When you refinance your student loans, you take out a new loan to pay off your existing education debt. Ideally, your new loan will have a lower interest rate, a better loan term, or some other benefit. Depending on your existing debts, refinancing can help you save money on interest, lower your monthly payment, or simplify your finances by combining several loans into one.
Before you refinance, however, you’ll need to compare lenders and determine which debts you want to include in the process. Here’s how to refinance student loans and what factors to consider before submitting an application.
1. Make sure refinancing is right for you
Refinancing your student loans is a useful option in many situations, but it’s not right for everyone. First, determine your goals: Do you hope to save money with a better interest rate, lower your monthly payment, or simply switch loan servicers? Setting your intentions upfront can help you choose the right lender later.
You should also consider which debts you plan to refinance. If you only have private student loans, you don’t risk much by refinancing. But if you plan to refinance federal student loans, you’ll have some trade-offs to make.
Federal loans come with special protections that private lenders generally can’t match. For example, federal borrowers can access income-driven repayment plans, forgiveness programs, and more flexible deferment or forbearance options. By refinancing, you turn your federal loans into a form of private debt, and you’ll permanently lose access to these perks.
2. Research lenders
Some refinancing lenders are better for certain life situations than others. Since not all lenders provide the same benefits, compare what each offers and which best fits your needs. Consider the following factors:
- Interest rate: While the interest rate you qualify for mostly depends on your credit score, each lender calculates your rate differently. You typically want to look for a lender that offers the lowest rate as well as the best terms and monthly payment for your situation.
- Fixed vs. variable rate: Many lenders allow you to choose between fixed and variable interest rates. Fixed rates never change over the life of your loan, while variable rates can fluctuate based on economic conditions.
- Repayment terms: Your loan’s term is how long you have to repay your debt. If you want to pay off your student loans fast, consider a shorter loan term. However, if you need more room in your budget and want to lower your monthly payment, a longer loan term may work better. Just keep in mind that the longer the repayment term, the more you’ll end up paying in interest over time.
- Monthly payment: Look at the estimated monthly payments for your new loan. If this number doesn’t fit into your budget, look for a different term or interest rate to lower it.
- Fees: It’s generally wise to prioritize lenders that offer low or no fees, and most lenders allow you to refinance for free.
- Eligibility requirements: Eligibility varies by lender, so be on the lookout for the one that best suits your needs. For example, if you don’t have stellar credit, you might want to add a cosigner. Or maybe you didn’t graduate — in that case, you can prioritize lenders that don’t require a degree to refinance.
You can also compare refinancing lenders by using a marketplace like Credible.
Advertiser DisclosureThe rates that appear are from companies from which Credible receives compensation. This compensation does not impact how or where products appear within the table. The rates and information shown do not include all financial service providers or all of the displayed lenders' available services and product offerings.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
The Rhode Island Student Loan Authority (RISLA) is a nonprofit lender offering student loan refinancing to borrowers across the U.S. You can refinance even if you didn't complete your degree, as long as you have at least $7,500 in student loan debt.
What makes RISLA unique is the flexibility it offers borrowers. If you're facing financial difficulties, RISLA provides income-based repayment options to help manage your payments. For added relief, you can access up to 24 months of forbearance, which is more than many lenders offer. If you return to graduate school, you can defer your payments for up to three years, giving you time to focus on your studies without worrying about loan payments.
pros
- Offers income-based repayment
- Generous payment relief options
- You can refinance without a degree
- Get a rate discount when you enroll in autopay
cons
- Fewer repayment terms to choose from
- Does not offer variable rates
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Cosigner release
After 24 months of on-time, consecutive payments (not available to residents of Colorado, Connecticut, Maine, Nevada, and Washington, D.C.)
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit.
Although the lender doesn't disclose the minimum credit score to quality, borrowers and cosigners must have an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
cons
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Minimum income
For loan balances below $100,000, the income requirement is $30,000; over $100,000, the income requirement is $50,000.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in the U.S.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
LendKey is a marketplace that connects borrowers with more than 300 community banks and credit unions to find the best student loan refinancing options. Unlike most lenders, LendKey allows you to refinance your student loans while you're still in school, as long as you've earned at least an associate degree.
One of LendKey's biggest advantages is that it can help you compare multiple loan offers in one place. However, specific loan terms and eligibility requirements will vary by lender. Basic eligibility criteria include a minimum credit score of 680 and at least $5,000 in outstanding debt to refinance.
pros
- You can refinance with just an associate degree
- Can earn a $200 bonus for referring friends and family
- Lower your rate by a quarter of a percentage point with autopay
- No fees for applications or loan origination
cons
- Some lenders may require membership in a credit union or local bank
- Loan terms and qualifications vary by lender
Cosigner release
Varies based on lender's terms
Eligibility
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
$5,000 up to the full balance
Overview
Undergraduate and graduate students can refinance their student loans with SoFi® if they meet eligibility requirements. You can prequalify for a loan in two minutes without affecting your credit score, and the lender offers both fixed and variable rates. Plus, SoFi offers unique benefits to its members, including access to networking events and financial advisers.
SoFi requires a minimum loan balance of $5,000 to refinance. You can add a cosigner to your application, and remove them after 24 consecutive on-time payments. You can find out your potential rate through prequalification, but the lender doesn't disclose its minimum credit score or income requirements.
pros
- Doesn’t require loan prepayment, origination, application, or late payment fees
- Borrowers can get complimentary financial planning advice, referral bonuses, and discounts
- Offers a wide range of repayment plans
cons
- Must have at least $5,000 in loans to refinance
- Unclear credit and income requirements
- No cosigner release available
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$5,000 up to full outstanding balance
Eligibility
Must be a U.S. citizen or permanent resident. Must have made 6 on-time payments in the past 6 months, with no record of default, delinquency, bankruptcy, or foreclosure in the last five years. Employment is required, or you must have a job offer starting within 90 days. Must also have attended a Title IV-eligible school.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Earnest student loan refinancing offers flexibility and accessibility, with loans available to borrowers with credit scores as low as 665. Borrowers can customize their repayment terms by setting their exact monthly payment or choosing a specific loan term, down to the number of months. If you opt for higher monthly payments you may qualify for Earnest's most competitive rates.
For borrowers facing financial challenges, Earnest offers a skip-a-payment option. After six months of on-time payments, you can skip one payment every 12 months without penalty. Keep in mind, though, that the skipped principal and interest charges will be distributed across your remaining payments, slightly increasing your monthly payment.
pros
- Low minimum credit score requirement
- Flexible options for structuring your loan payments
- Option to skip a payment every six months
- No origination or late payment fees
cons
- Cosigners are not accepted
- Loans aren’t available to Nevada residents
Minimum income
No minimum income requirement, but borrower must be employed, have a written job offer that starts within six months, or demonstrate consistent income.
Loan amounts
$5,000* minimum, up to $550,000
*Minimum loan amount for California residents is $10,000, and $10,001 for New Mexico residents.
Eligibility
Must be a U.S. citizen, permanent resident, DACA recipient, asylee, or hold an H-1B visa with a U.S. citizen cosigner. Must have debt from a Title IV-accredited school and be current on rent or mortgage payments. Loans must also be in good standing. California residents must refinance at least $10,000, and New Mexico residents must refinance at least $10,001.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
- Cosigner release available after starting full principal and interest repayment
cons
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
- Doesn’t disclose minimum credit score requirement
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
After starting full principal and interest repayment
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
$10,000 up to the total amount
Overview
Massachusetts Educational Financing Authority (MEFA) is a student refinancing lender offering a wide range of options, including to borrowers who didn't finish school. Though the lender doesn't offer variable-rate options, its fixed-rate loans have competitive rates.
MEFA's mission is to provide affordable student loans, and it doesn't charge any fees. You must have at least $10,000 in student loans to refinance, and you must have made a minimum of six consecutive on-time payments over the last six months. Borrowers who are unable to qualify on their own can add a cosigner to their application.
pros
- You can refinance without having graduated
- Doesn’t charge fee
- Can prequalify to check your rate
cons
- Can’t release a cosigner
- Doesn’t have any discounts
- Can’t refinance parent student loans
- Doesn’t offer variable-rate loans
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
The Rhode Island Student Loan Authority (RISLA) is a nonprofit lender offering student loan refinancing to borrowers across the U.S. You can refinance even if you didn't complete your degree, as long as you have at least $7,500 in student loan debt.
What makes RISLA unique is the flexibility it offers borrowers. If you're facing financial difficulties, RISLA provides income-based repayment options to help manage your payments. For added relief, you can access up to 24 months of forbearance, which is more than many lenders offer. If you return to graduate school, you can defer your payments for up to three years, giving you time to focus on your studies without worrying about loan payments.
pros
- Offers income-based repayment
- Generous payment relief options
- You can refinance without a degree
- Get a rate discount when you enroll in autopay
cons
- Fewer repayment terms to choose from
- Does not offer variable rates
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Cosigner release
After 24 months of on-time, consecutive payments (not available to residents of Colorado, Connecticut, Maine, Nevada, and Washington, D.C.)
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit.
Although the lender doesn't disclose the minimum credit score to quality, borrowers and cosigners must have an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
cons
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Minimum income
For loan balances below $100,000, the income requirement is $30,000; over $100,000, the income requirement is $50,000.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in the U.S.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
LendKey is a marketplace that connects borrowers with more than 300 community banks and credit unions to find the best student loan refinancing options. Unlike most lenders, LendKey allows you to refinance your student loans while you're still in school, as long as you've earned at least an associate degree.
One of LendKey's biggest advantages is that it can help you compare multiple loan offers in one place. However, specific loan terms and eligibility requirements will vary by lender. Basic eligibility criteria include a minimum credit score of 680 and at least $5,000 in outstanding debt to refinance.
pros
- You can refinance with just an associate degree
- Can earn a $200 bonus for referring friends and family
- Lower your rate by a quarter of a percentage point with autopay
- No fees for applications or loan origination
cons
- Some lenders may require membership in a credit union or local bank
- Loan terms and qualifications vary by lender
Cosigner release
Varies based on lender's terms
Eligibility
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Loan Amounts
$5,000 up to the full balance1
Overview
Undergraduate and graduate students can refinance their student loans with SoFi® if they meet eligibility requirements. You can prequalify for a loan in two minutes without affecting your credit score, and the lender offers both fixed and variable rates. Plus, SoFi offers unique benefits to its members, including access to networking events and financial advisers.
SoFi requires a minimum loan balance of $5,000 to refinance. You can add a cosigner to your application, and remove them after 24 consecutive on-time payments. You can find out your potential rate through prequalification, but the lender doesn't disclose its minimum credit score or income requirements.
pros
- Doesn’t require loan prepayment, origination, application, or late payment fees
- Borrowers can get complimentary financial planning advice, referral bonuses, and discounts
- Offers a wide range of repayment plans
cons
- Must have at least $5,000 in loans to refinance
- Unclear credit and income requirements
- No cosigner release available
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$5,000 up to full outstanding balance
Eligibility
Must be a U.S. citizen or permanent resident. Must have made 6 on-time payments in the past 6 months, with no record of default, delinquency, bankruptcy, or foreclosure in the last five years. Employment is required, or you must have a job offer starting within 90 days. Must also have attended a Title IV-eligible school.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Loan Amounts
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Earnest student loan refinancing offers flexibility and accessibility, with loans available to borrowers with credit scores as low as 665. Borrowers can customize their repayment terms by setting their exact monthly payment or choosing a specific loan term, down to the number of months. If you opt for higher monthly payments you may qualify for Earnest's most competitive rates.
For borrowers facing financial challenges, Earnest offers a skip-a-payment option. After six months of on-time payments, you can skip one payment every 12 months without penalty. Keep in mind, though, that the skipped principal and interest charges will be distributed across your remaining payments, slightly increasing your monthly payment.
pros
- Low minimum credit score requirement
- Flexible options for structuring your loan payments
- Option to skip a payment every six months
- No origination or late payment fees
cons
- Cosigners are not accepted
- Loans aren’t available to Nevada residents
Minimum income
No minimum income requirement, but borrower must be employed, have a written job offer that starts within six months, or demonstrate consistent income.
Loan amounts
$5,000* minimum, up to $550,000
*Minimum loan amount for California residents is $10,000, and $10,001 for New Mexico residents.
Eligibility
Must be a U.S. citizen, permanent resident, DACA recipient, asylee, or hold an H-1B visa with a U.S. citizen cosigner. Must have debt from a Title IV-accredited school and be current on rent or mortgage payments. Loans must also be in good standing. California residents must refinance at least $10,000, and New Mexico residents must refinance at least $10,001.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
- Cosigner release available after starting full principal and interest repayment
cons
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
- Doesn’t disclose minimum credit score requirement
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
After starting full principal and interest repayment
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Credible rating
To determine the best student loan refinancing companies, Credible evaluated lenders based on several different categories, including: rates and fees, loan terms, eligibility, repayment options, and customer support. We assigned a score out of five stars to each lender based on our findings.
Read our full methodology.
Loan Amounts
$10,000 up to the total amount
Overview
Massachusetts Educational Financing Authority (MEFA) is a student refinancing lender offering a wide range of options, including to borrowers who didn't finish school. Though the lender doesn't offer variable-rate options, its fixed-rate loans have competitive rates.
MEFA's mission is to provide affordable student loans, and it doesn't charge any fees. You must have at least $10,000 in student loans to refinance, and you must have made a minimum of six consecutive on-time payments over the last six months. Borrowers who are unable to qualify on their own can add a cosigner to their application.
pros
- You can refinance without having graduated
- Doesn’t charge fee
- Can prequalify to check your rate
cons
- Can’t release a cosigner
- Doesn’t have any discounts
- Can’t refinance parent student loans
- Doesn’t offer variable-rate loans
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
3. Prequalify, if possible
Many lenders — but not all — allow you to prequalify for a loan. Doing so allows you to see estimated, personalized rates and terms you may qualify for. This can help you more accurately compare lender offers. To prequalify with a lender, simply visit their site and input a few pieces of personal information.
4. Choose the best offer
Some lenders offer perks such as rate discounts, referral bonuses, or temporarily pausing payments if you lose your job. Others have cosigner options available — including ways to release your cosigner later. Consider each lender's benefits as you review your choices.
Since not all lenders have the same offerings or qualifying factors, the right lender depends on your financial situation. For instance:
- If you can afford a larger monthly payment, consider refinancing to 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 most lenders offer better interest rates on shorter loan terms.
- If you want to lower your monthly payment, consider extending your loan term. You likely won’t qualify for the lowest interest rate, and your total repayment costs may increase. But your payment will be more affordable — you can always pay more than required anytime you can afford it.
5. Submit your application
Once you’ve chosen a lender, submit an application. You’ll typically need to provide personal information, proof of income, and details about your current student loans.
When you submit a full application, the lender will conduct a hard credit check (which can impact your credit score), verify your documents, analyze your debt-to-income ratio, and more.
Once this is done, the lender determines whether to approve your loan and at what rate. If you still like what you see, sign the final loan paperwork.
6. Stay current on your loans
Once you’ve finalized your refinanced loan, you’re still obligated to make payments on your existing debt until you’ve received confirmation otherwise. If you don’t, missed or late payments can cause your credit score to drop, hurting your chances of borrowing money in the future.
Your new lender will work with your old one to pay off your existing debt. The exact timeline of this varies, so make sure you keep paying your current lender until your new one confirms the completed transaction. Your new lender will set a date for when your monthly payment is due.
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Meet the expert:
Dori Zinn
Dori Zinn is a personal finance journalist with over 10 years of experience. Her work has been featured by Huffington Post, Wirecutter, Bankrate, and CBS News.
