Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
The best student loan refinance companies provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.
Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score.
| Lender | Variable rates from (APR) | Fixed rates from (APR) | Terms (Years) | ||||||||||||||||
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 Advantage Education Loans | Get Rates | N/A Variable APR | 4.54%+ Fixed APR | 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 Brazos | Get Rates | 1.95%+ Variable APR | 2.97%+ Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 Citizens Bank | Get Rates | 1.99%+¹ Variable APR | 2.99%+¹ Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 College Ave | Get Rates | 3.64%+2 Variable APR | 3.74%+2 Fixed APR | 5 to 20 Terms (Years) | Get Rates | ||||||||||||||
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 ELFI | Get Rates | 2.39%+3 Variable APR | 2.79%+3 Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 INvestEd | Get Rates | 1.99%+4 Variable APR | 2.92%+4 Fixed APR | 5, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 MEFA | Get Rates | 3.65%+ Variable APR | 3.65%+ Fixed APR | 7, 10, 15 Terms (Years) | Get Rates | ||||||||||||||
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 PenFed | Get Rates | 2.58%+ Variable APR | 3.23%+ Fixed APR | 5, 8, 12, 15 Terms (Years) | Get Rates | ||||||||||||||
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 RISLA | Get Rates | N/A Variable APR | 3.49%+ Fixed APR | 5, 10, 15 Terms (Years) | Get Rates | ||||||||||||||
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 SoFi | Get Rates | 2.25%+5 Variable APR | 2.99%+5 Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures |
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Let’s take a look at Credible’s partner lenders:
1. Advantage Education Loan
Advantage Education Loan offers Advantage Refinance Loans to borrowers who are U.S. citizens or noncitizens with proof of residency card. They also allow borrowers to apply for cosigner release after 36 months of consecutive on‐time payments.
They also offer death and disability discharge and has standard and graduated repayment plans available.
- Fixed rates from (APR): 4.54%+
- Variable rates from (APR): N/A
- Repayment terms (years): 10, 15, 20
- Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay
- Eligibility: Must be a resident of Kentucky
- Customer service: Phone
- Soft credit check: No
- Cosigner release: After 24 - 36 months
- Min. credit score: Does not disclose
- Max. undergraduate loan balance: $250,000 - $500,000
- Max. graduate loan balance: $250,000 - $500,000
- Offers Parent PLUS refinancing: Yes
Pros
Cons
2. Brazos
Brazos offers refinancing to borrowers who reside in Texas. They also offer economic hardship forbearance, which allows borrowers to defer payment for three months at a time, with a cumulative maximum of 12 months.
- Fixed rates from (APR): 2.97%+
- Variable rates from (APR): 1.95%+
- Repayment terms (years): 5, 7, 10, 15, 20
- Repayment options: Military deferment, forbearance
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
- Customer service: Email, phone
- Soft credit check: Does not disclose
- Cosigner release: No
- Min. credit score: 690
- Max. undergraduate loan balance: $100,000 - $149,000
- Max. graduate loan balance: $200,000 - $249,000
- Offers Parent PLUS refinancing: Does not disclose
Pros
Cons
Learn More: Brazos student loan refinance review
3. Citizens Bank
Citizens Bank offers refinancing to all U.S. residents and permanent residents, as well as resident aliens (with an eligible cosigner). They allow borrowers to apply for cosigner release after 36 monthly payments.
They also offer economic hardship forbearance, which allows borrowers to defer payment for two months at a time, with a cumulative maximum of 12 months.
- Fixed rates from (APR): 2.99%+¹
- Variable rates from (APR): 1.99%+¹
- Repayment terms (years): 5, 7, 10, 15, 20
- Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay, loyalty
- Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 24 - 36 months
- Min. credit score: Does not disclose
- Max. undergraduate loan balance: $100,000 - $149,000
- Max. graduate loan balance: Less than $150,000
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: Citizens Bank student loan refinance review
1Citizens Bank Disclosures
4. College Ave
College Ave offers refinancing to all U.S. residents and permanent residents except for residents in Maine.
They offer super flexible terms (a total of 15) to give you more options when it comes to repayment.
- Fixed rates from (APR): 3.74%+2
- Variable rates from (APR): 3.64%+2
- Repayment terms (years): 5, 7, 10, 12, 15, 20
- Repayment options: Military deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: All states except for ME
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 24 - 36 months
- Min. credit score: Does not disclose
- Max. undergraduate loan balance: $100,000 - $149,000
- Max. graduate loan balance: Less than $150,000
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: College Ave student loan review
2College Ave Disclosures
5. ELFI
Education Loan Finance (ELFI) is a student loan debt consolidation program offered by SouthEast Bank. They offer temporary forbearance of up to 12 months for financial hardship.
If facing a medical difficulty, borrowers may be granted forbearance at the discretion of SouthEast Bank, as well.
- Fixed rates from (APR): 2.79%+3
- Variable rates from (APR): 2.39%+3
- Repayment terms (years): 5, 7, 10, 12, 15, 20
- Repayment options: Forbearance
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
- Customer service: Email, phone
- Soft credit check: Yes
- Cosigner release: No
- Min. credit score: 680
- Max. undergraduate loan balance: No maximum
- Max. graduate loan balance: No maximum
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: ELFI student loan refinance review
3ELFI Disclosures
6. INvestEd
INvestEd offers refinancing to Indiana residents and U.S. residents attending eligible Indiana schools.
They allow borrowers to apply for cosigner release after 48 months of on-time payments. INvestEd also offers hardship forbearance for up to three months at a time, with a cumulative maximum of 24 months.
Pros
Cons
Learn More: INvestEd student loan refinance review
4INvestEd Disclosures
7. MEFA
Massachusetts Educational Financing Authority (MEFA) doesn’t just offer private loans to those in Massachusetts; residents from any state can apply.
Borrowers who take out a MEFA Education Refinancing Loan get convenient online account access for loan payments as well as access to helpful videos and documentation.
Pros
Cons
Learn More: MEFA student loan refinance review
8. PenFed
You’ll need to become a member in order to refinance your private and federal loans with Pentagon Federal Credit Union (PenFed).
PenFed allows borrowers to apply for cosigner release after 12 months of consecutive on-time payments. They also allow the transfer of loan amounts to a spouse or parent, or from parent to child.
- Fixed rates from (APR): 3.23%+
- Variable rates from (APR): 2.58%+
- Repayment terms (years): 5, 8, 12, 15
- Repayment options: Does not disclose
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 12 months
- Min. credit score: 670
- Max. undergraduate loan balance: $300,000
- Max. graduate loan balance: $300,000
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: PenFed student loan refinance review
9. RISLA
Rhode Island Student Loan Authority (RISLA) doesn’t just offer loans to those in Rhode Island; residents from any state can apply.
They allow borrowers to apply for cosigner release after 24 months of consecutive on-time payments. They also offer income-based repayment options to borrowers who demonstrate financial hardship.
- Fixed rates from (APR): 3.49%+
- Variable rates from (APR): N/A
- Repayment terms (years): 5, 10, 15
- Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
- Customer service: Email, phone
- Soft credit check: Does not disclose
- Cosigner release: No
- Min. credit score: 680
- Max. undergraduate loan balance: $150,000 - $249,000
- Max. graduate loan balance: $200,000 - $249,000
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: RISLA student loan refinance review
10. SoFi
More than 250,000 borrowers have refinanced $18 billion in student loans with SoFi. It’s no wonder considering the company offers competitive interest rares, no fees, and flexible repayment terms.
SoFi offers its student loan refinancing product to U.S. residents, permanent residents, and visa holders.
- Fixed rates from (APR): 2.99%+5
- Variable rates from (APR): 2.25%+5
- Repayment terms (years): 5, 7, 10, 15, 20
- Repayment options: Academic deferment, military deferment
- Fees: None
- Discounts: Autopay, loyalty
- Eligibility: Available in all 50 states
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: No
- Min. credit score: Does not disclose
- Max. undergraduate loan balance: No maximum
- Max. graduate loan balance: No maximum
- Offers Parent PLUS refinancing: Yes
Pros
Cons
Learn More: SoFi student loan refinance review
5SoFi Disclosures
Other student loan refinancing lenders to consider
Here are more student loan refinancing companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.
 Show details | Undergrad: $500,000 Grad: $500,000 |
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 Show details | Undergrad: $249,000 Grad: $199,000 |
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 Show details | Undergrad: $500,000 Grad: $500,000 |
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 Show details | Undergrad: $500,000 Grad: $500,000 |
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 Show details | Undergrad: $249,000 Grad: $249,000 |
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 Show details | Undergrad: None Grad: None |
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 Show details | Does not disclose | |
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 Show details | Undergrad: $99,000 Grad: $150,000 |
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 Show details | Undergrad: None Grad: None |
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 Show details | Does not disclose | |
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Frequently Asked Questions
How do I choose the best lender for me?
Choosing the best lender for you means comparing multiple lenders. Not only do loan options and features vary by lender, but every company has its own unique methods of evaluating borrowers. When comparing, you should look at:
- Interest rates: Some lenders offer both fixed and variable rates. Decide which is best for you.
- Loan terms: The length of repayment for most refinancing lenders is between five and 20 years. Just remember: The longer the repayment term, the more you’ll have to pay in interest over the life of the loan.
- Origination Fees: Look for lenders with no fees, like any of Credible’s partner lenders.
- Repayment options: Some lenders might offer repayment options like deferment, forbearance, or other hardship options if you get into a bind.
What do I need to qualify for refinancing?
When you apply to refinance student loan debt, lenders consider these factors for qualification:
- Credit score: Most lenders have a minimum credit score requirement and offer low interest rates to borrowers with good to excellent credit.
- Debt-to-income ratio: Your DTI is how much of your monthly income is required to pay expenses like your rent or mortgage, car loan, and other bills.
- Income: Private lenders want to make sure you have a steady job and enough monthly income to live on after making your loan payments.
- Degree: Not all, but some lenders require that you have completed your degree in order to refinance your student debt.
- Amount of debt: Lenders have a minimum and maximum amount they’ll refinance — typically between $7,500 and $300,000.
When is the best time to refinance?
The best time to refinance your student loans is whenever it makes financial sense to do so. It usually doesn’t make sense to refinance your loans until after graduation, when you’ve landed a job and established your earnings and credit history.
How much will I save by refinancing?
The money you can save by refinancing student loan debt depends on several factors, including the interest rates on your existing loans and how long you’re taking to pay them off.
Borrowers who refinance their student loan debt typically pursue one of three strategies:
- Maximum savings: Borrowers who want to achieve the greatest reduction in their total repayment costs typically refinance into a loan with a shorter repayment term. This strategy can help you get the lowest interest rate, but may also increase your monthly payment. We see borrowers pursuing this strategy get on track to save an average of $17,344 over the life of their new loan.
- Lower monthly payment: If you’re more focused on lowering your monthly payment, refinancing into a loan with a longer repayment term can help get you a bigger reduction. But your total repayment costs may increase. Borrowers using Credible to refinance into loans with longer repayment terms reduce their monthly payment by $209, on average.
- Lower repayment costs and monthly payment: When you refinance at a lower interest rate, but roughly the same repayment term, you can often lower your total repayment costs and your monthly payment. The total savings won’t be as dramatic as if you reduced your loan term, but it can be a good strategy for borrowers who can’t afford to make a bigger monthly payment.
Keep in mind that if you refinance federal student loans with a private lender, you’ll no longer have access to benefits like income-driven repayment, or the chance to qualify for student loan forgiveness after 10, 20, or 25 years of payments. Some private student loan lenders will grant deferment or forbearance to borrowers facing financial difficulties on a case-by-case basis, but government student loans can be more lenient in that respect.
If you work for the government or a tax-exempt nonprofit, you may be able to qualify for Public Service Loan Forgiveness of your federal loans after 10 years of payments.
Learn More: Student Loan Forgiveness Programs
More resources
- Compare rates from lenders that refinance medical school loans
- Compare rates from lenders that refinance law school loans
- Compare rates from lenders that refinance parent plus loans
- Compare rates from lenders that allow you to refinance student loans without a degree
- Compare rates from lenders that refinance MBA loans
Methodology: Credible evaluated loan and lender data points in 12 categories to identify the “best companies” for refinancing student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, customer service availability, and maximum loan balances offered by lenders. We also considered each company’s willingness to refinance parent loans, eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
