The Best Student Loan Refinance Rates for November 2023
Inflation is an issue for refinance rates, but borrowers looking for a fixed-rate loan still have plenty of choices.
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 | ![]() | 5.28% – 8.99% | $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 | ![]() | 5.24% – 9.84% | $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 | ![]() | 5.19% – 9.99%^ | $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^ | ||
5 | ![]() | 7.11% – 11.18% | $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 |
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.
When picking a student loan refinance solution, it is essential to think about your other financial goals. Opting for a flexible choice is often the safest bet.
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.
The newest federal repayment plan makes refinancing a bit more risky for borrowers.
Student loan refinance interest rates can move in peculiar patterns. Knowing lender behavior can help borrowers find the lowest rates.
Immediately refinancing your federal student loans after the government starts charging interest is a risky move.
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.
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.