Compare the Best Student Loan Refinance Rates for July 2025 in Minutes

Student loan refinancing could be a smart way to simplify your debt and reduce the amount you pay over time. When you refinance, you replace one or more existing student loans with a new loan, ideally at a lower 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.

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 them 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: Refinancing federal loans into a private loan makes you 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.

Refinancing student loans 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 3.99% to 10.49%, and variable APRs from 4.31% to 11.4%.

2. Compare your refinancing options

Evaluate student loan refinancing lenders side by side, considering not just 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.

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.

Choosing the right lender depends on your financial situation and goals. When comparing lenders, look at:

• Interest rates (fixed vs. variable)
• Loan terms
• Fees (Credible's partners don't charge origination or prepayment fees)
• Repayment options, including deferment or forbearance
• Cosigner policies

Credible lets you compare personalized, prequalified offers from trusted lenders, including Earnest, SoFi, Citizens, ELFI, and more.

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:

• Student loan refinancing is when you take out a new private loan that pays off your existing loans. You may qualify for a lower rate or a new term, but 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 data points on a dozen companies 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.