Top 15 student loan refinance companies: complete comparison

The best student loan refinance companies for 2025 include SoFi for career support and member benefits, Earnest for flexible repayment options, Laurel Road for healthcare professionals, ELFI for personalized service, and Splash Financial for comparing multiple marketplace rates. This guide covers the top 15 lenders to help you find the lowest rates and best terms for your financial goals.

Whether you are a parent looking to reduce the burden of Parent PLUS loans or a graduate aiming to pay off debt faster, choosing the right lender is a critical step toward financial freedom. You’ll learn which lenders offer specific benefits—like cosigner release or autopay discounts—and how to match your credit profile to the right company. Use the comparison tools below to evaluate your options confidently.

Why this decision matters

Quick-reference comparison table: all 15 lenders at a glance

Use the table below to compare the top 15 student loan refinance companies. Rates and terms vary based on your creditworthiness and the economic environment.

Source: Lender disclosures and aggregators as of February 2025. Rates include autopay discounts where applicable and are subject to change.

Most lenders in this list offer a “soft pull” rate check, allowing you to see your potential interest rate without impacting your credit score. We recommend checking rates with at least three providers to ensure you find the most competitive offer.

Compare rates from 8+ lenders

Self-assessment: which refinance lender fits your situation?

Before diving into the detailed profiles, use this checklist to identify which category of lender best fits your financial profile. This will help you focus your research on the companies most likely to approve your application and offer the best terms.

• Check Your Credit Score:
  • Excellent (760+): You likely qualify for the lowest advertised rates. Look at First Republic or ELFI.
  • Good (680-759): You have wide eligibility. Compare SoFi, Earnest, and Laurel Road.
  • Fair (620-679): You may need a cosigner to get a competitive rate. Consider Splash Financial or LendKey to check multiple options.
• Assess Your Debt-to-Income (DTI) Ratio: According to the Consumer Financial Protection Bureau, lenders prefer a DTI below 40%. If yours is high, look for lenders with flexible underwriting or pay down other debts first.
• Identify Your Profession: Are you a doctor, nurse, or dentist? Laurel Road and SoFi often have specialized programs for healthcare workers.
• Determine Federal Loan Needs: If you work in public service, do not refinance federal loans, as you will lose access to PSLF. If you need an income-driven safety net, stick with federal options.
• Cosigner Strategy: Do you have a cosigner? Do you want to release them from the loan later? Look for lenders like College Ave or Citizens that offer clear cosigner release policies.
• Bank Relationships: Do you already bank with Citizens, PNC, or PenFed? You may qualify for loyalty rate discounts (typically 0.25% – 0.50%).

How we evaluated these refinance companies

To provide these recommendations, we evaluated lenders based on a standardized set of criteria that directly impacts borrower success and financial health. Our goal is to highlight companies that offer a balance of competitive pricing and consumer-friendly features.

Our evaluation criteria include:

• Interest Rates and Fees: We prioritized lenders offering competitive fixed and variable APRs with no origination fees or prepayment penalties.
• Loan Terms and Flexibility: We looked for a variety of repayment terms (5 to 20 years) and flexibility features like unemployment protection or skip-a-payment options.
• Eligibility Requirements: We assessed credit score minimums, income requirements, and state availability to ensure options for various borrower profiles.
• Customer Experience: We considered application ease, customer service reputation, and digital platform quality based on user reviews and industry analysis.

Detailed lender profiles: the top 15 refinance companies

Below is a detailed look at each of the top 15 student loan refinance companies. These profiles highlight unique benefits to help you distinguish between lenders that may offer similar interest rates.

SoFi
SoFi is a market leader known for its comprehensive member benefits, including career coaching, financial planning, and unemployment protection. They offer competitive fixed rates of 2.74% - 7.99% and variable rates of 1.74% - 7.99% with no fees and a fully digital application process. Read our full SoFi review.

Earnest
Earnest stands out for its flexibility, allowing borrowers to customize their monthly payment amount and loan term down to the month. They offer fixed rates of 2.47% - 7.99% and variable rates of 1.74% - 7.99%. They also offer a “skip-a-payment” feature (once every 12 months), making them ideal for borrowers who want control over their budget. Read our full Earnest review.

Laurel Road
Originally focused on healthcare, Laurel Road offers specialized refinancing rates for doctors, dentists, nurses, and physician assistants. They also provide a unique program that allows residents to pay $100/month during residency, helping manage cash flow early in a medical career.

ELFI (Education Loan Finance)
ELFI assigns each borrower a dedicated Personal Loan Advisor to guide them through the entire refinancing process. They are known for competitive rates and a strong focus on customer service, making them a great choice if you prefer a human touch.

Splash Financial
Splash is a loan marketplace rather than a direct lender, meaning they partner with banks and credit unions to show you multiple rate offers at once. Splash Financial offers fixed rates of 1.99% - 6.25% and variable rates of 1.74% - 6.52%. This model is excellent for borrowers with unique credit profiles or those wanting to shop the market efficiently.

CommonBond
CommonBond is known for its social mission, funding the education of a child in need for every loan funded. They offer fixed rates of 2.83% - 6.74% and variable rates of 1.99% - 6.84%, including “hybrid” loans (fixed rates for 5 years, then variable) and robust forbearance options for borrowers facing financial hardship.

Citizens Bank
As a traditional bank, Citizens offers stability and loyalty discounts for existing customers who have a checking or savings account. They offer fixed rates of 2.59% - 8.23% and variable rates of 1.99% - 7.98%. They allow borrowers to refinance both student and parent loans into a single loan with the student as the primary borrower.

College Ave
College Ave focuses exclusively on student lending, offering a streamlined application and a wide range of loan terms (5 to 15 years). They offer fixed rates of 3.49% - 6.74% (1) and variable rates of 3.44% - 6.44% (1). They are particularly clear about their cosigner release policy, which is available after 24 on-time payments.

Discover
Discover Student Loans charges no origination, application, or late fees, and offers US-based customer service 24/7. While they paused new applications temporarily in recent years, they remain a major player with benefits like cash-back rewards for good grades on undergraduate loans.

First Republic
First Republic (now part of JPMorgan Chase) historically offers some of the lowest rates in the industry but has strict eligibility requirements, including high credit scores and substantial assets. They view refinancing as a relationship-building tool for high-net-worth individuals.

PNC
PNC offers a straightforward refinancing product that integrates well for customers who already use PNC for banking. They provide a 0.50% interest rate discount for automated payments, which is double the industry standard of 0.25% offered by most competitors.

PenFed (Pentagon Federal Credit Union)
PenFed offers low rates and allows spouses to refinance their loans together into a single loan, which can simplify household finances. You do not need to be in the military to join; membership is open to everyone.

Navy Federal Credit Union
Navy Federal is exclusive to military members, veterans, and their families. They offer competitive rates and career assistance resources, making them a top choice for those who qualify for membership.

LendKey
Like Splash, LendKey is a marketplace, but it connects borrowers specifically with non-profit credit unions and community banks. LendKey offers fixed rates of 2.49% - 7.75% and variable rates of 1.90% - 5.25%. This is a great option if you prefer to support local institutions while still accessing digital convenience.

INvestEd
Based in Indiana but lending nationally, INvestEd is a non-profit lender focused on responsible borrowing and financial literacy. They are a strong option for borrowers who value transparency and educational resources alongside their loan.

According to Mark Kantrowitz, financial aid expert, “Private lenders sometimes offer benefits like autopay discounts or career support.” These perks, highlighted in the profiles above, can add significant value beyond just the interest rate.

Best refinance companies by borrower type

Based on the features above, here are our top recommendations for specific borrower needs. Matching your situation to the lender’s strength can improve your approval odds and satisfaction.

• Best for Lowest Rates: First Republic (if eligible), ELFI, and Laurel Road typically advertise the most competitive APRs for excellent-credit borrowers.
• Best for Career Support: SoFi is the clear leader, offering unemployment protection, career coaching, and networking events.
• Best for Payment Flexibility: Earnest offers the most customizable terms and payment schedules.
• Best for Healthcare Professionals: Laurel Road provides tailored underwriting and resident-friendly payments.
• Best for Military & Veterans: Navy Federal and PenFed offer specialized support and competitive terms for service members.
• Best for Comparing Options: Splash Financial allows you to see rates from multiple smaller lenders in one view.
• Best for Existing Bank Customers: Citizens Bank and PNC offer loyalty discounts that can make their rates unbeatable for current clients.
• Best for No Fees: SoFi, Discover, and Earnest are known for having absolutely no application, origination, or late fees.

Ready to see your personalized rates? Compare offers from multiple lenders in minutes—prequalification uses a soft credit check with no impact to your score. Trusted by 50,000+ families.

Key factors when comparing refinance offers

When you receive offers from lenders, look beyond the headline interest rate. Evaluating the total cost and flexibility of the loan will ensure you choose the best option for your long-term financial health.

Fixed rates stay the same for the life of the loan, providing predictable monthly payments. Variable rates may start lower but can increase over time if market rates rise. In the current economic climate, most borrowers prefer fixed rates for stability.

The Annual Percentage Rate (APR) includes the interest rate plus any fees (like origination fees). Since most top refinance lenders do not charge origination fees, the APR and interest rate are often identical. Always compare APRs to get an apples-to-apples cost comparison.

If you apply with a cosigner to get a better rate, check the lender’s release policy. Some lenders allow you to remove the cosigner from the loan after a set number of on-time payments (typically 12 to 48 months). According to Mark Kantrowitz, financial aid expert, “Cosigner release is a valuable feature offered by some private lenders, rewarding responsible repayment.”

Shorter terms (5-7 years) have higher monthly payments but save you the most money in interest. Longer terms (15-20 years) lower your monthly payment but increase the total interest paid. Choose the shortest term you can comfortably afford to maximize savings.

Frequently asked questions about student loan refinancing

Most private lenders require a minimum credit score between 650 and 680. However, to qualify for the lowest advertised rates, you typically need a score of 750 or higher and a strong debt-to-income ratio.

Yes, you can refinance federal loans into a private loan, but proceed with caution. Doing so means you lose access to federal benefits like Income-Driven Repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and generous deferment options. Learn more about federal vs. private loans here.

Refinancing with a creditworthy cosigner can help you qualify if your credit score is low or if you have a high debt-to-income ratio. Even if you qualify on your own, a cosigner might help you secure a significantly lower interest rate.

The process typically takes 2 to 4 weeks. This includes submitting your application, uploading documents (like pay stubs and loan statements), and the lender paying off your old loans.

Yes, many lenders (including SoFi, Earnest, and Laurel Road) allow you to refinance Parent PLUS loans. Some lenders also allow the child to refinance the Parent PLUS loan into their own name, transferring the legal responsibility of the debt.

No. Most lenders use a “soft credit pull” for prequalification, which allows you to see your estimated rate without impacting your credit score. A “hard pull” is only done when you submit your final application.

Refinancing your student loans is a powerful move that can simplify your finances and save you thousands of dollars. By choosing the right lender, you can pay off debt faster and free up cash for your future.

Key takeaways:

• Shop Around: Rates vary significantly by lender, so compare at least 3 options.
• Check the Benefits: Consider non-monetary perks like career coaching or payment flexibility.
• Know Your Needs: Match the lender to your profession, credit profile, and repayment goals.
• Protect Yourself: Remember that refinancing federal loans removes federal protections—ensure this trade-off is right for you.
• No Risk to Look: Use soft-pull prequalification tools to check rates without hurting your credit score.

Compare personalized rates from top refinance lenders in 2 minutes. Soft credit check—no impact to your score. Trusted by 50,000+ students and families.

References and resources

• StudentAid.gov – Official information on federal student loans and repayment options.
• Consumer Financial Protection Bureau (CFPB) – Resources on student loan refinancing and borrower rights.
• Federal vs. Private Student Loans Comparison – A detailed guide on the differences between loan types.
• Student Loan Refinancing Guide – Comprehensive steps on how to refinance your loans.
• How to Choose a Private Student Loan Lender – Tips for evaluating lender offers.