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The best student loan refinance companies provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.

10 best student loan refinance companies

The student loan refinancing companies in the table below are Credible’s partner lenders, which have been thoroughly evaluated to ensure you find the right loan for your needs.

Through Credible, you can compare rates from all of the lenders below without affecting your credit score.

Lender Variable APRFixed APRTerms (Years) 
Advantage Education Loans
Get Rates
N/A
Variable APR
4.54%+
Fixed APR
10, 15, 20
Terms (Years)
Get Rates
PROS
  • Offers refinancing to borrowers who haven’t completed their degrees
  • Offers forbearance options
  • No fees
CONS
  • No variable rate loans offered
    Loan Details
    Loan Minimum$7,500
    Loan Maximum$500,000+
    Degree RequiredNo
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score670
    Min. Annual Income$24,000
    State RestrictionsMust be a U.S. citizen or noncitizen with proof of residency card
    Brazos
    Get Rates
    3.00%+
    Variable APR
    3.90%+
    Fixed APR
    5, 7, 10, 15, 20
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • No fees
    CONS
    • No cosigner release available
    • Must have a high minimum annual income
    Loan Details
    Loan Minimum$10,000
    Loan Maximum$250,000
    Degree RequiredBachelor's degree
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score690
    Min. Annual Income$60,000 ($30,000 with cosigner)
    State RestrictionsMust be a resident of Texas
    Citizens Bank
    Get Rates
    2.25%+¹
    Variable APR
    3.45%+¹
    Fixed APR
    5, 7, 10, 15, 20
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • Offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
    • No fees
    CONS
    • No disability discharge offered
    Loan Details
    Loan Minimum$10,000
    Loan Maximum$350,000 (depending on degree type)
    Degree RequiredNo
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Scoren/a
    Min. Annual Income$24,000
    State RestrictionsNone
    College Ave
    Get Rates
    2.62%+2
    Variable APR
    3.54%+2
    Fixed APR
    5 to 20
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • No fees
    CONS
    • Can’t be a resident of Maine
    Loan Details
    Loan Minimum$5,000
    Loan Maximum$300,000 (depending on degree type)
    Degree RequiredBachelor's degree or higher
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Scoren/a
    Min. Annual Incomen/a
    State RestrictionsCan’t be a resident of Maine
    EDvestinU
    Get Rates
    4.90%+
    Variable APR
    4.93%+
    Fixed APR
    10, 15, 20
    Terms (Years)
    Get Rates
    PROS
    • Offers refinancing to borrowers who haven’t completed their degrees
    • Offers fixed and variable interest rates
    • Can apply while still enrolled in school
    • No fees
    CONS
    • Need two personal references to apply
    • Must have a credit score over 800 to get their lowest rates

    Loan Details
    Loan Minimum$7,500
    Loan Maximum$200,000
    Degree RequiredNo
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score700
    Min. Annual Income$30,000
    State RestrictionsNone
    ELFI
    Get Rates
    2.39%+3
    Variable APR
    3.14%+3
    Fixed APR
    5, 7, 10, 15, 20
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • Offers referral bonus
    • Offers forbearance options
    • No fees
    CONS
    • Doesn’t offer any discounts
    • No cosigner release available
    Loan Details
    Loan Minimum$15,000
    Loan MaximumNone
    Degree RequiredBachelor's degree or higher
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score680
    Min. Annual Income$35,000
    State RestrictionsNone
    MEFA
    Get Rates
    3.58%+
    Variable APR
    3.60%+
    Fixed APR
    7, 10, 15
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • Offers refinancing to borrowers who haven’t completed their degrees
    • No fees
    CONS
    • Doesn’t offer any discounts (such as autopay discounts)
    • No cosigner release available
    • No forbearance options
    Loan Details
    Loan Minimum$10,000
    Loan MaximumNone
    Degree RequiredNo
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score670
    Min. Annual Income$24,000
    State RestrictionsNone
    PenFed
    Get Rates
    2.67%+
    Variable APR
    3.48%+
    Fixed APR
    5, 8, 12, 15
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • Can apply for refinancing with your spouse
    • No fees
    CONS
    • Doesn’t offer any discounts (such as autopay discounts)
    • Must become a member to refinance
    • No formal forbearance policy
    Loan Details
    Loan Minimum$7,500
    Loan Maximum$300,000
    Degree RequiredBachelor's degree or higher
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score670
    Min. Annual Income$24,000 ($42,000 without cosigner)
    State RestrictionsNone
    RISLA
    Get Rates
    N/A
    Variable APR
    3.49%+
    Fixed APR
    5, 10, 15
    Terms (Years)
    Get Rates
    PROS
    • Offers refinancing to borrowers who haven’t completed their degrees
    • No fees
    CONS
    • No cosigner release
    Loan Details
    Loan Minimum$7,500
    Loan Maximum$250,000 (depending on degree type)
    Degree RequiredNo
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Score350
    Min. Annual Income$40,000
    State RestrictionsNone
    SoFi
    Get Rates
    2.05%+4
    Variable APR
    3.46%+4
    Fixed APR
    5, 7, 10, 15, 20
    Terms (Years)
    Get Rates
    PROS
    • Offers variable and fixed rates
    • No fees
    CONS
    • No cosigner release
    Loan Details
    Loan Minimum$5,000 (may be higher in specific states due to legal requirements)
    Loan MaximumUp to the full balance of your qualified education loans
    Degree RequiredYes
    Eligible LoansFederal, private, and Parent PLUS Loans
    Min. Credit Scoren/a
    Min. Annual Incomen/a
    State RestrictionsNone

    All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4SoFi Disclosures

    Evaluating top refinancing companies

    Because some lenders cater better than others to certain borrowers, Credible evaluated loan and lender data points in 10 categories to identify the “best companies” for refinancing student loans.

    We looked at interest rates, repayment terms, repayment options, fees, discounts, and maximum loan balances offered by lenders.

    We also considered each company’s willingness to refinance parent loans, the level of customer service provided, their willingness to participate in a marketplace, and whether consumers could request rates with a soft credit check.

    Let’s take a deeper look at Credible’s partner lenders:

    • Advantage Education Loan
    • Brazos
    • Citizens Bank
    • College Ave
    • EdvestinU
    • ELFI
    • MEFA
    • PenFed
    • RISLA
    • SoFi

    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.

    advantage education loan student loan refinance

    Interest Rates

    • Fixed APR: 4.54%+

    Loan details and eligibility

    • Loan amounts: $7,500 – $500,000
    • Min credit score: 670
    • Loan terms: 10, 15, 20

    Pros

    • Offers refinancing to borrowers who haven’t completed their degrees
    • Offers forbearance options
    • No prepayment or origination fees

    Cons

    • No variable rate loans offered

    Learn More: Advantage Education Loan review

    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.

    brazos student loan refinance

    Interest Rates

    • Fixed APR: 3.90%+
    • Variable APR: 3.00%+

    Loan details and eligibility

    • Loan amounts: $10,000 – $250,000
    • Min credit score: 690
    • Loan terms: 5, 7, 10, 15, 20

    Pros

    • Offers fixed and variable interest rates
    • No origination or prepayment fees

    Cons

    • No cosigner release available
    • Must have a relatively high minimum annual income

    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.

    citizens bank student loan refinance

    Interest Rates

    • Fixed APR: 3.45%+¹
    • Variable APR: 2.25%+¹

    Loan details and eligibility

    • Loan amounts: $10,000 – $350,000 (depending on degree type)
    • Min annual income: $24,000
    • Loan terms: 5, 7, 10, 15, 20

    Pros

    • Offers variable and fixed interest rates
    • Offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
    • No prepayment or origination fees

    Cons

    • No disability discharge offered

    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.

    college ave student loan refinance

    Interest Rates

    • Fixed APR: 3.54%+2
    • Variable APR: 2.62%+2

    Loan details and eligibility

    • Loan amounts: $5,000 – $300,000 (depending on degree type)
    • Min annual income: n/a
    • Loan terms: 5 to 20

    Pros

    • Offers variable and fixed interest rates
    • No prepayment or origination fees

    Cons

    • Not available to residents in Maine

    Learn More: College Ave student loan review

    5. EDvestinU

    EDvestinU is a nonprofit loan program offered by the New Hampshire Higher Education Loan Corporation, but residents from any state can apply.

    They allow borrowers to apply for cosigner release after 36 on-time monthly payments or in the event of the borrower’s death.

    edvestinu student loan refinance

    Interest Rates

    • Fixed APR: 4.93%+
    • Variable APR: 4.90%+

    Loan details and eligibility

    • Loan amounts: $7,500 – $200,000
    • Min credit score: 700
    • Loan terms: 10, 15, 20

    Pros

    • Offers refinancing to borrowers who haven’t completed their degrees
    • Offers fixed and variable interest rates
    • Can apply while still enrolled in school
    • No origination or prepayment fees

    Cons

    • Need two personal references to apply
    • Must have a credit score over 800 to get their lowest rates

    Learn More: EDvestinU student loan refinance review

    6. 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.

    ELFI student loan refinance

    Interest Rates

    • Fixed APR: 3.14%+3
    • Variable APR: 2.39%+3

    Loan details and eligibility

    • Loan minimum: $15,000 (no max)
    • Min credit score: 680
    • Loan terms: 5, 7, 10, 15, 20

    Pros

    • Offers variable and fixed rates
    • Offers referral bonus
    • Offers forbearance options
    • No fees

    Cons

    • Doesn’t offer any discounts
    • No cosigner release available

    Learn More: ELFI student loan refinance review
    3ELFI 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.

    MEFA student loan refinance

    Interest Rates

    • Fixed APR: 3.60%+
    • Variable APR: 3.58%+

    Loan details and eligibility

    • Loan minimum: $10,000 (no max)
    • Min credit score: 670
    • Loan terms: 7, 10, 15

    Pros

    • Offers variable and fixed interest rates
    • Offers refinancing to borrowers who haven’t completed their degrees
    • No prepayment or origination fees

    Cons

    • Doesn’t offer any discounts (such as autopay discounts)
    • They don’t have a cosigner release available
    • No forbearance or deferment options

    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.

    PenFed student loan refinance

    Interest Rates

    • Fixed APR: 3.48%+
    • Variable APR: 2.67%+

    Loan details and eligibility

    • Loan amounts: $7,500 – $300,000
    • Min credit score: 670
    • Loan terms: 5, 8, 12, 15

    Pros

    • Offers variable and fixed interest rates
    • Can apply for refinancing with your spouse
    • No origination fees or prepayment penalties

    Cons

    • Doesn’t offer any discounts (such as autopay discounts)
    • No formal deferment or forbearance options
    • Must become a member to refinance

    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.

    risla student loan refinance

    Interest Rates

    • Fixed APR: 3.49%+

    Loan details and eligibility

    • Loan amounts: $7,500 – $250,000 (depends on degree type)
    • Min credit score: 350
    • Loan terms: 5, 8, 12, 15

    Pros

    • Offers refinancing to borrowers who haven’t completed their degrees
    • Low minimum credit score
    • No prepayment or origination fees

    Cons

    • No cosigner release option available

    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.

    sofi student loan refinance

    Interest Rates

    • Fixed APR: 3.46%+4
    • Variable APR: 2.05%+4

    Loan details and eligibility

    • Loan amounts: $5,000 up to the full balance of your qualified education loans
    • Min credit score: n/a
    • Loan terms: 5, 7, 10, 15, 20

    Pros

    • Offers variable and fixed rates
    • No origination or prepayment fees

    Cons

    • No cosigner release option available

    Learn More: SoFi student loan refinance review

    Frequently Asked Questions

    How do I choose the best lender for me?

    Choosing the best lender 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:

    1. 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.
    2. 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.
    3. 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

    Check Your Rates Now

    More resources

    Other refinancing companies


    Methodology: Credible evaluated loan and lender data points in 10 categories to identify the "best companies" for refinancing and consolidating student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, and maximum loan balances offered by lenders. We also considered each company's willingness to refinance parent loans, the level of customer service provided, their willingness to participate in a marketplace, and whether consumers could request rates with a soft credit check. Because every lender has its own system for evaluating borrowers, the best loan or lender will depend on an individual's unique circumstance, the loan features that are most important to them, and the interest rate and terms they qualify for.


    Citizens Bank Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 2.25%-9.24% (2.25%-9.24% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.45%-9.62% (3.45%-9.62% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
    About the author
    Jamie Young
    Jamie Young

    Jamie Young is a Credible authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

    Read More