Best Student Loan Refinance Companies of 2025

If you’re having trouble managing your student loans, refinancing them could make things easier. 

Depending on your existing debt and credit, you might qualify for lower rates or a different repayment term — both of which could lower your monthly payments or save you in interest fees. In addition, you can combine several loans into one, streamlining your payments and making it easier to track your debt payoff. 

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Best student loan refinancing lenders

Every refinancing lender uses its own methods to determine whether you qualify for a loan and what rates you’re eligible for. That’s why comparison shopping is so vital — you’ll likely receive different terms from each lender you prequalify with. Check out Credible's partner lenders below.

Other lenders to consider

Both students and parents can refinance education loans with Laurel Road, and borrowers in medical residencies can access specialized repayment plans. Customers who opt to also link a Laurel Road checking account and meet deposit requirements can get a discount of up to 0.55 percentage points on their refinancing rate. Plus, you can schedule a free student loan consultation to help you explore repayment options, forgiveness opportunities, and refinance benefits. 

Methodology

Credible evaluated these student loan refinancing lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted, and more. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. We verified each data point to make sure it was accurate and up to date.

How to refinance student loans

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

1. 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.
2. Choose your loan option: After comparing lenders, choose the option that best suits your needs.
3. 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.
4. 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.

Read More: What Is Student Loan Refinancing?

Pros and cons of refinancing 

Like any financial decision, refinancing student loans comes with risks and benefits. Here’s what to consider before you submit your application.

Benefits

• Potentially lower interest rate: Those with good credit and a stable income may qualify for a lower interest rate than what they’re currently paying. Depending on the exact terms of your debt, this can save you significant money in interest fees, and reduce your monthly payments. 
• Can lower monthly payments: If your current payments are too high, switching to a longer repayment term can also lower your monthly costs. Doing so often means you’ll pay more interest over the life of the loan, but that might be a fair trade for borrowers who are struggling to afford their debt. 
• Simplify debt management: Refinancing allows you to combine multiple loans into one account, making it easier to track due dates and payoff goals. 
• Remove a cosigner: If your current loans have a cosigner and the lender doesn’t allow you to release them, refinancing offers an opportunity to remove them from your loan. However, you must be able to meet the refinancing requirements on your own. 
• Switch your loan servicer: If you’re unhappy with your current lender, switching to a new provider may provide better customer service, additional discounts, or other perks. 

Risks

• Loss of federal benefits: Refinancing federal student loans means you’ll permanently lose access to all federal protections, including income-driven repayment plans and forgiveness opportunities. 
• Fewer repayment plans: Unlike federal 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. You also typically can’t switch your repayment plan after you’ve begun to make payments. 
• Strict eligibility requirements: To qualify for a refinance loan, you typically need good credit and documented income. Some borrowers may struggle to get approved or may not receive low enough rates. In that case, a cosigner may be necessary. 
• May not save you money: Refinancing doesn’t always offer significant benefits, especially if you already have a relatively low interest rate or are close to paying off your loans for good.

Requirements to refinance

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 ratio (DTI) is the percentage of your gross monthly income that’s required to pay expenses like your rent or mortgage, car loan, and other debts. In general, you’ll need a DTI 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.

How to get the best student loan refinance rate

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

However, the exact conditions of your loan can affect your final rates as well. For example:

• Shorter terms often have lower rates: Loans with a faster payoff timeline are less risky for lenders. You might nab a lower rate if you opt for a shorter-term loan.
• Discounts can help: Many lenders offer a rate discount for enrolling in autopay, but you might also get reduced rates if you already have an existing account with the lender or refer a friend. 
• Comparing lenders is key: Each lender has its own way of calculating your interest rate, and one may offer you a better deal than another. It’s vital to see what each company can offer you before you submit an application. 

If your credit isn’t strong enough to get you low rates, consider adding a cosigner to your application. A cosigner is someone with good credit who agrees to share responsibility for your debt. Because they agree to help you with your loan, it can be easier to get approved for refinancing with a well-qualified cosigner. Even if you can get approved on your own, using a cosigner can help you lock in lower rates.

However, cosigning a loan is no small task. Any missed payment will show up on both of your credit reports, and if you fail to make payments, your cosigner is required to do so. Some lenders allow you to remove a cosigner later if you meet certain requirements. Selecting a lender that offers cosigner release may make someone more willing to cosign your loan, knowing they can be removed later.  

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Is refinancing student loans worth it?  

Whether or not refinancing is worth it depends on your personal situation and financial outlook. Those refinancing federal student loans face additional risk, as they irreversibly give up access to federal benefits and protections. But if you don’t qualify for federal forgiveness opportunities and aren’t likely to need payment assistance in the future, losing those perks may not matter much to you.

Borrowers with private student loans face fewer hazards when refinancing, and most lenders charge no fees to complete the process. If you can save money, reduce your monthly payments, or gain some other benefit by refinancing, it may be worth it. However, make sure you read the fine print on your new loan terms and compare both monthly and lifetime costs on your debt before committing to anything.