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The 7 best student loan refinance lenders

We compared refinance lenders on rates, fees, terms and cosigner release, and we flag the trade-off that matters most: refinancing federal loans privately hands back federal protections you cannot get back.

Last reviewed: · Reviewed by the TheSavvyAmericans editorial team

The 7 best student loan refinance lenders

We compared refinance lenders on their rates, fees, term flexibility, cosigner options and borrower protections. Keep in mind that advertised rates assume excellent credit and usually require autopay, so prequalify on each lender's official site to see the rate you would actually get. And weigh any federal loans very carefully before you refinance them privately.

01
Our top pick

SoFi

Fees: None

Best overall

  • No origination or late fees
  • Fixed and variable rate options
4.7 / 5
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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.

Also worth knowing

  • 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
02
Best flexible terms

Earnest

Fees: None

Best for customized terms

  • Highly customizable terms
  • Skip-a-payment option once a year
4.5 / 5
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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.

Also worth knowing

  • 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

Every pick on this page: independently researched · ranked on our published methodology · compensation never sets the order

03
Best for professionals

Laurel Road

Fees: No origination fee

Best for medical and dental pros

  • Tailored options for healthcare professionals
  • Competitive rates for strong credit
4.3 / 5
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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.

Also worth knowing

  • 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
04
Best marketplace

Splash Financial

Fees: None from Splash

Best for comparing offers

  • Compare multiple lenders quickly
  • Soft-pull prequalification
4.2 / 5
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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.

Also worth knowing

  • 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
05
Best service

ELFI

Fees: None

Best for personal guidance

  • Dedicated personal loan advisor
  • No application or origination fees
4.2 / 5
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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.

Also worth knowing

  • 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
06
Best community lenders

LendKey

Fees: None from LendKey

Best for credit union rates

  • Access to community banks and credit unions
  • One application, multiple offers
4.0 / 5
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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.

Also worth knowing

  • 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
07
Best big-bank option

Citizens

Fees: No application fee

Best for loyalty discounts

  • Loyalty and autopay rate discounts
  • Large, established bank
3.9 / 5
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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.

Also worth knowing

  • 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

Side by side

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

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.

Important: Do not refinance federal student loans privately unless you are genuinely confident you will never need the federal protections. This is a one-way door: 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. When in doubt, that alone is reason enough to wait.

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.

Key takeaways

  • 1Refinancing swaps one or more student loans for a new private loan, ideally at a lower rate, which can trim your interest cost or your monthly payment. Straightforward enough, on the surface.
  • 2Our top pick is SoFi for no fees, flexible terms and member benefits. If you want customizable terms or you are a medical or professional borrower, Earnest and Laurel Road are worth a hard look.
  • 3This is the one to stop and read twice: refinancing federal student loans into a private loan permanently gives up federal benefits like income-driven repayment, forgiveness programs and generous forbearance. That part is not reversible.
  • 4You generally need good credit and steady income (or a cosigner) to land the best refinance rates. Without those, refinancing may not actually lower your cost.

Before you refinance federal loans, read this

Refinancing federal student loans into a private loan is a one-way door, and it is worth pausing on that word. You may well get a lower rate, but you permanently give up federal protections that can quietly 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 truly sure you will repay quickly without ever needing federal programs, is much lower risk. The rule of thumb I would give a friend: 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: These 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, and that is a genuinely high bar. Refinancing federal loans privately is permanent and forfeits those benefits. If you are working toward Public Service Loan Forgiveness or simply 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 is often the difference between qualifying and not, and it can meaningfully improve the rate too.
Should I choose a fixed or variable rate?
It comes down to how long you will carry the loan. A fixed rate stays put for the life of the loan, so your payment is predictable. A variable rate often starts lower but can climb over time. If you will repay quickly, a variable rate may save money; for a longer payoff, most borrowers sleep better with 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 compare lenders freely. Formally applying adds a hard inquiry with a small, temporary impact. And over time, on-time payments on the new loan actually support your credit, so the net effect is usually positive.

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