The best student loan refinance companies to save you money

Hillz

Mar 26, 202416 min read

Discover the top student loan refinance companies to save money on your loans. Compare rates and features to find the best option for you.

The best student loan refinance companies to save you money

introductory

Student loan refinancing stands out as a calculated step to lessen the weight of student debt in the context of financial planning. The burden of school loans can impede financial advancement once graduates join the job.

However, borrowers now have practical choices to speed up their repayment process and maybe save a sizable sum of money thanks to the rise of numerous student loan refinance companies. To enable borrowers to make well-informed decisions on their financial future, we examine the leading student loan refinance businesses in this thorough guide, assessing their products, terms, interest rates, and customer satisfaction.

The best student loan refinance companies to save you money

Best for member benefits: SoFi® Student Loan Refinancing
Best for honest credit score score: Earnest Student Loan Refinancing
CitizensTM Student Loan Refinancing is the best option if you need a cosigner.
Best for determining mortgage refinancing: Education Loan Finance (ELFI) Student Loan Refinancing
Best for clinical faculty mortgage refinancing: Laurel Road Student Loan Refinancing
Best for credit score union: PenFed Credit Union Student Loan Refinancing

Best for member benefits

SoFi

Best student loan refinance companies — SoFi

Eligible borrowers

Undergraduate and graduate students, parents, and health professionals.

Loan amounts

$5,000 minimum (or up to state); maximum up to the cost of attendance

Loan Terms

Range from 5 to 15 years; up to 20 years to refinance loans

Types of loans

Variable and fixed

Is a cosigner required?

Offer student loan refinancing?

Yeah

Offer loans for parents?

Yeah

Terms apply.

Advantages

High loan amount
Variable and fixed rates so you can choose
No endorsement required
No origination, application, or prepayment fees
0.25% discount on interest rate for autopsy
0.125% interest rate discount on any additional SoFi loan product
Offers student loan refinancing.
Accept payments within the school.

Disadvantages

Unsecured loans tend to charge higher interest rates
No cosigner authorization option is available
Minimum loan size of $5,000

Redefining Student Loan Refinancing with SoFi

In the world of student loan refinancing, SoFi is a shining example of affordability and innovation, providing a wide range of advantages that distinguish it from its competitors. SoFi places a high value on openness, adaptability, and customer-centricity to assist borrowers in achieving financial independence.

Competitive Fee Schedule and Interest Rates

SoFi's dedication to providing reasonable interest rates that enable borrowers to save money throughout their loans is one of its most alluring features. SoFi guarantees a hassle-free refinancing experience by not charging borrowers application, origination, prepayment, or late fees, in contrast to many other lenders.

Versatile Loan Conditions and Choices

SoFi provides customizable loan terms that accommodate a range of financial objectives and situations since it understands that borrowers have different needs. The flexibility to select from 5, 7, 10, 15, or 20-year maturities allows borrowers to customize their repayment plan to fit their needs and financial limits.

Option for Co-Signer to Increase Eligibility

Even while having high credit is usually a necessity to be eligible for refinancing, SoFi goes above and beyond to help borrowers who might not be able to achieve the requirements on their own. SoFi gives a wider range of people access to refinancing options by allowing them to apply with a co-signer who satisfies the credit and income requirements, giving them the ability to take charge of their student debt.

Discount on Enrollment in Autopay

SoFi provides borrowers who enroll in autopay with a 0.25% rate reduction as a means of encouraging prudent repayment behavior. This tool lowers the chance of missed or late payments by streamlining the repayment process and helping borrowers save money on their monthly payments.

Entire Coverage for Eligibility

One of the ways that SoFi distinguishes itself from its competitors is the variety of loans that it offers refinancing choices. These include federal, private, graduate, undergraduate, Parent PLUS, and medical/dental residency loans. Because of this extensive eligibility coverage, SoFi's refinancing options are certain to be advantageous to borrowers with a variety of educational backgrounds and financial situations.

Generous Loan Amounts

Borrowers can use SoFi to refinance loans with a $5,000 minimum and up to $10,000 in maximum loan amount for dentistry and medical residency programs. Borrowers can simplify their financial commitments and save time and money by consolidating various loans into a single, manageable payment, thanks to the flexibility in loan amounts.

Selecting Between Differential and Fixed Rates

One notable feature of SoFi's refinancing options is the ability to select between fixed and variable interest rates. To enable them to make well-informed decisions regarding their repayment plan, borrowers can choose the option that most closely matches their financial objectives and risk tolerance.

To sum up, SoFi is a leader in the student loan refinancing market, providing a wide range of advantages that make it easier for borrowers to save money, streamline the repayment process, and reach their financial objectives. With affordable interest rates, adaptable loan terms, and a dedication to client delight, SoFi keeps raising the bar for student loan refinancing excellence.

Best for fair credit score

Earnest

Eligible borrowers

Undergraduate and graduate students, parents, part-time students, international students and DACA

Loan amounts

$1,000 minimum (or up to state); maximum up to the cost of attendance

Loan Terms

Range from 5 to 15 years

Types of loans

Variable and fixed

Borrower protections

9-month grace period

Is a cosigner required?

Offer student loan refinancing?

Yes

Terms apply.

Advantages

Applicants with fair credit may qualify
High loan amount
Variable and fixed rates so you can choose
Borrowers Have Hardship Protections
No endorsement required
No origination or prepayment fees
0.25% discount on interest rate for autopsy
Allows qualified borrowers to skip a payment every 12 months and make it up later
Offers student loan refinancing.
Accept payments within the school.

Disadvantages

Unsecured loans tend to charge higher interest rates
No cosigner authorization option is available
Variable rates are not available everywhere

Earnest: Providing Flexible and Affordably for Borrowers to Refinance Their Student Loans

Earnest stands out as a leader in the student loan refinancing market with a long list of advantages meant to give borrowers affordability, flexibility, and peace of mind. Earnest is dedicated to providing transparent, innovative, and customer-focused loan refinancing services, and they are always pushing the envelope of what is considered to be the best.

Affordable Prices and Autopay Savings

Competitive interest rates are the foundation of Earnest's refinancing offers, which are intended to save borrowers money throughout their loans. Borrowers may feel comfortable knowing that Earnest promotes affordability without sacrificing high-quality service, regardless of whether they choose a variable or fixed rate. Additionally, by taking advantage of a 0.25% autopay rate discount, borrowers can save even more money, encouraging prudent repayment practices and lowering their overall loan expenses.

Options for Flexible Repayment

Earnest distinguishes itself by providing borrowers with unmatched loan management freedom. Borrowers can accelerate their repayment plan without facing penalties because there are no fees associated with extra or early payments. This allows them to reduce the total length of their loan and save money on interest payments. With this degree of flexibility, borrowers may confidently follow their ambitions and take charge of their financial destinies.

Extensive safeguards for borrowers

Earnest goes above and above to offer strong borrower protections since they understand the unforeseen difficulties that borrowers may face. With interest-only payments and deferment and forbearance options available, Earnest makes sure that borrowers get the assistance they need to get through challenging times without going into default on their loans. Furthermore, loan forgiveness and discharge programs give borrowers peace of mind and financial stability by acting as a safety net in the case of acute financial distress or unanticipated life circumstances.

Acceptable Loans and Amounts of Loans

Earnest offers refinancing alternatives for a variety of loan categories, including graduate, undergraduate, private, and federal loans, to cater to a wide spectrum of borrowers. With the option to borrow up to $500,000, borrowers can refinance loans starting at a minimum of $5,000 (refinancing $10,000 or more requires a California resident's request). This extensive eligibility coverage guarantees that Earnest's refinancing options are accessible to borrowers with a variety of educational backgrounds and financial situations.

Modifiable Conditions of Loan

Earnest allows borrowers to tailor their repayment plan to their own financial goals and circumstances with loan terms ranging from 5 to 20 years. Borrowers have unmatched flexibility and control over their financial destiny since they may choose terms that best suit their needs, whether they want to pay off their loans faster or choose smaller monthly payments spread out over a longer period.

In conclusion, Earnest is a leader in the student loan refinancing industry, providing borrowers with an extensive range of advantages meant to ease financial strains and enable them to reach their objectives. Earnest continues to set the bar for excellence in student loan refinancing with affordable rates, flexible repayment options, and strong borrower protections, ensuring that borrowers may travel toward financial freedom with assurance and peace of mind.

Best for having a co-signer

Citizens™

Eligible borrowers

Undergraduate and graduate students, parents.

Loan amounts

$150,000 maximum, or cost of attendance, whichever is less

Loan Terms

Range from 5 to 15 years

Types of loans

Variable and fixed

Borrower protections

Tolerance options available

Is a cosigner required?

Offer student loan refinancing?

Yes

Terms apply.

Advantages

Flexible payment terms

Variable and fixed rates so you can choose

Borrowers Have Hardship Protections

No endorsement required

Offers cosigner authorization

No origination, application, or prepayment fees

Up to 0.50% discount on interest rate for autopsy

Offers student loan refinancing.

Accept payments within the school.

Disadvantages

Unsecured loans tend to charge higher interest rates

The loan amount is limited to a maximum of $150,000 or the cost of attendance, whichever is less.

Citizens™

When it comes to helping students refinance their student loans, CitizensTM is a reliable resource. They provide a simple, clear refinancing process that prioritizes cost and flexibility. CitizensTM gives borrowers the power to take charge of their financial destinies and confidently accomplish their goals by doing away with needless fees and offering affordable rates.

Free of Charge and Hassle

The lack of application, origination, or disbursement costs is among the most alluring aspects of refinancing with CitizensTM. CitizensTM places a high value on openness and simplicity in the refinancing process, in contrast to many other lenders that pile on extra fees at every turn. This way, borrowers can easily traverse the procedure without having to worry about unneeded fees. CitizensTM is committed to providing borrowers with a hassle-free refinancing experience, and our fee transparency promise highlights that commitment.

Adaptable Rate Choices

Because each borrower has different financial objectives and risk tolerances, CitizensTM offers both variable and fixed rates. Borrowers have options from CitizensTM to fit their unique needs and preferences, whether they like the stability of a fixed rate or the possible savings given by a variable rate. Because of this flexibility, borrowers can select the rate option that best fits their long-term financial plan, giving them the power to make well-informed decisions regarding their refinancing experience.

All-inclusive Eligibility Protection

With options for federal, private, graduate, undergraduate, Parent PLUS, and medical and dental residency loans, among other loan types, CitizensTM aims to make refinancing accessible to a broad spectrum of borrowers. No matter the kind or quantity of loan, CitizensTM's thorough eligibility coverage guarantees that borrowers with a variety of educational backgrounds and financial situations can take advantage of the refinancing options available to them.

Charitable Loan Amounts

Refinancing loans with CitizensTM starts at $10,000 and allows borrowers to borrow up to $300,000 for undergraduate degrees or less, or $500,000 for graduate degrees. With this wide range of loan amounts, borrowers with different debt loads can combine several loans into one affordable payment and make their bills easier to handle.

Flexible loan Terms

Because they provide loan periods ranging from 5 to 20 years, CitizensTM recognizes that there is no one-size-fits-all solution when it comes to loan repayment. Borrowers can choose a term that best suits their financial objectives and circumstances with CitizensTM, regardless of whether they would rather have a shorter payback period to pay off their loans faster or a longer term to reduce their monthly payments.

To sum up, in the student loan refinancing market, CitizensTM stands out as a shining example of affordability, openness, and flexibility. CitizensTM gives people the power to take charge of their financial destinies and start along the path to long-term financial success with confidence and peace of mind since it has no fees, competitive rates, and a dedication to addressing the different needs of borrowers.

Best for parent loan refinancing

Education Loan Finance Student Loan Refinancing

Cost

No origination fees to refinance

Eligible Loans

Federal, Private, Graduate, and Undergraduate Loans, Parent PLUS Loans

Types of loans

Variable and fixed

Variable rates (APR)

From 5.28%

Fixed rates (APR)

From 5.48%

Loan Terms

5 to 20 years for student loan refinancing; 5, 7 or 10 years for refinancing of the parent loan

Loan amounts

From $10,000

Minimum credit score

N/A

Minimum income

N/A

Allow a cosigner

Yeah

Terms apply.

Advantages

No utility expenses, origination expenses to refinance, mortgage assurance fee
The automatic payment discount has already been applied
Soft Credit Pull When You Prequalify
No early payment penalties
Protections include Deferment where they align your payment start date with the grace period expiration on the federal student loans you are refinancing, financial or medical hardship deferment for up to 12 months.
Offers Parent Loan Refinancing – Allows you to combine Private and Parent PLUS Loans
Borrowers are assigned a non-public mortgage guide to manual them
The website claims that customers report saving an average of $278 each month and should see an average of $20,774 in total savings.
Offers bonus referral program

Disadvantages

No grace period offered
No cosigner authorization option is available
The late fee fee is the lesser of 5% of the amount due or $50
Returned check or $30 NSF fee
Minimum loan size of $10,000

ELFI: Providing Borrowers with Fair Terms and Competitive Rates

ELFI (Education Loan Finance) is a reputable lender in the student loan refinancing industry that prioritizes customer service. It provides borrowers with a range of perks designed to make the refinancing process easy and cheap. ELFI enables borrowers to take charge of their student loan debt and confidently accomplish their financial objectives by upholding a commitment to openness, competitive rates, and flexibility.

Reasonably priced with open and clear fees

The foundation of ELFI's services is competitive rates, which guarantee cost savings for borrowers throughout their loans. Borrowers can feel secure in the knowledge that ELFI places a premium on affordability without sacrificing the quality of its services, regardless of whether they choose a fixed or variable rate. Moreover, no application or origination fee is another way that ELFI distinguishes itself by doing away with extra expenses and guaranteeing a simple refinancing procedure. Moreover, ELFI does not charge prepayment penalties, allowing borrowers to pay off their loans early without incurring penalties.

Extensive Qualifications Coverage

Offering refinancing alternatives for a variety of loan categories, including federal, private, graduate, and undergraduate loans and Parent PLUS loans, ELFI serves a wide spectrum of borrowers. No matter the type or quantity of loan, ELFI's comprehensive eligibility coverage guarantees that borrowers with varying educational backgrounds and financial situations can take advantage of the refinancing options offered.

Abundant Loan Amounts

Borrowers with varied amounts of student loan debt can have flexibility by refinancing their loans with ELFI since there is a minimum of $10,000. This wide variety of loan amounts makes it possible for borrowers to combine several loans into one affordable payment, streamlining their financial obligations and possibly saving them money and time over time.

Modifiable Loan Conditions

Since each borrower has different financial needs and preferences, ELFI offers flexible loan terms, with student loan refinancing options ranging from 5 to 20 years and parent loan refinancing options from 5, 7, or 10 years. Borrowers can choose a term that best suits their financial objectives and circumstances with ELFI, regardless of whether they would rather have a shorter payback period to pay off their loans faster or a longer term to reduce their monthly payments.

In conclusion, with affordable rates, clear terms, and flexibility to accommodate borrowers' varied demands, ELFI is a reliable partner for borrowers looking to refinance their student loans. With no application or origination costs, no prepayment penalties, and a dedication to customer satisfaction, ELFI gives people the confidence and peace of mind to take charge of their student loan debt and start down the path to financial freedom.

Best for medical school loan refinancing

Laurel Road Student Loan Refinancing

Cost

No origination fees to refinance

Eligible Loans

Federal, private, graduate and undergraduate loans, Parent PLUS loans, medical and dental residency/scholarship loans, plus special pricing and reduced rates for healthcare professionals (doctors, dentists, optometrists, and physician assistants)

Types of loans

Variable and fixed

Variable rates (APR)

From 5.49%

Fixed rates (APR)

From 5.44%

Loan Terms

5, 7, 10, 15, 20 years (but also offers any term less than 20 years, subject to underwriting criteria)

Loan amounts

For bachelor's degrees and above, a minimum of $5,000; for eligible associate degrees in the healthcare field, up to $50,000 in loans for non-ParentPlus refinance loans

Minimum credit score

N/A

Minimum income

N/A

Allow a cosigner

Yeah

Terms apply.

Advantages

No origination fees to refinance
0.25% auto-pay discount already applied
Soft Credit Pull When You Prequalify
No early payment penalties
Protections include: financial hardship deferral (such as job loss) for one or more 3-month periods (wait a minimum of 12 months between periods), Covid deferral of 3 monthly payments (and option to request more), natural disaster forbearance of up to 2 monthly payments, deferral for medical students up to 6 months after their residency and fellowships (total loan term, including residency, fellowship, and grace period, should not exceed 20 years)
Medical students pay only $100 per month while in a residency or fellowship program
Graduates with associate degrees in the healthcare field can refinance
Offers a bonus referral program of up to $400

Disadvantages

No cosigner authorization option is available
A late payment fee may apply if any part of a payment is not received within 15 days of the due date: it will not exceed 5% of the late payment or $28, whichever is less.
You may be charged $20 for any payment (including a check or electronic payment) that is returned unpaid due to insufficient funds or a closed account.
Minimum loan size of $5,000

Laurel Road: Giving Borrowers Access to Competitive Rates and All-Inclusive Benefits

Laurel Road is a leading lender in the refinancing of student loans, well-known for its dedication to offering borrowers competitive interest rates, clear conditions, and unmatched advantages. Laurel Road enables people to take charge of their student loan debt and confidently reach their financial objectives by focusing on meeting the specific needs of borrowers.

Competitive Rates with Discounts for Autopay

Competitive rates are the cornerstone of Laurel Road's offers; they are intended to save customers money throughout their loans. By choosing between a variable or fixed rate, borrowers can benefit from Laurel Road's dedication to affordability without sacrificing high-quality service. Furthermore, by taking advantage of a 0.25% autopay rate discount, borrowers can further lower their overall loan expenses by encouraging good repayment behavior.

Clear Fee Schedule

One of Laurel Road's unique selling points is that it offers borrowers an open and honest price schedule that emphasizes accessibility and ease of use. Because Laurel Road doesn't charge any application, origination, or disbursement fees, borrowers can complete the refinancing process without being burdened by needless charges, in contrast to many other lenders who impose additional fees during the refinancing process. Moreover, Laurel Road doesn't impose prepayment penalties, allowing borrowers to settle their debts early without incurring additional costs.

Extensive Qualifications Protection

To serve a wide spectrum of borrowers, Laurel Road provides refinancing alternatives for federal, private, graduate, and undergraduate loans in addition to Parent PLUS loans and medical and dental residency/fellowship loans. Furthermore, in recognition of the distinct demands and financial conditions of healthcare professionals, such as doctors, dentists, optometrists, and physician assistants, Laurel Road offers customized pricing and discounted rates.