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The Best Student Loan Refinance Rates for November 2019

Michael Lux Blog, Consolidation, Refinance, Student Loans 0 Comments

*Rate Tables Updated as of November 3, 2019

The United States economy is in a strange place. Most metrics show that things are going well, but an ongoing trade war has many concerned that a recession could be on the way.

The economic conditions should matter to borrowers because they affect the interest rates available. In a strong economy, investors will look for a more significant return on their money and pour it into the stock market. With many now worried about a recession, the goal for investors is keeping their money safe. These investors will settle for a smaller return if it is lower risk. When many investors flock to “safer” investments such as student loans or mortgages, interest rates for borrowers drop. For this reason, many borrowers are now able to improve their student loan terms.

As usual, we have broken down the refinance rates according to loan type and length. If you are looking for a 20-year fixed-rate loan, the competition for the lowest 5-year variable-rate loan doesn’t matter.

The Current Lowest Student Loan Refinance Rates

RankLenderLowest RateSherpa Review
1SoFi1.81%SoFi Review
2Laurel Road1.99%Laurel Road Review
3LendKey2.01%LendKey Review

Student loan interest rates have been dropping the past few months. As is often the case, when one lender lowers their best-advertised rate, the competition follows.

It is important to note that even though SoFi, LendKey, and CommonBond have the lowest possible interest rates, they do not necessarily get the top spot in our student loan consolidation and refinance rankings. Borrowers are still best served by applying with 4-5 lenders as each lender has a different formula for evaluating applications. The best-advertised rates do not always equal the best rate offered, but they do provide a useful starting point.

The Best 20-Year Refinance Rate for November 2019

RankLenderLowest RateSherpa Review
1Splash Financial4.41%Splash Financial Review
2Citizen's Bank4.63%Citizen's Bank Review
3ELFI4.82%ELFI Review

On the other end of the spectrum, the best 20-year fixed-rate loan is currently offered by Splash Financial with Citizens and ELFI close behind. The rates of the top lenders in this category are largely unchanged.

Borrowers who are looking for the lowest possible payment when they refinance usually opt for a 20-year loan. The advantage is an easy monthly payment, but the downside is that it comes with a higher interest rate.

The Lowest Fixed-Rate Student Loans Available

RankLenderLowest RateSherpa Review
1ELFI3.14%ELFI Review
2CommonBond3.21%CommonBond Review
T-3Citizen's Bank3.45%Citizen's Bank Review
T-3Earnest3.45%Earnest Review

For borrowers looking for the stability of a fixed-rate loan, but still in search of an ultra-low interest rate, the 5-year fixed-rate loan is usually the best bet.

The top rates and lenders have not changed much since last year, but ELFI has now taken the lead.

Other Noteworthy Interest Rate Changes

In the mid-length loans, specifically those at 7, 10, or 15 years in duration, Laurel Road and iHelp perform strongly.

For our overall rankings and lender reviews, be sure to check out our Student Loan Rankings page. For a complete breakdown by loan type for all loan lengths, head over to our student loan refinance rates table.