Refinance Student Loans: 35+ Lenders Compared (Mar 2025)

Lender	Rating	Fixed APR	Variable APR	Apply
Lender RISLA	Rating A	Fixed APR 3.99% – 9.24%	Variable APR None	Website Link
Lender Brazos	Rating A	Fixed APR 3.85% – 7.04%	Variable APR 4.33% – 5.73%	Website Link
Lender ELFI	Rating A-	Fixed APR 4.88% – 8.44%	Variable APR 4.86% – 8.24%	Website Link
Lender Credible	Rating A-	Fixed APR 3.85% – 12.10%	Variable APR 4.35% – 12.68%	Website Link
Lender Advantage	Rating B+	Fixed APR 5.70% – 10.69%	Variable APR None	Website Link

Lenders & Refinance Rates

Below is a list of the lenders we researched and reviewed, sorted by lowest available fixed APR. Click on a lender’s name to learn more about our findings.

Note: the APRs below include any available discount, such as a 0.25% reduction for setting up automatic payments.

Lender	Rating	Fixed APR	Variable APR
Lender Sparrow	Rating C+	Fixed APR 0.50% – 12.95%	Variable APR 4.35% – 12.38%
Lender Yrefy	Rating C+	Fixed APR 1.00% – 5.99%	Variable APR None
Lender SuperMoney	Rating C	Fixed APR 1.00% – 14.00%	Variable APR 4.42% – 14.00%
Lender Brazos	Rating A	Fixed APR 3.85% – 7.04%	Variable APR 4.33% – 5.73%
Lender Credible	Rating A-	Fixed APR 3.85% – 11.69%	Variable APR 4.35% – 12.68%
Lender RISLA	Rating A	Fixed APR 3.99% – 9.24%	Variable APR None
Lender Splash Financial	Rating B	Fixed APR 4.29% – 10.24%	Variable APR 4.86% – 10.24%
Lender NaviRefi	Rating D-	Fixed APR 4.29%+	Variable APR 5.88%+
Lender Purefy	Rating B-	Fixed APR 4.49% – 9.74%	Variable APR 5.09% – 9.74%
Lender SoFi	Rating B-	Fixed APR 4.49% – 10.37%	Variable APR 5.99% – 10.37%
Lender Navy Federal Credit Union	Rating C	Fixed APR 4.85% – 12.05%	Variable APR 5.58% – 12.63%
Lender PA Forward	Rating C-	Fixed APR 4.86% – 10.18%	Variable APR None
Lender ELFI	Rating A-	Fixed APR 4.88% – 8.44%	Variable APR 4.86% – 8.24%
Lender LendKey	Rating B	Fixed APR 4.89% – 9.69%	Variable APR 4.53%+
Lender Lend-Grow	Rating C	Fixed APR 4.90%+	Variable APR 5.28%+
Lender Nelnet Bank	Rating C-	Fixed APR 4.99% – 9.20%	Variable APR 5.99% – 9.12%
Lender Laurel Road	Rating B+	Fixed APR 4.99% – 9.40%	Variable APR 5.29% – 9.45%
Lender Earnest	Rating C+	Fixed APR 4.99% – 9.99%	Variable APR 5.89% – 9.99%
Lender CU Student Choice	Rating C	Fixed APR 5.10%+	Variable APR 6.49%+
Lender EDvestinU	Rating C+	Fixed APR 5.40% – 9.99%	Variable APR 7.05% – 9.05%
Lender UW Credit Union	Rating B	Fixed APR 5.64%+	Variable APR 6.31%+
Lender Advantage	Rating B+	Fixed APR 5.70% – 10.69%	Variable APR None
Lender SC Student Loan	Rating C+	Fixed APR 5.754% – 9.252%	Variable APR None
Lender PNC Bank	Rating C-	Fixed APR 5.79% – 15.54%	Variable APR 6.69% – 16.89%
Lender Citizens Bank	Rating C	Fixed APR 5.90% – 11.70%	Variable APR 6.18% – 12.68%
Lender iHelp (ZuntaFi)	Rating C	Fixed APR 5.94% – 11.93%	Variable APR 8.55% – 9.78%
Lender INvestEd	Rating B-	Fixed APR 5.99% – 10.13%	Variable APR 7.90% – 11.78%
Lender SELF Refi	Rating C	Fixed APR 6.00% – 7.00%	Variable APR 6.80 – 8.05%
Lender MEFA	Rating C	Fixed APR 6.20% – 8.99%	Variable APR None
Lender Panacea Financial	Rating B	Fixed APR 6.50% – 8.75%	Variable APR None
Lender ISL	Rating C	Fixed APR 6.93% – 11.82%	Variable APR None
Lender BECU	Rating C	Fixed APR 6.99% – 11.74%	Variable APR None
Lender College Ave	Rating C	Fixed APR 6.99% – 14.24%	Variable APR 6.99% – 14.24%
Lender First Tech Federal	Rating C	Fixed APR 8.60%+	Variable APR None
Lender Mpower Financing	Rating B-	Fixed APR 11.17% – 11.42%	Variable APR None

Advantage

Our Rating: B+
Rating:	B+
Loan Limits:	$7,500 – $200,000+*
Fixed Rates:	5.70% – 10.69%
Variable Rates:	None
Terms:	10, 15 or 20 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Service availability may vary by location
Apply	Link

*Borrowers need special approval to refinance more than $200,000 in student loans.

Advantage has very user-friendly policies and may be a good lender for borrowers who struggle financially. Relief options include graduated repayment, loan rehabilitation services, and discretionary financial hardship forbearance. Advantage is also one of the only lenders to truly charge zero fees, with no fees hidden in contract disclosures.

For more information on Advantage, read our full review.

BECU

Our Rating: C
Rating:	C
Loan Limits:	$10,000 – $125,000
Fixed Rates:	6.99% – 11.74%
Variable Rates:	None
Terms:	5, 10 or 15 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Borrowers must be(come) BECU members
Apply	Link

BECU is an established credit union though its website is sparse with details. While credit union membership eligibility is restricted, millions qualify. Online consumer reviews are mixed at best; consumer complaints have risen steadily in the past five years, with a sudden 63% jump in 2020.

For more information on BECU, read our full review.

Brazos

Our Rating: A
Rating:	A
Loan Limits:	$10,000 – $400,000
Fixed Rates:	3.85% – 7.04%
Variable Rates:	4.33% – 5.73% (9.90% Cap)
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	720 (690 with co-signer)
Misc. Restrictions:	For Texas residents only.
Apply	Link

Brazos is a nonprofit direct lender with some of the lowest rates available. Refinancing with Brazos includes repayment options for borrowers who experience financial hardship. Brazos is one of the few refinance lenders to accept applications from nonresidents (with co-signer; only certain visas qualify).

Specializing in education loans, Brazos garners consistent positive feedback from industry professionals, consumers, and former employees.

For more information on Brazos, read our full review.

Citizens Bank

Our Rating: C
Rating:	C
Loan Limits:	$10,000 – $750,000
Fixed Rates:	5.90% – 11.70%
Variable Rates:	6.18% – 12.68% (21.00% Cap*)
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	Undisclosed
Apply	Link

*The variable rate cap is the greater of 21.00% or Prime plus 9.00%.

Citizens Bank is part of Citizens Financial Group, a $180 billion company; its large size may excuse the high rate of complaints filed with the Consumer Financial Protection Bureau (CFPB). User experience varies significantly and seems dependent on interactions with individual customer service representatives; some borrowers report exceptional experiences with knowledgeable staff while many complaints recount frustrating interactions with agents unwilling or unable to answer fundamental questions.

For more information on Citizens Bank, read our full review.

College Ave

Our Rating: C
Rating:	C
Loan Limits:	$5,000 – $500,000
Fixed Rates:	6.99% – 14.24%
Variable Rates:	6.99% – 14.24% (25.00% Cap)
Terms:	5 to 20 years
Min. Credit Score:	Undisclosed
Apply	Link

Overall, College Ave is an average lender and loan processor with few exceptional offerings. Refinance borrowers have a wide range of term options, and (disclosed) applicant requirements are very reasonable. While 96% of College Ave undergraduate borrowers use co-signers, there is no co-signer release available.

For more information on College Ave, read our full review.

Credible

Our Rating: A-
Rating:	A-
Loan Limits:	$5,000+
Fixed Rates:	3.85% – 11.69%
Variable Rates:	4.35% – 12.68% (25.00% Cap)
Terms:	5 to 20 years
Min. Credit Score:	670 (lowest disclosed)
Apply	Link

Credible Operations, Inc. or Credible Labs, Inc. may be the best-known marketplace lender. It may also be one of the most transparent. Credible operates under 21st Century Fox, a subsidiary of The Walt Disney Company.

Credible does not finance loans. Instead, it acts as a third-party aggregator that allows student borrowers to compare rates and terms from multiple private lenders with one application.

For more information on Credible, read our full review.

CU Student Choice

Our Rating: C
Rating:	C
Loan Limits:	$5,000 – $250,000
Fixed Rates:	5.10%+
Variable Rates:	6.49%+
Terms:	Unspecified
Min. Credit Score:	660 (soft minimum)
Apply	Link

CU Student Choice is a direct lender marketplace that only partners with credit unions. While these credit unions finance and own the loan debt, CU Student Choice originates, processes, and disburses student refinance loans (loan servicing is through University Accounting Services).

For more information on CU Student Choice, read our full review.

Earnest

Our Rating: C+
Rating:	C+
Loan Limits:	$5,000 – $500,000
Fixed Rates:	4.29% – 10.14%
Variable Rates:	5.88% – 10.24% (11.95% Cap)
Terms:	60 – 240 months
Min. Credit Score:	650
Misc. Restrictions:	Service availability varies by state
Apply	Link

While Earnest is a direct lender that claims merit-based and data-driven loan approvals, requirements are unclear due to inconsistencies on the company website.

Some of Earnest’s exceptional offerings include flexible applicant requirements and options for debt relief, such as temporary hardship forbearance that includes unpaid maternity/paternity leave. Note that Earnest has not been implicated in ongoing lawsuits against parent company Navient alleging violations of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.

For more information on Earnest, read our full review.

EDvestinU

Our Rating: C+
Rating:	C+
Loan Limits:	$7,500 – $200,000
Fixed Rates:	5.40% – 9.62%
Variable Rates:	7.05% – 9.05% (21.00% Cap)
Terms:	5, 10, 15 or 20 years
Min. Credit Score:	700 (without co-signer)
Apply	Link

EDvestinU® is reputable as a nonprofit direct lender and a subsidiary of Granite Edvance (formerly the New Hampshire Higher Education Assistance Foundation).

EDvestinU has no degree requirement and caters to New Hampshire residents and students who attend(ed) New Hampshire institutions may. While it is not available in all 50 states, EDvestinU is availabile in Puerto Rico.

For more information on EDvestinU, read our full review.

ELFI

Our Rating: A-
Rating:	A-
Loan Limits:	$10,000+
Fixed Rates:	4.88% – 8.44%
Variable Rates:	4.86% – 8.24% (9.95% Cap)
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	680
Apply	Link

ELFI is an online-only student loan refinancing program through SouthEast Bank, a locally-owned financial servicer in Farragut, Tennessee. Industry professionals highly recommend ELFI and consider its Executive Vice President an authority on lender ethics. Customers report positive experiences and have few complaints.

Standard requirements to qualify for refinancing include (but are not limited to) a bachelor’s degree, a maximum 43% debt-to-income ratio, and a 36-month credit history.

For more information on ELFI, read our full review.

First Tech Federal

Our Rating: C
Rating:	C
Loan Limits:	$5,000 – $500,000
Fixed Rates:	8.60% – Undisclosed
Variable Rates:	None
Balloon Rates:	9.40% – Undisclosed
Interest-Only Rates:	9.40% – Undisclosed
Terms:	5, 7, 10 or 15 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Borrowers must be(come) First Tech credit union members
Apply	Link

First Tech Federal discloses neither credit nor graduation requirements, and the website refers to additional unspecified requirements.

While First Tech offers refinancing options most lenders do not – including loan options with balloon payments or 1- to 10-year interest-only periods – this credit union charges some hidden fees.

For more information on First Tech, read our full review.

iHelp

Our Rating: C
Rating:	C
Loan Limits:	$10,000 – $250,000
Fixed Rates:	5.94% – 11.93%
Variable Rates:	8.55% – 9.78%
Terms:	5, 8, 12 or 20 years
Min. Credit Score:	Undisclosed
Apply	Link

iHelp offers a fixed-hybrid rate and income-based repayment plan (via ZuntaFi). Aside from these options, this lender is underwhelming. iHelp charges excessive fees, including a collection fee of up to 25% of the principal balance.

With uncapped variable rates that are only available on 20-year loans, iHelp appears to benefit financial institutions to the detriment of the borrower.

For more information on iHelp, read our full review.

INvestEd

Our Rating: B-
Rating:	B-
Loan Limits:	$5,000 – $250,000
Fixed Rates:	5.99% – 10.13%
Variable Rates:	7.90% – 11.78% (18.00% Cap)
Terms:	5, 10, 15 or 20 years
Min. Credit Score:	670 (without co-signer)
Misc. Restrictions:	Exclusive to residents of Indiana and Indiana alumni.
Apply	Link

While lender marketplaces are typically founded as private companies, INvestEd is the commercial name for Indiana Secondary Market for Education Loans, Inc., a public, nonprofit organization. All INvestEd loans are serviced by American Education Services (AES)* and backed by First Merchant Bank.

INvestEd services are available only to residents of Indiana and student borrowers who have attended an Indiana University.

For more information on INvestEd, read our full review.

ISL

Our Rating: C
Rating:	C
Loan Limits:	$5,000 – $300,000
Fixed Rates:	6.93% – 11.82%
Variable Rates:	None
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	670
Apply	Link

The Iowa Student Loan Liquidity Corporation (ISLLC) does business as ISL Education Lending, a nonprofit direct lender. ISL offers special student loan refinance options, including in-school refinancing and 0% interest for a limited time to certain military members.

ISL’s loan servicer, Aspire, is the lender’s for-profit subsidiary.

For more information on ISL, read our full review.

Laurel Road

Our Rating: B+
Rating:	B+
Loan Limits:	$5,000+
Fixed Rates:	4.99% – 9.40%
Variable Rates:	5.29% – 9.45% (15.00% Cap)
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	Undisclosed
Apply	Link

Laurel Road specializes in student loan refinancing and financial services for healthcare professionals, offering special rates and benefits to practicing medical professionals. Borrowers have the option to transfer debt from parent to child and apply for generous debt relief options, including reduced payments, deferment, or partial deferment.

Keycorp acquired Laurel Road in 2019. KeyBank services all refinance loans; refinancing is available in 50 U.S. states, Washington, D.C., and Puerto Rico.

For more information on Laurel Road, read our full review.

Lend-Grow

Our Rating: C
Rating:	C
Loan Limits:	$5,000 – $500,000
Fixed Rates:	4.90%+
Variable Rates:	5.28%+ (Undisclosed Cap)
Terms:	5, 10, 15, 20 or 25 years
Min. Credit Score:	Undisclosed
Apply	Link

Founded in February of 2019, Lend-Grow, Inc. is a private, Virginia-based company that bills its marketplace as the best resource for borrowers to find small, local financial institutions. Lend-Grow partners with over 500 lenders, including “hyperlocal” and national lenders.

For more information on Lend-Grow, read our full review.

LendKey

Our Rating: B
Rating:	B
Loan Limits:	$5,000 – $300,000
Fixed Rates:	4.89% – 9.69%
Variable Rates:	4.53%+
Terms:	5 to 20 years
Min. Credit Score:	660
Apply	Link

LendKey Technologies, Inc. matches borrowers with banks and credit unions from the local level to national financial institutions. Recently acquired by KeyBank, LendKey offers student loans, refinancing, and home improvement loans.

For more information on LendKey, read our full review.

MEFA

Our Rating: C
Rating:	C
Loan Limits:	$10,000+
Fixed Rates:	6.20% – 8.99%
Variable Rates:	None
Terms:	7, 10 or 15 years
Min. Credit Score:	670 (soft minimum)
Misc. Restrictions:	Only refinances loans used to attend not-for-profit schools
Apply	Link

Massachusetts Educational Financing Authority or MEFA is an established nonprofit creditor with some unique requirements. For example, MEFA only refinances loans that have been repaid on time for the previous six (6) consecutive months. Furthermore, loans must have been used to attend a not-for-profit degree-granting institution.

MEFA deals solely in education loans. While eligibility requirements are somewhat strict, a degree is not necessary.

For more information on MEFA, read our full review.

Mpower Financing

Our Rating: B-
Rating:	B-
Loan Limits:	$2,001 – $100,000
Fixed Rates:	11.17% – 11.42%
Variable Rates:	None
Terms:	10 years
Min. Credit Score:	None
Misc. Restrictions:	Only refinances loans for international students and noncitizens
Apply	Link

Mpower Financing (sometimes stylized as MPOWER) works with graduates who do not have citizenship but currently live in the United States. Mpower refinances international loans and accepts payments from foreign banks.

Applicants do not need a credit history; Mpower works with borrowers to build U.S. credit history, reporting to all three major credit bureaus.

For more information on Mpower, read our full review.

NaviRefi

Our Rating: D-
Rating:	D-
Loan Limits:	$5,001 – $500,000
Fixed Rates:	4.29%+
Variable Rates:	5.88%+ (Undisclosed Cap)
Terms:	5 to 20 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Unavailable in Nevada; variable rates are unavailable in 34 states.
Apply	Link

NaviRefi is the student refinance program from Navient Corporation. Refinancing includes undisclosed fees. NaviRefi also fails to disclose a variable rate cap and certain eligibility requirements.

NaviRefi has not been implicated in ongoing lawsuits against parent company Navient Corporation and its subsidiaries Navient Solutions LLC and Pioneer Credit Recovery alleging violations of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.

For more information on NaviRefi, read our full review.

Navy Federal

Our Rating: C
Rating:	C
Loan Limits:	$7,500 – $175,000
Fixed Rates:	4.85% – 12.05%
Variable Rates:	5.58% – 12.63% (20.25% Cap)
Terms:	5, 10 or 15 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Borrowers must be(come) Navy Federal Credit Union members
Apply	Link

Navy Federal Credit Union was recently charged and fined $28.5 million by the CFPB for violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In 2020, Navy Federal paid $25 million after a class-action lawsuit found that the institution improperly collected excess overdraft fees; checks went out in February 2021.

Navy Federal’s most redeeming quality is its range of options for parent borrowers. Parent borrowers may consolidate loans for multiple children or refinance before their student has graduated. Services are available in all 50 states, including Washington, D.C., and Puerto Rico.

For more information on Navy Federal, read our full review.

Nelnet Bank

Our Rating: C-
Rating:	C-
Loan Limits	$5,000 – $500,000
Fixed Rates:	4.99% – 9.20%
Variable Rates:	5.99% – 9.12% (16.00% Rate Cap)
Terms:	5, 7, 10, 15, 20 or 25 years
Min. Credit Score:	Undisclosed
Apply	Link

Previously U-fi, Nelnet Bank is an online-only subsidiary of Nelnet, Inc. Nelnet Bank has not been explicitly implicated in any lawsuits involving Nelnet, Inc., although most ongoing litigation predates the bank’s November 2020 founding.

Few consumer reviews about Nelnet Bank are available, but Nelnet, Inc. is the subject of 10% of CFPB consumer complaints about student loan servicers. Nelnet Bank’s low interest rates and option to transfer debt from parent to child saved this refinance lender from a failing score.

For more information on Nelnet Bank, read our full review.

PA Forward

Our Rating: C-
Rating:	C-
Loan Limits:	$5,000 – $300,000
Fixed Rates:	4.86% – 10.18%
Variable Rates:	None
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	Unspecified
Misc. Restrictions:	Eligibility limited to Delaware, Maryland, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia
Apply	Link

PA Forward is the private education and refinance lending program from the Pennsylvania Higher Education Assistance Agency, a quasi-state organization that receives public funding and also has a for-profit arm (American Education Services) that services student and refinance loans on behalf of other lenders.

While the PA Forward program has a number of borrower-friendly services and benefits, its parent company and in-house servicer have both been subject to consistent public relations issues. Though AES/PHEAA has a disturbing legal history, the PA Forward program does not appear to be part of any state or federal investigation.

For more information on PA Forward, read our full review.

Panacea Financial

Our Rating: B
Rating:	B
Loan Limits:	$15,000+
Fixed Rates:	6.50% – 8.75%
Variable Rates:	None
Terms:	5, 7, 10 or 15 years
Min. Credit Score:	700
Misc. Restrictions:	Eligibility exclusive to practicing healthcare professionals & trainees
Apply	Link

Panacea Financial is a financial technology company that offers consumer loans, including education refinance loans, to medical and healthcare professionals. Panacea also offers commercial banking and insurance through its partnership with Primis Bank, Member FDIC. Refinance lending, like its banking services, are all-digital; Panacea Financial borrowers can manage their loans and make payments online or with the Panacea mobile app.

With no maximum borrowing limit, Panacea Financial’s student refinance loan program is built for the high cost of medical school. Shorter term limits help borrowers get out of debt faster.

For more information on Panacea Financial, read our full review.

PenFed

Pentagon Federal Credit Union no longer accepts student loan refinance applications as of May 2024 and refers all education loan queries to Sparrow.

PNC Bank

Our Rating: C-
Rating:	C-
Loan Limits:	$10,000 – $200,000
Fixed Rates:	5.79% – 15.54%
Variable Rates:	6.69% – 16.89% (18.00% Cap)
Terms:	5, 10, 15 or 20 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Borrowers may not be current students at the time of refinancing
Apply	Link

PNC Bank, one of the largest banks in the United States, processes and services its own Education Refinance Loan (PERL). While the PERL has no graduation requirement, degree-holders qualify for lower interest rates. Borrowers must display a steady income over the previous two (2) years. Borrowers may incur fees for late payments, and PNC Banks may sell or transfer a refinance loan to another institution at any time.

For more information on PNC Bank, read our full review.

Purefy

Our Rating: B-
Rating:	B-
Loan Limits:	$5,000+
Fixed Rates:	4.49% – 9.74%
Variable Rates:	5.09% – 9.74% (25.00% Cap)
Terms:	60 – 240 months
Min. Credit Score:	650 (minimum disclosed)
Apply	Link

Purefy is a student loan marketplace with federal and private student and parent loan refinancing tools. Purefy originates student refinance loans in its partnership with Pentagon Federal Credit Union (PenFed); Purefy-originated refinance loans allow borrowers to combine debt with a spouse or assume the debt of a parent.

This lender is best for borrowers who plan to refinance their student loans with PenFed but would also like to compare other rates. While Purefy has an inherent bias for PenFed as their loan servicer, it promotes multiple recommended student refinance lenders.

For more information on Purefy, read our full review.

RISLA

Our Rating: A
Rating:	A
Loan Limits:	$7,500 – $250,000
Fixed Rates:	3.99% – 9.24%*
Variable Rates:	None
Terms:	5, 10 or 15 years
Min. Credit Score:	Undisclosed
Apply	Link

*Highest rates are for in-school deferred refinancing.

Rhode Island Student Loan Authority or RISLA is the non-profit financer behind the College Planning Center of Rhode Island. This lender offers unique borrower protections and comes highly recommended by financial analysts.

Borrowers who refinance with RISLA may apply for income-based repayment plans. Part-time students qualify for refinancing, and loans are serviced in-house. RISLA recently eliminated fees for late payments and insufficient funds.

For more information on RISLA, read our full review.

SC Student Loan

Our Rating: C+
Rating:	C+
Loan Limits:	$5,000 – $250,000
Fixed Rates:	5.752% – 9.252%
Variable Rates:	None
Terms:	5, 10, 15 or 20 years
Min. Credit Score:	670
Misc. Restrictions:	For South Carolina residents and alumni only
Apply	Link

The South Carolina Student Loan Corporation is a 501(c)3 nonprofit classified as a public benefit corporation. SC Student Loan calls its student loan refinance program PAL ReFi, but borrowers are not required to refinance a PAL.

With no graduation requirement, zero standard fees, and decent forbearance options, SC Student Loan may be a good option for South Carolina borrowers. Conflicting information on the website, however, includes contradictory APR limits that may confuse applicants.

For more information on SC Student Loan, read our full review.

SELF Refi

Our Rating: C
Rating:	C
Loan Limits:	$10,000 – $150,000
Fixed Rates:	6.00% – 7.00%
Variable Rates:	6.80% – 8.05% (18.00% Cap)
Terms:	5, 10 or 15 years
Min. Credit Score:	700 (650 with co-signer)
Misc. Restrictions:	For Minnesota residents only
Apply	Link

SELF has paused its refinancing program while it transitions to its new loan servicer, Aspire Servicing Center. Student borrowers may resume submitting applications for refinancing in early 2025.

SELF Refi is the Minnesota Office of Higher Education’s student loan refinance program. It is a decent lender with strict requirements. For example, refinance borrowers must maintain Minnesota residency. The program is only available to students; parent loans are ineligible.

SELF Refi offers the same starting rates and terms to all qualifying borrowers regardless of financial standing. They are also one of the few refinance lenders to advertise general COVID relief: from 3/13/2020 through 9/30/2020, SELF set all interest rates to 0% due to COVID-19.

For more information on SELF Refi, read our full review.

SoFi

Our Rating: B-
Rating:	B-
Loan Limits:	$5,000+
Fixed Rates:	4.49% – 10.37%
Variable Rates:	5.99% – 10.37% (13.95% Cap)
Terms:	5, 7, 10, 15 or 20 years
Min. Credit Score:	Unspecified
Apply	Link

Social Finance, Inc. is an online-only finance corporation with some stand-out offerings that include transferring debt from parent to child and unemployment protection with job placement assistance.

In 2019, however, federal investigations of SoFi Technologies, Inc. reported misleading advertisements, including offers of bonus cash and inflated savings.

For more information on SoFi, read our full review.

Sparrow

Our Rating: C+
Rating:	C+
Loan Limits:	$5,000 – $500,000
Fixed Rates:	0.50% – 12.95%
Variable Rates:	4.35% – 12.38% (25.00% Cap)
Terms:	60 – 240 months or 25 years
Min. Credit Score:	650
Apply	Link

Sparrow is a student loan marketplace that allows applicants to compare rates under different conditions. For example, they may compare offers with an improved credit score, with a co-signer, and with a higher income. This service is free to borrowers, and more than one lender in Sparrow’s marketplace refinances loans for international students.

Founded in 2020, there is relatively little feedback from customers available on public forums. Sparrow’s role in refinancing is limited to the application period, however, so long-term customer experience is irrelevant.

For more information on Sparrow, read our full review.

Splash Financial

Our Rating: B
Rating:	B
Loan Limits:	$5,000+
Fixed Rates:	4.29% – 10.24%
Variable Rates:	4.86% – 10.24% (No Cap Specified)
Terms:	5 – 20 or 25 years
Min. Credit Score:	700 (soft minimum)
Apply	Link

Founded in 2015, Splash Financial, Inc. is an education loan refinancing platform specializing in educational financing for medical and health professionals. Splash is an affiliate of LendULink, LLC.

For more information on Splash Financial, read our full review.

SuperMoney

Our Rating: C
Rating:	C
Loan Limits:	$2,000 – $1,000,000
Fixed Rates:	1.00% – 14.00%
Variable Rates:	4.42% – 14.00%
Terms:	1 to 25 years
Min. Credit Score:	660 – 680
Apply	Link

SuperMoney LLC launched its student loan refinance lender marketplace in November of 2018. Though relatively small, early reviews are mostly positive. SuperMoney works with a lot of credit unions, and their marketplace includes lenders with loan rehabilitation programs.

For more information on SuperMoney, read our full review.

UW Credit Union

Our Rating: B
Rating:	B
Loan Limits:	$5,000+
Fixed Rates:	5.64%+
Variable Rates:	6.31%+ (15.00% cap)
Terms:	5, 7, 10 or 15 years
Min. Credit Score:	Undisclosed
Misc. Restrictions:	Borrowers must be(come) UW Credit Union members
Apply	Link

The University of Wisconsin Credit Union offers a speedy turnaround; the refinance loan process takes 2-4 weeks from application to loan dispersal. Membership is open to students, faculty, staff, and alumni (and their families) of Wisconsin’s massive public postsecondary system, as well as Wisconsin residents.

For more information on UW Credit Union, read our full review.

Yrefy

Our Rating: C+
Rating:	C+
Loan Limits:	$5,000 – $350,000
Fixed Rates:	1.00% – 5.99%
Variable Rates:	None
Terms:	3 – 10 or 15 years
Min. Credit Score:	None
Apply	Link

Yrefy is one of the only lenders that will refinance defaulted loans. This lender offers income-based repayment and loan rehabilitation services, making it a good option for borrowers with distressed or delinquent loans. Conflicting and unclear information on its website drag its grade down.

For more information on Yrefy, read our full review.

Frequently Asked Questions

The following is a list of frequently asked questions about student loan refinancing.

Refinancing a student loan means paying off that loan immediately with another loan from a separate lender. Borrowers may choose to refinance a single loan, or they may opt to pay off multiple loans at once. Refinancing student loans can be cost effective when borrowers are careful to choose the right terms and conditions for their economic needs. For reasons to refinance your student loans, read How to Choose the Right Loan Terms.

Consider refinancing any time you qualify for reduced interest rates. Successful refinancing is usually the outcome of a change in the borrower’s financial situation. For more about the best time to refinance, read Should I Refinance My Student Loans? and Why You May Not Qualify for the Best Refinance Rates.

Consolidation usually refers specifically to Federal Direct Loan Consolidation. It’s similar to the refinance process, but consolidation combines existing loans instead of taking out a whole new loan. Consolidating federal loans also retains certain borrower protections included with those loans.

Because refinancing means getting a new loan, refinancing a federal loan means losing federal protections. Such benefits include student loan forgiveness or discharge and temporary federal student debt relief such as the CARES Act of 2020. For more about what special protections are exclusive to federal loans, read Federal Student Loan Protections.

Yes. Partial student loan financing is an option for borrowers who have multiple loans with varying interest rates. If just one or two loans carry a high interest rate, it may not be cost effective to refinance all of them. It is also possible to consolidate federal loans and refinance private loans separately.

Yes. As you have more time to build a solid credit history, you may eventually qualify for an even lower rate. If your income increases significantly, you may also wish to shorten the term of your loan to pay it off quicker. For more about multiple refinance loans, read How Many Times Can You Refinance? and How to Lower Your Interest Rate.

The entire process usually takes a month or two, up to 120 days. For some lenders, prequalification takes a few minutes with their online application. Final qualification may take 1 to 3 business days. Once you receive your loan offer, you’ll have 30 days before it expires. If you accept the offer, you have 3 days to rescind. Refinance lenders say to expect your original loans to be paid off in 14-30 days. Lenders generally say the first repayment comes due after 30-45 days. With some refinance lenders, the first repayment due date is relative to the time of disbursement; for others, it depends on the date of origination.

To confirm your APR and offer terms, your lender will need to perform a hard credit inquiry. A hard credit pull is the type of credit pull that has the potential to damage your FICO score. Additionally, closing a line of credit has an impact on your score. While refinancing opens a new line of credit, paying off the initial loan(s) also closes one or more lines of credit. Thus, your score quickly “evens out.” For more about the impact refinancing may have on your credit score, read Does Refinancing Affect Your Credit Score?

Most lenders won’t refinance loans for someone who has declared bankruptcy. Declaring bankruptcy after refinancing will not necessarily eliminate the debt. In early 2020, a New York federal judge discharged over $200,000 in student loans for one borrower who declared bankruptcy. This is not standard, however.

Your refinance lender should send you several legal disclosures. Read these disclosures carefully and make sure you understand your rights and responsibilities. If you still have concerns or there is anything you do not understand, it may be wise to meet with a third-party advisor. A financial professional may also alert you if anything in your loan contract seems suspicious.

You have a legal right to rescind or cancel your acceptance of the new loan within three (3) days of your initial acceptance. The Right to Rescind is part of the Truth in Lending Act (TILA), which protects all consumer borrowers from predatory lenders. For more about how to use your right to rescind, read Right to Rescind a Refinance Loan.

In 2019, the Federal Trade Commission facilitated the repayment of more than $230 million to student borrowers who had been scammed. Recent investigations include:

Student Debt Doctor
Student Debt Relief Group
Strategic Student Solutions
Student Aid Center
Alliance Document Preparation
A1 DocPrep, Inc.

The Federal Trade Commission posts a complete list of people and companies banned from participating in debt relief businesses.

The FTC has distributed more than $1 million to the customers of a company that did business under multiple names, including American Student Loan Consolidators, BBND Marketing, and United Processing Center. Many companies do business under more than one name or change names when their services change. Multiple concurrent business names, however, may be designed to confuse clients and pass blame. Other signs include:

Asking for your Federal Student Aid or FSA ID password. No legitimate student loan servicer, even those working with the U.S. Department of Education, will ever ask for your FSA password. Do not share this information with any lender.
Excessive upfront fees. It’s normal for servicers to charge for their services, such as initiating a line of credit or paying off loans on your behalf. Dozens of monthly fees or one-time fees over $200, however, are not standard.
Promises of immediate loan forgiveness. Loan forgiveness in the event of death is an industry standard. Other than that, private companies rarely forgive loan debt. At least one legitimate nonprofit company offers the potential for loan forgiveness on student debt more than 25 years old. Student loan forgiveness for federal loans is possible but rare.

If you suspect a student loan debt relief scam, submit a complaint to the Consumer Financial Protection Bureau and the Federal Trade Commission. You can also report the fraud to the Attorney General of your state.

Best Student Loan Refinancing Companies

How to Refinance Your Student Loans