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:
Online lenders
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 |
|---|---|---|---|---|
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.
| 2.94%+ | N/A | 10, 15, 20 | $7,500 up to $500,000 (larger balances require special approval) |
|
||||
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.
| 3.85%+ | 5.43%+ | 5, 7, 10, 15, 20 | $10,000 up to $250,000 (depending on degree) |
|
||||
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.
| 5.39%+1 | 5.09%+1 | 5, 7, 10, 15, 20 | $10,000 to $500,000 (depending on degree and loan type) |
|
||||
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.
| 4.49%+2 | 3.69%+2 | 5, 7, 10, 12, 15, 20 | $5,000 to $300,000 (depending on degree type) |
|
||||
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.
| 5.91%+5 | 6.46%+5 | 5, 10, 15, 20 | $1,000 to $250,000 |
|
||||
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.
| 4.48%+3 | 2.99%+3 | 5, 7, 10, 12, 15, 20 | $10,000 to $250,000 |
|
||||
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.
| 5.18%+4 | 5.12%+4 | 5, 10, 15, 20 | $5,000 to $250,000 |
|
||||
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.
| 3.94%+ 7 | N/A | 5, 7, 10, 12, 15, 20 | Up to $300,000 |
|
||||
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.
| 4.75%+ | N/A | 7, 10, 15 | $10,000 up to the total amount of qualified education debt |
|
||||
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.
| 5.49%+ | N/A | 5, 8, 12, 15 | $7,500 to $300,000 |
|
||||
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.
| 5.29%+ | N/A | 5, 10, 15 | $7,500 up to $250,000 (depending on highest degree earned) |
|
||||
| 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 | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending 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 12 months of consecutive on-time payments)
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
Advantage Education Loan Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
2.94%+
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
N/A
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
Does not disclose
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$7,500 up to $500,000
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
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)
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
Brazos Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
3.85%+
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
5.43%+
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
690
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$10,000 to $400,000
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
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)
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
Citizens Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
5.39%+1
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
5.09%+1
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
Does not disclose
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$10,000 to $750,000
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
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)
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
College Ave Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
4.49%+2
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
3.69%+2
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
Does not disclose
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$5,000 to $300,000
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
EDvestinU: Best for borrowers who didn’t graduate
Perks: Autopay discounts, no fees, both private and federal loans accepted, cosigner release (after 36 months of consecutive on-time payments), can refinance Parent PLUS Loans into your child’s name
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
EDvestinU Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
5.91%+5
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
6.46%+5
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
700
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$7,500 to $200,000
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings.
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
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
Education Loan Finance Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
4.48%+3
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
2.99%+3
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
680
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$10,000 to $250,000
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
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
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
INvestEd Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
5.18%+4
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
5.12%+4
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
670
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$5,000 to $250,000
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
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
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
ISL Education Lending Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
3.94%+
7
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
670
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
Up to $300,000
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
MEFA: Best for borrowers who attended a public or nonprofit university
Perks: Graduation not required, modified payment plans available, no maximum loan amount restriction
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
MEFA Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
4.75%+
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
N/A
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
670
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$10,000 up to the total amount
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
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)
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
PenFed Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
5.49%+
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
N/A
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
670
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$7,500 to $300,000
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
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
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.
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.
Rates and terms
Fees and Discounts
Customer Experience
RISLA Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Lowest fixed rate available from this lender
5.29%+
Variable APR
Lowest variable rate available from this lender
Lowest variable rate available from this lender
N/A
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
680
Loan amount
Range needed to refinance with this lender
Range needed to refinance with this lender
$7,500 to $250,000
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: Best Student Loan Refinance Companies
Banks
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.
Check Out:
Credit unions
Because credit unions are nonprofit organizations, they sometimes offer better rates and terms on refinancing compared to banks.
Keep in mind: You’ll have to join the credit union to be eligible for refinancing. You might have to live in a certain area, work in a specific field, or join an associated charity to be eligible for membership.
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.
Tip: If you refinance your student loans, you might be able to lower your interest rate, depending on your credit. This could save you money on interest — and might help you pay off your student loans faster. Plus, you can refinance your loans again if you can qualify for better rates in the future.
Also keep in mind that while you can refinance both federal and private student loans, refinancing federal loans will cost you federal benefits and protections. These include access to income-driven repayment and student loan forgiveness programs.
Use our calculator below to see how much you can save by refinancing your student loans.
Step 1. Enter your loan balance
?
Enter the remaining amount of the loans you’d like to refinance
$
Step 2. Enter current loan information
?
Enter the average annual interest rate of the loans you’d like to refinance
%
?
Enter the monthly amount you currently pay on your loans (or enter remaining term)
$
?
Enter the amount of time left to repay your loan (or enter monthly payment)
years
Step 3. Enter your new loan information to start calculating your savings
?
Enter an estimated new interest rate.
%
?
Enter the monthly amount to pay on your new loan (or enter new loan term)
$
?
Enter the amount of time you have to repay your loan (or enter monthly payment)
years
Lifetime Savings
Increased Lifetime Cost
$
New Monthly Payment
$
Monthly Savings
Increased Monthly Cost
$
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:
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
Tip: You’ll typically need good to excellent credit to qualify for refinancing. While there are some lenders that provide student loan refinancing for bad credit, these options generally come with higher interest rates compared to those offered to borrowers with good credit.
If you’re struggling to get approved for refinancing on your own, another option is to apply with a cosigner. Even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.
Check Out: Student Loan Repayment Calculator: Estimate Your Payoff Date
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.
Keep in mind: You can refinance both federal and private student loans. However, if you refinance federal student loans, you’ll lose access to federal benefits and protections.
For example, you’ll no longer have access to federal student loan forgiveness programs — and unfortunately, private student loan forgiveness doesn’t exist.
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.
Find out if refinancing is right for you
See Your Refinancing Options
Credible is 100% free!
Keep Reading:
- 13 Best Loans for Refinancing Student Loans Without a Cosigner
- How to Spot 6 Student Loan Forgiveness Scam Warning Signs
