The Best Student Loan Refinance Rates for June 2023
Inflation is an issue for refinance rates, but borrowers looking for a fixed-rate loan still have plenty of choices.
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 is a great way to lower interest rates and speed up debt elimination. However, refinancing isn't the best choice for all borrowers.
Rank | Lender | Interest_Rates_ | Loan_Amounts____ |
---|---|---|---|
1 | ![]() | 4.96%* – 10.24% | $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 | ![]() | 5.03% – 8.74% | $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 | ![]() | 4.99% – 9.99% | $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 | ||
4 | ![]() | 6.61% – 10.68% | $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 | ||
5 | ![]() | 4.96% – 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^ |
Note: The lowest listed rate for each lender includes a .25% autopay discount where available. The industry standard among nearly all lenders is to offer this discount.
Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.
Inflation is an issue for refinance rates, but borrowers looking for a fixed-rate loan still have plenty of choices.
Earnest and Laurel Road are two top refinance lenders, but they target borrowers using very different strategies.
Student loan calculators can simplify things, but they don’t always give borrowers the results they need.
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.
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.
By partnering with smaller banks and local credit unions, LendKey creates an easier approval process and offers lower interest rates.
Earnest gets a 4/5 rating due to excellent interest rates and high borrower satisfaction. However, some borrowers will want to avoid Earnest.
SoFi offers some borrowers lower payments and lower interest rates. However, in certain circumstances, using SoFi is a mistake.
The APR and Interest Rate for most student loans are usually identical. Federal student loans are one big exception.