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Refinancing your student loans can lower your interest rate, reduce your monthly payment, or help you pay off debt faster. This guide compares the best student loan refinancing companies in 2026, explains who qualifies, and tells you what to watch out for before you refinance.
What Is Student Loan Refinancing?
Student loan refinancing means taking out a new private loan to pay off your existing student loans. The new loan ideally has a lower interest rate. You can refinance federal loans, private loans, or both into one new loan with a single monthly payment.
Important warning: Refinancing federal student loans into a private loan permanently removes your access to federal protections. You lose income-driven repayment plans, Public Service Loan Forgiveness, and federal deferment options. Only refinance federal loans if you are confident you will not need those protections.
Best Student Loan Refinancing Companies of 2026
1. SoFi
Fixed APR: 4.49% to 9.99%
Variable APR: 5.99% to 9.99%
Minimum credit score: 650
Loan terms: 5, 7, 10, 15, 20 years
SoFi is one of the largest student loan refinancers. It offers unemployment protection, career coaching, and financial planning as free member perks. No origination fees and no prepayment penalties. SoFi also refinances parent PLUS loans into the student’s name.
2. Earnest
Fixed APR: 4.45% to 9.74%
Variable APR: 5.89% to 9.74%
Minimum credit score: 650
Loan terms: 5 to 20 years (in 1-month increments)
Earnest is unique in offering custom loan terms. You can pick the exact monthly payment you want and Earnest calculates the term. It also skips one payment per year. No fees. One of the most flexible refinancing options available.
3. Laurel Road
Fixed APR: 4.99% to 8.90%
Variable APR: 5.49% to 8.75%
Minimum credit score: Not publicly stated
Loan terms: 5, 7, 10, 15, 20 years
Laurel Road specializes in refinancing for medical and dental professionals. It offers lower rates for doctors in residency. Strong option if you are in a high-earning profession with large loan balances.
4. Splash Financial
Fixed APR: 4.99% to 10.24%
Variable APR: 5.72% to 10.24%
Minimum credit score: 640
Loan terms: 5 to 20 years
Splash partners with multiple credit unions and banks to find you the best rate. A single application gets you offers from multiple lenders. Good for borrowers who want to comparison shop without multiple hard credit inquiries.
5. College Ave
Fixed APR: 4.44% to 17.99%
Variable APR: 5.59% to 17.99%
Minimum credit score: 660
Loan terms: 5, 8, 10, 15 years
College Ave is good for borrowers with a wider range of credit profiles. It offers co-signer release after 24 months of on-time payments. The wide rate range means your actual rate depends heavily on your credit profile.
How to Qualify for Student Loan Refinancing
Credit Score
Most lenders require at least a 650 credit score. The best rates typically go to borrowers with 720 or above. If your score is below 650, work on improving it before applying. See our guide on How to Improve Your Credit Score Fast.
Income
Lenders want to see stable income. Most require you to be employed or have a job offer letter. Your debt-to-income ratio matters: lenders generally want your total monthly debt payments to be under 50% of your gross income.
Loan Minimum
Most lenders require a minimum balance of $5,000 to $10,000 to refinance. There is usually no maximum.
When Does Refinancing Make Sense?
- Your current interest rate is above 6% and you can qualify for a lower rate
- You have private student loans (no federal protections to lose)
- You have stable income and a good credit score
- You want a lower monthly payment and are okay extending the term
- You want to pay off faster by shortening the term
When NOT to Refinance Federal Student Loans
- You are pursuing Public Service Loan Forgiveness
- You are on an income-driven repayment plan
- You expect to use federal deferment or forbearance
- You work in a field that may qualify for loan forgiveness programs
How to Apply for Student Loan Refinancing
- Check your credit score (free at most banks or AnnualCreditReport.com)
- Gather your loan statements with current balances and interest rates
- Compare rates using pre-qualification tools (soft credit pull, no impact on score)
- Pick the lender with the best rate and terms for your goals
- Submit a full application (hard credit pull)
- Sign loan documents and confirm payoff of old loans
Frequently Asked Questions
Does refinancing student loans hurt your credit?
Pre-qualification uses a soft pull and does not affect your score. A full application triggers a hard pull, which may lower your score by a few points temporarily.
Can you refinance student loans more than once?
Yes. You can refinance as many times as you want. If rates drop or your credit improves significantly, refinancing again can save money.
What credit score do you need to refinance student loans?
Most lenders require at least 650. For the best rates, aim for 720 or higher.
Rates as of May 2026. Rates change frequently. Verify current rates directly with each institution before applying.