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Compare Student Loan Refinance Rates
Best Student Loan Refinance Rates 2024
SoFi®
4.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
6.24% to 9.99%*
with autopay
Fixed APR
4.99% to 9.99%*
with autopay
Via SoFi’s Website
6.24% to 9.99%*
with autopay
4.99% to 9.99%*
with autopay
Editor’s Take
SoFi allows borrowers with an associate’s degree to refinance, which opens up eligibility to a wider range of applicants. (We believe the ability to refinance without a bachelor’s degree is an important feature of a refinance loan; seven of the 10 lenders on our list offer it.) Also, it’s one of four lenders on our list that does not place a limit on the amount you can refinance. It’s possible to refinance up to the total balance of your loans, which is helpful for those with a lot of debt from professional degrees.
SoFi’s rates aren’t as low as some other lenders’, and it doesn’t offer co-signer release, which is unusual among our top picks. But as a SoFi customer, you’ll get access to benefits like a 0.125% interest rate discount on certain additional SoFi products.
Pros & Cons
- Interest rate estimate available without undergoing a hard credit check.
- Borrowers can refinance with an associate’s degree.
- Access to SoFi member benefits.
- No co-signer release available.
- Charges late fees.
- Maximum loan term is longer than 15 years.
Details
Loan terms: 5, 7, 10, 15 and 20 years.
Loan amounts available: $5,000 up to total balance of eligible loans.
Eligibility: Associate’s or bachelor’s degree required. Minimum credit score of 650. Does not disclose income requirements.
Forbearance options: A forbearance program is available for borrowers experiencing other types of economic hardship, such as medical expenses. Borrowers can take up to 12 months total forbearance.
Co-signer release policy: Available after 24 payments.
*Disclosure
*Fixed rates range from 4.99% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 08/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
Citizens Bank
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
7.02% to 12.45%
Fixed APR
5.89% to 10.99%
Compare Rates
Via Credible.com’s Website
7.02% to 12.45%
5.89% to 10.99%
Editor’s Take
Citizens Bank is one of a few lenders that doesn’t require borrowers to have graduated in order to refinance. It also offers co-signer release after 36 loan payments.
The high end of Citizens Bank student loan refinancing rates is quite high compared with other lenders on our list. But borrowers can qualify for an interest rate discount of up to 0.50% if they have an existing account with the bank. (Refinancing is available nationwide, but checking and savings accounts are only available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.)
Pros & Cons
- Interest rate estimate available without undergoing a hard credit check
- No degree required
- Up to 0.50% interest rate discount available for existing Citizens Bank customer
- No forbearance limit disclosed
- Maximum loan term is longer than 15 years
Details
Loan terms: Five, seven, 10, 15 and 20 years
Loan amounts available: $10,000 to $300,000 (for those with a bachelor’s degrees or less) or $500,000 (for those with a graduate degree)
Eligibility: No degree required. Borrowers with no degree or an associate’s degree must show that they have made 12 on-time payments after leaving school in order to refinance. Minimum income $24,000 for borrower and co-signer combined.
Forbearance options: Three months of forbearance available at a time up to an undisclosed limit. Borrowers experiencing a long-term financial hardship can participate in a loan modification program for up to 12 months.
Co-signer release policy: Available after 36 on-time payments
Rhode Island Student Loan Authority
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
N/A
Fixed APR
6.34% to 8.99%
Via Credible.com’s Website
N/A
6.34% to 8.99%
Editor’s Take
Rhode Island Student Loan Authority, or RISLA, is a Rhode Island-based nonprofit that refinances loans for customers across the country. It stands apart for its income-based repayment program, which limits payments to 15% of income for a 25-year period if borrowers can’t afford their payments. That’s an extremely rare perk in the student loan refinance market, as is its 24-month forbearance period. RISLA did not receive a perfect score because it doesn’t provide a co-signer release policy and it charges late fees.
RISLA only offers fixed interest rates.
Pros & Cons
- Low interest rates
- Income-based repayment plan available
- Nurses pay 0% interest for 48 months following graduation
- No options for international students
Details
Loan terms: 5, 10 and 15 years
Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower).
Eligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. Most undergraduate students will need a co-signer to qualify.
Forbearance options: Forbearance available for up to 24 months.
Co-signer release policy: Available after 24 months of payments. Periods during which borrowers use income-based repayment do not qualify.
Education Loan Finance
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
5.28% to 8.99%
Fixed APR
4.84% to 8.69%
Via ELFI.com’s Website
5.28% to 8.99%
4.84% to 8.69%
Editor’s Take
Education Loan Finance (known as ELFI) offers a student loan refinance product specifically for parents. The student on whose behalf you borrowed must have graduated from a participating school. Qualifying students also have the option to refinance parent loans as part of their own refinance application.
Parents can refinance no less than $10,000, which is a higher limit than other lenders require. But ELFI’s rates are comparatively low, and the company limits parent refinance loan terms to 10 years, which can help borrowers ensure they get the most interest savings possible.
Pros & Cons
- No limit to the amount highly qualified borrowers can refinance
- Student can refinance parent loans in their own name
- Comparatively low interest rates
- Minimum loan amount is higher than some other lenders’
Details
Loan terms: Five, seven, 10, 15, or 20 years
Loan amounts available: $10,000 minimum; no limit for borrowers that meet the highest eligibility requirements.
Eligibility: The student must have earned a bachelor’s degree from an eligible school. The primary refinance borrower must have a credit score of 680 or higher and an annual income of at least $35,000 per year.
Forbearance options: Up to 12 months of forbearance available
PNC Bank
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
7.89% to 14.99%
Fixed APR
6.99% to 13.94%
Learn More
Read Our Full Review
7.89% to 14.99%
6.99% to 13.94%
Editor’s Take
PNC Bank offers a particularly generous interest rate discount of 0.50% to borrowers who make monthly payments automatically from a bank account. It also doesn’t require refinance borrowers to have a degree, but you must have made at least 24 months’ worth of payments toward existing student loans to qualify. You must also show two years of income history.
PNC Bank allows co-signers to come off the loan after 48 months of payments, which is longer than what other lenders that provide co-signer release offer.
Pros & Cons
- Interest rate discount of 0.50% for automatic payments
- No degree required
- No interest rate estimate available without hard inquiry
- Co-signer release available after a longer time period than other lenders provide
Details
Loan terms: 5, 10 and 15 years
Loan amounts available: $10,000 to $75,000
Eligibility: Two years of income and employment history required. PNC Bank does not disclose minimum credit score or income requirements.
Forbearance options: Up to 12 months of forbearance available, in two-month increments. Borrowers must make full payments for at least 12 months between forbearance periods.
Co-signer release policy: Available after 48 months of consecutive, on-time payments
Laurel Road
3.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
5.59% to 9.50%
Fixed APR
5.49% to 9.40%
5.59% to 9.50%
5.49% to 9.40%
Editor’s Take
Laurel Road, an online-only lender acquired by KeyBank in 2019, offers some perks specific to borrowers who work in health care.
Graduate students and those pursuing bachelor’s degrees in health professions (and, if pursuing an associate’s degree, those in certain health care specialties) can refinance as early as their final semester of school if they have an employment offer. Undergraduates in other fields can refinance after 12 months of employment.
Borrowers also can release their co-signers after 36 monthly payments, and graduates can refinance federal PLUS loans in their own names that their parents took out.
Pros & Cons
- Borrowers in certain fields can refinance with an associate’s degree
- Some borrowers can refinance during their final semester of school
- Interest rate estimate available without undergoing a hard credit check
- Charges late fees
- No deferment option if borrowers go back to school
- Maximum loan term is longer than 15 years
Details
Loan terms: 5, 7, 10, 15 and 20 years
Loan amounts available: $5,000 minimum; no maximum, except for associate’s degree graduates, who can refinance up to $50,000.
Eligibility: Must have a degree from an eligible institution. Associate’s degree graduates can refinance if they work in certain health care fields. Laurel Road does not disclose credit score or income requirements.
Forbearance options: Up to 12 months of forbearance available, in three-month increments
Co-signer release policy: After 36 consecutive, on-time payments
College Ave
3.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Variable APR
6.99% to 13.99%
with auto-pay discount*
Fixed APR
6.99% to 13.99%
with auto-pay discount*
Learn More
Read Our Full Review
6.99% to 13.99%
with auto-pay discount*
6.99% to 13.99%
with auto-pay discount*
Editor’s Take
College Ave offers a solid all-around private loan product with a few unique features. Borrowers can choose an eight-year term, which is in addition to the typical five-, 10- and 15-year terms many lenders provide. Borrowers can also access an extended six-month grace period beyond the initial payment-free six months allowed after separating from school.
Pros & Cons
- Interest rate estimate available without undergoing a hard credit check
- International students can qualify with a co-signer who has U.S. citizenship or permanent residency
- Long time period (210 days) before unpaid loans go into default
- Relatively high APR
Details
Loan terms: 5, 8, 10, 15 and 20 years
Loan amounts available: $1,000 up to 100% of the school-certified cost of attendance.
Eligibility: Applicants must have a minimum credit score in the mid-600s.
Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments
Co-signer release policy: Available after 24 payments
*Borrowers with a co-signer who choose the shortest repayment term available and who make full monthly payments while in school qualify for the lowest rates.
*Disclosures
1 – College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 – All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3 – Cover up to 100% of your cost of attendance as certified by your school and less any other financial aid you might receive. Minimum $1,000.
Summary: Best Student Loan Refinance Rates
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Variable APR | Fixed APR | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|
| SoFi® |  | 4.5 |  | 6.24% to 9.99%* | 4.99% to 9.99%* | Learn More | Via SoFi's Website | |
| Citizens Bank |  | 4.0 |  | 7.02% to 12.45% | 5.89% to 10.99% | Compare Rates | Via Credible.com's Website | |
| Rhode Island Student Loan Authority |  | 3.5 |  | N/A | 6.34% to 8.99% | Compare Rates | Via Credible.com's Website | |
| Education Loan Finance |  | 3.5 | | 5.28% to 8.99% | 4.84% to 8.69% | Learn More | Via ELFI.com's Website | |
| PNC Bank |  | 3.5 | | 7.89% to 14.99% | 6.99% to 13.94% | Learn More | Read Our Full Review | |
| Laurel Road |  | 3.0 |  | 5.59% to 9.50% | 5.49% to 9.40% | |||
| College Ave |  | 3.0 | | 6.99% to 13.99% | 6.99% to 13.99% | Learn More | Read Our Full Review |
Methodology
We scored 11 lenders that make the most loans by volume across 18 data points in the categories of interest rates, fees, loan terms, hardship options, application process and eligibility. We chose the eight best to display based on those earning three stars or higher.
The following is the weighting assigned to each category:
- Interest rates: 25%
- Hardship options: 25%
- Application process: 15%
- Fees: 15%
- Loan terms: 10%
- Eligibility: 10%
Specific characteristics taken into consideration within each category included number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements and other factors.
In some cases, lenders were awarded partial points, and a maximum of 5% of the final score was left to editorial discretion based on the quality of consumer-friendly features offered.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .
What Are Current Student Loan Refinance Rates?
The rates you receive on a refinanced student loan can vary widely. The interest rate you qualify for is based on many factors including your creditworthiness, how much debt you’re refinancing, how long your repayment term is and larger economic conditions.
As of January 2024, both fixed and variable refinance rates range from about 6% to 14% or more. Over the past year, the Federal Reserve has increased its federal funds rate significantly to hedge inflation, and economists expect continued increases. When the federal funds rate rises, it typically translates into higher interest rates in many types of consumer lending.
Generally, variable refinance student loan rates start lower than a fixed-rate loan. Variable rates can be favorable when consumer lending rates are low, but you risk your rate increasing over the repayment term.
Fixed interest rates often start higher than variable rates, but your rate will never change while you’re repaying your loan. A fixed rate lets you anticipate your monthly expenses more accurately, and offers peace of mind that you won’t get blindsided by an unexpected rate increase.
How to Get the Best Student Loan Refinance Rates
If you contact five student loan refinance lenders, chances are you’ll get a different refinance rate offer from each one. To maximize your chances at getting the best student loan refinance rates for your situation, here are a few tips:
- Check your credit. Know where your credit score stands, and request a free copy of your credit report from each credit bureau from AnnualCreditReport.com. Take note of your credit and review your report for any errors that might be dragging your credit down. If you find a mistake, correct it by filing a dispute with the credit bureau.
- Secure a co-signer, if needed. If you don’t have strong credit, getting approved for a student loan refinance at a competitive rate might be challenging. Having a co-signer with strong credit ready can help you secure a refinance student loan with a lower rate.
- Shop around. Always compare refinancing offers from multiple lenders. Doing so helps you identify the range of rates that you qualify for based on your credit, income and application details.
- Compare apples-to-apples. As you compare lenders, make sure that you’re comparing loans that have similar features. For example, confirm that each loan offers the same type of rate (i.e. fixed vs. variable) and the rate applies to the same term length.
- Take incentives into consideration. Some lenders offer extra incentives to entice new borrowers. For example, many lenders offer an interest rate discount to borrowers who enroll in automatic payments. Factor these incentives into your decision so you land on a loan with the best refinance rate for you.
Pros and Cons of Student Loan Refinancing
Although refinancing your student loans is one of many strategic ways to repay your student debt, it’s not the right move for everyone. Here’s what to consider before making your decision.
Related: Should I Refinance My Student Loans?
Pros of Student Loan Refinancing
Student loan refinancing can give borrowers with strong credit access to a lower interest rate. Reducing your rate means your monthly loan payment might be lower and you’ll pay less toward your student loan overall.
If you have multiple student loans, combining them into one refinance loan also simplifies your repayment. Instead of managing different loan accounts, due dates and monthly payment amounts, you’ll be left with just one loan payment to track.
Refinancing also lets you change your loan term. You can shorten or extend your repayment period, which increases or decreases your monthly payment, respectively. This is useful if other financial priorities require more of your cash flow each month.
Cons of Student Loan Refinancing
A significant downside to refinancing student loans comes up with regard to federal student loans. The only way to refinance is by going through a private lender, so refinancing federal student loans turns them into a form of private debt.
Private refinanced student loans don’t have the same benefits and borrower protections that you once enjoyed as a federal student loan borrower. For example, you can no longer access income-driven repayment plans, which can be a lifesaver if your income suddenly drops. Also, a refinanced student loan no longer applies for federal loan forgiveness programs. You’ll lose out on this lucrative benefit if you would’ve otherwise qualified.
Refinance student loans also require a credit check, and you’ll need to meet the lender’s sometimes-challenging requirements for approval.
Is It Worth It To Refinance a Student Loan?
A student loan refinance might be worth it if you can qualify for competitive rates. Borrowers who have a positive credit history and meet lenders’ application requirements can access big savings from a lower interest rate.
However, it’s not a wise choice for federal student loan borrowers who are pursuing loan forgiveness, like Public Service Loan Forgiveness. It might also not be a fit for those who have adverse credit and can’t find a willing co-signer. Ultimately, whether refinancing a student loan is a good option depends on your specific borrowing and financial situation.
Related: Student Loan Refinance Calculator: Estimate Your Payments
Compare Personalized Student Loan Rates
Takes Up To 3 Minutes
What is a good refinance rate on a student loan?
A good refinance rate is one that’s lower than the original rate on your student loan. Refinancing offers an opportunity to reduce your rate, if you qualify. A lower rate helps you save money on interest charges so you pay less on your student debt overall.
How many times can I refinance my student loans?
There’s no limit to how many times you can refinance your student loans. Both federal and private student loans can be refinanced through a private lender as many times as you’d like. However, be aware that refinancing federal student loans means you’ll permanently lose access to valuable federal benefits.
Do I qualify for student loan forgiveness if I refinanced?
No. Student loan forgiveness programs are only applicable to loans within the federal student loan system. If you refinance federal student loans, you turn them into a form of private debt.
However, there are other opportunities to find student loan repayment assistance if you have privately refinanced student loans. Depending on your career, employer or location, there may be state or nonprofit programs designed to help repay your student debt.
Will student loan refinance rates go up?
The Federal Reserve is implementing ongoing efforts to tame inflation by increasing interest rates. Borrowers can expect to see private refinance rates go up for new student loans and existing variable-rate refinance loans.
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