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If you’re carrying student loan debt at a higher interest rate than today’s market, refinancing could save you thousands over the life of your loans. Student loan refinancing replaces one or more existing loans with a single new loan — ideally at a lower interest rate, a shorter term, or both.
We researched more than 15 lenders to identify the best student loan refinance companies of 2026. Below, you’ll find our top picks, a detailed comparison, and answers to the questions borrowers ask most — including whether refinancing federal loans is a smart move in the current environment.
Best Student Loan Refinance Companies at a Glance
| Lender | Best For | Fixed APR Range | Variable APR Range | Loan Terms | Min. Credit Score |
|---|---|---|---|---|---|
| SoFi | Overall refinancing | 4.49%–9.99% | 5.24%–9.99% | 5–20 years | 680+ |
| Earnest | Flexible payments | 4.49%–9.74% | 5.49%–9.74% | 5–20 years | 650+ |
| Laurel Road | Medical professionals | 4.74%–9.49% | 5.24%–9.49% | 5–20 years | 680+ |
| Splash Financial | Rate comparison | 4.99%–9.99% | 5.49%–9.99% | 5–25 years | 650+ |
| ELFI (Education Loan Finance) | Low rates | 4.49%–9.24% | 5.24%–9.24% | 5–20 years | 680+ |
| Citizens Bank | Existing bank customers | 4.99%–10.49% | 5.49%–10.49% | 5–20 years | 670+ |
| CommonBond | Social impact | 4.99%–9.74% | 5.49%–9.74% | 5–20 years | 660+ |
Our Top Picks in Detail
1. SoFi — Best Overall for Student Loan Refinancing
SoFi has refinanced more than $80 billion in student loans and remains the gold standard in the space. Beyond competitive rates, SoFi offers unemployment protection (pauses payments if you lose your job), career coaching, and financial planning sessions — all at no extra cost.
Key features:
- Fixed rates from 4.49% APR; variable from 5.24% APR
- No origination fees, application fees, or prepayment penalties
- Unemployment protection: up to 12 months of forbearance
- Free career coaching, financial planning, and member events
- Rate-check tool for soft credit pull pre-qualification
- Refinance amounts from $5,000 to no stated maximum
Who it’s best for: Borrowers with good-to-excellent credit who want the most comprehensive package of perks alongside competitive rates.
2. Earnest — Best for Flexible Payments
Earnest lets you choose your exact monthly payment amount and adjusts your term to match — a unique feature in the refinancing space. You can also skip one payment per year (interest still accrues) and make biweekly payments to pay off your loan faster.
Key features:
- Custom monthly payment selection — pick any amount within your qualifying range
- Skip one payment per year without penalty
- Biweekly payment option to accelerate payoff
- No fees of any kind
- 9-month forbearance option for financial hardship
- In-school deferment for borrowers returning to school
Who it’s best for: Borrowers who value payment flexibility and want to customize their monthly amount precisely.
3. Laurel Road — Best for Medical Professionals
Owned by KeyBank, Laurel Road specializes in refinancing for healthcare professionals — doctors, dentists, nurses, pharmacists, and physician assistants. They offer exclusive rate discounts for medical professionals and understand the unique financial trajectory of healthcare careers (high debt, delayed earnings during residency, high future income).
Key features:
- Exclusive rates for healthcare professionals
- Residency forbearance options for doctors still in training
- No fees — no origination, application, or prepayment penalties
- Parent PLUS loan refinancing available
- Competitive rates for non-medical borrowers too
Who it’s best for: Doctors, dentists, nurses, and other healthcare workers — especially those in or recently out of residency.
4. Splash Financial — Best for Rate Comparison
Splash Financial is a marketplace that partners with multiple lenders, so your single application generates multiple competing offers. This saves time and ensures you’re seeing the best rate available for your profile.
Key features:
- Multiple offers from a single application
- Fixed and variable rate options
- Terms up to 25 years — one of the longest available
- No origination or application fees
- Speciality programs for healthcare and legal professionals
Who it’s best for: Borrowers who want to compare multiple offers efficiently and prefer one-stop shopping.
5. ELFI (Education Loan Finance) — Best for Low Rates
ELFI consistently offers some of the lowest advertised rates in the market. As a division of SouthEast Bank, they combine the personal service of a community bank with competitive pricing that rivals the big fintech players.
Key features:
- Some of the lowest fixed rates in the market (from 4.49%)
- Personal loan advisors assigned to each borrower
- No fees whatsoever
- Refinance amounts from $15,000 to $500,000
- Flexible repayment terms from 5 to 20 years
Who it’s best for: Borrowers with excellent credit who are laser-focused on getting the absolute lowest rate, and those who appreciate personalized service.
6. Citizens Bank — Best for Existing Customers
If you already bank with Citizens, you can get a 0.25% rate discount for enrolling in autopay plus a loyalty discount that varies. Citizens also offers a unique “multi-loan discount” of 0.25% if you refinance both undergraduate and graduate loans.
Key features:
- Loyalty discount for existing Citizens customers
- Multi-loan discount (0.25%) for refinancing multiple loan types
- Parent PLUS refinancing into the student’s name
- No application or origination fees
- Co-signer release after 36 consecutive on-time payments
Who it’s best for: Current Citizens Bank customers who can stack multiple discounts, and families looking to transfer Parent PLUS loans to the student.
7. CommonBond — Best for Social Impact
CommonBond funds the education of a child in need for every loan it refinances through its “Social Promise” program. If social impact matters to you alongside competitive rates, CommonBond lets you make a difference while saving money.
Key features:
- Social Promise: funds a child’s education for every loan refinanced
- Hybrid rate option (fixed then variable) in addition to standard fixed/variable
- No fees
- Forbearance options for financial hardship (up to 24 months)
- Competitive rates across all terms
Who it’s best for: Socially conscious borrowers who want their refinancing to contribute to global education access.
How Student Loan Refinancing Works
Refinancing is straightforward in concept:
- Apply with a new lender. You provide information about your current loans, income, employment, and credit history.
- Get your rate offer. The lender evaluates your application and offers you a new interest rate and terms.
- Accept and close. If you accept, the new lender pays off your old loans and you start making payments to the new lender.
- Make payments on the new loan. You now have a single loan with (ideally) a lower rate or better terms.
You can refinance private loans, federal loans, or both. You can also refinance multiple loans into one — simplifying your monthly payments.
How Much Can You Save by Refinancing?
The savings depend on your current rate, new rate, loan balance, and term. Here’s a real-world example:
| Scenario | Before Refinancing | After Refinancing | Savings |
|---|---|---|---|
| Loan balance | $50,000 | $50,000 | — |
| Interest rate | 7.00% | 5.00% | — |
| Term | 10 years | 10 years | — |
| Monthly payment | $580.54 | $530.33 | $50.21/month |
| Total interest paid | $19,665 | $13,639 | $6,026 |
In this example, dropping your rate by 2 percentage points saves over $6,000 in interest. If you also shorten your term, the savings can be even more dramatic (though monthly payments increase).
Should You Refinance Federal Student Loans?
This is the biggest question in student loan refinancing, and the answer depends on your situation. When you refinance federal loans with a private lender, you permanently lose access to federal benefits:
- Income-Driven Repayment (IDR) plans — payments based on your income, not your balance
- Public Service Loan Forgiveness (PSLF) — forgiveness after 10 years of qualifying payments
- Federal forbearance and deferment — the ability to pause payments during hardship
- SAVE Plan benefits — the newest IDR plan with enhanced subsidies
- Future legislative relief — any new federal forgiveness programs won’t apply to refinanced loans
Refinance federal loans if:
- You have a stable, high income and aren’t pursuing PSLF
- You don’t qualify for (or want) IDR plans
- Your federal loan rate is significantly higher than market refinance rates
- You have a strong emergency fund and job security
Don’t refinance federal loans if:
- You work in public service and may qualify for PSLF
- You’re on an IDR plan and expect forgiveness
- Your income is variable or uncertain
- You don’t have an emergency fund
For a deeper dive into federal repayment options, see our student loan repayment guide.
How to Get the Best Refinance Rate
Your interest rate is personalized based on your financial profile. Here’s how to get the lowest possible rate:
1. Boost Your Credit Score
Most refinance lenders target borrowers with scores of 670+, but the best rates go to those above 750. Before applying, check your credit report for errors and work on improving your score if possible.
2. Reduce Your Debt-to-Income Ratio
Lenders want to see that your monthly debt payments don’t consume too much of your income. Paying down credit card balances or other debts can improve your DTI and unlock better rates. Learn more in our guide on improving your debt-to-income ratio.
3. Choose a Shorter Term
Shorter terms (5–10 years) almost always carry lower rates than longer terms (15–20 years). If you can afford higher monthly payments, a shorter term saves you money on both the rate and total interest.
4. Apply with Multiple Lenders
Rates vary significantly between lenders for the same borrower profile. Pre-qualify with at least 3 lenders (soft credit pull) to compare before formally applying.
5. Consider a Co-Signer
If your credit or income isn’t strong enough for the best rates, a co-signer with excellent credit can help you qualify for a lower rate. Many lenders offer co-signer release after 12–36 months of on-time payments.
Fixed vs. Variable Rates: Which Should You Choose?
| Factor | Fixed Rate | Variable Rate |
|---|---|---|
| Rate behavior | Stays the same for the life of the loan | Adjusts periodically based on an index (SOFR) |
| Starting rate | Typically 0.50%–1.00% higher | Typically lower initially |
| Risk | No rate risk — payment never changes | Rate could increase (or decrease) over time |
| Best for | Long terms (10+ years), risk-averse borrowers | Short terms (5–7 years), borrowers planning to pay off quickly |
Our recommendation: If you plan to pay off the loan within 5–7 years, a variable rate can save you money since the initial rate is lower and there’s less time for rates to rise significantly. For anything longer than 7 years, a fixed rate provides peace of mind.
The Refinancing Application Process
- Gather your documents: Recent pay stubs, tax returns, loan statements for all loans you want to refinance, and proof of graduation.
- Pre-qualify with multiple lenders: Use soft-pull pre-qualification to see your estimated rate without affecting your credit score.
- Compare offers: Look at the APR (not just the interest rate), total cost over the loan term, monthly payment, fees, and borrower benefits.
- Submit your formal application: This triggers a hard credit inquiry. Complete the lender’s verification process.
- Review and sign your new loan agreement: Read every line. Confirm the rate, term, and monthly payment match what you were quoted.
- Your new lender pays off your old loans: This usually takes 2–4 weeks. Continue making payments on your old loans until you confirm they’re paid off.
- Begin payments on your new loan: Set up autopay for the rate discount (0.25% at most lenders).
Frequently Asked Questions
Can I refinance student loans with bad credit?
It’s difficult but not impossible. Most lenders require a minimum credit score of 650–680. If your score is below that, consider applying with a co-signer or working on improving your credit first. Some lenders, like Ascent, cater to borrowers with non-traditional credit profiles.
How many times can I refinance my student loans?
There’s no limit. You can refinance as many times as rates drop or your credit improves. Just make sure the savings justify any time spent on the application process, and avoid extending your term each time (which can increase total interest).
Does refinancing hurt my credit score?
Pre-qualification uses a soft credit pull (no impact). The formal application triggers a hard inquiry, which may lower your score by 5–10 points temporarily. Over time, consolidating multiple loans into one can actually improve your credit by reducing the number of open accounts and simplifying your payment history.
Can I refinance Parent PLUS loans?
Yes. Several lenders (SoFi, Citizens Bank, Laurel Road, Earnest) allow you to refinance Parent PLUS loans. Some even let you transfer the loan from the parent’s name to the student’s name — which can improve the parent’s DTI for other borrowing needs.
What’s the difference between refinancing and consolidation?
Federal consolidation combines multiple federal loans into one at a weighted average interest rate — it simplifies payments but doesn’t lower your rate. Private refinancing replaces your loans with a new loan at a potentially lower rate — it can save money but means giving up federal protections.
Is now a good time to refinance student loans?
In mid-2026, refinance rates have decreased from their 2023–2024 peaks, making it a reasonable time to refinance — especially if your current rate is above 6.5%. Check rates with a soft-pull pre-qualification to see if the savings are meaningful for your situation.
The Bottom Line
Student loan refinancing can save you thousands of dollars in interest and simplify your monthly payments. SoFi is our top overall pick for its combination of competitive rates, zero fees, and valuable member benefits. If payment flexibility is your priority, Earnest’s customizable payment tool is unmatched. And healthcare professionals should check Laurel Road’s specialized offerings.
Before refinancing, carefully consider whether you’re giving up valuable federal loan benefits — especially if you work in public service or have variable income. For private loans, refinancing is almost always worth exploring if your credit and income have improved since you originally borrowed.
For strategies to pay off student loans faster, check out our dedicated guide.