Best Student Loan Refinancing Lenders of 2026

If you're earning a steady income and have good credit, refinancing your student loans could save thousands. These lenders offer the best rates and terms for refinancing both federal and private student loans.

Last updated:2026-04-03

7 products reviewed

Our Top Pick

SoFi Student Loans

Best Overall

SoFi sets the standard for private student loan refinancing with industry-leading rates, outstanding member benefits, and a commitment to borrower success. Best choice for borrowers seeking comprehensive financial wellness support beyond just loans.

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Rankings

SoFi Student Loans

by Social Finance Inc.

4.8

Best Overall

Leading fintech lender offering competitive fixed and variable rates with extensive borrower benefits and member perks.

Key Features

Loan Amount: $5,000 - $500,000Fixed Rate: 5.94% - 12.98%Variable Rate: 5.29% - 11.28%Origination Fee: None

Pros

• Highly competitive fixed and variable rates
• Extensive borrower benefits (unemployment protection, career coaching)
• No origination, application, or prepayment fees

Cons

• Requires good credit (generally 680+ for best rates)
• Doesn't offer federal loan consolidation directly

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Earnest

by Earnest Operations LLC

4.7

Best Flexibility

Flexible student loan lender offering customizable payment plans and transparent underwriting focused on borrower success.

Key Features

Loan Amount: $10,000 - $500,000Fixed Rate: 5.75% - 13.48%Variable Rate: 4.88% - 12.58%Customizable Term: 5-30 years

Pros

• Customizable payment plans (choose any term between 5-30 years)
• Flexible underwriting (considers alternative income sources)
• Competitive rates starting around 5.75% fixed

Cons

• Minimum loan amount typically $10,000
• Rates require good credit (generally 700+)

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Laurel Road Student Loans

by Laurel Road

4.6

Best Refinance

Premium student loan refinancing platform specializing in competitive rates and refinancing expertise for existing loans.

Key Features

Loan Amount: $10,000 - $500,000Fixed Rate: 4.62% - 11.98%Variable Rate: 3.99% - 10.98%Origination Fee: None

Pros

• Highly competitive refinancing rates (among lowest available)
• Specialized refinancing expertise and knowledge
• Fast approval and funding (5-10 days typical)

Cons

• Refinancing only (not new student loans)
• Requires good credit (typically 700+)

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Splash Financial

by Splash Financial

4.3

Student loan refinancing platform aggregating quotes from multiple lenders, enabling borrower comparison shopping.

Key Features

Service Type: Comparison platformLenders Compared: 10+ partnersRate Range: 5% - 14.5% fixedSoft Credit Inquiry: Initial screening

Pros

• Compare multiple lenders' rates in one place
• No hard credit pull upfront (soft inquiry)
• Access exclusive lender partnerships

Cons

• Not a lender (intermediary platform)
• Rates ultimately depend on actual lenders

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Education Loan Finance (ELFI)

by Education Loan Finance Inc.

4.2

Digital-focused student loan refinancing platform with streamlined underwriting and competitive rates.

Key Features

Loan Amount: $5,000 - $300,000Fixed Rate: 5.24% - 12.98%Variable Rate: 4.49% - 11.98%Origination Fee: None

Pros

• Fully digital application and process
• Fast pre-approval and funding (3-5 days)
• Competitive rates for refinancing

Cons

• Rates not always lowest (Laurel Road sometimes better)
• Limited borrower benefit programs

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Citizens Bank Student Loans

by Citizens Bank

4.4

Major bank offering student loans with established relationships, competitive rates, and in-school borrowing options.

Key Features

Loan Amount: $1,000 - $200,000Fixed Rate: 6.24% - 14.18%Variable Rate: 5.24% - 13.18%Branch Access: 2,600+ locations

Pros

• Major bank institution with 2,600+ branches
• Competitive rates for undergraduate and graduate borrowing
• In-school deferment available for current students

Cons

• Rates not always most competitive vs. fintech lenders
• Limited borrower benefit programs

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CommonBond

by CommonBond Inc.

4.5

Fintech lender combining competitive rates with social mission, offering streamlined digital experience.

Key Features

Loan Amount: $5,000 - $250,000Fixed Rate: 5.75% - 12.98%Variable Rate: 5.05% - 11.98%Origination Fee: None

Pros

• Competitive rates starting around 5.75% fixed
• Social mission (supports education in developing countries)
• No origination, application, or prepayment fees

Cons

• Requires good credit (typically 700+ for best rates)
• Loan amounts capped at $250,000

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Full Comparison

Feature	SoFi Student Loans	Earnest	Laurel Road Student Loans	Splash Financial	Education Loan Finance (ELFI)
Fixed APR	5.94% - 12.98%	5.75% - 13.48%	4.62% - 11.98%	5.00% - 14.50%	5.24% - 12.98%
Variable APR	5.29% - 11.28%	4.88% - 12.58%	3.99% - 10.98%	3.99% - 13.99%	4.49% - 11.98%
Loan Amounts	Up to $500,000	Up to $500,000	Up to $500,000	Up to $500,000	Up to $300,000
Cosigner Release	Yes	No	Yes	Yes	Yes
In-School Deferment	No	No	No	No	No
Our Rating	4.8/5Best	4.7/5	4.6/5	4.3/5	4.2/5

How We Picked These

Refinancing lenders are evaluated on rate competitiveness for refinancing specifically, term flexibility, borrower benefits (career coaching, unemployment protection), ease of application, and time to close.

Frequently Asked Questions

When should I refinance my student loans?

Refinance when you have a stable income, good credit (680+), and your current rate is higher than what refinancing lenders offer. Don't refinance federal loans if you're pursuing Public Service Loan Forgiveness or need income-driven repayment options.

How much can I save by refinancing?

On $50,000 in student debt, dropping your rate from 7% to 4.5% saves roughly $7,500 in interest over a 10-year term. The higher your balance and the bigger the rate drop, the more you save.

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