It can be super confusing to know what the best option is to refinance or consolidate your student loan debt. There are so many different lenders and banks - along with just as many programs - that it can be overwhelming. Before we begin, it's important to understand the key differences: Student Loan Refinancing - Getting a new private student loan to replace your existing loan and/or loans.

Getting a new private student loan to replace your existing loan and/or loans. Student Loan Consolidation - Combining multiple Federal loans into one loan. With all the student loan refinancing companies we're going to discuss, you can refinance and/or consolidate. You can also do some of your loans or all your loans. It can be confusing to figure out what you should do, but in general, you shouldn't refinance Federal student loans unless you can afford paying your loans on the standard 10 year plan. But, if you can afford, refinancing can make a lot of sense financially. Promo: If you already know that refinancing makes sense, and you're looking for the best place to compare options in 2 minutes with no credit check, we recommend Credible. As a bonus, College Investor readers get a up to a $750 gift card bonus! If you just want the quick and easy comparison - go to Credible here >>

Important Update During Covid-19: If you're considering refinancing your Federal student loans, you may want to wait until December due to the current pause on student loan payments and 0% interest. While interest rates are near historical lows, you may not want to give up on these great benefits. Learn more about Covid-19 and your student loans here.

Note: The refinancing offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all student loan companies or all student loan offers available in the marketplace.

1. Citizens Bank

Citizens Bank is one of the few banks on this list. We like them because they offer a lot of great loan options, backed by the stability of a bank. Here are a few of the highlights: 5-, 10-, 15- and 20- year repayment term options

Fixed and variable rate loans options.

No application, origination, or disbursement fees

Interest rate discounts available through loyalty programs Furthermore, Citizens Bank has a release program where a co-signer may be removed from loan responsibility after making 36 consecutive, on-time principal and interest payments. Lastly, there is a $10,000 minimum loan amount so this might not work for a borrower with a low loan balance. Read our full Citizens Bank review. Apply Now At Citizens Bank via Credible >>

Citizens Bank Details Product Name Citizens Bank Student Loan Refinancing Min Loan Amount $10,000 Max Loan Amount $500,000 Fixed Rate APR 2.99% - 8.49% APR Variable Rate APR 1.99% - 8.24% APR Loan Terms 5, 10, 15, 20 Year Promotions $750 Gift Card via Credible

Get up to a $750 gift card bonus when you refinance at Citizens through Credible.

2. College Ave

College Ave offers some unique student loan products and viable consolidation options. The company is a solid lender to who just recently started offering both fixed rate and variable rate student loans. They also allow some interesting repayment options, such as an interest-only payment, a deferred payment, and a fixed rate payment. With College Ave, you can refinance a single loan to get better terms or lower rates. You can refinance a loan as low as $5,000 and as much as $250,000. Read our full College Ave review. Apply Now At College Ave via Credible >>

College Ave Details Product Name College Ave Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount $250,000 Fixed Rate APR 3.74% - 8.99% APR Variable Rate APR 3.64% - 8.99% APR Loan Terms 5, 8, 10, 15 Year Promotions $750 Gift Card via Credible

Get up to a $750 gift card bonus when you refinance at College Ave through Credible.

3. CommonBond

CommonBond is one of the first student loan refinancing companies. They are a no-fee lender that offers both fixed and variable rate loans.

CommonBond also offers a unique unemployment protection program where loan payments are paused and it helps eligible graduates find new jobs - even hiring them for short-term consulting projects. CommonBond also takes a unique giving approaching to its lending - funding Pencils of Promise with every loan it refinances. Read our full CommonBond review. Apply Now At CommonBond >>

Commonbond Details Product Name Commonbond Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount $500,000 Fixed Rate APR 2.78% - 5.59% APR Variable Rate APR 1.99% - 5.41% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions None

4. Earnest

Earnest is on this list because it's one of the most flexible student loan refinancing companies - they offer the ability to pick any monthly payment and term between 5 to 20 years – saving you more than standard rates and terms. They also give you the ability to change your loan – you can refinance your loan for free, change payment dates, even skip a payment once a year and make it up later. Earnest has no set income requirements for borrowers. They are also fee-free, and offer unemployment protection to pause your monthly payments if you lose your job. Read our full Earnest review. Apply Now At Earnest >>

Earnest Details Product Name Earnest Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount $500,000 Fixed Rate APR 2.98% - 5.79% APR Variable Rate APR 1.99% - 5.64% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions None

5. ELFI

Whether you’re trying to refinance existing student loans at low interest rates, or you're a parent looking to refinance a Parent PLUS Loan into your child's name, ELFI (or Education Loan Finance) is one of the best lenders out there. The ELFI loan minimum is $15,000 for refinancers, with the maximum being your outstanding loan balance. This can be a huge win for borrowers with high student loan debt, especially doctors. ELFI doesn’t have specific credit minimums posted, but they do require borrowers to be creditworthy (or have a creditworthy cosigner). ELFI is also offering an awesome bonus to our readers: Refinance $50,000 to $99,999 - Get a $300 Bonus!

Refinance $100,000 to $149,999 - Get a $575 Bonus!

Refinance over $150,000 - Get a $775 Bonus! Check out ELFI and get started >> Read our full ELFI review.

ELFI Details Product Name ELFI Student Loan Refinancing Min Loan Amount $15,000 Max Loan Amount No Maximum Fixed Rate APR 2.79% - 5.99% APR Variable Rate APR 2.39% - 6.01% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions Up to $775 Bonus

Get up to a $775 bonus when you refinance with ELFI.

6. Laurel Road

Laurel Road, formally DRB Student Loans, is an established student loan lender with a new name. Laurel Road is best suited for medical and dental graduates, however they have loan options for any borrower. What we like about them is that they are one of the few lenders that will refinance more than $300,000 in student loans. They will break it up into a second loan, but they at least will offer the service. Plus, if you refinance through Laurel Road, apply through our site for a $200 bonus! Read our full Laurel Road review. Apply Now At Laurel Road >>

Laurel Road Details Product Name Laurel Road Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount Total Loan Amount Fixed Rate APR 2.80% - 6.00% APR Variable Rate APR 1.89% - 5.90% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions $200 Bonus

Get up to a $200 bonus when you refinance through Laurel Road.

7. LendKey

LendKey is a student loan refinancing lender that pools money from community banks and credit unions to offer well-priced student loans to borrowers. LendKey offers loans between $5,000 and $300,000, depending on the degree earned by the loan holder. For example, the lowest amount is for undergraduate degrees, which caps at $125,000. LendKey bases its rates upon your credit and discounts are given for auto-pay. They also have no origination or prepayment fees. One thing to note, LendKey does not allow refinancing for borrowers who didn't graduate. If you're considering LendKey, you can get a $300 bonus for refinancing loans under $150,000, and a $750 bonus if you refinance loans over $150,000! You must apply through out site to get your bonus >> Read our full LendKey review.

LendKey Details Product Name LendKey Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount $300,000 Fixed Rate APR 2.99% - 6.00% APR Variable Rate APR 2.00% - 8.57% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions Up to $750 Bonus

Get up to a $750 bonus when you refinance through LendKey.

8. PenFed

PenFed is one of the newest additions to this list of the best places to consolidate student loans. The reason? The have some of the lowest student loan consolidation rates we've seen, and they keep getting lower and lower. PenFed is also on the Credible platform, so you can easily see how PenFed compares to the other top lenders out there. PenFed offers loans up to $150,000, but you typically have to show strong earnings or have a cosigner that meets their requirements. PenFed is also the only lender we've seen that does allow for spousal student loan consolidation - which is a unique option some may want to consider. Read our full PenFed review. Apply Now At PenFed via Credible >>

PenFed Details Product Name LendKey Student Loan Refinancing Min Loan Amount $7,500 Max Loan Amount $150,000 Fixed Rate APR 3.23% - 5.53% APR Variable Rate APR 2.58% - 4.98% APR Loan Terms 5, 8, 12, 15 Year Promotions Up to $750 Gift Card via Credible

Get up to a $750 gift card bonus when you refinance through PenFed at Credible.

9. SoFi

SoFi is another of the original student loan refinancing lenders - and probably the most well known. They offer a wide variety of fixed rate and variable rate loans, with 5, 7, 10, 15, 20 year repayment terms. SoFi even offers mortgages. SoFi loans have no origination fees or prepayment penalties. SoFi also offers unemployment protection for borrowers, and even has a career support program. To get the best rates, you have to have excellent credit or you'll have to have a cosigner for your loan. SoFi does have a cosigner release program. SoFi is now on the Credible platform, so you can easily compare SoFi to other top lenders (and get a bonus of up to a $750 gift card offered by Credible). Read our full SoFi review. Apply Now At SoFi via Credible>>

SoFi Details Product Name SoFi Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount No Max Loan Amount Fixed Rate APR 2.99% - 6.09% APR Variable Rate APR 2.25% - 6.09% APR Loan Terms 5, 7, 10, 15, 20 Year Promotions Up to $750 Gift Card via Credible

Get up to a $750 gift card bonus from Credible when you refinance through SoFi at Credible.

10. Splash Financial

Splash Financial is a relative newcomer on this list, but they are doing great things with student loan refinancing. Splash Financial offers student loans with no original fees, and unique repayment plans. For example, they are one of the few lenders that allow spouses to refinance together. They offer loans between $5,000 and no maximum. They also have some of the lowest rates for qualified borrowers. The great thing about Splash Financial is that they offer one of the best bonuses currently available! Splash is currently offering College Investor readers a $500 bonus if you refinance at least $50,000. Read our full Splash Financial review. Apply Now At Splash >>

Splash Financial Details Product Name Splash Student Loan Refinancing Min Loan Amount $5,000 Max Loan Amount No Max Loan Amount Fixed Rate APR 2.80% - 6.72% APR Variable Rate APR 1.89% - 6.77% APR Loan Terms 5, 7, 8, 10, 12, 15, 20 Year Promotions Up to $500 Bonus

Get up to a $500 bonus when you refinance through Splash.

Best Student Loan Refinancing Rates Student loan refinancing rates vary quite a bit. You'll likely see a rate quoted, but that doesn't necessarily mean you'll qualify for the top rate. To get the best rate, you typically have to have a credit score over 800, a great debt-to-income ratio, and looking to refinance a loan for a period of time of 3 years. Some other requirements may include signing up for autopay (direct debit), and taking out a variable rate loans. Right now, the best student loan refinancing rates are 1.95% - 9.24% APR.

The Requirements To Refinance Student Loans The requirements to refinance student loans are a bit different than when you took out your loans. For Federal loans, you simply had to fill out the FAFSA. With some graduate school loans (such as medical school loans), you might have had to have a credit check beyond the FAFSA. However, with private student loan refinancing, the requirements are more like getting a car loan or mortgage. Lenders will typically look at:

You Credit Score

Your Annual Income (or potential annual income for doctors)

Savings and Other Assets

Degree Type and College

If you don't meet all of these requirements, you might need to get a cosigner for your loan. Read this full guide on how to get a student loan with no cosigner. Credible does offer loans with no cosigner for qualifying candidates. What Credit Score Do I Need To Refinance Student Loans? There is no specific credit score that is required to refinance student loans - but most lenders want to see 600 or higher. However, the better your credit score, the better rate and terms you can qualify for. To get the lowest advertised rates, most lenders will want to see a credit score about 750 or even 775.

Things To Consider When Refinancing When you're looking at the best banks and places to refinance student loans, there are quite a few considerations. Every bank or student loan lender has it's unique perk or angle, and you have to take that into consideration when weighing your options. However, in general, the big things to consider when refinancing your student loans include:

Variable Rate vs. Fixed Rate (check out our variable rate student loan calculator

Interest Rate

Loan Term/Length

Fees

Lending Amount (Minimum and Maximum)

Credit Score Requirement

Income Requirement

Cosigner Release

Perks and Benefits (such as unemployment protection, career guidance, and more)

Is It A Good Idea To Refinance A Student Loan?

While there is no "right" or "wrong" loan type when it comes to your individual situation, we believe that most borrowers would benefit from a student loan refinance loan that is only 5-7 years. Borrowers should look for loans that have no origination fees, and if a cosigner is required, there should be an easy cosigner release process. However, every person has different needs and a different situation. Think about your loan needs accordingly.

When Is The Best Time To Refinance Student Loans? The best time to refinance your student loans is before you “need” to. What do I mean by this? A lot of people wait until they can’t afford their debt, and then look for options to refinance. If you’re considering student loan refinancing, your credit score plays a big role in whether you’ll qualify or not. If you start missing loan payments, your credit score will drop and you might not qualify (or you might need a cosigner). So, there are two times when I think you should look at student loan refinancing: Immediately after graduation If the interest rate drops by 1% or more Immediately after graduation is the best time to simply get everything in order. If you have multiple loans, you can refinance them into one. You can also refinance into a payment plan that might be more affordable. Second, you should revisit your loans once a year. If the interest rate has dropped by more than 1%, it can save you a lot of money to refinance your loans. Just make sure that you’re not adding too much to the length of the loan when you do this.

How Student Loan Refinancing Is Different From Student Loan Consolidation Student loan refinancing is different from student loan consolidation, but many people use the terms interchangeably and it can be confusing. Student loan consolidation is a special program offered by the Department of Education to simply combine all your Federal student loans into a single Federal student loan. Student loan consolidation only applies to Federal student loans, and it’s a free program. Learn more about student loan consolidation here. Student loan refinancing is the process of taking out a private loan to replace your other student loans. This term gets confused for consolidation because many people consolidate multiple private loans into one new loan. You can refinance both private and Federal loans, so that adds another level of confusion to the term. If you have Federal loans, you typically want to consolidate. If you have private loans, you typically want to refinance.

Can You Refinance Private Loans? So you can refinance other private loans you already have? Absolutely. Student loan refinancing originated by simply refinancing other private student loans. Think of it like refinancing your mortgage on your house. If interest rates drop enough, you could save a lot of money by refinancing your loans. Also, remember what we said earlier – if you can’t afford your private loan payment, you can’t simply call and get it changed. You need a new loan. That’s where student loan refinancing comes into play. However, before you think you can refinance all the time, you need to make sure your loans allow it. Check to see if your private student loans have any type of prepayment penalties. Some loans don’t allow you to refinance for at least a year, and charge penalties if you attempt to do so.

Can You Refinance Federal Loans? If you have Federal loans, you might be looking at your interest rate of 6.8% and wondering if student loan refinancing makes sense for you. Yes, you can refinance your Federal student loans, but you should only do it in one specific scenario. We put together a step by step process that shows you when exactly you should consider refinancing your Federal student loans. As always, remember that a private loan will now replace your Federal loans, so really make sure you read our guide. What About Parent PLUS Loans? Parent PLUS Loans are some of the worst student loans you can get. These loans are in the parent's name, but were taken out on behalf of the student. Refinancing a parent PLUS loan is one of the best ways that you can save money. Read our full guide to Parent PLUS Loans here. What About Spousal Consolidation Loans? Spousal consolidation loans take the cake as the worst type of student loan. This loan is even harder to deal with than PLUS Loans, and so bad, the government even stopped allowing them. If you're stuck with a spousal consolidation loan, you need to find a lender that will work with you. The only national lender we've seen that handles these is Splash Financial.

Can You Refinance Multiple Loans Together? Yes, you can refinance multiple individual loans into one new loan. As we mentioned above, this is where some confusion arises because people mistake consolidating your loans with the process of Student Loan Consolidation. If you have multiple private student loans, it can simplify things to have a single loan to make payments on. If you have Federal and private student loans, I don’t recommend combining them unless you’ve read our Federal student loan refinancing guide and are positive you’re never going to need the benefits of your Federal loans. Can You Refinance More Than Once? What happens if you refinance today, and next year interest rates drop again? Well, you can typically refinance again and again, as long as your student loan doesn’t have any type of prepayment penalty or prohibition. Just remember too that your loan term will continue to expand out if you keep refinancing into new loans. Some lenders like Earnest offer very flexible repayment terms, but most stick to the standards of 10, 15, or 20 years.

More Student Loan Refinancing FAQs

What is student loan refinancing? Student loan refinancing is the process of taking out a new private student loan to replace your existing Federal or private student loans. How can I refinance my student loans? You can refinance your loans by applying and being approved at a bank or student loan refinancing company. You typically have to have a good credit score, good debt to income ratio, and have graduated college. When does it make sense to refinance? It makes sense to refinance your student loans if you expect to pay them off in less than 7 years, don’t utilize any loan forgiveness or income-driven repayment plan, and can save money on interest or by shortening your loan term. How can I lower my student loan interest rate? By refinancing your student loan, you can potentially lower your interest rate if you qualify. The lowest interest rates are typically on variable rate loans, with shorter durations. What credit score do you need to refinance your student loans? While every lender varies, you’ll likely need a 660 or higher to even potentially qualify. However, to qualify for the best rates and terms, you’ll likely need a 780 or higher. What’s the difference between student loan consolidation and refinancing? Student loan consolidation is a free government service that allows you to combine all of your Federal loans into a single new loan. Student loan consolidation is only for Federal loans, and does’t change anything on the underlying loans – your new loan will have the same weighted interest rate and payment.

Student loan refinancing will be a new private loan that replaces your Federal and/or private loans. It can be a lower interest rate or different repayment term. What are the risks of student loan refinancing? The biggest risk of refinancing (especially Federal loans) is that you lose access to any programs you may have been eligible for on your original loans. This could mean losing student loan forgiveness, income-driven repayment plans, and deferment and hardship options.