Best Student Loan Refinance Rates in October 2026

The lenders below offer student loan refinancing options with varying rates, terms, and eligibility criteria. Compare the details to narrow down which lenders may be the best fit for your financial situation.

The total savings you get from refinancing student loans will depend on your new interest rate, loan term, and remaining loan balance. Use our student loan refinance calculator to estimate your potential savings and see how different rates and terms can affect your monthly payment and total interest costs.

Refinancing and finding the best student loan refinance rates through Credible is fast and easy:

1. Find your student loan refinancing rates

Get prequalified in minutes with a soft credit check. You'll see real, personalized rates from top lenders with fixed APRs from 3.95% to 10.65%, and variable APRs from 3.96% to 11.01%.

2. Compare your refinancing options

Evaluate student loan refinancing lenders side by side, considering not just student loan refinancing rates, but also repayment terms and monthly payments. None of Credible's partner lenders charge origination fees or prepayment penalties.

3. Choose a loan

Select the student loan refinancing option that best fits your financial goals. You may choose to apply with a cosigner to improve your chances of approval or secure better terms.

4. Submit your student loan refinancing application

Complete the lender's full student loan refinancing application and upload supporting documents such as pay stubs and tax returns.

Student loan refinance rates vary by lender, but you can get an idea of the rate you might be approved for based on your credit score. In general, a higher credit score can help you qualify for a lower interest rate. 

The chart below shows the average interest rate for borrowers who prequalified for student loan refinancing on Credible in September 2026, by credit score:

Start by prequalifying with multiple lenders. This allows you to evaluate their estimated rates and terms without affecting your credit score. Once you have several offers, compare these key features:

• Interest rates: Compare lenders to find the lowest annual percentage rate (APR), which reflects the total cost of borrowing, including interest and certain fees. Be sure to review both fixed APRs, which stay the same for the life of the loan, and variable APRs, which can change over time. 
• Repayment terms: Most refinance lenders offer terms ranging from 5 to 20 years. A shorter term can help you save on interest, while a longer term may lower your monthly payment.
• Fees: Many student loan refinance lenders don’t charge origination fees or prepayment penalties, but it’s still important to check for any extra costs. 
• Borrower protections: Some lenders offer benefits such as unemployment assistance, temporary payment relief, or hardship forbearance if you run into financial trouble.
• Cosigner policies: If you need a cosigner to qualify, compare each lender’s cosigner release policy. Some lenders allow you to remove your cosigner after making a certain number of on-time payments.

Lenders generally set your student loan refinance rate based on your financial profile. The stronger your application, the better your chances are of qualifying for a lower rate. 

Here’s what lenders look at:

• Credit score: Most lenders look for a credit score in the mid-600s, but you’ll typically need a score in the mid-700s or higher to qualify for the lowest student loan refinance rates. 
• Income: Lenders want to see a stable, consistent income that’s high enough to cover your monthly student loan payments. 
• Debt-to-income ratio: This measures how much of your monthly income goes toward other debts. A DTI ratio of 35% or less shows lenders that you can afford to take on a refinanced loan. 
• Repayment term length: Shorter loan terms often come with lower interest rates because lenders take on less risk. You’ll pay more each month, but less interest overall. 
• Cosigner: Adding a cosigner with strong credit and income can strengthen your student loan refinancing application and help you secure a better interest rate. 

Here's how refinancing might help you take control of your finances:

• Lower your interest rate: If your credit and income have improved since you borrowed, you might qualify for a lower rate, potentially saving thousands of dollars in interest.
• Reduce your monthly payment: Extending your loan term when refinancing student loans can lower your monthly payment, freeing up money in your budget.
• Pay off debt faster: Choosing a shorter loan term helps you pay off your student loan faster, and you'll pay less interest overall.
• Simplify your payments: Refinancing allows you to combine multiple loans into one, making repayment easier to manage.
• Remove a cosigner: If your credit has improved, refinancing can help you release a cosigner from responsibility for your loan.

Federal student loan repayment options are becoming more limited in the next few years, which could make refinancing more attractive for some borrowers. 

Key changes include: 

• Income-driven repayment plans are changing: The Saving on a Valuable Education (SAVE) Plan is no longer available, and some existing income-driven repayment plans — Pay As You Earn (PAYE) and Income-Contingent Repayment Plans — are expected to phase out by July 2028. Borrowers enrolled in those plans could eventually be moved into different repayment options, potentially leading to higher monthly payments or longer repayment terms.
• Parent PLUS borrowers may lose repayment flexibility: Parents who take out a new parent PLUS loan on or after July 1, 2026, will lose access to income-driven repayment plans for both new and existing PLUS loans. That change could lead to significantly higher monthly payments for families already managing multiple student loans.

Borrowers who no longer benefit from federal repayment options may find more value in refinancing if they can lower their interest rate or choose a different repayment timeline that better fits their budget.

Refinancing isn't the best choice for everyone, but it can make a big difference in the right circumstances.

Consider refinancing if:

• You have private student loans: Private loans aren't eligible for federal programs, so refinancing private student loans won't cost you federal benefits.
• You qualify for a lower rate: If market rates have dropped or your credit has improved, refinancing may help you secure a better deal.
• You want to change your loan term: Choose a longer term to reduce your monthly payment, or a shorter one to save on interest.
• You have stable income: A steady job and good credit will improve your chances of qualifying for top rates.

Hold off on refinancing if:

• You rely on federal loan benefits: If you refinance federal loans into a private loan, you become ineligible for income-driven repayment plans, forbearance, deferment, and forgiveness programs.
• You're not financially stable: If your income or credit score is low, you might not qualify for favorable rates and might even end up paying more.
• Your current loans offer compelling benefits: Some loans come with perks like autopay discounts or loyalty rewards that you may lose if you refinance.

• Loss of federal loan benefits: Refinancing federal loans with a private lender means losing access to federal protections including income-driven repayment plans, forgiveness programs, and payment relief options like deferment and forbearance.
• Eligibility may be limited with no degree: Many lenders only refinance loans for borrowers who graduated. If you left school before completing your degree, it may be harder to qualify for refinancing.
• Requires strong credit and income: Refinancing may not be worthwhile if your credit or income prevents you from qualifying for a lower rate than you already have. 
• May lose grace or deferment periods: Depending on the lender, refinancing could cause your new loan to enter repayment immediately or leave you with fewer options to pause payments during financial hardship. 
• Cosigner may still be needed: If you don’t meet a lender’s credit or income requirements on your own, you may need a creditworthy cosigner to qualify for the loan or a low interest rate.  

Borrowers commonly refinance private student loans, but refinancing student loans can also include federal loans — with important trade-offs to consider.

You can refinance most federal and private student loans, including:

• Undergraduate and graduate loans
• Medical school loans, including those with deferment through residency
• MBA loans
• Law school loans, including bar study loans

Keep in mind that refinancing federal loans turns them into private loans, which means you'll lose access to federal repayment programs and protections.

Student loan refinancing and student loan consolidation might sound like the same thing. However, they are not, and it's important to understand the difference:

• When you refinance student loans, you replace your existing debt with a new private loan, ideally at a lower interest rate. While you may qualify for a lower rate or a new term, refinancing federal loans means giving up federal protections.
• Student loan consolidation is when you combine multiple federal loans into a Direct Consolidation Loan through the federal government, not a private lender. The rate is the weighted average of your existing rates. You retain federal benefits but won't save on interest.

Student loan refinancing and student loan consolidation are often used interchangeably. However, understanding the difference is crucial because confusing the two could lead to unexpected trade-offs, like losing federal protections or missing out on potential interest savings.

To determine the best student loan refinance lenders, Credible collected more than 1,000 lender data points and evaluated them on eligibility, repayment options, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan refinance lenders, which comprise individual criteria that are also weighted.

• Eligibility: 25%
• Repayment options: 25%
• Interest rates: 20%
• Loan terms: 20%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for student loan refinancing.

Learn more about our methodology.