Compare Student Loan Refinance Rates - May 2026

Why refinance student loans?

If you’re looking to refinance student loans, securing a better interest rate is the biggest potential benefit, and refinancing private student loans can help you save without losing federal protections. Comparing current student loan refinance rates from multiple lenders is essential to maximizing your savings and finding the most affordable monthly payment. To help you find the best place to refinance student loans, we've reviewed and compared the top-rated lenders so you can quickly find the right fit for your budget.

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.

When to refinance student loans

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 private student loans 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.

When not to refinance student loans

Hold off on refinancing if:

• You rely on federal loan benefits: If you refinance federal loans into a private loan, you become 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.

Eligible loan types for refinancing

Borrowers commonly refinance private student loans, but refinancing student loans can also include federal loans — with important trade-offs to consider.

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.

How to compare student loan refinance lenders

Choosing the right student loan refinance lender depends on your financial situation and goals. To find the best student loan refinance rates, compare offers from multiple lenders based on your credit profile and loan amount. 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 vs. student loan consolidation

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:

• When you refinance student loans, you replace your existing debt with a new private loan, ideally from one of the best student loan refinance companies, at a lower interest rate that matches your financial goals. While you may qualify for a lower rate or a new term, 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.

Methodology

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.