Complete Student Loan Rankings with Full Reviews

* For EdVestInU, Citizens, and mefa applications we suggest applying through the Credible platform. One application allows borrowers to check rates with multiple lenders and Credible currently offers $200 to customers who refinance through them. For further info, be sure to check out our Credible Student Loan Refinance Review.
^ The lowest listed rate for Earnest is a 5-year variable-rate loan and expressed as an APR. Please see the Earnest Disclosure for more details on rates and bonus terms.

Additional Rate Information…

• We have updated interest rates as of [month] [year]. We have also updated the table to include the newest national lenders on the refinance marketplace.
• The lowest interest rate displayed is usually the 5-year variable-rate loan. If you are looking for a fixed-rate loan or a longer loan term, interest rates will be a little higher. We have also ranked refinance lenders according to who has the lowest 7-year, 10-year, 15-year, and 20-year loans.

Using this resource…

• The idea behind the chart is to organize a large amount of information into a small space. It should be a helpful tool, but it cannot possibly include every term and condition for every company.
• The goal is to provide a company overview, provide a starting point in your research, and make sure that you do not miss out on any existing promotions.
• Interest rates typically change quarterly, but they can change at any time. We try to keep this page as up-to-date as possible. However, some rates may have changed by a fraction of a percent.
• The goal is to have a full list of every student loan consolidation company. If there is a national lender that you do not see on this list, please let us know, so we can review them and compare them to the other lenders.

Tips for getting the best rate…

• The company that advertises the lowest rate will not always have the best rate for you. The lowest advertised rates are for borrowers with excellent credit who borrow short-term (5 years). You might find that several different companies offer the best rate for the loan length you need.
• Shopping around will not hurt your credit score. The credit bureaus generally treat multiple inquires in a short period as one single credit check so that you are not penalized for shopping around. More on how student loan refinancing affects your credit score…
• Don’t try to time the market. You don’t need to do any guesswork to figure out when interest rates are at their lowest. Unlike refinancing a house, where there are closing costs, there is no cost to you to consolidate your student loans. If another company starts offering lower rates in 6 months, refinance again. More on the timing of refinancing applications…
• Think about fixed- vs. variable-rate loans. The variable-rate loans are usually the lowest rates advertised, but they can go up. If you are borrowing for a long time, consider a fixed-rate loan, even if it means a slightly higher interest rate right now.
• Machines, not humans, decide the interest rates. It usually is a waste of time to try to negotiate a lower interest rate with a lender. The interest rate determination is based upon a computer algorithm. Your time chasing a lower rate is better spent by reaching out to many lenders.

Tips for finding the best student loan consolidation or refinance company…

• Find out for yourself. Just because everything can be done online does not mean it should be. Interact with their customer service as much as possible to get a feel for what it is like to do business with the company. The best time to do this is when you have an approval from the lender in hand. You can quiz them on the process and the terms of the deal they have proposed to you.
• Make them win your business. If two lenders offer the same rate, call them both and ask why you should go with one lender over the other. Force them to explain why their loan terms or programs are better than the competitor’s option.

Mistakes to Avoid…

• Don’t give up the federal perks too soon. If you have federal student loans, you can refinance them with a private company, but it isn’t always a good idea. You have to give up federal benefits like income-driven repayment plans and student loan forgiveness programs. Going the private route commits you to pay off the loan in full, so make sure the interest rate savings are worth what you are giving up. More on weighing federal benefits against private savings…
• Don’t think rejection is permanent. A minor change in circumstances can be the difference between acceptance and denial. If you pay off a loan or get a new job, you become a significantly different applicant. More on turning rejection into an approval…
• Don’t put too much emphasis on a cosigner release. Some lenders are better than others when it comes to releasing a cosigner from the loan, but there is little incentive for any lender to grant a cosigner release. Lenders would much rather have two people responsible for the loan instead of one, so they will look for any reason to deny the release. For your financial planning, if you absolutely must have a cosigner, assume they will be on it for the life of the loan. However, if your finances improve to the point where a cosigner is no longer necessary, there are several ways to get the cosigner removed from the loan that don’t require getting permission from your lender.

Understanding the refinance process…

• Student loan refinance is a simple process. Find a new lender and get approved for a loan. Your new lender then pays off your old debts in full. With your old debt paid off, you now owe the new lender. Payments are made to the new lender at the lower interest rate and/or lower monthly payment that you agreed upon.
• This is not an all-or-nothing process. If you have two loans at 3% and two loans at 11%, you can refinance the high-interest debt and leave the low-interest debt alone.
• Consolidation and refinancing are pretty much the same things. Refinancing means one lender pays off a single existing loan. Consolidation means a lender pays off multiple current loans and you repay one larger single loan. These terms are often used interchangeably.
• Ask for help. Major financial decisions are never easy. Do as much research as possible, consider consulting financial professionals, and don’t be ashamed if you don’t understand something. Try our student loan forums to ask questions, exchange ideas, and get tips.