Student Loan Refinancing Guide
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Factors that determine if you should refinance
Refinancing can save you time and money, but it's not always the best route for every borrower. Here are a few factors that everyone should consider before making the jump to refinance a student loan.
Rising interest rates
Rapidly rising rates should be a primary consideration when determining the best time to refinance. Due to sky-high inflation, the Federal Reserve has been hiking rates at a historic level in an attempt to cool the economy. When the Federal Reserve hikes rates, private student loans are impacted and lenders raise their minimum and maximum rates in response. While rates are higher than usual at this time, borrowers looking to refinance private loans shouldn't wait for them to drop. No one can be certain on how the Fed will respond to the economy, but it's predicted that rates will continue to rise.
If you've been thinking about refinancing your private loans for a while, now may be the time to do it. You'll lock in the lowest rate possible and can always refinance again in the future to score better terms. Just make sure you're applying for a fixed rate loan. Variable interest rates are subject to change based on the Fed and will likely only increase, while fixed rates don't change during the life of the loan.
Loan type
Borrowers who have high interest or variable-rate private student loans should consider refinancing as soon as possible due to the Federal Reserve raising interest rates in an attempt to combat inflation. Variable-rates fluctuate based on market activity, so it's best to lock in the lowest rate possible before another potential rate hike.
With student loan forgiveness currently in limbo, those with federal student loans should re-consider refinancing until after the payment pause expires or a decision is made on Biden's debt relief plan. Payments are set to resume no later than 60 days after June 30, 2023. Refinancing before this date will cause you to forfeit the remainder of the pause – and any potential extensions in the future – as private lenders only provide company-specific benefits to borrowers.
Federal loan benefits
Those who refinance their federal loans lose out on all of the federal benefits and repayment programs, including loan forgiveness. Before refinancing, it's best to take a step back and examine every federal option, as most private lenders don't offer nearly as many hardship or payment relief programs.
The U.S. Department of Education offers occupation and income-based forgiveness and repayment programs, like Public Service Loan Forgiveness and Income-Driven Repayment. Plus, borrowers can apply for financial hardship payment relief at any time. While most private lenders provide some relief programs, it's rare to see a company boast a portfolio of benefits comparable to the Education Department's offerings.
Long-term goals
If you have a mix of federal and private debt, assess your financial situation to determine whether refinancing is absolutely necessary before signing on the dotted line.
Consider your current financial situation, loan balance and the resumption of student loan payments to gain a holistic view of what your refinancing goals are. If you're looking to save money on interest charges, make sure to apply for a lender only if you're guaranteed a lower rate through prequalification.
If your credit is in good health but you're looking for a more manageable monthly payment, then refinancing may be your best bet if you don't qualify for any federal programs.
What refinancing could mean for you
Student loan refinancing can be a big help to your finances, but only in the right situation.
Here's what refinancing could look like if you:
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If you only have private student loans with high interest rates, then refinancing could save you a significant amount of money over time and would simplify your monthly payment. However, you must first qualify for a better rate and therefore, be in good financial standing with a good to excellent credit score.
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If you only have federal student debt, it'll likely be a good idea to look into consolidating your loans into a federal Direct loan before refinancing with a private lender. You can only consolidate federal student loans into a Direct loan and end up saving money in interest depending on your credit.
If you don't end up with more favorable terms, then consider refinancing. Just keep in mind that consolidation allows you to remain eligible for federal benefits.
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Most borrowers choose to refinance a mix of federal and private loans. For eligible borrowers, it saves money by setting one, uniform rate. It also simplifies repayment by consolidating the multiple payments into one, monthly payment.
However, borrowers with federal loans will likely want to hold off on refinancing until official news is released from the Biden administration regarding forgiveness or payments resuming.
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If you want to refinance right now, it doesn't make sense to pull the trigger unless you can ensure the new loan has better terms and a lower interest rate. Due to the rates, skip over a lender if it doesn't offer prequalification. It's likely that you'll end up with a higher rate unless your current interest is extremely high.
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Most lenders have strict income approval requirements; most set an annual minimum of around $30,000. Those who don't have a predictable or sufficient income likely won't get approved without the help of a co-signer. While there are lenders that cater to those with a low-income, they typically have higher rates, so check the interest ranges before applying.
A co-signer is someone who takes on legal responsibility for the loan and signs the contract as well. If you miss a payment, the co-signer must pay and their credit could be negatively affected, so it's important that all parties involved are aware of the potential consequences of co-signing.
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International students can have a harder time qualifying for a refinance loan than those studying domestically. Most lenders that cater to international students require a co-signer in strong financial health.
Your eligibility may also depend on your program of study and status. Some lenders won't accept students unless they've graduated and may disclude specific certification or degree programs. Check the lender's website to make sure you meet the requirements prior to applying.
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Most lenders don't allow current students to refinance their student loans before graduating. Some may accept those who are close to graduating and have already accepted a job with a set salary, but it's not likely that every lender has that leniency.
See how much you could save with refinancing
A student loan refinance calculator can help you parse through lenders to find the offer that'll save you the most money. After pre qualifying, you can enter in the predicted loan details and compare them with your current details to see how your new monthly payment, interest costs and repayment timeline could change.
How to refinance your loans with Bankrate in 3 steps
Ready to compare student loan refinancing options?
Comparing options and lenders can be an overwhelming process, as many companies offer similar services. It's best to focus on the details listed in the company's terms and conditions to factor in any hidden fees and rate increases.
Thankfully, there are resources available that do all of the hard work for you by listing out all the lender details; all you need to do is apply. Use our resource below to sift through the best lenders and find the company that'll help you reach your long-and short-term financial goals.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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STUDENT LOAN
Lendkey: Best for getting matched with a community lender
![Lendkey](https://www.bankrate.com/static/loans/logos/lendkey.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
LendKey connects borrowers to loans from community banks. Even after borrowers are approved and loans are funded, LendKey will continue to service the loan through it being paid off, so there's no handoff to worry about.
- Be a U.S. citizen or permanent resident
- Have graduated with at least an associate degree
- Late fee
- Insufficient funds fee
Pros
- Repayment terms of 5 to 20 years
- One application to compare multiple lenders
- No origination fees
Cons
- Loan details and fees depend on the lender you're matched with
- Associate degree or higher required
- Forbearance options vary by lender
Terms and Conditions Apply
Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 5 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
As of 06/13/2024 student loan refinancing rates range from 5.24% to 9.60% Fixed APR with AutoPay.
STUDENT LOAN
Education Loan Finance: Best for good credit
![Education Loan Finance](https://www.bankrate.com/static/loans/logos/Education Loan Finance.png?optimize=medium&format=pjpg&auto=webp)
4.2
Bankrate Rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Refinancing with Education Loan Finance (ELFI) is best for borrowers looking to refinance a large loan amount. Its applications also come with the assistance of a loan advisor, which make it a good choice for those who want a tailored experience.
- Be a U.S. citizen or permanent resident
- Be the age of majority at the time of application
- Earned a bachelor’s degree or higher from a Title IV, U.S. domiciled nonprofit postsecondary institution at the time of application
- Have a credit score of at least 680, at least 36 months of credit history and a minimum income of $35,000
- Late payment fee
- Returned payment fee
Pros
- Minimal fees
- Personalized customer support
- No co-signer required for qualified borrowers
Cons
- Only available for certain schools
- Co-signer release not allowed
- Strict acceptance requirements
Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees
Your Starting Interest Rate (upon approval)
The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for.
Your Interest Rate during the life of a loan: Fixed-Rate Loans
Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan.
Your Interest Rate during the life of the loan: Variable-Rate Loans*
Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year, or 15-year term. Your loan amount will not exceed the cost of attendance less financial aid as certified by your school. For variable rate loans applied for after 7:00 PM EST on January 7, 2022, the variable interest rate will be based on a publicly available index, the Prime Rate of Interest as published in the Money Market Section of the Wall Street Journal. These variable rates will be calculated and set each month by adding a margin between -2.50% to 5.72% to the Prime Rate. If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use the LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 1.05% to 11.39% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future.
Loan Fees & Example
Application Fee: $0
Origination Fee: 0%
Loan Guarantee Fee: 0%
Prepayment Fee: 0%
Late Charge: the lesser of 5% of the past due amount or $50
Returned Check or Insufficient Funds Charge: $30 For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
Federal Loan Alternatives and Disclosure Regarding Benefits
You may qualify for federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentloans.gov & studentaid.ed.gov/sa
Think carefully before taking out a loan with Education Loan Finance. You are encouraged to start with grants, scholarships, savings, and federal student loans before utilizing private student loans. Federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance.
Private education loans are not eligible to be included in a Federal Direct Consolidation Loan.
See https://studentaid.gov/understand-aid/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers.
Next Steps
1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).
Reference Notes
Interest Rate
Your interest rate will depend on the loan term that you select.
Interest rates are valid within the preceding 30 days.
Repayment Options
Immediate
The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan.
Fixed
The borrower pays a fixed monthly payment of $25.00 while in school and grace period. This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period.
Interest Only
The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra.
Deferred
The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan. Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance. The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request.
Electronic Payment Requirement
You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account.
Borrower Eligibility Criteria
All loans are subject to credit approval.
Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
Must be at the age of majority or older at the time of loan application.
Must reside in a state in which Education Loan Finance is authorized to lend.
A cosigner is not required but may help you qualify and/or receive a lower rate.
Must be an eligible student enrolled at least half-time at a post-secondary educational institution.
Co-Signers
Must be at the age of majority or older at the time of loan application.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
STUDENT LOAN
EDvestinU: Best for co-signer release
![EDvestinU](https://www.bankrate.com/static/loans/logos/edvestinu.png?optimize=medium&format=pjpg&auto=webp)
3.8
Bankrate Rating = 3.8/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
EdvestinU is a private student loan lender that is a fitting choice for students who live in or attend school in New Hampshire, as you can receive up to a 1.5 percent discount.
- Be either a U.S. citizen or permanent resident who resides in an eligible state
- Be at least 18 years old
- Have qualifying federal or private student loans used to attend a Title IV institution
- Have an individual income of $30,000 for loans of less than $100,000
- Have a minimum individual income of $50,000 for anything above $100,000
- Late payment fee of 5% of the scheduled payment
Pros
- International students may be able to qualify
- Discounts available for New Hampshire students and residents
- Philanthropic driven mission
Cons
- Complicated co-signer release requirements
- Limited loan amount
- Restrictive income requirements
EdvestinU Refinance Loan
Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.
APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner.
Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.
Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.
Granite Edvance In-School Loan Products
Granite Edvance and EdvestinU student loan products are offered by Granite Edvance Corporation. NMLS ID#1527348
The Granite Edvance Student Loan requires the borrower to be a resident of NH or a resident of an eligible state attending college in New Hampshire.
APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner.
Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.
Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made.
APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.
Loans are funded by Granite Edvance Corporation NMLS ID# 1527348 www.nmlsconsumeraccess.org. Granite Edvance and EdvestinU® are brand names of Granite Edvance Corporation.
STUDENT LOAN
INvested: Best for Indiana residents
![Invested](https://www.bankrate.com/static/loans/logos/invested.png?optimize=medium&format=pjpg&auto=webp)
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
INvestEd is best for borrowers with strong credit, as the refinance requirements are more strict than similar lenders. However, you can refinance even if you have not earned your degree yet, which is a plus.
- Be either a U.S. citizen or permanent resident
- Must be an Indiana resident
- Have a FICO score of at least 670
- Have an annual income of at least $36,000
- No delinquencies of 60 days or more during the previous 24 months
- Monthly payments for approved credit must not exceed 40% to 50% of gross monthly income
- No repossessions, foreclosures or garnishments
- No reported bankruptcies within the past five years
- The loan must be a private or federal education loan, in repayment and current at the time of your refinance application
- Returned payment fee
Pros
- No fees are enforced for loan application
- Autopay discount
- Deferment options
Cons
- High credit requirement
- Low maximum loan amount
- Strict debt-to-income ratio requirement
INvestEd Student Loan Disclosures
1These rates are expressed as APR.
Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement.
The Fixed rate will not change during the term.
The variable rate is subject to increase after consummation. The maximum variable interest rate is 21.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC).
STUDENT LOAN
Mefa: Best for using a co-borrower
![mefa](https://www.bankrate.com/static/loans/logos/mefa.png?optimize=medium&format=pjpg&auto=webp)
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
The Massachusetts Educational Financial Authority, or MEFA has been in business since 1982 and is a good option for students refinancing before getting their degree.
- Must be a U.S. citizen or permanent resident
- Have an established credit history or a co-borrower with one
- Have no history of bankruptcy or foreclosure in the past 60 months
- Have no history of default on an education loan and no delinquencies on education debt in the past 12 months
- Loans must have been used at an eligible nonprofit degree-granting institution
- None
Pros
- No fees
- Quick approval timeline
- Low minimum interest rate
Cons
- Limited repayment terms available
- Undefined credit qualification requirements
- Unspecified university requirements
MEFA Student Loan Disclosure
These rates are expressed as APR. The Fixed interest rate will not change during the term. To be eligible for a MEFA Undergraduate Loan, the student must:
Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. If the student is currently enrolled for the current academic year, a student may:
Borrow a MEFA Loan for the summer session
Borrow a MEFA Loan to cover a past due balance within the current academic year
Maintain satisfactory academic progress as defined by the college or university
All borrowers must be citizens or permanent residents of the United States. MEFA’s private student loans are subject to credit qualification, completion of a loan agreement, self-certification form, school certification of cost of attendance minus estimated financial aid, and student’s enrollment at a MEFA’s participating school.
For Student Deferred Repayment with Co-borrower release option, the co-borrower, non-student may request for a release after 48 consecutive on-time monthly installments and must meet certain credit and eligibility requirements when applying for the release. For the purpose of the co-borrower release application, on-time payments are defined as payments received within 15 days of the due date. Co-borrower must complete an application for release and provide income verification documents as part of the review. Credit and eligibility requirements are subject to change.
STUDENT LOAN
RISLA: Best for financial benefits and resources
![RISLA](https://www.bankrate.com/static/loans/logos/RISLA.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
The Rhode Island Student Loan Authority (RISLA) is a private student loan company that serves students nationwide. It is an especially strong refinance option for those who have not received their degree yet.
- Be a U.S. citizen or permanent resident
- Be enrolled or planning to attend a Title IV degree-granting program at an eligible public or nonprofit school
- Have a minimum annual income of at least $40,000
- None
Pros
- No fees
- Income-based repayment option
- Borrower protection programs
Cons
- Steep income requirements
- Minimal repayment terms
- High minimum amount
1. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 6.34% – 8.29% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is completely disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
STUDENT LOAN
Citizens Bank: Best for available discounts
![Citizens](https://www.bankrate.com/static/loans/logos/Citizens Bank.png?optimize=medium&format=pjpg&auto=webp)
4.0
Bankrate Rating = 4.0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
Check rate with Credible
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Citizens Bank has several discounts that can reduce your interest rate, including a loyalty discount and an automatic payment discount. These discounts can knock 0.5 percent off your APR, saving you even more money over the long term.
- Borrowers must be U.S. citizens, permanent residents or resident aliens
- Borrowers with an associate degree or no degree must have made at least 12 qualifying payments after leaving school,
- Borrowers with a bachelor's degree may refinance while still enrolled in school
- Medical residents looking to refinance must have graduated from medical school and be matched to an eligible residency or fellowship program
- Late fee
- Returned payment fee
Pros
- Graduation not required to apply
- Loyalty discount for existing Citizens Bank customers
- Five repayment term options
Cons
- $10,000 minimum refinancing requirement
- Comparatively high rate caps
- Co-signer release period of 36 months
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of July 1, 2024, the 30-day average SOFR index is 5.33%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
STUDENT LOAN
SoFi: Best overall student loan refinance company
![SoFi](https://www.bankrate.com/static/loans/logos/sofi.png?optimize=medium&format=pjpg&auto=webp)
4.7
Bankrate Rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
SoFi is a well-respected institution and stands out in the refinancing space for those with strong credit who are able to secure competitive minimum rates.
- Be U.S. citizens, permanent residents or visa holders
- Be at least the age of majority with sufficient income or an offer of employment
- Must have graduated with at least an associate degree from a Title IV school
- Bar loans and residency loans are not eligible
- No fees
Pros
- No fees
- Member rewards
- Customer support 7 days a week
Cons
- Associate degree or higher required
- Vague credit requirements
- SoFi doesn't service refi loans
* Interest Rates: Eligibility and Important Details. Fixed rates range from 4.19% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.74% APR to 15.86% APRwith a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 7/23/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of onepercent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires youtoagree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
STUDENT LOAN
Earnest: Best for flexible repayment options
![Earnest](https://www.bankrate.com/static/loans/logos/Earnest.png?optimize=medium&format=pjpg&auto=webp)
4.5
Bankrate Rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Earnest lets you pick a payment that fits with your budget, meaning it will tinker with the length of your loan until you land on a monthly payment you can afford.
- Be a U.S. citizen or permanent resident of an eligible state
- Be at least the age of majority
- Be graduated or currently enrolled less than half time and be in repayment on your student loans or be completing your degree at the end of the semester
- Have consistent income
- Have all student loan accounts in good standing
- Be current on rent or mortgage payments
- Have no bankruptcies on your credit report
- Minimum credit score of 665
- Florida stamp tax of 0.35%
Pros
- No origination fees
- Refinance as early as your final semester
- Choose biweekly or monthly payments
Cons
- Credit score of at least 665 required
- Not available in Nevada
- No co-signer option
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.54% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
STUDENT LOAN
Laurel Road: 2024 Bankrate Awards Winner for best student loan for refinancing
![Laurel Road](https://www.bankrate.com/static/loans/logos/laurel road.png?optimize=medium&format=pjpg&auto=webp)
4.4
Bankrate Rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
Some student loan lenders don't refinance associate degree debt, but borrowers earning an associate degree in dental hygiene, nursing, occupational therapy and more can refinance with Laurel Road as soon as their final term.
- Be a U.S. citizen or permanent resident or have a co-signer who is
- Have graduated or be enrolled in good standing in the final term preceding graduation and be employed or have an offer of employment
- Late fee of 5% of the amount or $28, whichever is less
- Nonsufficient funds fee of $20
- Returned payment fee of $20
Pros
- Quick prequalification process
- Discount for opening a Laurel Road checking account
- Refinance as early as your final semester
Cons
- Strict eligibility requirements for associate degree applicants
- Low maximum amount for associate degree applicants
- Several fees
STUDENT LOAN
College Ave: Best student loan refinance company for no fees
![College Ave](https://www.bankrate.com/static/loans/logos/CollegeAve.png?optimize=medium&format=pjpg&auto=webp)
4.4
Bankrate Rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.
The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.
on Bankrate
This lender is registered in states where it does business and was vetted by the Bankrate Editorial team.
College Ave has a large range of terms which makes it a suitable option for borrowers looking to extend their repayment schedule.
- Be U.S. citizens or permanent residents
- Be at least 18 years old
- Have graduated from a Title IV undergraduate or graduate program within College Ave's network
- Late fee
Pros
- Co-signer release
- Fast prequalification
- No origination fee
Cons
- No co-signer option
- Borrowers must have graduated
- Comparatively high starting rates
College 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.
(2)All rates shown include the autopay 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.
(3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degree.
(4)This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. 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 06/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loans
College 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.
(5)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(6)Rates shown are for the College Ave Undergraduate Loan product and include autopay 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.
(7)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.
(8)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. 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 07/10/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.