6 Best Student Loan Refinance Companies of May 2025
The best student loan refinance company is the one that can reduce your rate the most. But certain lenders excel at serving certain types of customers.
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A student loan refinance is when you move your loans from one lender to a new, private lender. The new servicer will pay off your old debt and typically offer you a better interest rate or more suitable terms. These better terms can save you money.
You can refinance federal and private student loan debt into one, new private loan. But refinancing federal student loans means you will forfeit federal benefits, like income-driven repayment plans and eventual student loan forgiveness. If you want to keep your federal loans federal, consider consolidation.
Refinancing student loans is usually best for those with strong credit and stable income since this often results in better loan terms.
NerdWallet student loan experts evaluated dozens of data points to identify the best student loan refinance companies for different customers.
We've identified all our selections below.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Student Loan Refinance Companies
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | See Offers on Credible’s website | |
4.5 /5 | Mid-600s | 6.99-13.99% | 6.99-13.99% |
Our pick for
Student loan refinancing with low income
You can refinance if you don't make a lot of money, but this may not make sense for federal loan borrowers.
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- Key facts
Borrowers who refinance with LendKey have an average income of $65,000 — the lowest number among lenders who shared this information with NerdWallet.
Pros- Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications- Typical credit score of approved borrowers or co-signers: 751.
- Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
- Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 7, 10, 15 or 20 yearsDisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Our pick for
Overall
College Ave Student Loan Refinance
Mid-600s
6.99-13.99%
6.99-13.99%
- Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.Pros
- You can choose any loan term between 5 and 20 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
Qualifications- Typical credit score of approved borrowers or co-signers: Mid-700s.
- Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
- Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 yearsDisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 10/08/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key factsBest for borrowers who want payment flexibility should they run into financial trouble.Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons- Students cannot refinance a parent PLUS loan in their name.
Qualifications- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
Our pick for
Banks to refinance student loans
SoFi Parent PLUS Refinancing
650
4.49-9.99%
5.99-9.99%
- Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.Pros
- You can refinance parent PLUS loans from the parent’s name to the student’s.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- No co-signer release available.
- Loan size minimum is higher than most lenders.
Qualifications- Typical credit score of approved borrowers or co-signers: 700+.
- Loan amounts: $5,000, up to your total outstanding loan balance.
- Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5, 7, 10, 15 or 20 years
Our pick for
State-based refinancing
- Key factsBest for saving on interest before graduation and borrowers who didn’t finish school.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You can refinance without a degree.
- You can refinance while in school or during a medical residency.
Cons- Interest rates vary by refi product.
Qualifications- Typical credit score of approved borrowers or co-signers: Approximately 750.
- Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)
- Must have a degree: No.
Available Term Lengths5, 7, 10, 15 or 20
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.24%
- Key factsBest for borrowers who value good customer service.Pros
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
Cons- Payment postponement isn’t available for borrowers who return to school.
- The minimum amount to refinance is more than many lenders require.
- No co-signer release available.
Qualifications- Typical credit score of approved borrowers or co-signers: 774.
- Loan amounts: $10,000 up to your total outstanding loan balance.
- Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 yearsDisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
How to refinance student loans
Identify your financial goals. Refinancing can help you lower your monthly student loan payment, total payback amount or both. You can also use a refinance to change your loan terms and pay off your student debt faster. Consider your goals first to determine if refinancing will help you meet them.
Evaluate your finances. For the best chances of approval, you'll likely need a credit score in the high 600s, a debt-to-income, or DTI, ratio of 50% or better and stable income.
Compare rates. Get prequalified with several lenders to see who gives you the best deal. The lenders on this list will show you your rate offer without affecting your credit score.
Choose a lender and complete the application. You may need the following information to complete the official application: loan verification statement, proof of employment, proof of residency, proof of graduation, proof of identity.
Sign the final documents and wait for loan payoff. Once underwriting is complete, you’ll need to sign some final paperwork to accept the loan. You'll usually have three days to cancel the refinance loan if you change your mind.
Best student loan refinance companies
Current student loan interest rates for the best refinance companies
The NerdWallet team of student loans experts analyzed reported refinancing rates from six lenders over a period of 39 months. We considered four variables — average maximum fixed rates, average minimum fixed rates, average maximum variable rates and average minimum variable rates — for each lender on a month-over-month basis.
The average rates as of Apr. 19, 2023, are:
Minimum fixed interest rate - 5.16%.
Maximum fixed interest rate - 9.09%.
Minimum variable interest rate - 5.13%.
Maximum variable interest rate - 9.66%.
The rates for top refinance lenders tend to follow the trend line of student loan refinance interest rates in general. Borrowers have seen a general upward trend starting in December 2021.
Use this chart to gauge how your student loan refinance offers measure against average interest rate ranges.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on January 18, 2024
NerdWallet's Best Student Loan Refinance Companies of May 2025
- LendKey Student Loan Refinance: Best for Student loan refinancing with low income
- College Ave Student Loan Refinance: Best for Overall
- SoFi Parent PLUS Refinancing: Best for Banks to refinance student loans
- RISLA Student Loan Refinance: Best for Overall
- ISL Refinance Loan: Best for State-based refinancing
- ELFI Student Loan Refinance
