Student Loan Refinance Bonuses

Refinancing your student loans can be a smart way to reduce your interest rate or extend your repayment term to save money or lower your monthly payments. Some student loan companies also offer referral bonuses for bringing in new customers who refinance with them.

These bonuses can be enticing, but it’s important to focus on whether refinancing is the right financial move for you. Consider the long-term benefits of lower interest rates and better terms rather than just the short-term perk of a bonus. Keep reading because we’ll help you evaluate whether these bonuses are worth it and how to make the best decision for your financial situation.

Lender	Bonus type	Amount
SoFi	Referral	$1,000 for doctors and dentists; $500 for all other referrals
ELFI	Referral	$400
Earnest	Referral	$200
Splash Financial	Referral	$200
LendKey	Promotional	$50 – $300 or 1% of balance (depending on organization)

Best student loan refinance bonuses

The first four lenders below offer referral bonuses, so you must first have a refinance loan with the lender.  LendKey offers bonuses to members of several companies, including Acorns, ChangEd, and Collective Rate.

SoFi

Best online lender

5.0 _/5

LendEDU Rating

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About SoFi’s referral bonus

SoFi‘s referral program allows members to earn bonuses by referring friends to SoFi for refinancing. To qualify for the referral bonus, your friend must use the specific referral link you provide for student loan refinancing. Members should have a direct personal relationship with those they refer, and mass solicitations are prohibited.

SoFi caps its referral payouts at $10,000 per year, making it an attractive option for those with a wide network.

• Referral bonus: Up to $1,000 for medical professionals; $300 for general referrals
• Maximum referral cap: $10,000 per calendar year

Loan details

Rates (APR)	5.24% – 9.99%
Refinance amounts	$5,000 – total outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

ELFI (Education Loan Finance)

Best personalized support

4.7 _/5

LendEDU Rating

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About ELFI’s referral bonus

We’re big fans of ELFI’s personalized support, evident in its referral program. You earn a $400 bonus for each referral, and the person you refer gets a $100 credit on their loan balance. 

ELFI doesn’t cap the number of people you can refer, making it an excellent choice for those with extensive networks. Its rates are competitive, ensuring that borrowers get value for their money.

• Referral bonus: $400 for you and $100 credit for the person you refer toward their loan balance
• Referral limit: None

Loan details

Rates (APR)	5.28% – 8.99%
Refinance amounts	$10,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

Earnest

Best skip-a-payment benefit

4.6 _/5

LendEDU Rating

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About Earnest’s referral bonus

Earnest offers a standout skip-a-payment benefit in its student loan refinance program. Its referral program is also noteworthy, offering a $200 bonus for you and the person you refer. 

The number of people you can refer is unlimited, making it a solid choice for those with a large circle. The competitive rates can help you balance affordability and reward.

• Referral bonus: $200 for you and the person you refer
• Referral limit: None

Loan details

Rates (APR)	4.99% – 9.74%
Refinance amounts	$5,000 – $500,000
Repayment terms	5 – 20 years

Splash Financial

4.5 _/5

LendEDU Rating

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About Splash Financial’s referral bonus

Splash Financial is a loan marketplace that offers a referral bonus program for those who refinance their student loans through its platform. When you refer a friend to Splash Financial using your unique referral link, you can both earn a $200 bonus if your friend completes a refinance.

The process is straightforward: You share your referral link with your friend, and if they refinance their student loans with Splash Financial, you both get the bonus. The number of friends you can refer is unlimited, allowing you to earn multiple bonuses. This program is an attractive way for borrowers to save on their student loans through refinancing and earn extra cash by helping others do the same.

• Referral bonus: $200 for you and the person you refer
• Referral limit: None

Loan details

Rates (APR)	5.19% – 10.99%
Refinance amounts	$5,000 – 100% of outstanding balance
Repayment terms	5 – 25 years

LendKey

4.2 _/5

LendEDU Rating

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About LendKey’s promotional bonuses

LendKey offers various promotional bonuses for borrowers who refinance their student loans through its marketplace. These bonuses reward borrowers based on specific partnerships and promotions.

To qualify for these bonuses, borrowers must initiate their application through the specific promotional link provided and meet all the outlined conditions. The bonuses are non-transferable, typically distributed via PayPal, and must be claimed within a certain time frame. LendKey’s diverse promotional offerings make it an attractive option for borrowers looking to maximize their savings through refinancing while also earning additional financial benefits.

• Borrowers who refinance through a link from Mint can earn a $100 bonus
• Members of certain organizations, such as the NYU Alumni Association or employees of specific institutions, can earn up to $300, depending on their loan balance
• LendKey partners with platforms Acorns, ChangEd, and Unifimoney to offer unique bonuses, such as 1% cash back deposited into your account or contributions to your investment or savings accounts.

Loan details

Rates (APR)	5.24% – 9.40%
Refinance amounts	$5,000 – $300,000*
Repayment terms	5, 7, 10, 15, or 20 years

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Best Student Loan Refinance Companies

Is refinancing student loans for a bonus worth it?

Whether a bonus is worth it isn’t always an easy yes or no answer. You’ll need to weigh several factors when evaluating it for yourself.

Are you refinancing federal student loans?

If you have federal student loans, it’s best not to refinance them without careful consideration. Federal student loans are eligible for loan consolidation, a process that doesn’t save money per se but lets you streamline your federal student loan repayment. 

Private student loans don’t come with the abundant set of protections and benefits that federal student loans offer, so most experts consider them fair game for refinancing at a lower rate or a different term length; you have potential savings to gain and not much to lose.

How well-positioned are you to refinance your student loans?

Getting the best deal on a student loan refinance—or even being approved at all—depends on your creditworthiness. Most private student loan lenders consider your credit score and income as strong factors in setting your rates. 

If you have a good or excellent credit score and a consistent income, you’re more likely to qualify for better rates overall that can make refinancing worthwhile, whether you get a student loan refinance bonus or not. 

Would refinancing help you save money or lower your payments?

It’s important to use a student loan refinance calculator to see how much you’d save, both in terms of your monthly payment and the total amount of interest you’ll pay over your new loan. 

Refinancing for a lower rate or a longer term can help you save money—but not always. Here’s an example of refinancing a $50,000 student loan you’ve paid for two years since graduating:

	Original	New 10-yr. term	New 15-yr. term
Rate	8%	5%	5%
Term length (years)	8	10	15
Monthly payment	$707	$530	$395
Total interest paid	$17,856	$13,639	$21,171
Interest savings	—	Save $4,217	Pay $3,315 more

In this case, refinancing for a lower rate helps you save money up to a certain point. Extending your repayment by two years at a lower rate could help you save over $4,000, but extending it for seven years could mean paying over $3,000 more.

Is the bonus worth it?

It’s best to choose a new student loan servicer based on who can help you reach your goals the best, whether you’re looking to save money on interest or get a lower payment. The bonus should be a secondary consideration.

The amount of the bonus may not be enough to tip the scales, especially considering the overall interest costs. 

If a lender offers you a $400 student loan refinance bonus, but it will cost $4,000 more in the long term factoring in interest, you’re spending $3,600, not getting ahead by $400. 

But it may be worth it if you’d save $200 on your monthly payment and that’s your biggest concern. 

Our expert recommends: Read the fine print

Andrew Steger

CFP®

When deciding among loan servicers with different referral programs, it’s important to read the fine print. Not all companies pay out referral bonuses the same way.  For example, some will deposit the bonus in your checking account to use as you see fit. Some will provide the bonus as a principal balance reduction, and you don’t have the option to use it any other way.  Be careful about bonuses with other restrictions, such as requiring you to open a checking or savings account with the servicer.   

What would you give up to refinance? And what else would you get?

Private student loan lenders offer fewer benefits and assistance programs than federal student loans, but some student loan refinance companies offer more support programs than others. 

SoFi, for example, offers helpful extras including access to one-on-one advice from a real financial advisor.  

It’s important to consider these factors as well when refinancing your student loans. What does your current lender offer that you’d be giving up? And what would your potential new lender give you that’s new?

FAQ

Can I refinance my loan multiple times to earn multiple bonuses?

You can refinance your student loan multiple times, but if you’re aiming to earn multiple bonuses, you’ll need to refinance with different companies, not just the same one multiple times.

Most lenders allow one bonus per borrower, per loan type. Refinancing with the same lender again would not qualify you for an additional bonus. However, if you refinance with different lenders, you could potentially earn multiple bonuses.

While it’s possible to refinance multiple times, it’s important to weigh the benefits of the bonus against the potential impact on your credit score and financial situation. Each refinance will involve a hard credit inquiry, which can lower your credit score. Moreover, refinancing multiple times may extend your repayment term or affect your interest rate, so ensure it aligns with your long-term financial goals.

What are the tax implications of a refinance bonus?

The tax implications of a refinance bonus can vary based on your financial situation. A refinance bonus may be considered income, so it may be taxable according to your local tax laws. 

For accurate personalized information, consult a tax professional or a certified public accountant who understands the specific tax regulations applicable to your case.

What if I find a better rate after refinancing?

If you find a better rate after you’ve refinanced, it’s possible to refinance a loan more than once. However, it’s crucial to consider the overall financial implications. Review all the charges associated with refinancing, including origination fees and any prepayment penalties. 

If the potential savings outweigh the costs, refinancing again may be a viable option. Make sure you compare rates and terms before deciding to refinance. Remember, the lender’s goal is to turn a profit—your goal is to secure the most beneficial terms.

Recap of student loan refinance bonuses

Lender	Amount
SoFi	$1,000 for doctors and dentists; $500 for all other referrals
ELFI	$400
Earnest	$200
Splash Financial	$200
LendKey	$50 – $300 or 1% of balance (depending on organization)