Best Student Loan Refinance Companies

Earnest has two big factors going for it compared with other lenders. First, it grants you the option to skip one payment every 12 months, provided you’ve made all your payments on time in the interim. It’s not a free pass, however; that payment is tacked onto the end of your loan, and it’ll still accrue interest. Each time you use it, it’ll reduce the amount of forbearance you have available by one month, and you only have a maximum of 12 months available to begin with. However, it can add extra flexibility to your budget if needed, and that’s always a plus. 

Additionally, Earnest offers an unparalleled range of loan options. Rather than forcing you to choose from a few term length options at five-year intervals, Earnest offers as many as 180 term length options with intervals as short as one month. That allows you to find a payment amount that better fits your budget. Indeed, that’s how you kick-start the process to get a rate quote: You start by telling Earnest how much you can afford for a monthly payment and go from there.

Credible isn’t exactly a lender: It’s a marketplace that allows you to check your rates with several companies at once. In other words, it’s a student loan refinancing matchmaking company, although it helps people find other loan types too. Credible is refreshingly transparent about which lenders it works with so you know which ones to cross off of your shopping list. With 10 partner lenders in its network, it’s a fast and easy way to get your rate shopping done. 

Credible even offers a $200 “best rate guarantee”—find a better offer elsewhere from a non-partner lender, and Credible will reimburse you with a gift card. As with any loan marketplace, the downside is you’ll still need to research each company you’re matched with to see if it offers the features you’re looking for, if anything, beyond the lowest rate. 

Like Credible, Splash Financial is a student loan marketplace. Splash Financial, however, is specifically geared toward people looking to refinance their loans, and it works with an exclusive set of lenders, some that you can’t apply with anywhere else. As such, you’ll be able to compare rates from several lenders at once, although the exact details of which lenders are in Splash Financial’s network aren’t disclosed. 

Since Splash Financial only serves as an intermediary to connect you with other lenders, there aren’t too many downsides to using it. However, none of the lenders in its network offer refinancing options to those who have not finished their degree.

Private student loan lenders don’t have a particularly good reputation for offering many perks, especially when you compare them with federal student loans. SoFi is somewhat of an exception to that because it offers many borrower benefits, including an unemployment assistance program, one-on-one career coaching, financial planning, special events, Los Angeles-based SoFi Stadium lounge access, and more. 

In addition, SoFi is one of the few lenders that allow graduates to refinance student loans that their parents took out for their benefit in their own name, thereby claiming responsibility for repayment. Be aware, however, that applying with a co-signer can tack on an extra week or two to your loan approval timeline. And once listed on the loan, there’s no way to remove a co-signer unless you refinance again in your name alone. 

Student loan refinances aren’t known for charging a lot of fees, but if you’re very fee-averse, Discover is a good choice. You won’t owe any fees at all, even if you pay late (although Discover may still mark it on your credit reports, which can cause your credit score to drop). Discover is also a good choice if you’re looking for more customer-friendly assistance programs than your typical lender offers. Discover provides several options for deferment, and forbearance. 

Unfortunately, Discover doesn’t offer any refinancing repayment periods shorter than 10 years, a big downside if you’re looking to commit to repaying your loans sooner. You’ll also need to be prepared to submit a complete loan application since Discover doesn’t offer loan pre-qualificaiton like most lenders.

Most student loan refinance companies require that you completed your degree in order to be eligible for refinancing. Citizens Bank is one of the few lenders to nix that requirement, although it does impose one additional requirement on you if that’s the case: You’ll need to have made your last 12 student loan payments on time in order to help demonstrate your creditworthiness.

If you need a co-signer for your loan, be prepared for the long haul, too: Your co-signer only becomes eligible for release after three years of on-time payments. However, it is relatively affordable, especially with two stacking discount options. Like most lenders, you’ll get a 0.25% rate discount if you sign up for autopay. Citizens Bank will also knock another 0.25% off of your rate if you or your co-signer already had another Citizens account open when you applied for the loan, too.

PenFed Credit Union is one of the few lenders that allow spouses to combine their separate student loans together into one private student loan during the refinance process. This is handy if both you and your spouse are repaying private student loans, especially if you can qualify for a lower rate together. Otherwise, you’d have to apply for separate refinances, and that means your joint debts will be counted twice against you, rather than once as per if you refinance your loans together. 

If you’re refinancing loans on your own, PenFed may also be a good choice if you need to use a co-signer. PenFed offers a generous co-signer release policy: Your co-signer can be released from their obligation after a mere 12 on-time payments, assuming you’re able to qualify on your own at that point. 

The name Iowa Student Loan might fool you into thinking this student loan refinancing is only available to residents of the Hawkeye State, but this nonprofit lender is available pretty much across the entire country, except for Maine and Oregon. Its low rates make it a good refinancing option for just about anyone, but a few things make it stand out as an especially strong candidate for people with parent student loans. 

First, you may be able to opt for a graduated repayment plan that can help make payment easy, especially if you yourself are in the midst of your own career transition. If you’re an active-duty military member, you’ll also qualify for a reduced rate on your loan. 

Finally, unlike most private student loan lenders, ISL actually offers a loan discharge program if you become permanently disabled or die, similar to federal student loans. No one likes to think about this possibility, but if you’re a parent, the chances of an unfortunate event happening are higher than for newly-minted young grads. Choosing a loan with these options can better protect you and your family.

Some professions are known for having an especially high price tag, like law and medicine. Laurel Road is one of a few companies that cater to high-balance borrowers, especially people in the medical profession. For you, Laurel Road may offer special rate discounts, affordable $100 repayment plans for medical residents and fellows, and expanded refinance options for those with associate degrees. 

You don’t necessarily have to be a doctor or an x-ray technician to benefit from Laurel Road’s refinancing options, however. It also offers lots of ways for other people to save. Laurel Road offers a larger suite of banking services, and if you sign up for these and meet certain requirements (and they’re generally not too hard to meet), you could qualify for even lower rates on your student loan refinance.