The Best Student Loan Refinance Rates for December 2022
With interest rates on the rise, and likely to go higher, now is a great time to lock in the security of a fixed-rate loan.
Student Loan Refinancing
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.
Student Loan Refinancing
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.
Who Should Refinance?
- Borrowers with federal student loans should not refinance during the Covid-19 interest freeze.
- Borrowers with private loans should refinance if they can get a lower interest rate or better loan terms.
Refinance Requirements
- Applicants usually need a credit score in the mid-600s to 700 range.
- Lenders don't publish Debt-to-Income Ratio requirements, but they look at DTI very closely.
- Having a cosigner can enhance your chances of approval, but cosigning is often a risky decision.
Getting the Best Rate
- The lowest advertised rates are usually for 5-year variable-rate loans.
- Borrowers looking for a longer loan should start with the lenders advertising the lowest rates for 20-year loans.
- Shopping around is the only way to verify that you have gotten the best rate possible.
| Rank | Lender | Interest_Rates_ | Loan_Amounts____ |
|---|---|---|---|
| 1 |  | 2.50% – 8.90% | $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 | ||
| 2 |  | 3.53% – 7.29% | $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 | ||
| 3 |  | 2.50% – 6.90% | $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 | ||
| 4 |  | 3.99% – 8.94% | $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 | ||
| 5 |  | 3.24% – 8.99%^ | $5,000 – No Max |
| 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^ | ||
Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.
Latest Posts in Refinance
LendKey Student Loan Refinance Review
By partnering with smaller banks and local credit unions, LendKey creates an easier approval process and offers lower interest rates.
ELFI Student Loan Refinance Review
Due to excellent interest rates and loan features, ELFI is a great choice for many borrowers. However, there are times when refinancing with ELFI is a mistake.
Earnest Student Loan Refinance Review
Earnest gets a 4/5 rating due to excellent interest rates and high borrower satisfaction. However, some borrowers will want to avoid Earnest.
Splash Financial Student Loan Refinance Review
Splash Financial is currently the top rated refinance lender on the market, but that doesn’t mean Splash is a good idea for all borrowers.
How Does SoFi Help with Student Loans?
SoFi offers some borrowers lower payments and lower interest rates. However, in certain circumstances, using SoFi is a mistake.
Student Loan APRs vs. Interest Rates
The APR and Interest Rate for most student loans are usually identical. Federal student loans are one big exception.
How to Consolidate or Refinance Aidvantage Student Loans
Consolidating and refinancing are both options to streamline repayment and quickly eliminate Aidvantage student loans, but it is critical to make the right selection.
Why is it Risky to Refinance Federal Loans into a Private Loan?
Refinancing student loans is a great way to get lower interest rates, but it is a risky move for borrowers with federal student loans.