If you are considering consolidating your student loans and checking rates, starting with a huge list of lenders is a great idea. The dozen or so companies listed below all provide student loan consolidation and refinancing services.
Before you submit a single application you can read reviews, evaluate terms, and decide on the companies that you are willing to do business with. Once you start applying, the key is to submit all of your applications within a 30 day window, that way your credit score isn’t beat up from many credit inquiries, instead it just counts as “shopping around” for one loan.
Here at The Student Loan Sherpa we try to stay on top of the market trends and news in student loans. Often this includes reviewing companies in the marketplace. Unfortunately, researching a company and reviewing loan terms and conditions takes a great deal of time. Rather than providing one single list of student loan consolidation companies, we will provide two. The first list contains all of the companies that we have reviewed, their ranking, and some details about the lender. List number two is a list of lenders on our radar, but companies that we haven’t had the time to sufficiently investigate for reviewing and ranking purposes.
Student Loan Consolidation and Refinancing Companies
|Rank||Lender||Interest Rates||Loan Amounts||Sign-Up Bonus||Sherpa Rating||Application|
|1||2.815% – 6.99%||$10,000 – No Max||$150||Apply|
|SoFi Review: SoFi consistently offers the best actual interest rates to applicants. Combine that with SoFi's unique job placement program for borrowers and you have a winner.|
|2||2.67% – 7.26%||$7,500 – $250,000||$150||Apply|
|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.|
|3||2.39% – 6.69%||$15,000 – No Max||–||Apply|
|ELFI Review: ELFI has the best interest rates around. Even though ELFI is new, it is the product of a regional bank that has been is business for decades.|
|4||2.99% – 6.99%||$5,000 – No Max||$150||Apply|
|Laurel Road Review: Laurel Road is the student loan refinance option provided by Darien Rowayton Bank. Even though Laurel Road does not advertise the lowest rates, they frequently offer the best rate to borrowers who shop around. Laurel Road also has a specialized program for medical professionals.|
|5||2.81% – 6.99%||$5,000 – No Max||$150||Apply|
|CommonBond Review: CommonBond has quickly established itself as one of the top lenders available. The interest rates offered are among the best and customer satisfaction appears to be very high.|
|6||2.78% – 8.62%||$10,000 – $170,000||$200*||Apply*|
|Citizen's One Review: Citizen's Bank (also called Charter One) is one of the few traditional banks left in the student loan refinance marketplace. Citizen's may be an unremarkable option, but is still a solid choice and worth a comparison shop.|
|7||2.81% – 6.99%||Unknown||$200*||Apply*|
|Earnest Review: The rates advertised by Earnest are among the best, but in head to head comparisons, Earnest often falls short in actual rates offered. Earnest scores points because it has by far the most flexibility on loan repayment length.|
|8||2.78% – 7.28%||$7,500 – $350,000||–||Apply|
|Purefy Review: Purefy's options are someone what limited as they do not offer a variable-rate loan and have a maximum repayment length of 15 years while most other lenders offer 20. Purefy seems to excel at medium length fixed-rate loans.|
|9||4.13% – 7.74%||$5,000 – $250,000||$200*||Apply*|
|College Ave Review: College Ave loses points because the maximum repayment length is only 15 years and some of their loans are serviced by Navient. That being said, the interest rates are very competitive with other lenders.|
|10||3.41% – 9.07%||$5,000 – $225,000||–||Apply|
|U-Fi Review: One the positive side, U-Fi is one of the very few lenders that offers a 25 year term to repay your loan. The downside is that they only offer it as a variable-rate loan, which is a lot of time for interest rates to go up.|
|11||4.03% – 7.89%||$10,000 – No Max||$200*||Apply*|
|MEFA Review: MEFA doesn't have the best rates on the market, but if you are specifically looking for a 15-year loan, MEFA is very competitive. For shorter or longer loans, it is best to look elsewhere.|
|12||4.49% – 10.99%||$5,000 – $120,000||–||Apply|
|Wells Fargo Review: Wells Fargo is the last of the big-name institutions still offering student loan refinancing and consolidation. Unfortunately, the rates offered are just not competitive with the other lenders in the market.|
|13||3.65% – 9.47%||$10,000 – $250,000||$200*||Apply*|
|iHelp Review: iHelp falls short due to limited repayment plan options and higher rates than the competition.|
|14||6.73% – 34.12%||$2,000 – $35,000||–||Apply|
|Prosper Review: Prosper may be a good option for a personal loan, but is a bad choice for student loan refinancing. Origination fees and high interest rates make a Prosper loan an expensive route to refinance your student loans.|
Note: We do our best to keep our list of lenders as up to date as possible, but with interest rates constantly changing, some data may be out of date.
Sherpa Tip: Many of these companies will consolidate federal loans into a private loan. While this is a great way to lower interest rates, it comes with huge risks. Be sure you understand the consequences of consolidating federal loans with a private lender before you go that route.
Other Companies to Investigate
If you are aware of any additional companies or have thoughts to share about one of the consolidation and refinancing companies listed on this page, please let us know in the comments section.