Compare Student Loan Refinance Lenders

Refinancing student loans can be a good option if you qualify for a lower interest rate, want to change your loan term, or need to simplify repayment. It’s often most beneficial for private student loans, since refinancing federal student loans means giving up access to income-driven repayment, forbearance, deferment, and forgiveness programs.

The best lender to refinance student loans depends on factors such as your credit profile, loan amount, and whether you want fixed or variable rates.

The lowest fixed-rate student loan refinancing APRs available on Credible currently start at 3.01%, with variable-rate APRs starting as low as 3.03%. The rates you're offered will depend on factors including your credit score, income, and whether you're applying with a cosigner. Shopping around helps ensure you're seeing the most competitive rates for your profile and the best opportunities to refinance student loans.

You can refinance all of your student loans, or just a portion of them. For example, you might refinance only your private loans, while maintaining your federal loans to preserve benefits like income-driven repayment or forgiveness options.

The top student loan refinancing lenders offer rates based on factors like your credit score, income, loan balance, and whether you apply with a cosigner. Many refinancing options available through Credible consistently offer some of the lowest fixed and variable rates in the market to highly qualified borrowers.
 

Refinancing may slightly reduce your credit score temporarily due to the hard credit check and closing of the old account. However, building a history of on-time payments on your new loan can improve your credit over time.

You can refinance private student loans, federal student loans, or both. Many borrowers choose to refinance only private loans so they can keep federal loans and their benefits, such as income-driven repayment or forgiveness programs. Comparing student loan refinance rates from multiple lenders helps you find the best fit.

One way to understand how to lower student loan payments without refinancing is to look at options your current lender or servicer offers. Some provide temporary interest-only payments, hardship forbearance, or payment extension programs. Reviewing your repayment plan and contacting your servicer are the best first steps to learn how to lower your student loan payments using your existing loan terms.

You can reduce your total cost by refinancing your student loans to secure a lower interest rate. Getting the best student loan refinance rates available to you can decrease your interest costs, potentially saving you money each month and over the life of the loan.

Student loans stay on your credit report for as long as they are open and active, and accurate information about them cannot be removed. However, refinancing your student loans can replace one or more existing loans with a new loan, which will be reported as a new account and show the old accounts as paid in full.

It's possible to refinance student loans with bad credit, but you'll likely have to pay higher rates. Applying with a creditworthy cosigner can boost your chances of approval. Some student loan refinance lenders also offer cosigner release options after a period of on-time payments.

You can refinance student loans as many times as you want. People often refinance student loans multiple times if they qualify for better rates or want to change their repayment terms.

Student loan refinancing applications can take anywhere from a few days to several weeks to process. You can expedite this by submitting all required documents promptly and responding to lender inquiries in a timely manner.

If you're wondering, 'Can I refinance student loans and actually save?', the answer is often yes. It can be worthwhile if you qualify for a lower student loan refi rate or need to reduce your monthly payments. You could significantly cut your monthly costs or total interest paid if you refinance student loans at a lower interest rate or an extended loan term.