Top Student Loan Refinance Companies in 2025

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Refinancing your student loans might enable certain borrowers to repay their debts faster and reduce costs over time. It could also be an opportune moment to consider this approach since the Federal Reserve began reducing its key interest rate Last year, student loan refinancing rates slowly decreased, although they remain higher than those from a few years back.

Key points for understanding student loan refinancing

• If you choose to refinance, you will substitute your current student loans with a fresh one that offers either a reduced interest rate, smaller monthly payments, or preferably, both advantages together.
• If you decide to refinance federal loans, they become private loans, which means losing out on special benefits and payment options. While refinancing might reduce your costs, those who have federal student loans should thoughtfully consider both advantages and disadvantages before proceeding.
• Explore industry perspectives and a detailed guide on determining the right time to refinance student loans here.

How We Selected Our Winners

Our editing team has spent nearly ten years focused on reporting about student loans and refinancing them. Over this period, our independent writers and editors have thoroughly examined and verified various student loan refinance options, concentrating particularly on criteria such as eligibility requirements, additional benefits, interest rates, and associated fees to identify standout lenders. (For more details on our approach, check out our methodology section.)

If you're seeking additional details about in-school loans to cover college expenses, check out our selections for them. best student loans .

Our top choices for the finest student loan refinance firms as of May 2025

• RISLA - Excellent for Borrower Safeguards
• Reliable – Top Student Loan Marketplace
• Ernest - Ideal for Adjustable Payment Options
• MPOWER Financing – Ideal for International and DACA Students
• SoFi® – Ideal for Its Member Perks
• Laurel Road – Ideal for Healthcare Workers

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Pros

• Income-based payment option
• Forbearance for financial hardships
• In-school refinancing available

Cons

• Only offers fixed-rate loans
• The longest possible loan period is fifteen years.
• No cosigner release

HIGHLIGHTS

The minimum annual income required is $40,000. There’s no specific minimum credit score needed; however, lenders do perform a credit assessment. The option for cosigner release isn’t available. Loan amounts range from $7,500 to $250,000. For immediate repayment plans, you can choose between 5-, 10-, and 15-year terms. If opting for deferred repayment, the term length extends up to 15 years. This program supports federal loans (including both student and Parent PLUS loans) as well as private loans. It caters to individuals pursuing Bachelor's and graduate degrees. Additionally, they allow refinancing options even for those who haven't graduated yet. No application or origination fees are charged, although late payments might incur additional charges. Interest rates offered include fixed rates ranging from 3.99% to 8.29%, with variable rates not being provided.

RISLA distinguishes itself among other lending institutions due to its borrower safeguard initiatives, such as an income-driven repayment scheme. This allows monthly installments to be capped at a maximum of 15% of the combined discretionary income of both the borrower and co-signer. Furthermore, should there remain an outstanding loan amount after adhering to the payment schedule for 25 years, RISLA offers forgiveness of the remaining balance. Additionally, they provide economic hardship deferment options aimed at assisting individuals facing monetary difficulties, joblessness, or disabilities with managing their debts more effectively.

See rates on RISLA’s Secure Website >>

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Pros

• Review several proposals using a soft credit inquiry.
• Refinancing parent and student loans
• $200 best rate guarantee

Cons

• Does not include all major lenders
• repayment guidelines differ among companies
• Loans managed by external parties

HIGHLIGHTS

Minimum Income Requirements: Varies by Lender Minimum Credit Score: Varies by Lender Cosigner Release Option: Varies by Lender Loan Amounts: $5,000 up to your current outstanding balance Repayment Terms: 5 to 20 Years Types of Eligible Loans: Federal loans (such as student loans and Parent PLUS), along with Private loans Degrees Covered: Undergraduate programs and Graduate/Professional courses Refinancing Options for Non-Graduates: Availability depends on the specific lender policies Additional Fees: No origination fee or application cost; however, late payment penalties might be applied. Interest Rate Types: Fixed Rates from 3.99% to 11.38% APR Variable Rates ranging between 4.37% to 12.37% APR

We selected Credible as the top student loan marketplace due to its prequalification feature, which enables borrowers to view customized interest rates from various lenders by completing just one application. The partnering lenders with Credible include Citizens Bank , EdvestinU , ELFI , INvestEd , LendKey , MEFA, RISLA and SoFi All of Credible's partners provide competitive rates without any origination fees.

Check out the complete credible review for student loan refinancing >>

See rates on Credible’s Secure Website >>

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Pros

• Customizable payments
• Payments can be made monthly or every two weeks.
• In-school refinancing available

Cons

• No cosigner releases
• Not available in Nevada
• High credit score required
• Variable-rate loans may not be offered in every state.

HIGHLIGHTS

Income Requirements: Information not provided Credit Score Requirement: Minimum credit score needed is 665 without a co-signer; co-signers must have at least a 650 credit score Co-Signer Release Option: Not offered Loan Amount Range: From $5,000 up to $500,000 Repayment Terms: Available from 5 to 20 years Types of Eligible Loans: Both federal loans (such as student and Parent PLUS) and private ones qualify Degrees Covered: Bachelor’s degree programs along with graduate or professional courses Refinancing Availability for Non-Graduates: Yes, applicable when the student is in their final term prior to graduating Additional Fees: No origination or application charges; late payment penalties might be applied Interest Rates – Fixed Rate: Ranges between 4.25% - 10.49% APR including a 0.25% auto-debit discount Interest Rates – Variable Rate: Varies from 5.88% - 10.49%, inclusive of a 0.25% auto-pay reduction but this option isn’t open to residents in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas

Our top choice for tailoring loan repayments goes to Earnest because of its adaptable payment plans, setting it apart from other lending institutions. With Earnest, you have the freedom to select your own monthly installment according to what suits your financial situation best, allowing them to determine the repayment duration accordingly—even if this leads to an unusual period such as 7.5 years.

Read the complete Earnest student loan refinance review >>

See rates on Earnest’s Secure Website >>

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Pros

• The only option for refinancing available specifically to international students.
• Borrowers establish U.S. credit history through their repayment of loans.
• Welcomes DACA beneficiaries, refugees, and asylum seekers holding a valid visa.
• Welcomes international candidates regardless of needing a co-signer or having credit history.

Cons

• Origination and currency conversion fees apply
• High interest rates
• A single repayment term
• No refinance options for borrowers with unfinished degrees

HIGHLIGHTS

Minimum income requirementsDoes not discloseMinimum credit scoreDoes not discloseCosigner releaseNot applicableLoan amount$2,001- $100,000Loan terms 10-yearEligible loan types International, federal and private loansEligible degrees Undergraduate and graduateAllows refinance for non-graduatesNoFees2.00% origination fee. Foreign currency exchange rate fee and late payment fees may apply.Fixed interest rate9.99% with autopay discount (11.52% APR incorporating fees).Variable interest rateNot available

MPower Financing is a public benefit corporation that specializes in financing higher education for international students. Most lenders require borrowers to be U.S. citizens or permanent residents to qualify for student loan refinancing, but MPOWER will allow borrowers to refinance loans originated in several countries, including Australia, Austria, Brazil, the Dominican Republic, Germany, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Switzerland, Spain, the U.K. and the U.S.

Read full MPower student loan refinance review>>

See rates on MPower Financing's Safe Webpage >>

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Pros

• Rate discounts for members
• Financial mentoring along with additional perks
• Special payment plans for medical residency
• Parent loan refinancing available

Cons

• High credit score needed for lowest rates
• Loans serviced through a third party
• Loans specifically designed for bar exam costs for attorneys and those intended for medical residents during their training do not qualify for refinancing.
• Doesn't permit co-signer releases

HIGHLIGHTS

Minimum Income RequirementsNot disclosedMinimum Credit Score650 Cosigner Release Option Not Available Loan Amount $5,000 upwards of your current outstanding balance Loan Terms Offered: 5, 7, 10, and 15 years Eligible Degree Levels Associate’s, Bachelor’s, and Graduate/Professional Degrees Refinancing Options for Non-Graduates Not Provided Fees No origination fee, application fee, or late fees offered Fixed Interest Rate Range from 4.49% to 9.99% APR including all potential discounts Variable Interest Rate Range between 5.99% and 9.99% APR inclusive of all applicable discounts

SoFi® distinguishes itself through its extensive range of member benefits. Customers who use any SoFi service such as banking, investments, personal loans, mortgages, credit, or student loans receive complimentary financial counseling, discounted estate planning, networking events, and additional perks.

Read the complete SoFi student loan refinancing review >>

See rates on SoFi’s Secure Website >>

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Pros

• Modest compensation via the medical residency refinancing initiative
• Reduced fees for qualifying medical practitioners
• Loan terms up to 20 years

Cons

• Few choices available for individuals holding associate degrees.
• The lowest rates necessitate your enrollment in a bank account.
• Loans managed by Mohela, a third-party firm

HIGHLIGHTS

Minimum Income Requirements: Not disclosed Minimum Credit Score: Not disclosed Cosigner Release Option: Available Loan Amount: $5,000 up to the total balance, with a cap of $50,000 for associate degrees Loan Terms: 5-20 years Eligible Loan Types: Federal loans including student and Parent PLUS; also includes private loans Eligible Degrees: Associate degree in some fields, bachelor’s, and graduate/professional degrees Refinancing Allowance for Non-Graduates: Not allowed Fees: No origination fee or application fee; late payment fees might be applicable Fixed Interest Rate Range: 4.99%-8.90%, reduced when enrolling in automatic payments Variable Interest Rate Range: 5.29%-9.20%, lowered upon enrollment in automatic payments

The rates provided are valid up until May 2, 2025, but please be aware they may change. The Terms and Conditions must be observed. Credit approval is required for each product. For additional information, refer to all Laurel Road disclaimers. here .

Laurel Road is an online lending platform focused exclusively on helping doctors with student loan refinancing by providing them with more favorable interest rates. Additionally, they have a special plan designed for those engaged in a medical residency or fellowship program; this enables participants to refinance their loans and only pay $100 monthly over a period of up to four years during their training.

Check out the complete Laurel Road student loan refinance review >>

See rates on Laurel Road's Safe Site >>=

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Other Companies We Considered

The firms detailed beneath provide attractive student loan refinancing interest rates and conditions that could be beneficial for numerous borrowers. In this section, you'll encounter concise evaluations highlighting the advantages and disadvantages of each lending institution. Additionally, a summary chart delineates their loan provisions and qualifying criteria. We also clarify the reasons certain companies did not secure spots among our recommended choices.

Splash Financial

Splash Financial provides competitive interest rates along with a straightforward loan application process. Similar to other lending platforms, their policies and repayment conditions can differ among lenders. However, distinct from our highest-rated marketplace choice, Splash does not provide additional perks or rewards for using their service.

For more information, check out our comprehensive review of Splash Financial >>

See rates on Splash Financial’s Safe Webpage >>

Navy Federal Credit Union

Navy Federal serves individuals who are in the military or have relatives/housemates serving in the armed forces. In comparison, other credit unions permit anyone to become a member.

Check out the complete Navy Federal student loan refinance review >>

See rates on Navy Federal’s Secure Website >>

Citizens Bank

Citizens Bank has strict eligibility requirements. Borrowers need good to excellent credit to qualify, and the refinanced loan minimum is $10,000 — higher than other lenders require. Citizens Bank does have forbearance programs, but the lender says decisions are made on a case-by-case basis rather than having set requirements or durations.

To learn more, visit us at complete analysis of Citizens Bank’s refinancing choices .

See rates on Citizens Bank’s Safe Web Portal >>

What to to know before refinancing your student debt

Students and parents may be able to save money by refinancing , particularly when interest rates are low. However, refinancing might not be advantageous for all borrowers. Before proceeding with this option, weigh the pros and cons of refinancing and determine whether it aligns with your specific financial circumstances. For instance, while you might obtain a reduced interest rate as a federal borrower, you could potentially forfeit important financial safeguards that might become essential later on.

What is the process for refinancing student loans?

By refinancing your student loan, you replace your existing debt with a fresh loan under different conditions provided by a private lender. Typically, people choose this option either to lengthen their repayment duration (thus reducing monthly installments), secure a reduced interest rate for overall savings throughout the loan term, or combine several student loans into just one manageable payment. In some cases, individuals might even manage to attain all these benefits simultaneously through optimal loan terms.

You have the option to refinance student loans exclusively via a private lender, rather than through the federal government. Financial experts advise those holding federal loans to thoroughly consider their circumstances prior to refinancing, since doing so would mean forfeiting various perks associated with government-backed loans like student loan forgiveness initiatives and income-based repayment options. Should your student loan originate from a private lender, you face minimal risk in seeking improved conditions. Refinancing of private student loans can be done either with your present lending institution or by opting for an alternative one.

Refinancing student loans versus consolidating student loans

A advantage of refinancing via a private student loan lender is consolidating various loans into a single one, resulting in just one monthly payment managed by a single servicer. However, this perk isn’t exclusive to private lenders; students holding qualified federal loans also have the option to combine their debts. Direct Consolidation Loan , although this method also has its advantages and disadvantages.

Are you considering refinancing your student loans?

Refinancing your debts — whether it federal or private student loans — may save you money if you have high interest rates and a large monthly payment. However, it’s not always the best financial move, especially for borrowers with federal loans.

When you refinance a federal loan with a private lender, you'll forfeit important advantages like income-based repayment options, Public Service Loan Forgiveness, and interest subsidies. Once this switch happens, it’s not reversible. Instead, for numerous federal borrowers, opting into an income-driven repayment scheme might prove more beneficial since these programs can lower your monthly payments and provide debt relief once you’ve completed several years of consistent payments.

Should you possess a private student loan, there isn’t much reason not to refinance for improved conditions. However, securing refinancing typically requires either an impressive credit history or a reliable co-signer who has strong finances. In considering if this move suits your situation, keep in mind that only applicants with excellent credit profiles generally receive the most favorable interest rates from lending institutions.

Factors to keep in mind when considering student loan refinancing

Prior to refinancing your loans, keep the following points in mind:

Federal student loans

When dealing with federal student loans, refinancing might allow you to obtain a reduced interest rate and potentially decrease your monthly payments. However, this process comes with risks since your federal loans would shift over to a private lender. Consequently, you won’t qualify anymore for benefits such as federal income-driven repayment plans, Public Service Loan Forgiveness, or disability discharge programs.

Private student loans

If you choose to refinance, the old loans will switch over to a different loan servicer. Interest rates for private loans, along with their policies and quality of customer service, can differ significantly between lenders. Therefore, proceed cautiously when considering refinancing your loans.

How to Refinance Your Student Loans

Refinancing student loans It can be an effective method to cut costs or speed up your payback process, and it might be simpler than you imagine:

1. Check your credit

Lenders typically demand that students looking to refinance their loans must possess good to outstanding credit scores, which means at least 670 or above. To secure the most favorable interest rates for refinancing your student loans, you would ideally need an even stronger credit score. Check your credit To understand your position. If your credit isn’t top-notch or you have a significant debt compared to your income, you might not be eligible for a loan at all unless you include a co-signer with your application.

Not every refinancing company provides cosigner releases, so make sure to examine the lender’s loan conditions to determine if a cosigner release can be obtained.

2. Think about the kinds of loans you possess.

If you're dealing with both federal and private loans, keep in mind that you aren't required to refinance all of them. While you do have the option to refinance either your private student loans or your federal ones—or even just those with higher interest rates—you could also choose to refinance only your private debts.

3. Browse for the most competitive price

Every lender has distinct criteria when it comes to creditworthiness and income levels; thus, certain financial institutions might offer more favorable interest rates compared to their competitors. It’s advisable to compare offers by seeking quotations from various firms to discover the most advantageous terms available. Numerous lending platforms provide resources enabling potential borrowers to check estimated interest rates beforehand without impacting their credit scores negatively.

The interest rates vary depending on your credit score and the length of the loan term; typically, the minimum rates are offered for shorter repayment durations like five or seven years.

4. Investigate the borrower's alternatives for financial difficulty assistance programs

Not all refinancing lenders offer financial relief programs if you lose your job or become ill. And not all lenders will discharge your loans in cases of death or permanent disability. Carefully review the lender’s forbearance, deferment and forgiveness policies so you know under what circumstances the lender will pause or forgive your loans.

5. Fill out your loan application

Student loan refinancing companies allow you to apply online. You’ll need to provide your current loan statements, student loan account numbers and employment information. You’ll also need to consent to a hard credit inquiry.

6. Approve your loan by signing and begin making monthly installments.

After approval, the lender will provide you with a loan agreement for your review and signature. Following this, they'll coordinate with your present loan service providers to settle your student debts. Keep up with your regular monthly payments until you get verification that your loans have been fully repaid; failing to do so might result in late charges and harm to your credit score.

How to refinance student loans with bad credit

If you have poor credit or no credit history, you will need a cosigner with a high credit score and steady source of income to qualify for a loan. (Most lenders require a minimum credit score around 650, but your cosigner will need a very good or excellent score to qualify for the best rates) Some lenders will allow you to apply for a cosigner release if you meet its requirements and make a specific number of payments on time, but not all lenders offer that option.

If you don’t have a cosigner to apply with, you’ll have to improve your credit before applying to refinance.

Top Student Loan Refinancing Companies FAQs

What happens when you refinance student loans?

When you refinance student loans, you are taking out a new loan, ideally one with better terms, to pay off your existing debt(s). With federal loans, you'll have to leave the federal loan program and take out a private loan to refinance your debt, while refinancing private loans usually means switching lenders. Most borrowers look for a lower interest rate when refinancing.

How often can you refinance student loans?

You have unlimited opportunities to refinance your loans. It’s possible that over time, with economic shifts and improvements in your credit score, you might become eligible for more favorable interest rates. Therefore, it could be beneficial to review your refinancing choices annually to explore new lending possibilities.

What steps should you take when refinancing student loans despite having poor credit?

Should your credit rating be low or non-existent, securing a loan typically necessitates having a co-signer who boasts an excellent credit score along with a reliable stream of income. Certain lending institutions permit you to request removal of this co-signer once you've fulfilled their yearly earnings criteria and made timely payments up to a specified amount; however, such provisions aren’t universally provided across all financial organizations.

Which offers the lowest interest rates for student loan refinancing?

By May 2025, you might discover some of the most competitive student loan refinance annual percentage rates (APRs) from Brazos Higher Education and RISLA, both providing fixed-rate loans beginning at approximately 4%. Nonetheless, different lenders could present an even more favorable interest rate tailored to your particular circumstances; thus, it’s wise to compare various options before making a decision.

Is consolidating student loans a good idea?

The decision to refinance student loan debt hinges on factors such as the current interest rates of your loans, your credit score, and the remaining duration for repaying your loan balance. Since there’s no cost associated with refinancing, lowering your interest rate could provide a straightforward method to significantly decrease expenses over time.

How We Selected the Top Student Loan Refinancing Providers

Loan refinance selection

Some lenders didn’t make our cut because they didn’t offer a full range of refi options, such as for Parent PLUS student loans, which was a non-negotiable point in our criteria.

Payment options and fees

We favored companies with flexible payback policies, such as cosigner release and financial hardship relief options for qualified applicants. We also looked for financial institutions that offered refinance loans without charging origination fees or late fees. Additionally, we favored lenders who offered interest rate reductions for signing up for automatic student loan payments, or autopay programs.

Customer experience

When we researched each company on our shortlist, it was important for us to evaluate whether lenders had an inordinate number of complaints or any ongoing actions with regulatory agencies such as the Consumer Finance Protection Bureau.

Summary of Money’s best student loan refinance companies of 2025

• RISLA – Best for Borrower Protections
• Credible – Best Student Loan Marketplace
• Earnest – Best for Flexible Repayment Terms
• MPOWER Financing – Best for International and DACA Students
• SoFi – Best for Member Benefits
• Laurel Road – Ideal for Healthcare Workers

Andrea Agostini Ferrer and Gabriella Cruz-Martinez were involved in earlier editions of this narrative.

© Copyright 2025 Money Group, LLC . All Rights Reserved.

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