with a 20-year term (240 monthly payments of $85) and a 8.24% APR would result in a
total estimated payment amount of $20,434. Your actual repayment terms may vary.
*Laurel Road Disclaimer:
Terms and Conditions Apply. Rates as of 01/09/2025. Rates subject to change and all products subject to
credit approval.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal
student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs
and waive your right to future benefits or programs offered on those loans. Examples of benefits or
programs you may not receive include, but are not limited to, Public Service Loan Forgiveness,
Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options
when refinancing federal student loans and consult StudentAid.gov for the most current information.
Citizens Disclaimer:
1. Student Loan Rate Disclosure: Variable interest rates range from 5.49% - 10.46% (5.49% - 10.46%
APR). Fixed interest rates range from 5.44% - 10.15% (5.44% - 10.15% APR).
2. Get My Rate:
Selecting “Get My Rate” only requires a “soft credit pull” which does not affect your credit score.
Submitting a full application will result in an inquiry on your credit report.
3. Citizens
Undergraduate Booked Loans from 10/1/2023 through 9/30/2024 were 4 times more likely to be approved with
a qualified cosigner.
4. Multi-Year Approval: Funds available for future use are subject to a
soft credit inquiry at time of your next request to verify continued eligibility. After we make the
initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the
Multi-Year Approval feature.
Terms and conditions are outlined in the promissory note.
Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The
additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens
between October 1, 2023 and October 1, 2024. The approval rate represents only borrowers who had
previously accepted the Multi-Year Approval offer. Please Note: International students are not eligible
for Multi-Year Approval.
Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull"
which does not affect your credit score. Submitting a full application will result in an inquiry on
your credit report.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE
ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
