5 Best Student Loan Refinance Lenders and Expert Insights

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.

Written By: Michael P. Lux, Esq.

Last Updated:

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Who Should Refinance?

  • Borrowers with federal student loans should only refinance in very limited circumstances. Given the current interest rates offered by lenders, federal refianancing usually doesn't make sense.
  • Borrowers with private loans should refinance if they can get a lower interest rate or better loan terms.

Refinance Requirements

Getting the Best Rate

RankLenderInterest_Rates_Loan_Amounts____
1Splash Financial3.94%* – 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
2ELFI4.86% – 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
3SoFi4.49% – 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
4Earnest4.29% – 9.73%^$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^
5LendKey4.68% – 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 (Annual Percentage Rate) with all discounts available. The industry standard among nearly all lenders is to offer a .25% autopay discount. Listed rate for SoFi is Fixed Rate APR.

Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.

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