Consolidating and refinancing student loans can help you lower your interest rate, reduce monthly payments, and pay off debt faster. We’ve analyzed 696 data points from 22 lenders and financial institutions to help borrowers find the best match.
Our editorial ratings prioritize transparency, borrower experience, and cost-saving features to highlight the best student loan refinance companies.
Reviews of the best student loan refinance companies
Since 2015, LendEDU has evaluated student loan companies to help readers find the best options for refinancing student loans. Below are our most recommended refinancing lenders in 2025.
If one of the companies listed below stands out, click its name and jump to its review to find out why it’s one of the best and its pros and cons.
Table of Contents
Credible
Why it’s one of the best
Credible doesn’t offer student loan refinances directly. Instead, Credible is an online student loan marketplace, meaning you can prequalify with and compare multiple lenders in one place. This enables you to find the loan with the lowest interest rate, lowest fees, lowest monthly payment option, or the best repayment term for your needs—whatever is most important to you. Some lenders on the platform have rates as low as 3.99%.
- Easy and fast way to compare multiple lenders
- Lenders with competitive rates and flexible repayment terms
- Free to use
- Still have to apply through actual lender
- Only shown limited partner lenders
| Fixed Rates (APR) | 3.99% – 11.09% |
| Variable Rates (APR) | 4.31% – 12.05% |
| Loan amounts | Varies by lender |
| Repayment terms | 5 – 20 years (may vary by lender) |
SoFi
Why it’s one of the best
SoFi® is the overall best student loan refinance company. The online lender offers some of the most competitive interest rates (both fixed and variable) and allows you to borrow up to the full balance of qualified student loans.
- Fixed rate as low as 4.49% (APR) with all discounts
- No cosigner release available
| Fixed Rates (APR) | 4.49%– 9.99% with all discounts |
| Variable Rates (APR) | 5.99% – 9.99% with all discounts |
| Loan amounts | $5,000 – full balance of qualified student loans |
| Repayment terms | 5 – 20 years |
ELFI
Why it’s one of the best
There’s a lot to love about student loan refinancing through ELFI, including the flexible repayment terms and competitive interest rates. But perhaps most admirable is ELFI’s commitment to customer service. ELFI has an A+ rating with the Better Business Bureau and 4.8 out of 5 stars on Trustpilot. When applying, you’ll be matched with a student loan advisor to help you navigate the options.
- Positive customer reviews
- Competitive interest rates
- Refinance up to your full balance of qualified loans
- No cosigner release
- $10,000 minimum refinance amount
| Fixed Rates (APR) | Starting at 4.88% |
| Variable Rates (APR) | Starting at 4.86% |
| Loan amounts | $10,000 – total loan balance |
| Repayment terms | 5 – 20 years |
Earnest
Why it’s one of the best
Earnest offers the best low-rate student loan refinancing. Fixed rates go as low as 4.35% with autopay while variable rates start at 5.88%. You can get that rate in as little as 2 minutes with no impact to your credit score. Earnest has several features that make repayment more manageable, including its annual (fee-free) skip-a-payment feature and the ability to change your payment date.
- Refinance up to $550,000
- Competitive interest rates
- Skip-a-payment feature
- Not available in Nevada
| Fixed Rates (APR) | 4.35 – 9.99 |
| Variable Rates (APR) | 5.88 – 9.99 |
| Loan amounts | $5,000 – $550,000 |
| Repayment terms | 5 – 20 years |
Yrefy
Why it’s one of the best
Yrefy is a one-of-a-kind refinance option for borrowers with delinquent or defaulted private student loans. Unlike most lenders, Yrefy doesn’t require a minimum credit score or income to qualify. Its standout feature is the exceptionally low fixed interest rates (1.0% – 6.0%), almost unheard of for borrowers in default. Borrowers also benefit from a generous skip-a-payment program and strong customer service.
- Refinance student loans in default
- Super low fixed interest rates
- No minimum credit score
- Skip-a-payment program
- Excellent customer service
- 5% origination fee
- Not available in every state*
- Cannot refinance federal loans
| Fixed rates (APR) | 1.0% – 6.0% |
| Loan amounts | $5,000 – $250,000 |
| Repayment terms | 3 – 20 years |
How much can student loan refinancing save me?
Refinancing can be a smart move—but how much you save depends on your current rates, your new rate, and how long you plan to take to pay off your loans.
Let’s say you’ve got $40,000 in student loans at a 7.5% interest rate. If you refinance to a new 10-year loan at 5.5%, you could save over $5,000 in interest over the life of the loan. Choose a shorter term or a lower rate, and the savings grow even more. On the flip side, extending your loan term might lower your monthly payment—but cost you more in interest over time.
Curious what that could look like for you?
Try it here. Our calculator will show you your monthly savings, total interest saved, and help you compare loan terms side by side.
Refinancing only makes sense if you have a high interest rate where you’re trying to lower the total cost of the loan. In some cases, if the payment is too much, refinancing will make sense to extend the loan repayment term.
How to get the best student loan refinance rates
Refinance rates change based on market conditions, but lately they’ve been trending down slightly thanks to easing inflation and the possibility of future Fed rate cuts. For borrowers with strong credit, current fixed rates are often in the 5%–6% range—lower than what many people originally borrowed at.
To get the best rate possible, focus on what lenders care about most:
- Credit score: A score above 740 typically unlocks the best offers.
- Debt-to-income ratio: The lower, the better—ideally under 40%.
- Steady income: Lenders want to know you can comfortably repay the loan.
- Cosigner option: If your credit isn’t quite there yet, a strong cosigner can help you qualify.
- Loan term: Shorter terms usually come with lower interest rates.
And don’t just go with the first lender that says yes. Prequalify with a few different ones (it won’t hurt your credit) and compare rates, terms, and monthly payments side by side.
How to choose the best refinance student loan
Once you’ve got a few lenders in front of you, the hard part isn’t finding options—it’s figuring out which one actually fits your life. They’ll all show you rates and terms, but the right pick comes down to what you need, not just what looks good on paper.
Here’s how to cut through the noise:
- Look beyond the rate. Yes, a low interest rate is important—but also check the APR (which includes any fees) and make sure the term length works for your monthly budget. A lower payment might feel easier now, but it could mean paying a lot more over time.
- Fixed or variable? Fixed rates give you consistency—no surprises. Variable rates can start lower but might rise later. If you plan to pay off your loan fast, variable could save you money. If not, fixed is usually the safer bet.
- Is there a safety net? Life happens. Some lenders offer temporary forbearance or other hardship options if your income takes a hit. It’s worth checking before you sign.
- Pay attention to the user experience. Can you prequalify without a hard credit pull? Is the application clear and straightforward? Do they answer questions quickly if you reach out? These little things make a big difference once you’re locked into a loan.
- Trust your instincts. If something feels off, don’t ignore it. A loan might look good on the surface, but if the lender is hard to reach, vague about terms, or just gives you a weird vibe—that’s a red flag.
There’s no one-size-fits-all here. The best lender is the one that meets your financial goals and feels like a partner—not a pain.
Determine what your primary goal is when refinancing. Is it to have the lowest payment right now? Is it to pay your loans off as quickly as possible? Is it to save the maximum amount possible over the life of the loan? You also need to ask yourself what you can afford today and whether you are expecting big pay raises over the next few years.
Understanding what is most important to you will help you determine which direction you should go. Your future income projections will also help you determine whether you should stick with a fixed rate. Or, if you’re expecting your income to rise dramatically, maybe it makes sense to go with a lower variable rate with the intention of supercharging your payments in the future or, worst case scenario, if a variable rate goes up that you can actually afford the payments.
More student loan refinancing resources
Still figuring out whether refinancing makes sense for you—or just want to dive deeper into the details? These guides break it all down:
What is student loan refinancing?
If you’re new to the idea of refinancing, this guide walks through the basics of what student loan refinancing is and shows how it can impact your loans.
How does student loan refinancing work?
This article offers a step-by-step breakdown of how student loan refinancing works—great if you want to see exactly how the process works from start to finish
Pros and cons of student loan refinancing
Take a balanced look at the tradeoffs of student loan refinancing, including what you give up when you refinance federal loans.
How to refinance student loans
This clear, actionable guide walks you through how to refinance your student loans, including preparing, applying, and comparing student loan refinancing offers the right way.
Should you refinance your student loans?
If you’re still deciding if you should refinance your student loans, this article helps you decide if it’s the right move for your specific situation.
How we rated the best student loan refinance companies
Since 2015, LendEDU has evaluated student loan companies to help readers find the best options for refinancing student loans. Our latest analysis reviewed 696 data points from 22 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
Higher star ratings are ultimately awarded to companies that create an excellent borrower experience and help borrowers receive lower rates or more manageable payments. This includes offering online eligibility checks, cost transparency, competitive interest rates with no fees, and unique benefits that support borrowers throughout repayment.
About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.