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The 7 best student loan refinance lenders

We compared refinance lenders on rates, fees, terms and cosigner release, and flag the big trade-off: refinancing federal loans privately gives up federal protections.

Last reviewed: · Reviewed by the TheSavvyAmericans editorial team

Important: Do not refinance federal student loans privately unless you are confident you will not need federal protections. Refinancing is irreversible: you cannot convert a private loan back into a federal one, and you lose access to income-driven repayment, Public Service Loan Forgiveness and federal forbearance.

Key takeaways

  • 1Refinancing replaces one or more student loans with a new private loan, ideally at a lower rate, which can cut your interest cost or monthly payment.
  • 2Our top pick is SoFi for no fees, flexible terms and member benefits; Earnest and Laurel Road are strong for flexible terms and professional borrowers.
  • 3Refinancing federal student loans into a private loan permanently gives up federal benefits like income-driven repayment, forgiveness programs and generous forbearance.
  • 4You generally need good credit and steady income (or a cosigner) to qualify for the best refinance rates.
Advertising disclosure: TheSavvyAmericans may receive compensation when you apply for or open a product through links on this page. This does not influence our editorial evaluations. Products are reviewed using a documented methodology. Learn how we make money.

The 7 best student loan refinance lenders

We compared refinance lenders on their rates, fees, term flexibility, cosigner options and borrower protections. Advertised rates assume excellent credit and often require autopay, so prequalify on each lender’s official site to see the rate you would actually get. Weigh any federal loans carefully before refinancing them privately.

Student loan refinance lenders compared at a glance
#ServiceBest forRatingLoan typesFeesCosigner release
1SoFiBest overall4.7 / 5Fixed and variableNoneLimited
2EarnestBest for customized terms4.5 / 5Fixed and variableNoneNo cosigner loans
3Laurel RoadBest for medical and dental pros4.3 / 5Fixed and variableNo origination feeAvailable
4Splash FinancialBest for comparing offers4.2 / 5Fixed and variableNone from SplashVaries by lender
5ELFIBest for personal guidance4.2 / 5Fixed and variableNoneAvailable
6LendKeyBest for credit union rates4.0 / 5Fixed and variableNone from LendKeyOften available
7CitizensBest for loyalty discounts3.9 / 5Fixed and variableNo application feeAvailable
#1Rank
Editor's ChoiceBest overall

SoFi

4.7 / 5

SoFi offers fixed and variable refinancing with no origination or late fees, flexible terms and member benefits such as career coaching and unemployment protection. It is a strong all-around choice for qualified borrowers.

Pros

  • No origination or late fees
  • Fixed and variable rate options
  • Member benefits and rate discounts
  • Refinances undergraduate and graduate debt

Cons

  • Best rates need strong credit and income
  • No cosigner release in every case
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
None
Cosigner release
Limited
Best for
Overall value
Visit SoFi

Official site opens in a new tab

#2Rank
Best flexible termsBest for customized terms

Earnest

4.5 / 5

Earnest lets you customize your term to set the exact monthly payment you want and allows you to skip one payment a year. It uses detailed underwriting and charges no fees, which appeals to borrowers who want flexibility.

Pros

  • Highly customizable terms
  • Skip-a-payment option once a year
  • No fees
  • Precision underwriting can help strong profiles

Cons

  • No cosigner option in most cases
  • Not available in every state
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
None
Cosigner release
No cosigner loans
Best for
Custom terms
Visit Earnest

Official site opens in a new tab

#3Rank
Best for professionalsBest for medical and dental pros

Laurel Road

4.3 / 5

Laurel Road offers refinancing with special terms for medical, dental and other professionals, including options tailored to residents. It is a natural fit for high-earning graduates with strong credit.

Pros

  • Tailored options for healthcare professionals
  • Competitive rates for strong credit
  • No origination fees
  • Resident-friendly repayment options

Cons

  • Most tailored perks target specific professions
  • Best rates need strong credit
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
No origination fee
Cosigner release
Available
Best for
Professionals
Visit Laurel Road

Official site opens in a new tab

#4Rank
Best marketplaceBest for comparing offers

Splash Financial

4.2 / 5

Splash Financial is a marketplace that matches you with refinance offers from partner lenders and credit unions after a soft-pull prequalification, making it easy to compare several rates at once.

Pros

  • Compare multiple lenders quickly
  • Soft-pull prequalification
  • Access to credit union partners
  • No fees from Splash

Cons

  • Terms come from the underlying lender
  • Offers depend on your profile
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
None from Splash
Cosigner release
Varies by lender
Best for
Comparison shopping
Visit Splash Financial

Official site opens in a new tab

#5Rank
Best serviceBest for personal guidance

ELFI

4.2 / 5

Education Loan Finance (ELFI) pairs each borrower with a personal loan advisor and offers competitive rates with no fees, which suits people who want hands-on help through the process.

Pros

  • Dedicated personal loan advisor
  • No application or origination fees
  • Competitive rates for strong credit
  • Refinances a range of degrees

Cons

  • Higher balance minimums than some rivals
  • Best rates need strong credit
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
None
Cosigner release
Available
Best for
Guided service
Visit ELFI

Official site opens in a new tab

#6Rank
Best community lendersBest for credit union rates

LendKey

4.0 / 5

LendKey connects you with refinancing from community banks and credit unions through a single application, which can surface lower rates and a more personal servicing experience.

Pros

  • Access to community banks and credit unions
  • One application, multiple offers
  • Soft-pull prequalification
  • Cosigner release on many partner loans

Cons

  • Terms vary by partner institution
  • Membership may be required for some
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
None from LendKey
Cosigner release
Often available
Best for
Credit union value
Visit LendKey

Official site opens in a new tab

#7Rank
Best big-bank optionBest for loyalty discounts

Citizens

3.9 / 5

Citizens offers student loan refinancing with loyalty and autopay discounts and the backing of a large national bank, including options for borrowers who did not finish their degree.

Pros

  • Loyalty and autopay rate discounts
  • Large, established bank
  • Refinances for non-graduates in some cases
  • Cosigner release available

Cons

  • Best rates need strong credit
  • Fewer flexibility features than fintech lenders
  • Private refinance forfeits federal benefits
Loan types
Fixed and variable
Fees
No application fee
Cosigner release
Available
Best for
Bank loyalty perks
Visit Citizens

Official site opens in a new tab

Ratings are TheSavvyAmericans editorial scores based on the criteria in the methodology section below, not user reviews or paid placements. Features and pricing change often, so confirm the current details on each provider’s official site before you sign up.

Before you refinance federal loans, read this

Refinancing federal student loans into a private loan is a one-way door. You may get a lower rate, but you permanently give up federal protections that can be worth far more than the interest you save.

  • Income-driven repayment: federal plans cap payments as a share of your income; private loans do not.
  • Forgiveness: Public Service Loan Forgiveness and other federal programs disappear once you refinance privately.
  • Forbearance and deferment: federal loans offer generous hardship options that private lenders rarely match.
  • One-time relief: federal borrowers periodically benefit from government actions that never apply to private loans.

Good to know: Refinancing private loans, or federal loans you are sure you will repay quickly without needing federal programs, is lower risk. When in doubt, keep federal loans federal.

How we picked and scored these lenders

  • Rates and fees: competitive fixed and variable APRs with no origination or application fees.
  • Term flexibility: a range of terms and features like payment customization or skip-a-payment.
  • Cosigner options: availability of cosigner loans and a clear cosigner-release path.
  • Eligibility: which credit profiles, degrees and professions can qualify.
  • Borrower protections: hardship options and quality of servicing.

Good to know: Ratings are editorial assessments, not user reviews. Advertised rates assume excellent credit and autopay, so confirm your real rate by prequalifying on each lender’s official site.

Frequently asked questions

Should I refinance my federal student loans?
Usually only if you are confident you will not need federal protections like income-driven repayment or forgiveness. Refinancing federal loans privately is permanent and forfeits those benefits. If you work toward Public Service Loan Forgiveness or want the safety net, keep federal loans federal.
What credit score do I need to refinance student loans?
Most refinance lenders look for good credit (often around 650 to 700 or higher) plus steady income and a manageable debt-to-income ratio. If your credit is thin, adding a creditworthy cosigner can help you qualify and secure a better rate.
Should I choose a fixed or variable rate?
A fixed rate stays the same for the life of the loan, giving predictable payments. A variable rate often starts lower but can rise over time. If you will repay quickly, a variable rate may save money; for a longer payoff, most borrowers prefer the certainty of a fixed rate.
Does refinancing student loans hurt my credit?
Prequalifying uses a soft inquiry and does not affect your score, so you can compare lenders freely. Formally applying adds a hard inquiry with a small, temporary impact. Over time, on-time payments on the new loan support your credit.

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