How to Refinance Your Student Loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. By refinancing your mortgage, total finance charges may be higher over the life of the loan.
Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Knowing how to refinance your student loans comes down to first choosing your top lenders and comparing their interest rates, terms, and fees.

How to refinance your student loans in six steps:

1. Research lenders
2. Fill out a form
3. Compare rates and terms
4. Choose the best option for you
5. Complete your application
6. Stay current on your loans

1. Research lenders

Some student loan lenders might be better for some life situations than others. Since not all lenders offer the same terms, you’ll want to do your research and compare them. You should take a look at a few different factors, including:

• Interest rate: While an interest rate mostly depends on your credit score, different lenders can offer you different rates. You typically want to look for the lender that offers the lowest rate as well as the best terms and monthly payment for your situation.
• Repayment terms: Think about what kind of new refinancing terms world work best for you. If you want to pay your student loans off fast, you should probably consider a shorter term. However, if you need more room in your budget and want to lower your monthly payment, you could consider a longer term loan. Just keep in mind that the longe the repayment term, the more you’ll end up paying in interest over time.
• Monthly payment: Look at the estimated monthly payments you could make. If this number doesn’t fit into your budget, you may want to see about adjusting your terms or interest rate.
• Fees: Some lenders offer low or no fees which is what you should look for. But be on the lookout for late payment fees, prepayment penalties, and origination fees that could cause you to pay more in the long run.
• Requirements: Different lenders have different requirements, so be on the look out for which will best suit your needs. For example, if you don’t have stellar credit, you might want to use a cosigner — some lenders don’t allow cosigners, but others do. Or maybe you didn’t graduate and you’re still trying to pay off your student loans. Although most lenders don’t offer refinancing to those who didn’t graduate, there are some who do that could be a good fit for you.

Learn More:

• Refinance Your Student Loans Without a Degree
• Student Loan Refinance Lenders for International Students

2. Fill out a form

You can compare student loan refinancing options through Credible. You’ll need to complete a quick form with some details about you and your loans. This allows you to see the best lenders and rates without it impacting your credit score.

At this point, if you meet the lenders’ eligibility criteria you’ll see the prequalified rates and loan products you qualify for. Then you’ll be able to compare lenders.

3. Compare rates and terms

You can compare lenders based on interest rates, fees, monthly payments, and the total loan amount you’ll be taking out.

Some of the best student loan refinancing lenders offer low interest rates, minimal (or no) fees, and a flexible repayment schedule based on what works best for you.

Lender	Variable rates from (APR)	Fixed rates from (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	2.94%+
Fixed APR: 2.94%+ Variable APR: N/A Min. credit score: Does not disclose Loan amount: $7,500 up to $500,000 Loan terms (years): 10, 15, 20 Max. undergraduate loan balance: $250,000 - $500,000 Time to fund: 4 days Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or noncitizen with proof of residency card, have an acceptable income and credit history or an approved cosigner, and have entered grace or repayment on the loans he or she wants to refinance Customer service: Phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: Kentucky Higher Education Student Loan Corporation Max. graduate loan balance: $250,000 - $500,000 Credible Review: Advantage Education Loan review Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.82%+	2.49%+
Fixed APR: 2.49%+ Variable APR: 4.82%+ Min. credit score: 690 Loan amount: $10,000 to $400,000 Loan 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 Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.84%+1	4.49%+1
Fixed APR: 4.49%+1 Variable APR: 3.84%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan 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 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.44%+2	3.99%+2
Fixed APR: 3.99%+2 Variable APR: 3.44%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 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 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.41%+5	4.41%+5
Fixed APR: 4.41%+5 Variable APR: 5.23%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.48%+3	4.29%+3
Fixed APR: 4.29%+3 Variable APR: 2.48%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan 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 Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.67%+4	5.18%+4
Fixed APR: 5.18%+4 Variable APR: 3.67%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	4.5%+
Fixed APR: 4.5%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	5.49%+
Fixed APR: 5.49%+ Variable APR: N/A Min. credit score: 670 Loan amount: $7,500 to $300,000 Loan 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 Loan servicer: PenFed Max. Undergraduate Loan Balance: $300,000 Max. Graduate Loan Balance: $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	4.29%+
Fixed APR: 4.29%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan 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 Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Compare personalized rates from multiple lenders without affecting your credit score. 100% free! Compare Now Trustpilot
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures

Find Out: Can You Refinance a Student Loan to a 30-Year Term?

4. Choose the best offer for you

Some lenders also offer emergency help, like temporarily halting payments in case you lose your job or go through a hardship. Others have cosigner options available — including cosigner release. Consider other lender perks and benefits as you review your choices.

Since not all lenders have the same benefits, offers, or even qualifying factors, it’s important to review each one. You’ll want to choose the best options for your financial situation. For instance:

• If you can afford to make a larger monthly payment, you might want to refinance into a loan with a shorter repayment term. This strategy can lead to the greatest savings, because you’ll pay off your student loans faster. Not only that, but the shorter the repayment term, the lower the interest rate offered by most lenders.
• If you want to lower your monthly payment when refinancing by extending your loan term, you won’t qualify for the lowest interest rate, and your total repayment costs may increase. But you can always make more than the minimum loan payment anytime you can afford it.
• You can often lower both your monthly payment and your total repayment costs if you refinance into a loan with a lower interest rate and roughly the same repayment term as your existing loans.

Read On: You Can Refinance Sallie Mae Student Loans — Here’s How

5. Complete your application

Once you’ve found a lender that works for you, you’ll provide your loan details. Credible has an easy import tool, which can come in handy as you’re adding many different lenders and loans to refinance.

Even if you’ve prequalified, you’ll complete a full application and the lender will conduct a hard credit pull (which does impact your credit score) and the lender will verify your documents, analyze your debt to income ratio, and more. At this point, you’ll need to provide proof of employment and income and official statements on all your outstanding loans.

Once this is done, the lender determines whether to approve your loan and at what rate. If you still like what you see, you’ll sign the loan documents. Then, typically, it takes about two business days to fund your loan from the time you receive lender approval, but funding times vary by lender and circumstance.

Estimate: Student Loan Repayment Calculator

6. Stay current on your loans

To avoid falling behind, make sure you keep paying your current lenders until your new one confirms the completed transaction. Your new lender will set a date for when your monthly payment is due.

After approval of a loan, you’re still obligated to make payments on your existing loans until you’ve received confirmation otherwise. If not, missed or late payments can cause your credit score to drop, hurting your chances of borrowing money in the future.

Learn More:

• Can you Refinance Federal Student Loans?
• Should I Refinance Some Or All Of My Student Loans?

About the author

Dori Zinn

Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.

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