How do I choose the best lender for me?

Choosing the best lender for you means comparing multiple lenders. Not only do loan options and features vary by lender, but every company has its own unique methods of evaluating borrowers. When comparing, you should look at: Interest rates : Some lenders offer both fixed and variable rates. Decide which is best for you. Loan terms : The length of repayment for most refinancing lenders is between five and 20 years. Just remember: The longer the repayment term, the more you’ll have to pay in interest over the life of the loan. Origination Fees : Look for lenders with no fees, like any of Credible’s partner lenders. Repayment options : Some lenders might offer repayment options like deferment, forbearance, or other hardship options if you get into a bind. Learn more.

What do I need to qualify for refinancing?

When you apply to refinance student loan debt, lenders consider these factors for qualification: Credit score : Most lenders have a minimum credit score requirement and offer low interest rates to borrowers with good to excellent credit. Debt-to-income ratio : Your DTI is how much of your monthly income is required to pay expenses like your rent or mortgage, car loan, and other bills. Income : Private lenders want to make sure you have a steady job and enough monthly income to live on after making your loan payments. Degree : Not all, but some lenders require that you have completed your degree in order to refinance your student debt. Amount of debt : Lenders have a minimum and maximum amount they’ll refinance — typically between $7,500 and $300,000. Learn more.

9 Best Student Loan Refinance Companies: Reviewed and Rated

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

The best student loan refinance companies provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.

Through Credible, you can compare your prequalified rates from all of the lenders below without affecting your credit score.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.85%+	4.86%+	5, 7, 10, 15, 20
Fixed APR: 3.85%+ Variable APR: 4.86%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.89%+¹	6.68%+¹	5, 7, 10, 15, 20
Fixed APR: 5.89%+¹ Variable APR: 6.68%+¹ Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99%+²	6.99%+²	5, 7, 10, 12, 15
Fixed APR: 6.99%+² Variable APR: 6.99%+² Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+⁵	7.57%+⁵	5, 10, 15, 20
Fixed APR: 6.0%+⁵ Variable APR: 7.57%+⁵ Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.88%+³	4.86%+³	5, 7, 10, 15, 20
Fixed APR: 4.88%+³ Variable APR: 4.86%+³ Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.12%+⁴	8.52%+⁴	5, 10, 15, 20
Fixed APR: 5.12%+⁴ Variable APR: 8.52%+⁴ Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.89%+	5.04%+	5, 7, 10, 15
Fixed APR: 4.89%+ Variable APR: 5.04%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.2%+	N/A	7, 10, 15
Fixed APR: 6.2%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.12%+ - 11.19%+⁸	7.60%+ - 14.50%+⁸	5, 7, 10, 15, 20, 25 years⁸
Fixed APR: 7.12%+ - 11.19%+⁸ Variable APR: 7.60%+ - 14.50%+⁸ Min. credit score: Mid-to-high 600's FICO⁸ Loan amount: $5,000 to $500,000 (depending on degree) Loan terms (years): 5, 7, 10, 15, 20, 25 years⁸ Time to fund: 3 business days Repayment options: Immediate Fees: Late fee, NSF fee Discounts: Autopay⁸ Eligibility: Must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number Customer service: Email, phone Soft credit check: Yes⁸ Cosigner release: After 24 months⁸ Loan servicer: Firstmark Services Max. undergraduate loan balance: $125,000 Max. graduate loan balance: $500,000 Offers Parent PLUS loans: Yes Min. income: You or your cosigner must meet Nelnet Bank's income criteria
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.34%+	N/A	5, 10, 15
Fixed APR: 6.34%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Compare personalized rates from multiple lenders without affecting your credit score. 100% free! Compare Now Trustpilot
All APRs reflect autopay and loyalty discounts where available \| ¹Citizens Disclosures \| ²College Ave Disclosures \| ⁵EDvestinU Disclosures \| ³ ELFI Disclosures \| ⁴INvestEd Disclosures \| ⁷ISL Education Lending Disclosures \| ⁸Nelnet Bank Disclosures

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Let’s take a look at Credible’s partner lenders:

Brazos: Best for Texas residents
Citizens: Best for Citizens account holders
College Ave: Best for repayment term variety
EdvestinU: Best for high balances
ELFI: Best for high balances
INvestEd: Best for forbearance
ISL Education Lending: Best for current students
MEFA: Best for no degree
RISLA: Best for income-based repayment

1. Brazos

Best for: Texas residents

Brazos offers refinancing to borrowers who reside in Texas. With Brazos, you’ll also have access to economic hardship forbearance, which allows borrowers to defer payments for up to 12 months over the life of the loan (up to three months per forbearance period).

4.4

Credible rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms

Fees and Discounts

Customer Experience

Brazos Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

3.85%+

Variable APR

Lowest variable rate available from this lender

4.86%+

Min. credit score

Minimum credit score needed to qualify

720

Loan amount

Range needed to refinance with this lender

$10,000 to $400,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

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Fixed APR: 3.85%+
Variable APR: 4.86%+
Min. credit score: 720
Loan amount: $10,000 to $400,000
Loan terms (years): 5, 7, 10, 15, 20
Repayment options: Military deferment, forbearance
Fees: Late fee
Discounts: Autopay

Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
Customer service: Email, phone
Soft credit check: 720
Cosigner release: No
Loan servicer: Firstmark Services
Max. Undergraduate Loan Balance: $100,000 - $149,000
Max. Graduate Loan Balance: $200,000 - $400,000
Offers Parent PLUS Refinancing: Does not disclose

Pros

Offers fixed and variable interest rates
No origination or prepayment fees

Cons

No cosigner release available
Must have a relatively high minimum annual income

Learn More: Brazos student loan refinance review

2. Citizens

Best for: Citizens account holders

Citizens offers refinancing to all U.S. residents and permanent residents, as well as resident aliens (with an eligible cosigner). You can refinance $10,000 to $750,000 (depending on your degree and loan type).

If you already have an account with Citizens, you could also get a 0.25% loyalty rate discount — plus another 0.25% off your rate if you sign up for autopay.

Additionally, Citizens borrowers have access to economic hardship forbearance, which allows borrowers to defer payments for up to 12 months over the life of the loan (up to two months per forbearance period).

3.7

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

Citizens Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

5.89%+¹

Variable APR

Lowest variable rate available from this lender

6.68%+¹

Min. credit score

Minimum credit score needed to qualify

Does not disclose

Loan amount

Range needed to refinance with this lender

$10,000 to $750,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

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Fixed APR: 5.89%+¹
Variable APR: 6.68%+¹
Min. credit score: Does not disclose
Loan amount: $10,000 to $750,000
Loan terms (years): 5, 7, 10, 15, 20
Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
Fees: Late fee
Discounts: Autopay, loyalty

Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
Customer service: Email, phone, chat
Soft credit check: Yes
Cosigner release: After 24 to 36 months
Loan servicer: Firstmark Services
Max. Undergraduate Loan Balance: $100,000 to $149,000
Max. Graduate Loan Balance: Less than $150,000
Offers Parent PLUS Refinancing: Yes

Pros

Offers variable and fixed interest rates
Offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
No prepayment or origination fees

Cons

No disability discharge offered
Doesn’t disclose minimum credit or income requirements
Long cosigner release period (36 months)

Learn More: Citizens student loan refinance review
¹Citizens Disclosures

3. College Ave

Best for: Repayment term variety

College Ave offers refinancing to all U.S. residents and permanent residents, except for residents in Maine.

They offer super flexible terms (a total of 15) to give you more options when it comes to repayment.

4.4

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

College Ave Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

6.99%+²

Variable APR

Lowest variable rate available from this lender

6.99%+²

Min. credit score

Minimum credit score needed to qualify

Does not disclose

Loan amount

Range needed to refinance with this lender

$5,000 to $300,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

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Fixed APR: 6.99%+²
Variable APR: 6.99%+²
Min. credit score: Does not disclose
Loan amount: $5,000 to $300,000
Loan terms (years): 5, 7, 10, 12, 15
Repayment options: Military deferment, forbearance, loans discharged upon death or disability
Fees: Late fee
Discounts: Autopay

Eligibility: All states except for ME
Customer service: Email, phone, chat
Soft credit check: Yes
Cosigner release: After 24 to 36 months
Loan servicer: College Ave Servicing LLC
Max. Undergraduate Loan Balance: $100,000 to $149,000
Max. Graduate Loan Balance: Less than $300,000
Offers Parent PLUS Refinancing: Yes

Pros

Offers variable and fixed interest rates
No prepayment or origination fees

Cons

Not available to residents in Maine
Doesn’t disclose minimum income or credit requirements

Learn More: College Ave student loan refinance review
²College Ave Disclosures

4. EdvestinU

Best for: High balances

EdvestinU offers refinancing options to all U.S. residents who have private or federal student loans, including parent PLUS loans.

Also, unlike many private lenders, EdvestinU doesn’t require you to have earned your degree — you can refinance your student loans as long as you meet the company’s income and credit requirements.

3.8

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

EdvestinU Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

6.0%+⁵

Variable APR

Lowest variable rate available from this lender

7.57%+⁵

Min. credit score

Minimum credit score needed to qualify

700

Loan amount

Range needed to refinance with this lender

$7,500 to $200,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings.

View Details

Fixed APR: 6.0%+⁵
Variable APR: 7.57%+⁵
Min. credit score: 700
Loan amount: $7,500 to $200,000
Loan terms (years): 5, 10, 15, 20
Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
Fees: None
Discounts: Autopay

Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
Customer service: Email, phone
Soft credit check: Yes
Cosigner release: After 24 months
Loan servicer: Firstmark Services
Max. Undergraduate Loan Balance: $150,000 to $249,000
Max. Graduate Loan Balance: $150,000 to $199,000
Offers Parent PLUS Refinancing : Yes

Pros

Variable and fixed rates available
Offers refinancing to borrowers who haven’t completed their degrees
No application, origination, or prepayment fees

Cons

Long cosigner release period (24 months)
Borrowers with poor or fair credit might not qualify

Learn More: EdvestinU student loan refinancing review
⁵EdvestinU Disclosures

5. ELFI

Best for: High balances

Education Loan Finance (ELFI) is a student loan debt consolidation program offered by SouthEast Bank. They offer temporary forbearance of up to 12 months for financial hardship.

If facing a medical difficulty, borrowers may be granted forbearance at the discretion of SouthEast Bank, as well.

4.4

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

Education Loan Finance Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

4.88%+³

Variable APR

Lowest variable rate available from this lender

4.86%+³

Min. credit score

Minimum credit score needed to qualify

680

Loan amount

Range needed to refinance with this lender

$10,000 to $250,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won't affect your credit score

View Details

Fixed APR: 4.88%+³
Variable APR: 4.86%+³
Min. credit score: 680
Loan amount: $10,000 to $250,000
Loan terms (years): 5, 7, 10, 15, 20
Repayment options: Forbearance
Fees: None
Discounts: None

Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
Customer service: Email, phone
Soft credit check: Yes
Cosigner release: No
Loan servicer: Mohela
Max. Undergraduate Loan Balance: $250,000
Max. Graduate Loan Balance: $250,000
Offers Parent PLUS Refinancing: Yes

Pros

Offers variable and fixed rates
Offers referral bonus
Offers forbearance options
No fees

Cons

Must refinance at least $10,000
Doesn’t offer any discounts
No cosigner release available

Learn More: ELFI student loan refinance review
³ELFI Disclosures

6. INvestEd

Best for: Forbearance

While INvestEd student loans are limited to Indiana residents and U.S. residents attending eligible Indiana schools, its refinancing program is available nationwide.

INvestEd allows borrowers to apply for cosigner release after 12 months of on-time payments. It also offers hardship forbearance for up to three months at a time, with a cumulative maximum of 24 months. There’s a limit of 2 forbearances per 12 month period.

3.1

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

INvestEd Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

5.12%+⁴

Variable APR

Lowest variable rate available from this lender

8.52%+⁴

Min. credit score

Minimum credit score needed to qualify

670

Loan amount

Range needed to refinance with this lender

$5,000 to $250,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won't affect your credit score

View Details

Fixed APR: 5.12%+⁴
Variable APR: 8.52%+⁴
Min. credit score: 670
Loan amount: $5,000 to $250,000
Loan terms (years): 5, 10, 15, 20
Repayment options: Academic deferment, military deferment, forbearance
Fees: Late fee, returned payment fee

Discounts: Autopay
Eligibility: Must be U.S. citizen or permanent resident
Customer service: Email, phone, chat
Soft credit check: Yes
Cosigner release: Yes
Max undergraduate loan balance: $250,000
Max graduate loan balance: $250,000
Offers Parent PLUS refinancing: Yes

Pros

Offers variable and fixed interest rates
Offers deferment and forbearance options
Offers autopay discount

Cons

Can only refinance up to $250,000

Learn More: INvestEd student loan refinance review
⁴INvestEd Disclosures

7. ISL Education Lending

Best for: Current students

ISL Education Lending offers a variety of refinancing options — which includes being able to refinance while you’re still in school.

In addition to a standard repayment plan, ISL Education Lending provides a graduated repayment plan to borrowers who choose a 10-, 15-, or 20-year term (plus seven-year terms in some cases). This type of plan starts with low payments that gradually increase over time.

4.2

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

ISL Education Lending Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

6.94%+ ⁷

Min. credit score

Minimum credit score needed to qualify

670

Loan amount

Range needed to refinance with this lender

Up to $300,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

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Fixed APR: 6.94%+ ⁷
Variable APR: N/A
Min. credit score: 670
Loan amount: Up to $300,000
Loan terms (years): 5, 7, 10, 15, 20
Time to fund: Usually one business day
Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge
Fees: None

Discounts: Autopay
Eligibility: Available in all 50 states
Customer service: Email, phone
Soft credit check: Yes
Cosigner release: After 24 months
Max. undergraduate loan balance: $300,000
Max. graduate balance: $300,000
Offers Parent PLUS loans: Yes
Min. income: None

Pros

0.25% autopay discount
Can refinance while still in school
Graduated repayment plan available

Cons

Rates can be higher than competing lenders
Cosigner release period longer than some lenders (24 months)

Learn More: ISL Education Lending student loan refinance review

8. MEFA

Best for: No degree

Massachusetts Educational Financing Authority (MEFA) doesn’t just offer private loans to those in Massachusetts; residents from any state can apply. With MEFA, you can refinance $10,000 up to the total amount of your qualified education debt with repayment terms of seven, 10, or 15 years.

Keep in mind that you must have attended a public or nonprofit university to refinance with MEFA — for-profit schools aren’t eligible.

4.0

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

MEFA Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

6.2%+

Variable APR

Lowest variable rate available from this lender

N/A

Min. credit score

Minimum credit score needed to qualify

670

Loan amount

Range needed to refinance with this lender

$10,000 up to the total amount

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won't affect your credit score

View Details

Fixed APR: 6.2%+
Variable APR: N/A
Min. credit score: 670
Loan amount: $10,000 up to the total amount
Loan terms (years): 7, 10, 15
Repayment options: Military deferment, loans discharged upon death or disability
Fees: None
Discounts: None

Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
Customer service: Email, phone
Soft credit check: Yes
Cosigner release: No
Loan servicer: AES
Max. Undergraduate Loan Balance: No maximum
Max. Gradaute Loan Balance: No maximum
Offers Parent PLUS Refinancing: Yes

Pros

Offers refinancing to borrowers who haven’t completed their degrees
No prepayment or origination fees

Cons

Doesn’t offer any discounts (such as autopay discounts)
They don’t have a cosigner release available
No forbearance or deferment options

Learn More: MEFA student loan refinance review

9. RISLA

Best for: Income-based repayment

Rhode Island Student Loan Authority (RISLA) doesn’t just offer loans to those in Rhode Island; residents from any state can apply.

They also offer an income-based repayment plan to borrowers who demonstrate financial hardship. Under this plan, your payments are capped at 15% of your discretionary income, and any remaining balance will be forgiven by RISLA after 25 years.

3.7

Credible rating

Rates and terms

Fees and Discounts

Customer Experience

RISLA Student Loan Refinancing

Fixed APR

Lowest fixed rate available from this lender

6.34%+

Variable APR

Lowest variable rate available from this lender

N/A

Min. credit score

Minimum credit score needed to qualify

680

Loan amount

Range needed to refinance with this lender

$7,500 to $250,000

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

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View Details

Fixed APR: 6.34%+
Variable APR: N/A
Min. credit score: 680
Loan amount: $7,500 to $250,000
Loan terms (years): 5, 10, 15
Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
Fees: None
Discounts: Autopay

Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
Customer service: Email, phone
Soft credit check: Does not disclose
Cosigner release: No
Loan servicer: Rhode Island Student Loan Authority
Max. Undergraduate Loan Balance: $150,000 - $249,000
Max. Graduate Loan Balance: $200,000 - $249,000
Offers Parent PLUS Refinancing: Yes

Pros

Offers refinancing to borrowers who haven’t completed their degrees
Low minimum credit score
No prepayment or origination fees

Cons

No cosigner release option available
Charges late fees

Learn More: RISLA student loan refinance review

How we picked the best student loan refinance companies

To find the “best companies,” Credible looked at loan and lender data points from 12 categories to give you a well-rounded perspective on each of our partner refinancing lenders.

Here’s what we considered:

Interest rates
Repayment terms
Repayment options
Fees
Discounts
Customer service availability
Maximum loan balances
Willingness to refinance parent loans
Eligibility criteria
Cosigner release options
Whether the minimum credit score is available publicly
Whether consumers could request rates with a soft credit check

Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the refinancing process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your refinancing options.

Other student loan refinancing lenders to consider

Here are more student loan refinancing companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

Lender	Loan terms (years)	Max loan balance
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 7, 10, 15, 20	Undergrad: $500,000 Grad: $500,000
Fixed rate: 5.44%+ Variable rate: 5.39%+ Min. credit score: 680 Loan amount: $5,000 to $500,000 Cosigner release: Yes Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Available in all states, except MS and NV Customer service: Email, phone, chat Soft credit check: Yes Loan servicer: FirstMark Max. undergraduate loan balance: $500,000 Max. graduate loan balance: $500,000 Offers Parent PLUS refinancing: Yes Min. income: $65,000 (for 15- and 20-year products)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	10, 20	Undergrad: $249,000 Grad: $199,000
Min. credit score: Does not disclose Loan amount: Up to $250,000 Loan terms (years): 10, 20 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Max. undergraduate Loan Balance: $150,000 to $249,000 Max. graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 7, 10, 15	Undergrad: $500,000 Grad: $500,000
Rates: fixed, variable Min. credit score: Does not disclose Loan amount: $60,000 to $350,000 Cosigner release: No Loan terms (years): 5, 7, 10, 15, 20 Fees: None Discounts: Autopay, loyalty Eligibility: Available in CA, CT, FL, MA, NY, OR, WY Customer service: Email, phone Soft credit check: Yes Max. undergraduate loan balance: $500,000 Max. graduate loan balance: $500,000
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	10, 15, 20	Undergrad: $249,000 Grad: $249,000
Rates: Fixed, variable Min. credit score: Does not disclose Loan amount: $10,000 to $250,000 Cosigner release: After 24 to 36 months Loan terms (years): 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Loan servicer: Student Loan Finance Corporation Max. undergraduate Loan Balance: $150,000 to $249,000 Max. graduate Loan Balance: $200,000 to $249,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 7, 10, 15	Undergrad: None Grad: None
Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Cosigner release: Does not disclose Loan terms (years): 5, 7, 10, 15 Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Max. undergraduate Loan Balance: No maximum Max. graduate Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 10, 15	Undergrad: $99,000 Grad: $150,000
Min. credit score: Does not disclose Loan amount: Less than $150,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Does not disclose Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: Yes Max. Undergraduate Loan Balance: Less than $99,000 Max. graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 7, 10, 15, 20	Undergrad: No maximum Grad: No Maximum
Fixed APR: Check with lender Variable APR: Check with lender Min. credit score: Does not disclose Loan amount: $5,000 up to the full balance Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, military deferment Fees: None Discounts: Autopay, loyalty Eligibility: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: No Max undergraduate loan balance: No maximum Max graduate loan balance: No maximum Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	Does not disclose	Undergrad: None Grad: None
Min. credit score: Does not disclose Loan amount: No maximum Loan terms: Does not disclose Repayment options: Academic deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max. undergraduate Loan Balance: No maximum Max. graduate Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
The lenders in this table aren't our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing. Compare Now

Check out: 4 Credit Unions for Student Loan Refinancing

How to refinance student loans

If you’re ready to refinance your student loans, follow these four steps:

Research and compare lenders. Since each lender is likely to offer you a different rate and terms, compare as many lenders as possible to find the right loan for you. Consider not only interest rates but also repayment plans and any fees charged by the lender.
Choose your loan option. After comparing lenders, choose the option that best suits your needs.
Complete the application. Once you’ve picked a lender, fill out a full application on their site and submit any required documentation, such as loan verification statements, proof of employment, and proof of income.
Manage your payments. If you’re approved, make sure to keep up with payments on your old loans until the refinance is processed. Afterward, consider signing up for autopay so you won’t miss any payments in the future — many lenders offer rate discounts for borrowers who opt for automatic payments.

Check Out: How to Refinance Your Student Loans

Requirements to refinance student loans

While eligibility criteria vary between lenders, there are common requirements for student loan refinancing that you’ll likely come across, including:

Good credit: You’ll typically need good to excellent credit to qualify for refinancing. Generally, borrowers with strong credit can qualify for lower interest rates compared to borrowers with poor or fair credit.
Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the percentage of your monthly income that’s required to pay expenses like your rent or mortgage, car loan, and other bills. In general, you’ll need a DTI ratio below 50% — though some lenders might require a lower ratio.
Verifiable income: Lenders want to see that you’ll be able to afford your future loan payments. Some lenders have a certain minimum income you’ll have to meet while others don’t — but in either case, you’ll typically have to show proof of income.

Learn More: Lenders That Will Refinance Student Loans for Non-Graduates

How to get the best student loan refinance rate

Lenders review your credit to determine not only your creditworthiness but also your interest rate. In general, the best rates on student loan refinancing are reserved for borrowers with good to excellent credit.

Tip: Another way to get a better interest rate is to apply for refinancing with a cosigner. Just keep in mind that your cosigner will share responsibility for repayment of the loan — if you can’t make your payments, they’ll be on the hook.

Check Out: How to Refinance Graduate Student Loans

Calculate your potential savings

How much you could save through refinancing mainly depends on whether you can get a better interest rate as well as the repayment term you choose. For example, if you qualify for a lower interest rate you could save money on interest charges and potentially pay off your loan faster. Choosing a shorter repayment term could also get you a lower interest rate.

You can use our student loan refinancing calculator below to see how much you can save by refinancing.

Step 1. Enter your loan balance

Loan balance ? Enter the remaining amount of the loans you’d like to refinance $

Step 2. Enter current loan information

Interest rate ? Enter the average annual interest rate of the loans you’d like to refinance %

Monthly payment ? Enter the monthly amount you currently pay on your loans (or enter remaining term) $

Remaining term ? Enter the amount of time left to repay your loan (or enter monthly payment) years

Step 3. Enter your new loan information to start calculating your savings

Interest rate ? Enter an estimated new interest rate. %

Monthly payment ? Enter the monthly amount to pay on your new loan (or enter new loan term) $

New loan term ? Enter the amount of time you have to repay your loan (or enter monthly payment) years

Lifetime Savings Increased Lifetime Cost $

New Monthly Payment $

Monthly Savings Increased Monthly Cost $

If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score.

Learn More: Credit Unions for Student Loan Refinancing

Frequently asked questions about student loan refinancing

Here are the answers to several commonly asked questions regarding student loan refinancing.

How did the CARES Act affect student loans?

Due to the COVID-19 pandemic, payments and interest accrual were paused on federal student loans by the CARES Act. Payments and interest began again on September 1, 2023. Private student loans, on the other hand, weren’t eligible for CARES Act benefits — though many private lenders are offered various types of payment assistance to borrowers negatively impacted by the pandemic.

If you have private student loans and can qualify for a lower interest rate or more favorable repayment terms, then refinancing could be a good idea.

Can you refinance private loans?

Yes, private student loans are eligible for refinancing. Keep in mind that you can refinance more than once, which means you could refinance your private loan again if you can get a lower rate or better terms in the future.

Can you refinance federal loans?

Yes, you can refinance federal student loans. However, doing so will turn your federal student loans into a private loan — which means you’ll lose access to federal protections, such as income-driven repayment plans and student loan forgiveness programs. Refinancing is permanent and irreversible, so make sure you won’t need those benefits before refinancing federal loans.

What is federal student loan consolidation?

Federal student loan consolidation is a different process than refinancing. If you have federal student loans, you can consolidate them with a federal Direct Consolidation Loan. Your interest rate will be the weighted average of the interest rates on the loans you consolidate

Additionally, you could extend your repayment term up to 30 years through federal consolidation, which could lower your monthly payment and lessen the strain on your budget. Just keep in mind that having a longer term means you’ll pay more in interest over time.

Can you refinance more than once?

Yes, there’s no limit to how many times you can refinance. Refinancing more than once could be a good idea if you can qualify for a lower interest rate or better repayment terms, as you could save money on interest and potentially pay off your loan faster.

When is the best time to refinance?

The best time to refinance your student loans is whenever it makes the most financial sense for you to do so. For example, if you have good credit and will benefit from refinancing, then it could be a good time for you.

But if you have poor credit or unstable income, then it might be a better idea to wait to refinance.

What is the average student loan refinance rate?

On average, student loan refinancing rates have continued to drop over the past several months. As of Oct. 2, 2023, good-credit borrowers who refinanced through Credible received the following average rate offers on private student loans:

10-year fixed interest rate loans: Rates averaged 7.29%, up from 7.22% the week before and up from 5.49% a year ago.
Five-year variable interest rate loans: Rates averaged 6.28%, up significantly from 5.88% the week before and up from 3.41% a year ago.

Keep in mind that your credit as well as other factors will play a role in determining the interest rates you might be offered.

Can refinancing student loans hurt your credit?

When you apply for refinancing, the lender typically performs a hard credit check to review your finances and determine your creditworthiness. This could cause a slight drop in your credit score — though usually by only five points or less.

Additionally, this is often only temporary, and your score will likely bounce back within a few months.

Tip: Making on-time payments on a refinanced loan could actually help improve your credit over time — which means the positive impact could eventually outweigh any negative consequences to your score.

What is the downside to refinancing student loans?

While there are several potential benefits to refinancing, it’s also important to keep the possible downsides in mind. For example:

Loss of federal benefits: Refinancing federal student loans means you’ll lose access to federal protections.
Lack of repayment plans: Unlike federal student loans, private refinanced loans generally don’t offer a wide variety of repayment options to choose from, such as income-driven or extended repayment plans.

What credit score is needed in order to refinance?

You’ll generally need good to excellent credit to qualify for refinancing — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer refinancing for bad credit, but these loans tend to come with higher interest rates compared to good-credit loans.

Tip: If you’re struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

What’s the difference between refinancing and consolidation?

While refinancing and consolidation both allow you to combine your student loans, they mean something different for private and federal student loans.

Private student loan refinancing (also known as private consolidation) is the process of taking out a new private student loan to pay off your old loans. Depending on your credit, you might get a lower interest rate through refinancing. Keep in mind that you can refinance both private and federal loans — but if you refinance federal student loans, you’ll no longer have access to federal benefits and protections.
Federal student loan consolidation is the process of consolidating federal loans into a Direct Consolidation Loan. While this won’t change your interest rate, it will allow you to extend your repayment term up to 30 years, which could greatly reduce your monthly payments. Just remember that you’ll pay more interest over time with a longer term.

What’s the difference between a fixed rate and a variable rate?

Many refinancing lenders offer both fixed and variable interest rates on their loans. Here’s how they work:

Fixed rates stay the same throughout the life of the loan. This means your interest and payments won’t ever change.
Variable rates can fluctuate based to market conditions — so your interest and payments could rise or fall in the future.

Keep Reading: When to Refinance Student Loans

Methodology: Credible evaluated loan and lender data points in 12 categories to identify some of the “best companies” for refinancing student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, customer service availability, and maximum loan balances offered by 20 lenders. We also considered each company’s willingness to refinance parent loans, eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.

Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.

Read the full Credible rating lender methodology.

Learn about Credible’s mission and promise to our readers.

About the author

Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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