Best Student Loan Consolidation Companies

The Big List of Private Student Loan Consolidation Companies

Michael Lux Blog, Consolidation, Student Loans 3 Comments

If you are considering consolidating your student loans and checking rates, starting with a huge list of lenders is a great idea.  The twenty 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 Companies

RankLenderInterest RatesLoan Amounts
1Splash Financial1.93% – 7.27%$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
2SoFi2.25% – 6.28%$5,000 – No Max
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. Application
+ $150 Bonus
3ELFI2.39% – 6.01%$15,000 – 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
4Laurel Road1.99% – 6.20%$5,000 – No Max
Laurel Road Review: Laurel Road currently has excellent approval rates combined with solid interest rates. Laurel Road also has a specialized program for medical professionals. Application
+ $150 Bonus
5Earnest1.99% – 6.99%Unknown
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. Application
+ $150 Bonus
6CommonBond1.99% – 5.79%$5,000 – $500,000
CommonBond Review: CommonBond has a higher approval rate than many other lenders. The interest rates offered are among the best and customer satisfaction appears to be very high. Application
+ $150 Bonus
7citizens bank2.94% – 6.65%$10,000 – $350,000
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. Application
+ $200 Bonus*
8LendKey1.99% – 8.77%$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
9College Ave3.64% – 6.99%$5,000 – $250,000
College Ave Review: The interest rates offered by College Ave are excellent right now. However, College Ave hasn't always had the best rates historically.Application
10EDvestinU1.88% – 6.28%$7,500 – $200,000
EDvestinU Review: EDvestinU scores points for transparency and low interest rates on 15 and 20 year loans, but we have a couple concerns. Application
+ $200 Bonus*
11Discover student loan consolidation2.37% – 7.74%$5,000 – $150,000
Discover Review: Discover's lowest interest rates lag behind the top lenders, but for borrowers looking for 10 or 20 year loans, Discover is worth investigating.Application
12Purefy2.72% – 7.64%$10,000 – $350,000
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. Application
+ $200 Bonus*
13U-Fi1.99% – 8.66%$10,000 – $350,000
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. Application
14PNC Refinance2.61% – 6.24%$10,000 – $75,000
PNC Review: PNC has the best rates of the National Banks offering student loan refinancing, but PNC doesn't stack up to the student loan startups, regional banks, or credit unions. Application
15MEFA4.65% – 6.95%$10,000 – No Max
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. Application
+ $200 Bonus*
16Wells Fargo3.25% – 10.99%$5,000 – $120,000
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. Application
17iHelp3.99% – 9.89%$10,000 – $250,000
iHelp Review: iHelp falls short due to limited repayment plan options and higher rates than the competition. Application
+ $200 Bonus*
NAAlliant Credit Union RefinancingNo_Rates_Available_Program_Terminated_

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.  The interest rates on this table were last updated on 1/2/20.

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

Education Success Loans

Rhode Island Student Loan Authority

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.

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What about ACS Education? Know anything about them?

The Student Loan Sherpa
Reply to  Amanda

From their website ACS Education appears to be a federal loan servicer, not a company that offers private loan consolidation services.


my private loans are with ACS. considering refinancing with Sofi…