Bottom Line
Best fixed rates start around 4.49% APR. Best variable rates from 4.99%. Compare that to the 6.53% federal rate and the math sells itself for borrowers with strong credit.
CRITICAL: refinancing federal loans into private ones permanently kills income-driven repayment, Public Service Loan Forgiveness, and federal forbearance. If you work in public service or might need payment flexibility, do not refinance your federal loans.
Variable rates save money if you will pay the loan off in 3-5 years. For 10+ year terms, lock in a fixed rate. Nobody can predict where rates will be in 2033.
Terms range from 5-20 years. A 5-year term has higher monthly payments but saves thousands in interest. A 20-year term feels easier monthly but costs you on the back end. Find the sweet spot your budget can handle.
Every top lender charges zero origination fees, zero application fees, and zero prepayment penalties. Refinancing is free to do and free to pay off early. There is no reason not to check your rate.
Federal student loan rates for 2024-25 disbursements sit at 6.53%. If your credit and income have improved since graduation, refinancing into a 4-5% private rate can save thousands. We compared 25+ lenders on rates, protections, and the one question that matters most: should you refinance federal loans at all?
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
SoFi
4.9/5 Best OverallOur top-rated pick for reliability, customer service, and proven results.
Our Top Picks for Student Loan Refinancing
1. SoFi
SoFi was literally built for this. They started as a student loan refinancing company in 2011 and have refinanced $18+ billion since. Zero fees of any kind -- no origination, no application, no late, no prepayment. Fixed rates from 4.49%, variable from 4.99%, terms of 5-20 years, and no maximum refinance amount. That last part matters for medical and law school graduates carrying $200K-$500K in debt. Members get free career coaching and CFP financial planning, which is especially valuable for recent graduates figuring out their financial picture. Unemployment protection pauses payments and helps you find a new job. No other lender matches that safety net.
Show Pros & Cons
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
3. Citizens Bank
- Funding Speed
- 5-10 days
- Fixed APR Range
- 4.89-11.09%
- Loan Amounts
- $10K-$750K
4. Splash Financial
- Funding Speed
- 3-7 days
- Fixed APR Range
- 4.99-9.99%
- Loan Amounts
- $5K-$500K
5. Laurel Road
- Funding Speed
- 3-5 days
- Fixed APR Range
- 4.54-9.49%
- Loan Amounts
- $5K-No Max
How They Stack Up
| Metric |
SoFi Top Pick
|
Earnest |
Citizens Bank |
Splash Financial |
Laurel Road |
|---|---|---|---|---|---|
| Funding Speed | 3-5 days | 3-5 days | 5-10 days | 3-7 days | 3-5 days |
| Fixed APR Range | 4.49-9.99% | 4.49-9.74% | 4.89-11.09% | 4.99-9.99% | 4.54-9.49% |
| Loan Amounts | $5K-No Max | $5K-$500K | $10K-$750K | $5K-$500K | $5K-No Max |
| Rating |
4.9
|
4.8
|
4.6
|
4.5
|
4.7
|
Provider Ratings
How to Choose the Right Student Loan Refinance Lender
Before anything else, answer this: are your loans federal or private? If federal, refinancing to a private lender permanently eliminates income-driven repayment, Public Service Loan Forgiveness, and federal forbearance. If you work for a government or nonprofit employer, DO NOT refinance your federal loans -- PSLF will forgive the remaining balance after 120 payments. If you work in the private sector with stable income and no plans to change, refinancing federal loans at a lower rate makes financial sense.
Check rates at three or more lenders. Fixed rates lock in your payment for the entire term. Variable rates start 0.25-1% lower but can climb if the Fed raises rates. If you can aggressively pay off the balance in 3-5 years, variable saves money. For 10-20 year terms, go fixed. You do not want to be 8 years into a 15-year loan when your variable rate jumps from 5% to 8%.
Rate is not everything. Unemployment protection (SoFi pauses payments and helps you job search), cosigner release timelines (Citizens does it in 36 months), and skip-a-payment programs (Earnest, once per year) are safety nets that matter when life does not go according to plan. Autopay discounts of 0.25% are free money -- sign up everywhere you apply.
Important Tip
If you work for any government agency, public school, hospital, or 501(c)(3) nonprofit, check your PSLF eligibility at studentaid.gov BEFORE refinancing federal loans. PSLF forgives your remaining balance after 120 qualifying payments. On a $150K balance, that could be $50-100K forgiven. Refinancing kills PSLF eligibility permanently. Run the math on both scenarios.
Estimate Your Savings
Use our free calculators to estimate your potential savings and find the best path to financial relief.
Related Articles & Guides
We compared rates from 25+ lenders across multiple credit profiles and professional backgrounds, tested application processes, and evaluated borrower protections that matter when you are repaying loans over 5-20 years.
Interest Rates & APR
30%We compared fixed and variable rates across credit tiers, factoring in autopay discounts, professional pricing, and loyalty rewards. The rate you see advertised is rarely the rate most borrowers get.
Repayment Flexibility
25%Custom term options, skip-a-payment programs, and the ability to switch between fixed and variable rates all scored well. A rigid loan structure is a liability on a 10-20 year repayment timeline.
Borrower Protections
25%Unemployment protection, cosigner release speed, hardship forbearance, and death/disability discharge policies matter enormously on loans you will carry for years. We weighted these heavily.
Eligibility & Specialty Programs
20%Residency refinancing for doctors, Parent PLUS transfer options, and cosigner-friendly policies expand access for borrowers who do not fit the standard mold.
How We Tested
Frequently Asked Questions
Authoritative Resources on Loans & Lending
These government and regulatory sources informed our loan evaluations.
SBA — Loan Programs
U.S. Small Business AdministrationOfficial SBA loan programs including 7(a), 504, and microloans for small businesses.
CFPB — Mortgages & Home Loans
Consumer Financial Protection BureauCFPB resources on shopping for mortgages, closing costs, and borrower rights.
Federal Reserve — Survey of Terms of Business Lending
Federal ReserveFed data on commercial bank lending rates, terms, and loan characteristics.
FTC — Vehicle Financing
Federal Trade CommissionFTC guidance on auto loans, leasing, and avoiding dealer financing pitfalls.
Federal Student Aid
U.S. Department of EducationOfficial federal student loan programs, repayment plans, and forgiveness options.
USA.gov — Loans & Credit
USA.govGovernment guide to borrowing, credit scores, and avoiding predatory lending.
Economic Snapshot
Source: Federal Reserve Economic Data (FRED). Indicators refresh daily.
Financial News & Regulation
Apr 18, 2026Holding Government Contractors Accountable for Wrongdoing
Jan 21, 2025Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.
Blog | Consumer Financial Protection BureauStrengthening Appraisal Oversight: Progress at the Appraisal Subcommittee
Jan 17, 2025CFPB Deputy Director Zixta Martinez discusses changes at the ASC since she became Chair in 2022, including enhanced state oversight, landmark hearings on appraisal bias, and improved collaboration with The Appraisal Foundation to create a more equitable and accountable appraisal industry.
Blog | Consumer Financial Protection BureauBack from the Dead: Zombie Second Mortgages
Jan 17, 2025Forgotten second mortgages may be coming back to haunt homeowners who haven’t received notices or account statements for years.
Blog | Consumer Financial Protection BureauHeadlines sourced from government agencies and legal publications. Updated every 12 hours.
Did You Know?
The average credit card interest rate hit 22.76% in 2025 — the highest since tracking began in the early 1990s.
BNPL (Buy Now, Pay Later) usage tripled between 2020 and 2025, with over 40% of U.S. consumers having used it.
Cost of living varies dramatically: the same salary goes 30-50% further in states like Texas or Tennessee vs. California or New York.
The average 401(k) balance hit $118,600 in 2025, though the median is much lower at $35,286.
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
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.