Why You Should Trust Us: How We Chose the Best Student Loan Refinance Companies
Business Insider's personal finance experts aim to help you make the best, most informed decisions with your money. In picking the best student loan refinancing companies, we combed through lenders and compared interest rates, terms, and all the fine print. Our coverage of student loan lenders includes student loan refinance reviews, and these reviews inform our top picks in this student loan refinancing guide.
We looked for seven factors in determining the best student loan refinance companies, including:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
The overall rating is a weighted average of these categories. Each category is assigned a weighting based on its impact on your borrowing experience.
Read more about how we rate student loans »
There are many reasons you may want to refinance your student loans. Perhaps you're looking to pay less interest, switch from a variable-rate to a fixed-rate loan, or change your payment term length.
The top student loan refinance companies offer a variety of terms and low interest rates. But keep in mind that refinanced student loans are always issued by private student loan lenders—so if you originally had a federal loan, PenFed Student Loan Refinancing
Featured Student Loan Refinance Offers
5.88% - 10.49% variable and 4.35% - 10.49% fixed (with AutoPay discount)
No fees
665
$5,000 to $500,000
- No origination fee or prepayment penalty
- No late fees
- Low minimum interest rate
- Skip a payment option
- No mobile app
- No weekend customer support
Earnest is a strong lender with competitive rates and a variety of term lengths. If you fall on financial hardship, you can skip a payment once per year — though that payment will extend the length of your loan term later.
Earnest- Customer service available via phone, live chat, email, and standard mail
- Five, seven, 10, 15, and 20-year repayment term lengths available
- Loan amount range between $5,000 to $500,000
- Skip a payment feature allows you to forgo making one payment every year
- Loans are originated by Earnest Operations LLC
- This is an advertisement. You are not required to make any payment or take any other action in response to this offer.
Variable: 5.99% - 9.99%, Fixed: 4.74% - 9.99% (with all discounts)
Undisclosed
$5,000 to full balance
- No maximum balance you can refinance
- Low minimum interest rate
- Autopay discount
- No prepayment penalty
- Third-party loan servicer
SoFi is an excellent lender for borrowers who want competitive APRs and for those who don't want to worry about fees.
SoFi Student Loans- 0.25% AutoPay discount
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Loan amount from $5,000 to full balance
- Term lengths of five, seven, 10, 15, and 20 years
- Loans are serviced through third-party affiliate MOHELA
6.99% - 13.99% variable and 6.99% - 13.99% fixed (with AutoPay discount, varies by program)
Late fee of $25 or 5% of payment, whichever is less
Undisclosed
$5,000 to $300,000
- Low maximum interest rate
- No origination fee
- No prepayment penalty
- Many repayment term lengths
- Lower maximum refinancing amount
- Late fee
- High minimum interest rate
College Ave is a great lender for borrowers who want multiple options for repayment term lengths and are after a low APR. College Ave also offers many options for contacting customer support.
College Ave Student Loan Refinancing- Eleven different term lengths, from five to 15 years
- Loan amount range between $5,000 to $300,000
- Contact customer support by text, email, phone, live chat, or physical mail
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
Best for Good Credit: Laurel Road checking account, you'll receive an interest rate discount on your refinanced loan. You can redeem 2x cash back toward student loan payments with the the best private student loans — which all refinanced loans are — are not eligible for the same protections and benefits as federal student loans. These include opportunities for loan forgiveness and more flexibility with repayments.Why Should You Refinance Student Loans?
Refinancing student loans can help you save money and simplify your finances. Your refinanced student loan could have a lower interest rate than your current loan — especially if you have good credit and a decent income. That means you'll pay less in interest as you repay the loan.
A refinanced student loan also allows you to replace multiple student loans with a single loan. That means you'll be responsible for making just one monthly payment, which could relieve financial stress and help you avoid missing payments.
Student Loan Refinancing vs. Consolidation
The difference between current student loan interest rates is essential when evaluating your student loan refinancing options. While the average student loan refinance rates for well-qualified borrowers generally fall between 5% and 9% APR, rates can climb as high as 12% depending on your credit history, income, and loan terms.
The lowest student loan refinance rates are typically available to borrowers with excellent credit and stable income, particularly when choosing variable-rate loans. However, fixed-rate options may appeal to those who prefer predictable monthly payments.
To access the best student loan refinance rates, it's important to compare personalized offers from multiple lenders. Each lender evaluates your eligibility differently, factoring in your credit score, income, loan balance, and whether you're applying with a cosigner. Many borrowers use online tools to check student loan refi rates without a hard credit pull, which makes shopping around easier.
Student Loan Refinance Lender Trustworthiness
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, measures businesses using information like their responsiveness to consumer complaints, truthfulness in advertising, and transparency about business practices. Here is each company's score:
| Lender | BBB grade |
| Laurel Road Student Loan Refinancing | N/A |
| College Ave Student Loan Refinancing | A+ |
All of our picks are rated A or higher by the BBB, with the exception of Laurel Road, but its parent company, KeyBank, has an A+ rating.
It's important to note that a good BBB grade doesn't guarantee you'll have a good relationship with your lender, nor does a bad BBB grade mean you'll have a bad experience. Read online customer reviews or ask family and friends about their firsthand experience with the company before signing on the dotted line.
FAQs About Student Loan Refinancing
What are the risks of student loan refinancing?
The risks of student loan refinancing include income-driven repayment plans, which take your specific income and family size into account when determining monthly payments.
Can I refinance both private and federal student loans?
Yes, you can refinance private and federal student loans. You can also refinance a mix of private and federal student loans into a single private loan. However, be aware that you'll lose the benefits of having a federal student loan, including eligibility for student loan forgiveness.
How much can I save by refinancing my student loans?
The amount you save when refinancing student loans depends on multiple factors, including your credit score and income. If you qualify for a refinanced student loan with a significantly lower interest rate, you could end up saving thousands of dollars.
Can refinancing help lower my monthly student loan payment?
Yes, refinancing can reduce your monthly payment by securing a lower interest rate or extending your repayment term.
A lower rate means you'll pay less in interest each month, while a longer term spreads payments out over time. Just keep in mind that extending your term could increase the total interest you pay overall.
Is it a good idea to refinance federal student loans?
Refinancing federal student loans can help you save money, but it comes with trade-offs. You'll lose access to federal benefits like income-driven repayment, deferment, and loan forgiveness. If you don't need those protections and can qualify for a lower rate, refinancing may be worth it.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
SoFi Student Loan Refinance Pricing Disclosure: Fixed rates range from 4.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with a 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/25/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term./em>
Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will be removed during periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount.
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org)
