Best Student Loan Refinancing Lenders of 2026

Updated June 2026 | Reviewed by the WalletGrower Editorial Team

2026 Student Loan Refinancing: Full Comparison Table

All rates below are sourced directly from verified lender disclosure pages and third-party aggregators as of June 2026. Rates include applicable autopay discounts where noted. Lowest rates are reserved for the most creditworthy borrowers.

*Rates include 0.25% autopay discount where applicable. Rates are subject to change. Lowest rates reserved for the most creditworthy borrowers. Sources verified June 2026.

SoFi Student Loan Refinancing Review

Best for: High-earning graduates who want a full financial ecosystem alongside competitive refinancing rates.

SoFi is a well-respected institution and stands out in the refinancing space for those with strong credit who are able to secure competitive minimum rates. It's our top overall pick because it combines strong rates, multiple term options, and an impressive suite of member perks that add real value beyond the loan itself.

Rates (verified June 2026): Fixed rates range from 2.98% APR to 15.99% APR with a 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Note that the very lowest rates may incorporate additional member discounts. To be eligible for an additional 0.125% interest rate reduction on a student loan refinancing, you must, within 31 days of loan funding, either be a SoFi Plus subscriber, receive an eligible direct deposit into a SoFi Checking or Savings account, or receive at least $5,000 in qualifying deposits.

Loan minimums and terms: The minimum loan amount is $5,000 and you can refinance up to the full loan balance with SoFi. Choose from 5, 7, 10, 15, and 20-year repayment terms.

SmartStart feature: SoFi offers SmartStart, which lets borrowers make interest-only payments for the first nine months of their repayment period. This is a standout option for recent grads who need a cash-flow cushion while building their career.

Member ecosystem: Unlike some student loan lenders, SoFi is also a full-service bank, and members enjoy benefits like premium travel offers, one-on-one financial planning, a 0.125% rate reduction on student loan refinancing, and preferred rates on other loans.

Eligibility: To qualify for refinancing with SoFi, borrowers must meet citizenship requirements (U.S. citizenship or permanent residence, or have a creditworthy co-signer with U.S. citizenship), have a steady source of income or will have one within 90 days of application. There is no published minimum credit score, but applicants with scores below 700 are rarely accepted.

Watch out: One of the only major cons associated with refinancing through SoFi is that they do not offer cosigner release on loans disbursed after May 1, 2019.

Earnest Student Loan Refinancing Review

Best for: Borrowers who want maximum repayment flexibility and a holistic approval process that looks beyond credit score alone.

Earnest stands out for its more flexible approach to qualifying refinancing applicants. While most lenders focus heavily on credit scores, income, and existing debt, Earnest also reviews your overall financial habits. This makes it genuinely different — not just in marketing language, but in how it underwrites loans.

Rates (verified June 2026): Fixed APRs range from 4.70% APR to 10.24% APR (4.45%–9.99% with a 0.25% autopay discount). Variable APRs range from 6.13% APR to 10.24% APR (5.88%–9.99% with a 0.25% autopay discount).

Unmatched customization: Choose from customizable options — up to 180 repayment terms. That means you can fine-tune your monthly payment and term with a precision no other lender offers. The lender even allows you to skip a payment once every 12 months if you need some breathing room.

Loan limits: You must refinance at least $5,000 in student loan debt (or $10,000 if you are a California resident). You can borrow up to $550,000. That $550,000 ceiling makes Earnest one of the top picks for physicians and attorneys with very large loan balances.

Eligibility: Earnest requires a minimum credit score of 650. Unlike many student loan refinance lenders, Earnest considers applicants with fair credit, provided other aspects of their financial profile — such as savings, employment status, and rent or mortgage payments — are strong. Earnest's approach may benefit those who don't meet traditional credit standards but show overall financial stability.

What Earnest looks at beyond credit: Earnest discloses the following factors for financial approval: enough savings to cover at least two months of normal expenses including housing, increasing bank account balances, and no large amounts of non-student, non-mortgage debt.

State limitations: Variable rates are not available in AK, IL, MN, MS, NH, OH, TN, and TX.

ELFI Student Loan Refinancing Review

Best for: Borrowers with good credit and $10,000+ in loans who want a dedicated advisor and top-tier customer service throughout the process.

ELFI, owned by SouthEast Bank, is one of the lesser-known student loan refinancing companies. ELFI offers competitive refinancing rates, but where it really stands out is in customer service. If you've ever felt lost navigating loan paperwork alone, ELFI's model is refreshing.

Rates (verified June 2026): ELFI's fixed APR ranges from 4.88% to 8.44% and variable APR from 4.74% to 8.24%. These represent some of the tightest rate ranges among major refinancers, which is a signal that ELFI isn't padding rates at the high end.

Parent PLUS and PLUS loan refinancing: PLUS loan refinancing is available for 5, 7, or 10 years starting at 4.88% fixed and 4.74% variable rates.

Dedicated advisor model: Each customer is paired one-on-one with a Student Loan Advisor who guides them through their application from start to finish. The application process has no application fees, origination fees, or prepayment penalties for paying off your loan early.

Customer satisfaction: ELFI has earned excellent reviews, with a 4.9-star rating out of 5 on Trustpilot, reflecting strong customer satisfaction. Since the company's founding in 2015, zero consumers have filed complaints with the CFPB regarding ELFI. In addition, ELFI's parent companies SouthEast Bank and Education Services of America, Inc. also have no complaints registered with the CFPB. That's a rare distinction in this industry.

Potential savings: ELFI's customers save an average of $334 each month and may save an average of $21,921 over the life of the loan after refinancing, according to its website.

Eligibility: The borrower or the cosigner must have at least a 36-month credit history, a minimum credit score of 680, and earn at least $35,000. Unlike some more lenient lenders, you need to have at least a bachelor's degree from an approved post-secondary institution in order to qualify for ELFI refinance loans. Those that didn't complete their degree or that earned associate's degrees or certificates are not eligible.

Watch out: Unlike many lenders, ELFI does not offer an interest rate discount for enrolling in autopay — though electronic payment is required, so the rate you're quoted already reflects that. Also, while ELFI is an all-around great choice with competitive rates, it does not offer cosigner release.

Laurel Road (KeyBank) Student Loan Refinancing Review

Best for: Healthcare professionals — physicians, dentists, nurses, and physician assistants — who need specialized refinancing structures during and after residency.

A division of KeyBank, Laurel Road has been helping borrowers refinance their student loans since 2006, offering solutions for a wide range of borrowers, from undergrads and grad students to parents and associate degree holders. Important update: As of March 2026, Laurel Road has fully merged into KeyBank. The product continues under both brand names.

Rates (verified June 2026): Student loan refi rates starting at 4.74% fixed APR for medical borrowers specifically. Variable APR options start from 3.99%. Repayment terms of 5, 7, 10, 15, and 20 years are available.

Rate discounts available: Borrowers can benefit from a 0.25% discount for using autopay and another 0.55% discount for maintaining a $7,500 minimum monthly direct deposit into a Laurel Road account. Linked savings accounts can provide up to an additional 0.30% discount.

Healthcare specialization: Laurel Road offers lower interest rates to physicians, dentists, nurses, and physician assistants. This is not a set discount, but the lender says rates for eligible applicants may be lower than what it advertises. If you do a medical student loan refinance as a resident with KeyBank, they'll let you pay $100 a month until you're done with your residency or fellowship program. It's not quite a full deferment of payments, but it's almost certainly less than what your full payment would be.

Parent PLUS refinancing: Laurel Road does offer parents the option of refinancing their Parent PLUS Loans into their student's name.

Referral bonus: There is also a $400 referral bonus offered to all individuals — even those that are not yet borrowers — that refer a friend to refinance their student loan debt with Laurel Road.

Eligibility: The minimum credit score is 680. Laurel Road refinances student loans for working professionals with four-year undergraduate and/or graduate degrees from Title IV accredited institutions, as well as for professionals who have an associate degree in designated professions.

Watch out: KeyBank has decent variable interest rates, but with so much interest rate action at the Federal Reserve, you'll likely be better off with fixed rates unless you're paying the loan off in less than three years. KeyBank may not offer you the best five-year terms, but they're quite competitive for a 10-year loan term.

LendKey Student Loan Refinancing Review

Best for: Borrowers who want to tap credit union and community bank rates through a single application — without approaching 13,000 institutions individually.

LendKey isn't a lender per se, but it can help you refinance your high-interest student loans if you're hoping to reduce your rate or consolidate them into a more manageable payment. The online platform offers access to rates from more than 13,000 credit unions and community banks nationwide, allowing you to get quotes from a variety of institutions all at once.

Rates (verified February–June 2026): As of February 2026, student loan refinancing rates range from 4.39% to 9.24% Fixed APR with AutoPay. Variable APR ranges from 4.19% to 9.24%. Repayment terms of 5, 7, 10, 15, and 20 years are available through the network.

Loan limits: Undergraduate degrees make you eligible to refinance up to $125,000, graduate degrees up to $175,000, and select medical degrees up to $300,000. LendKey requires a minimum new loan amount of $5,000.

Why credit unions often win on rate: These institutions often offer lower rates and fees than traditional lenders, as they're usually member-owned, nonprofit, and have lower overhead costs. That's a structural advantage — not just marketing.

Cosigner release: If you need a cosigner to qualify, you may release them, but after how many payments depends on which lender has issued your loan. This varies by the specific credit union in the network.

No fees from LendKey: There are no fees for using LendKey to get your student loan refinancing quotes, and your credit score won't be hurt by filling out the initial application.

Watch out: LendKey excludes offers from other banks and online lenders. You'll have access to many offers, but you may miss out on lower interest rates from lenders who aren't partners — for example, you won't see interest rates from SoFi, Earnest, or Citizens. Use LendKey alongside — not instead of — a broader rate comparison.

Should You Refinance Your Student Loans?

Refinancing can save you thousands — but it's not the right move for everyone. Here's how to think through it honestly.

Refinancing is likely a smart move if:

• You have private student loans at a higher rate than what's currently available
• Your credit score has improved significantly since you originally took out the loans
• You have a stable income and don't foresee needing income-driven repayment flexibility
• You are not pursuing Public Service Loan Forgiveness (PSLF) or other federal forgiveness programs
• You want to consolidate multiple loans into a single monthly payment

Refinancing is probably the wrong move if:

• You have federal loans and are pursuing PSLF, income-driven repayment, or any forgiveness program
• Your income is unstable and you may need access to federal hardship protections
• Your credit score is below 650 — you likely won't qualify for a rate improvement
• You're a medical or dental resident who should evaluate IDR options first

The real math: What refinancing can save you

Here's a straightforward example. Suppose you have $60,000 in private student loans at 7.5% APR with 10 years remaining:

• Current payment: ~$713/month | Total interest paid: ~$25,560
• After refinancing at 5.0% APR (10-year term): ~$636/month | Total interest: ~$16,327
• Monthly savings: ~$77 | Total lifetime savings: ~$9,233

That's real money — and the calculation only gets more powerful with larger loan balances. A borrower with $100,000 at 7% moving to 5% saves roughly $200/month or $24,000 over 10 years.

Federal vs. Private Loans: The Most Important Decision You'll Make

This is the single biggest warning in student loan refinancing. Read it carefully.

When you refinance federal student loans with a private lender, you will not be able to select income-driven repayment or other flexible payment plans that are available to federal student loan borrowers. In addition, federal student loans offer deferment, forbearance, and loan forgiveness options that are not available if you take out a private refinance loan.

The federal landscape is also actively changing. The SAVE Plan is no longer available, and some existing income-driven repayment plans are expected to phase out by July 2028. Borrowers enrolled in those plans could eventually be moved into different repayment options, potentially leading to higher monthly payments or longer repayment terms.

There are also major implications for Parent PLUS loan borrowers. Parents who take out a new Parent PLUS loan on or after July 1, 2026, will lose access to income-driven repayment plans for both new and existing PLUS loans. That change could lead to significantly higher monthly payments for families already managing multiple student loans.

The WalletGrower rule of thumb: Refinance private loans freely. Refinance federal loans only if you are 100% confident you will not need forgiveness, income-driven repayment, or federal hardship protections at any point in the future. When in doubt, check your PSLF eligibility before touching your federal loans.

How to Choose the Right Student Loan Refinancing Lender: 6-Step Guide

1. Separate your federal loans from your private loans. Log in to StudentAid.gov and pull your full loan history. Know which loans are federal before you do anything else. The federal vs. private decision is irreversible.
2. Check your credit score before you apply. Most lenders require at least a 650–680 credit score. If you're below that, focus on improving your credit score for 6–12 months before refinancing. A 50-point improvement can mean a meaningfully lower rate offer.
3. Decide on your priority: lower payment or faster payoff. Choosing a longer term (15–20 years) lowers your monthly payment but increases total interest. A shorter term (5–7 years) costs more per month but saves significantly on total interest. Run the numbers using the WG Earnings Calculator before you choose.
4. Prequalify with at least three lenders — simultaneously. Rate-shopping with soft credit checks has zero impact on your score. Apply to SoFi, Earnest, and ELFI (or LendKey) at the same time. Compare the actual offers — not just the advertised starting rates.
5. Compare total loan cost — not just monthly payment. A lower monthly payment with a longer term can cost you more overall. Always calculate total interest paid across the full loan life before you select a lender.
6. Read the fine print on rate discounts. Many advertised "starting rates" require autopay, direct deposit, or a banking relationship. Your actual rate will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer, and a variety of other factors. Lowest rates are reserved for the most creditworthy borrowers. Make sure you're comparing apples to apples.