Student loan refinancing is the process of combining all or some of your current loans into one new loan. This means you’ll have a single monthly payment. You might also get a lower interest rate than what you’ve been paying, depending on your credit.
Refinancing is only available through private lenders, and with so much competition, it might be hard for you to find the right one for your needs. Keep in mind that the best student loan lenders generally offer the lowest interest rates, multiple repayment options, and the fewest fees. To find these lenders, we also considered how easy it is to qualify, customer experience, ease of the application process, and more when determining the top lenders.
Inside this article
- Best student loan refinancing lenders
- Best overall: Laurel Road
- Best bank lender: PNC Bank
- Best for non-graduates: Citizens
- Best for repayment options: College Ave
- Best for no fees: Discover
- Compare the best student loan refinance lenders
- Why some lenders didn’t make the cut
- Methodology
- Frequently Asked Questions
Best student loan refinancing lenders
Best overall: Laurel Road
Best perks: SoFi
Best bank lender: PNC Bank
Best for non-graduates: Citizens
Best repayment options: College Ave
Best with no fees: Discover
Best overall: Laurel Road
Why it’s the best
Out of all the companies we reviewed, Laurel Road scored highest because of its low-interest rates, high maximum loan term (up to 20 years), and quality of service. Refinancing student loans with Laurel Road also gives you the option for forbearance in some circumstances and ability to refinance in your final semester of school if you have a signed employment contract or offer.
Pros
Term lengths ranging from 5 to 20 years
Low interest rates
Can refinance before completing your degree
Cons
Charges a late payment fee
Co-signer release only available after 36 months
Does not disclose min. income needed to qualify
More details
Interest rate types: Fixed and variable
Loan terms: 5, 7, 10, 15 or 20 years
Perks: Autopay discount (0.25%), forbearance in some cases
Fees: Late payment fee (5% of the late payment or $28, whichever is less)
Requirements: You need to be in at least your final semester of associates (some professions), undergraduate or graduate studies or have already graduated to qualify. Parents who took out loans for their child’s school are also eligible
Best bank lender: PNC Bank
Not all traditional banks offer student loan refinancing. Of the ones that do, PNC Bank is one of the best. With competitive interest rates, a higher-than-normal autopay discount and multiple repayment terms, PNC can be a good option.
Pros
0.50% autopay discount
Term lengths ranging from 5 to 20 years
No degree required
Cons
Co-signer release only available after 48 months
Does not disclose min. income needed to qualify
20-year term only available to those with an undergraduate or graduate degree who borrow at least $75,000
More details
Interest rate types: Fixed and variable
Loan terms: 5, 10, 15 or 20 years
Perks: Autopay discount (0.50%)
Fees: Does not disclose
Requirements: A decent credit history along with two years of continuous income or employment is required to qualify
Best for non-graduates: Citizens
Not everyone who goes to school graduates but those who left school without a degree are still on the hook for paying off any student loans they might have taken out. If you’re looking to refinance your loans but don’t have a degree, Citizens might be a good option.
Pros
Term lengths ranging from 5 to 20 years
No degree required
Low min. income needed to qualify
Can refinance up to $750,000 for some degrees
Cons
Co-signer release only available after 36 months
Charges a late payment fee
Must refinance at least $10,000
More details
Interest rate types: Fixed and variable
Loan terms: 5, 7, 10, 15 or 20 years
Perks: Autopay discount (0.25%)
Fees: Late payment fee (5% of payment amount) and returned payment fee ($15)
Requirements: You must have at least $10,000 in student loans and have made at least 12 payments on those loans to be eligible for refinancing
Best for repayment options: College Ave
Many lenders on this list have a few different repayment options, but College Ave offers the most. You can choose any term between five and 15 years when you refinance with College Ave. This means tailoring your repayment options to best fit your budget and payoff timeline.
Pros
Offers 11 different term lengths (between 5 and 15 years)
Can prequalify without affecting your credit
Certain doctorate degree types can refinance up to $300,000
Cons
Co-signer release available only after at least half of the original repayment term has passed
Degree required
Poor customer reviews on Trustpilot
More details
Interest rate types: Fixed and variable
Loan terms: Any term between 5 and 15 years
Perks: Autopay discount (0.25%)
Fees: Does not disclose
Requirements: You’ll need to have graduated and be the borrower on the loan in order to be eligible. A minimum of $5,000 is required to refinance student loans
Best for no fees: Discover
Many student loan refinance lenders don’t charge excessive fees—but the best ones offer loans without application, prepayment or origination fees. Discover rightfully boasts that it doesn’t charge refinance borrowers any fees. This can help you save money in the long run.
Pros
No application, origination or late fees
No degree required
Hardship assistance available
Cons
No co-signer release available
Only offers two loan terms (10 or 20 years)
Poor customer reviews on Trustpilot
More details
Interest rate types: Fixed and variable
Loan terms: 10 or 20 years
Perks: Autopay discount (0.25%)
Fees: None
Requirements: Applicants must have verifiable income and no more than $150,000 in student loan debt
Compare the best student loan refinance lenders
| Variable APR | Fixed APR | Loan terms (years) | Autopay discount | Can refinance without degree? | |
|---|---|---|---|---|---|
| Laurel Road | 3.47% to 6.26% | 3.97% to 6.36% | 5, 7, 10, 15 or 20 | 0.25% | Yes (must be in last semester of eligible degree program) |
| SoFi | 4.49% to 8.99% | 4.49% to 8.99% | 5, 7, 10, 15 or 20 | 0.25% | No |
| PNC Bank | 4.89% to 10.74% | 4.99% to 10.84% | 5, 7, 10, 15 or 20 | 0.50% | Yes |
| Citizens | 5.09% to 11.68% | 5.39% to 11.87% | 5, 7, 10, 15 or 20 | 0.25% | Yes |
| College Ave | 4.44% to 8.99% | 4.99% to 8.99% | 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 or 15 | 0.25% | No |
| Discover | 5.49% to 9.24% | 5.99% to 10.49% | 10 or 20 | 0.25% | Does not disclose |
Why some lenders didn’t make the cut
Of the 10 student loan refinancing lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included received lower ratings due to higher interest rates and lower maximum loan terms as well as having no co-signer release and fewer customer service options.
Methodology
Our expert writers and editors have reviewed and researched 10 popular lenders to help you find the best lender to refinance your student loans. Out of all the lenders considered, the six that made our list excelled in areas across the following categories (with weightings): loan details (10%), loan cost (40%), eligibility and accessibility (30%), customer service experience (15%), and ease of application (5%).
Within each major category, we considered several characteristics, including available loan repayment terms, APR ranges, and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers and if they offer co-signer release. Finally, we evaluated each provider’s customer support options, borrower perks, and features that simplify the borrowing process like mobile apps.
All rates include autopay discounts were noted by the lender and are accurate as of Dec. 21, 2022.