SoFi Student Loan Refinance Review
SoFi® is the biggest name in student loan refinancing for a good reason. However, SoFi isn’t the best choice for all borrowers.
Rank | Lender | Interest_Rates_ | Loan_Amounts____ |
---|---|---|---|
1 | 4.69%* – 9.99% | $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 | 4.86% – 8.44% | $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 | 4.49% – 9.99% | $5,000 – No Max | |
SoFi Review: SoFi is the biggest name in student loan refinancing for a simple reason – their rates are reliably among the best on the market. | Application | ||
4 | 3.95% – 9.74%^ | $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 | 4.89% – 9.12% | $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 is listed as an APR and 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.
SoFi® is the biggest name in student loan refinancing for a good reason. However, SoFi isn’t the best choice 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.
As inflation has slowed, student loan interest rates have also lowered. Borrowers with higher interest rate loans may find the current options particularly appealing.
Brazos offers excellent interest rates on their student loan refinance product. However, strict geographic limitations mean many borrowers won’t be eligible.
Earnest gets a 4/5 rating due to excellent interest rates and high borrower satisfaction. However, some borrowers will want to avoid Earnest.
Laurel Road is considered one of the best refinance lenders because they offer excellent interest rates and borrower satisfaction is high.
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.
By partnering with smaller banks and local credit unions, LendKey creates an easier approval process and offers lower interest rates.
Citizens Bank isn’t flashy and doesn’t advertise the lowest rates in the market, but many borrowers actually qualify for excellent rates with Citizens.