The Best Student Loan Refinance Rates for July 2022
Student loan refinance rates remain near record lows, but how long can these rates last?
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 |  | 1.99% – 9.14% | $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 |  | 1.86% – 7.98% | $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 |  | 1.89% – 6.30% | $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 |  | 2.15% – 8.40% | $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 |  | 4.49% – 8.25% | $5,000 – $500,000 |
| CommonBond Review: CommonBond has a higher approval rate than many other lenders. The interest rates offered are high for short loans but competitive for longer length loans. | Application + $150 Bonus | ||
Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.
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