Refinancing your student loans can significantly reduce your interest rate and monthly payment—or help you pay off your loans faster. We evaluated over 25 lenders on fixed and variable rates, term options, borrower protections, and eligibility to bring you the best student loan refinance options for every borrower profile.
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Key Takeaways
- 1 The best student loan refinance rates currently start around 4.49% APR for fixed-rate loans and 4.99% APR for variable-rate loans—significantly lower than the 6.53% federal rate for 2024-25 disbursements.
- 2 Refinancing federal loans into a private loan means losing access to federal protections like income-driven repayment (IDR), Public Service Loan Forgiveness (PSLF), and federal forbearance options.
- 3 Variable rates start lower but can increase over time. If you plan to repay within 3-5 years, a variable rate may save money. For longer terms, fixed rates provide payment certainty.
- 4 Most refinance lenders offer terms from 5-20 years. Shorter terms mean higher monthly payments but less total interest; longer terms reduce your monthly burden but cost more overall.
- 5 Many top lenders charge zero origination fees, zero application fees, and zero prepayment penalties—making it free to refinance and free to pay off early.
Our Top Picks for Student Loan Refinancing
1. SoFi
Funding Speed
3-5 days
Fixed APR Range
4.49-9.99%
Loan Amounts
$5K-No Max
SoFi literally started as a student loan refinancing company in 2011, and it remains the gold standard in the space. SoFi has refinanced over $18 billion in student loans and charges zero fees of any kind—no origination fee, no application fee, no late fees, and no prepayment penalty. Their fixed rates start at 4.49% APR and variable rates from 4.99% APR, with terms of 5, 7, 10, 15, or 20 years. SoFi has no maximum refinance amount, making them ideal for high-balance professional school debt. Members receive access to complimentary career coaching, financial planning with CFP professionals, and a referral bonus program. Unemployment protection pauses payments and provides job placement assistance.
Pros
- Zero fees: no origination, application, late, or prepayment penalties
- No maximum loan amount—ideal for high-balance professional school debt
- Unemployment protection plus free career coaching and CFP financial planning
Cons
- Minimum income and credit requirements may exclude recent graduates
- Refinancing federal loans forfeits IDR and PSLF eligibility permanently
2. Earnest
Funding Speed
3-5 days
Fixed APR Range
4.49-9.74%
Loan Amounts
$5K-$500K
Earnest, acquired by Navient in 2017, offers some of the most competitive student loan refinance rates available. Earnest allows borrowers to choose any term from 5 to 20 years in 1-year increments, and you can see exactly how each term change affects your rate and monthly payment in real time. Earnest charges no fees whatsoever and offers skip-a-payment once every 12 months (with interest still accruing). They also allow borrowers to switch between fixed and variable rates once during the life of the loan at no cost. Minimum refinance amount is $5,000, with a maximum of $500,000.
Pros
- Choose any loan term from 5-20 years in 1-year increments for precise budgeting
- Free one-time rate type switch between fixed and variable during the loan
- Skip-a-payment option available once every 12 months for cash flow flexibility
Cons
- Not available in all states; check eligibility before applying
- Cosigner release requires 24 consecutive on-time payments and a new credit check
3. Citizens Bank
Funding Speed
5-10 days
Fixed APR Range
4.89-11.09%
Loan Amounts
$10K-$750K
Citizens Bank, headquartered in Providence, Rhode Island, is one of the nation's oldest and largest retail banks with $227 billion in assets and branches across 14 states. Their student loan refinancing program stands out for its cosigner-friendly features: Citizens allows a cosigner release after just 36 consecutive on-time payments—one of the shortest qualifying periods in the industry. Citizens refinances both federal and private student loans with amounts from $10,000 to $750,000. They offer a 0.25% rate discount for autopay and an additional loyalty discount for existing Citizens Bank customers. Loan terms range from 5 to 20 years.
Pros
- Cosigner release after just 36 months—one of the shortest in the industry
- Refinances up to $750,000 for high-balance professional school loans
- Loyalty discounts for existing Citizens Bank customers plus 0.25% autopay discount
Cons
- Not available in all states; strongest presence in the Northeastern U.S.
- Minimum refinance of $10,000 excludes borrowers with smaller remaining balances
4. Splash Financial
Funding Speed
3-7 days
Fixed APR Range
4.99-9.99%
Loan Amounts
$5K-$500K
Splash Financial operates as a student loan refinancing marketplace, connecting borrowers with offers from multiple lending partners including credit unions, banks, and online lenders through a single application. Splash is particularly strong for Parent PLUS loan refinancing: parents can refinance into their own name at lower rates, or transfer the loans into the student's name if the student now qualifies independently. Splash charges no fees to borrowers. They allow refinancing of both federal and private student loans with amounts from $5,000 to $500,000 and terms of 5-25 years. Their rate comparison tool shows offers from multiple lenders side by side after a single soft credit pull.
Pros
- Marketplace model shows offers from multiple lenders with one application
- Specialized Parent PLUS refinancing with parent-to-student transfer option
- Single soft credit pull to compare rates across multiple lending partners
Cons
- Not a direct lender—final experience depends on the partner lender selected
- Customer service may be handled by the lending partner rather than Splash directly
5. Laurel Road
Funding Speed
3-5 days
Fixed APR Range
4.54-9.49%
Loan Amounts
$5K-No Max
Laurel Road, a digital banking platform owned by KeyBank ($187 billion in assets), was founded specifically to serve healthcare and high-earning professionals burdened by student loan debt. Their signature product is the Residency Refinancing Program, which allows medical and dental residents to refinance at a low fixed rate with a $100 monthly payment during residency, then convert to a standard repayment upon completing their program. Laurel Road also offers standard refinancing for all professionals with no loan amount maximum, terms of 5-20 years, and zero fees. They provide a 0.25% autopay discount and specialty pricing for physicians, dentists, optometrists, PAs, nurse practitioners, CPAs, and attorneys. Over $13 billion in student loans refinanced since inception.
Pros
- Residency Refinancing allows $100/month payments during medical residency
- Specialty pricing and programs for healthcare professionals and attorneys
- No maximum loan amount—handles million-dollar medical and dental school debt
Cons
- Best rates and specialty programs limited to specific professional degrees
- General borrowers without professional degrees may find better rates elsewhere
How to Choose the Right Student Loan Refinance Lender
The most critical decision when refinancing student loans is whether you currently have federal or private loans. If you have federal student loans, refinancing into a private loan means permanently giving up access to income-driven repayment plans, Public Service Loan Forgiveness (PSLF), and federal forbearance and deferment options. Only refinance federal loans if you have stable income, do not work in public service, and are confident you can handle the fixed payments.
Compare both fixed and variable rates from at least three lenders. Fixed rates provide payment certainty over the life of the loan, while variable rates start lower but can increase if market rates rise. If you plan to aggressively pay off the loan within 3-5 years, a variable rate may save money. For terms of 10+ years, fixed rates are generally safer.
Look beyond the rate at borrower protections and perks. Features like unemployment protection, forbearance options, cosigner release timelines, and skip-a-payment programs can be valuable safety nets. Also consider whether the lender offers rate discounts for autopay, loyalty, or specific professions—these small discounts add up over multi-year repayment periods.
Important Tip
Before refinancing federal student loans, check whether you qualify for income-driven repayment (IDR) forgiveness or Public Service Loan Forgiveness (PSLF). If you work for a government or nonprofit employer, PSLF can forgive your remaining federal loan balance after 120 qualifying payments. Refinancing eliminates this option permanently. Run the numbers on both scenarios before deciding.
Student Loan Refinance Lenders Compared
| Provider | Funding Speed | Fixed APR Range | Loan Amounts | Rating |
|---|---|---|---|---|
|
SoFi
Top Pick
|
3-5 days | 4.49-9.99% | $5K-No Max |
4.9
|
|
Earnest
|
3-5 days | 4.49-9.74% | $5K-$500K |
4.8
|
|
Citizens Bank
|
5-10 days | 4.89-11.09% | $10K-$750K |
4.6
|
|
Splash Financial
|
3-7 days | 4.99-9.99% | $5K-$500K |
4.5
|
|
Laurel Road
|
3-5 days | 4.54-9.49% | $5K-No Max |
4.7
|
Our Methodology
Our team spent over 65 hours researching and comparing student loan refinance lenders, evaluating each on interest rates, term flexibility, borrower protections, eligibility requirements, and specialty programs.
Interest Rates & APR
30%We compared fixed and variable rates, autopay discounts, loyalty discounts, and how rates vary by credit profile, income, and degree type.
Repayment Flexibility
25%We evaluated available term lengths, custom term options, forbearance programs, skip-a-payment features, and rate type switching options.
Borrower Protections
25%We assessed unemployment protection, cosigner release timelines, hardship programs, death and disability discharge policies, and customer support quality.
Eligibility & Specialty Programs
20%We reviewed minimum credit and income requirements, professional degree programs, Parent PLUS refinancing options, and cosigner eligibility.
Frequently Asked Questions
Marcus Williams
Senior Lending Analyst
Marcus Williams has over 15 years of experience in the lending industry. A former mortgage underwriter and licensed loan officer, he brings insider knowledge to every review. Marcus holds a finance degree from NYU and is passionate about helping consumers find fair lending products.
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Important Student Loan Refinance Disclaimers
- Student loan refinance rates are subject to change and depend on your creditworthiness, income, loan amount, term length, and degree type. Rates shown represent ranges and are not guaranteed.
- Refinancing federal student loans into a private loan eliminates access to federal benefits including income-driven repayment plans, Public Service Loan Forgiveness (PSLF), federal forbearance, and deferment options. This change is permanent.
- Variable rates are tied to a benchmark rate (typically SOFR) and may increase or decrease over time. Your monthly payment on a variable-rate loan can change, potentially increasing significantly in a rising rate environment.
- Pre-qualification uses a soft credit inquiry that does not affect your credit score. Submitting a formal application will result in a hard credit inquiry, which may temporarily lower your credit score by 5-10 points.
- Zogby is not a lender. We are an independent comparison service that connects borrowers with lending partners. We do not make credit decisions, extend credit, or provide financial aid advice.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.