Best Student Loan Refinance Companies of July 2025

If you struggle to manage your student loans effectively, refinancing them could provide a reprieve.

Refinancing could get you lower rates, different repayment terms, or both. This could reduce your monthly payments or cut your overall interest costs over time. Additionally, combining multiple loans into one simplifies your payment process, making it easier to keep track of your debt payoff progress.

SoFi, RISLA, and LendKey stand out among the best student loan refinancing lenders on the Credible platform, with ratings near the top end of the scale. These high marks are due to features such as their range of repayment options, interest rates, origination fees, discounts, cosigner options, and more.

Compare private student loan refinance rates

Best student loan refinance companies of 2025

Each refinancing lender has its own criteria to determine if you qualify for a loan and the rates and terms you're eligible for. That's why comparison shopping is so vital. The preliminary offers from each lender you prequalify with will likely vary slightly. Check out Credible's partner lenders below.

Why you can trust us

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze more than 1,700 lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine the best student loan refinance lenders, Credible collected more than 1,000 points of data on 16 companies and evaluated them on several different categories: repayment options, eligibility, 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 companies — which comprise individual criteria that are also weighted:

• Repayment options: 25%
• Eligibility: 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 the best student loan.

Learn more about our methodology.

Who should refinance student loans in 2025

Whether or not you should refinance your student loans depends on your personal situation and financial outlook. Refinancing federal student loans carries additional risk as doing so irreversibly strips them of federal benefits and protections. However, if you don't qualify for federal forgiveness opportunities and are unlikely to need payment assistance in the future, refinancing federal student loans may be the right move if you can reduce your overall costs by doing so.

See Also: Why Refinancing My Federal Student Loans Was the Right Choice for Me

Borrowers with private student loans face fewer hazards when refinancing, and no fees with most lenders. If you can save money, reduce your monthly payments, or gain some other benefit by refinancing, it may be worth it. However, make sure you fully understand all the financial implications and compare both monthly and lifetime costs on your current debt before committing to anything.

How to choose the right student loan refinance lender

Choosing the right lender to refinance your student loans is key to getting the lowest rates and the best terms. Here are some tips to help guide you through the selection process:

• Compare rates: Your loan amount and interest rate have the biggest impact on your monthly payments and the total cost of the loan. Get quotes from multiple lenders to compare the annual percentage rates (APRs). Lower APRs can result in substantial savings over the life of the loan.
• Check for fees: Some lenders may charge fees that can add to the cost of refinancing. Look for application fees, origination fees, and prepayment penalties. Ideally, choose a lender that minimizes these costs or doesn't charge them at all.
• Review repayment terms: Your repayment term is the period of time over which you will repay your debt and determines how much you will pay each month. Consider whether a lender offers flexibility like deferment options during financial hardships or the ability to switch between fixed and variable rates.

How to apply for student loan refinancing

If you're ready to refinance your student loans, follow these steps:

• Research and compare lenders: Since each lender is likely to offer you a different rate and terms, compare as many as possible to find the right one for you. Consider not only interest rates but also repayment plans and any fees charged by the lender.
• Choose your loan option: After comparing lenders, choose the option that best suits your needs.
• Complete the application: Once you've picked a lender, fill out a full application (usually online) and submit any required documentation, such as loan verification statements, proof of employment, and proof of income.
• Manage your payments: If you're approved, make sure to keep up with payments on your old loans until the refinancing loan is processed. Afterward, consider signing up for autopay so you won't miss any payments in the future — many lenders offer rate discounts for borrowers who opt for automatic payments.

How to get the best student loan refinancing rate

Lenders assess your credit to judge both your suitability as a borrower and the rate you'll receive. Generally, the most competitive rates on student loan refinancing are given to those with good or excellent credit scores, as they represent the least amount of risk to the lender.

However, your loan's specific details will also influence your interest rate. For instance:

• Loan duration: Choosing a quicker repayment schedule usually results in lower interest rates since these loans are considered less risky by lenders.
• Discount opportunities: Enrolling in automated payments might reduce your rate, similar to discounts available if you have other accounts with the lender or if you bring in new clients through referrals.

Comparing offers from a range of lenders is essential because each has its own method for calculating interest rates. Some may provide better deals than others.

If your credit is subpar, adding a cosigner might help. A cosigner with good credit can increase your likelihood of approval and help you qualify for a lower rate. Although cosigning carries responsibilities, like potential impacts on both parties' credit reports for missed payments, cosigner release options that some lenders offer can help mitigate these concerns.