Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, no one dictates what we write on our blog. All guidance given is unbiased and all opinions are our own.
The student loan refinancing companies in this article are all Credible’s partner lenders. We have not included other lenders.
Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score.
| Lender | Variable APR | Fixed 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 | 3.87%+ Variable APR | 3.10%+ Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 Citizens Bank | Get Rates | 2.24%+¹ Variable APR | 3.27%+¹ Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 College Ave | Get Rates | 2.62%+2 Variable APR | 3.54%+2 Fixed APR | 5 to 20 Terms (Years) | Get Rates | ||||||||||||||
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 EDvestinU | Get Rates | 4.54%+5 Variable APR | 4.93%+5 Fixed APR | 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 ELFI | Get Rates | 2.39%+3 Variable APR | 2.94%+3 Fixed APR | 5, 7, 10, 15, 20 Terms (Years) | Get Rates | ||||||||||||||
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 MEFA | Get Rates | 4.01%+ Variable APR | 3.95%+ Fixed APR | 7, 10, 15 Terms (Years) | Get Rates | ||||||||||||||
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 PenFed | Get Rates | 2.27%+ Variable APR | 3.48%+ 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 | 2.51%+4 Variable APR | 3.46%+4 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 | 4SoFi Disclosures | 5EDvestinU Disclosures |
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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 February 1, 2020, the one-month LIBOR rate is 1.66%. Variable interest rates range from 2.24%-8.76% (2.24%-8.76% 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 3.27%-8.90% (3.27%-8.90% 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. |
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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.
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
Cons
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.
Interest Rates
- Fixed APR: 3.10%+
- Variable APR: 3.87%+
Loan details and eligibility
- Loan amounts: $10,000 – $250,000
- Min credit score: 690
- Loan terms: 5, 7, 10, 15, 20
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.
Interest Rates
- Fixed APR: 3.27%+¹
- Variable APR: 2.24%+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
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.
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
Cons
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.
Interest Rates
- Fixed APR: 4.93%+5
- Variable APR: 4.54%+5
Loan details and eligibility
- Loan amounts: $7,500 – $200,000
- Min credit score: 700
- Loan terms: 10, 15, 20
Pros
Cons
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.
Interest Rates
- Fixed APR: 2.94%+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
Cons
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.
Interest Rates
- Fixed APR: 3.95%+
- Variable APR: 4.01%+
Loan details and eligibility
- Loan minimum: $10,000 (no max)
- Min credit score: 670
- Loan terms: 7, 10, 15
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.
Interest Rates
- Fixed APR: 3.48%+
- Variable APR: 2.27%+
Loan details and eligibility
- Loan amounts: $7,500 – $300,000
- Min credit score: 670
- Loan terms: 5, 8, 12, 15
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.
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
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.
Interest Rates
- Fixed APR: 3.46%+4
- Variable APR: 2.51%+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
Cons
Learn More: SoFi student loan refinance review
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: The student loan refinancing companies in this article are Credible’s partner lenders. We have not included other lenders. Note that all of the lenders evaluated in the “best of” articles are lenders from whom Credible receives compensation in the event a person who uses the Credible platform closes a loan with the lender. Credible believes the best student loan refinancing companies provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service. Using the Credible marketplace, you can compare these loan features and more from our partner lenders. Because every lender has its own system for evaluating borrowers, the best loan or lender will depend on an individual's unique circumstance.
