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. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
TD Bank offers a wide variety of products and services to help you with your money — but if you’re looking for student loan refinancing options, you won’t find them there.
Thankfully, if you want to refinance your student loans, you have plenty of other lenders to choose from.
Here’s what you should know about TD Bank student loan refinance alternatives:
Alternatives to TD Bank refinancing
Here are a few of your lender options for student loan refinancing:
Refinancing through an online lender can be a convenient option. Depending on the lender, you might get an approval decision within minutes, which could help streamline your refinancing experience.
Here are Credible’s online partner lenders that offer student loan refinancing:
|Lender||Fixed rates from (APR)||Variable rates from (APR)||Loan terms (years)||Loan amounts|
|4.54%+||N/A||10, 15, 20||$7,500 up to up to $200,000
(larger balances require special approval)
|2.85%+||1.88%+||5, 7, 10, 15, 20||$10,000 up to $250,000
(depending on degree)
|2.39%+<sup1||2.24%+1||5, 7, 10, 15, 20||$10,000 to $500,000
(depending on degree and loan type)
|2.99%+2||2.94%+2||5, 7, 10, 12, 15, 20||$5,000 to $300,000
(depending on degree type)
|2.16%+||2.11%+||5, 7, 10, 15, 20||$5,000 to $500,000|
|2.58%+3||2.39%+||5, 7, 10, 12, 15, 20||Minimum of $15,000|
|3.47%+4||2.46%+||5, 10, 15, 20||$5,000 - $250,000|
|2.74%+5||N/A||5, 7, 10, 12, 15, 20||Up to $300,000|
|3.05%+||3.05%+||7, 10, 15||$10,000 up to the total amount of qualified education debt|
|2.89%+||2.13%+||5, 8, 12, 15||$7,500 to $300,000|
|3.29%+||N/A||5, 10, 15||$7,500 up to $250,000
(depending on highest degree earned)
|2.74%+6||2.25%6||5, 7, 10, 15, 20||$5,000 up to the full balance of your qualified education loans|
|Compare personalized rates from multiple lenders without affecting your credit score. 100% free!
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5ISL Education Lending Disclosures | 6SoFi Disclosures
Advantage: Best for parents who want to refinance Parent PLUS Loans into their child’s name
Perks: Autopay discount, Parent PLUS Loan refinancing, cosigner release (after 36 months of consecutive on-time payments)
Brazos: Best for Texas residents
Perks: Autopay discount; forbearance available for active-duty military, economic hardship, or natural disasters; variety of loan terms (five to 20 years)
Citizens: Best for borrowers who didn’t complete their degree
Perks: Autopay and loyalty discounts, can refinance up to $500,000 (depending on degree and loan type), both private and federal loans accepted, cosigner release (after 36 months of consecutive on-time payments)
College Ave: Best for variety of loan terms
Perks: 16 different loan term options ranging from five to 20 years, autopay discount, can refinance up to $300,000 (depending on degree type)
CommonBond: Best for borrowers who want to pay off their loan early
Perks: Hybrid loan option starts with fixed rate for first half of the loan then switches to variable rate, up to 24 months of forbearance available, can refinance Parent PLUS Loans into your child’s name
ELFI: Best for borrowers with large loan balances
Perks: Up to 12 months of financial hardship forbearance available, no maximum loan amount restriction, can refinance Parent PLUS Loans into your child’s name
INvestEd: Best for borrowers who might need forbearance options
Perks: Autopay discount, up to 24 months of forbearance available during the life of the loan (one to three months duration per forbearance), graduation not required
ISL Education Lending: Best for borrowers who want to refinance while in school
Perks: Autopay discount, can refinance while still in school, graduated repayment plans available
MEFA: Best for borrowers who attended a public or nonprofit university
Perks: Graduation not required, modified payment plans available, no maximum loan amount restriction
PenFed: Best for spouses who want to combine loans
Perks: Can refinance up to $300,000, can transfer parent loans to a child, cosigner release (after 12 months of consecutive on-time payments)
RISLA: Best for borrowers planning to go back to school
Perks: Autopay discount, can defer payments for up to three years if you return to school, income-based repayment options available for borrowers with financial hardship
SoFi: Best for borrowers with graduate or professional degrees
Perks: Autopay and loyalty discounts, no fees, unemployment protection plus career and investing advice available
Learn More: Best Student Loan Refinance Companies
There are several traditional banks that offer student loan refinancing. If you already have an account with a bank, it could be worth seeing if they also offer refinancing, since you might qualify for a loyalty discount.
Here are a few of your options:
- Discover offers student loan refinancing with no fees. With Discover, you can refinance $5,000 up to your total education debt. You also have the option to refinance while you’re still in school.
- Laurel Road student loan refinancing comes with terms ranging from five to 20 years. Borrowers who have undergraduate or graduate degrees as well as those who have an associate degree in certain healthcare fields can refinance with Laurel Road.
- PNC Bank offers both fixed and variable rates for refinancing. Plus, you could get an 0.50% autopay discount if you sign up for automatic payments, which is higher than what most other lenders provide.
Because credit unions are nonprofit organizations, they sometimes offer better rates and terms on refinancing compared to banks.
Here are a couple of options to consider:
- First Tech Federal Credit Union offers a few refinancing options, including fixed-rate loans, balloon loans, and interest-only loans. Refinancing with First Tech also comes with access to discounts and rewards on other First Tech products, such as auto loans and checking accounts.
- Navy Federal Credit Union refinancing is available to both graduates and parents who paid for their child’s education. It also offers cosigner release after just 12 months of consecutive on-time payments.
Use our calculator below to see how much you can save by refinancing your student loans.
Step 1. Enter your loan balance
Step 2. Enter current loan information
Step 3. Enter your new loan information to start calculating your savings
If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Checking rates won’t affect your credit score.
Learn More: Pros and Cons of Consolidating Student Loans
How to refinance a loan
Here’s how to refinance student loans in just four steps:
- Check your credit. When you apply for refinancing, lenders will review your credit to determine your creditworthiness — which means it’s a good idea to make sure your credit is in as good of shape as possible. You can use a site like AnnualCreditReport.com to check your credit reports. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
- Compare lenders and pick a loan option. Every lender offers its own rates and terms — so be sure to compare as many lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After this, choose the loan that you like best.
- Fill out the application. Once you’ve picked a lender, you’ll need to complete a full application and submit any required documentation, such as pay stubs or tax returns. If you’re approved, the lender will have you sign for the loan.
- Manage your payments. Be sure to keep up with payments on your old student loan while your new loan is processed. Once the refinance is complete, consider signing up for autopay so you won’t miss any future payments — many lenders offer a rate discount for automatic payments
When to refinance a student loan
While refinancing might seem like a good idea, it isn’t always right for everyone. If you’re trying to decide when to refinance your student loans, here are a few situations where it could be a good choice:
- You want to combine your loans. Keeping up with multiple student loan payments can be difficult. Through refinancing, you can combine your loans so you’ll have only one payment to manage.
- You want to lower your interest rate. If your student loan interest rates are too high, it could make repayment difficult. But if you have good credit, you might be able to lower your interest rate through refinancing. This could save you money over the life of your loan and might even help you pay off your student loans early.
- You want to lower your monthly payment. With refinancing, you can opt for a longer repayment term, which could lower your monthly student loan payment and lessen the strain on your budget. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
If you decide to refinance your student loans, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.