5 Best Student Loan Refinance Lenders and Expert Insights

Student loan refinancing is a great way to lower interest rates and speed up debt elimination. However, refinancing isn't the best choice for all borrowers.

Photo of author

Written By: Pedro Gomez, CFP®

Last Updated:

Affiliate Disclosure and Integrity Pledge

5 Best Student Loan Refinance Lenders and Expert Insights

Student loan refinancing is a great way to lower interest rates and speed up debt elimination. However, refinancing isn't the best choice for all borrowers.

Written By: Pedro Gomez, CFP®

Last Updated:

Affiliate Disclosure and Integrity Pledge

Who Should Refinance?

  • Borrowers with federal student loans should only refinance in very limited circumstances. Given the current interest rates offered by lenders, federal refianancing usually doesn't make sense.
  • Borrowers with private loans should refinance if they can get a lower interest rate or better loan terms.

Refinance Requirements

Getting the Best Rate

RankLenderInterest_Rates_Loan_Amounts____
1Splash Financial3.94%* – 9.99%$5,000 – No Max
Splash Financial Review: Splash has competitive rates, but they start slightly higher than the top lenders. Splash also offers unique 8 and 12 year repayment terms.Application
+ Up to $500 Bonus
2ELFI4.74% – 8.24%$10,000 – No Max
ELFI Review: ELFI routinely offers excellent interest rates. Even though ELFI is new, it is the product of a regional bank that has been in business for decades.Application
+ $150 Bonus
3SoFi4.49% – 9.99%$5,000 – No Max
SoFi Review: SoFi is the biggest name in student loan refinancing for a simple reason – their rates are reliably among the best on the market.Application
4Earnest5.88% – 9.99%^$5,000 – $550,000
Earnest Review: Earnest scores points because it has by far the most flexibility on loan repayment length.Application
+ $150 Bonus^
5LendKey4.39% to 9.24%$5,000 – $300,000
LendKey Review: LendKey partners with local banks and credit unions to provide their loans. The end result is competitive rates provided by local reputable businesses.Application
+ $150 Bonus

Note: The lowest listed rate for each lender is listed as an APR (Annual Percentage Rate) with all discounts available. The industry standard among nearly all lenders is to offer a .25% autopay discount. Listed rate for SoFi is Fixed Rate APR.

^Earnest: Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.40% APR to 10.24% APR (4.15% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval. Please see the Earnest Disclosure for more details on rates and bonus terms.

Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.

The Latest News and Updates on Student Loan Refinancing:

PNC consolidation comparison

PNC Student Loan Refinance Review

PNC is the last big bank left in the student loan refinance business. Interest rates in some categories are decent, but overall PNC doesn’t stack up against the competition. Overall rating: 2.5/5.

Read more

More Articles

Have a Question?

I love getting reader emails!

Answering questions helps me identify the issues borrowers face and makes this site a better resource.

Ask The Sherpa

Site Navigation

Repayment
Refinance
Life with Loans
Planning for School

Follow the Sherpa

© 2013 - 2026 The Student Loan Sherpa

Privacy Policy Terms of Service