The Best Student Loan Refinance Rates for February 2023
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 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 | ![]() | 3.99% – 9.24% | $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 | ![]() | 3.99% – 7.64% | $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 | ![]() | 4.74% – 7.75% | $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 | ![]() | 4.49% – 8.99% | $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 | ||
5 | ![]() | 4.47% – 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.
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.
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.
Consolidating and refinancing are both options to streamline repayment and quickly eliminate Aidvantage student loans, but it is critical to make the right selection.
Refinancing student loans is a great way to get lower interest rates, but it is a risky move for borrowers with federal student loans.