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Refinancing your student loans means replacing one or more existing loans with a new private loan at a lower interest rate. If you have good credit and steady income, refinancing can save you thousands in interest over the life of your loans. This guide covers the best student loan refinancing companies of 2026.
Should You Refinance Your Student Loans?
Refinancing makes the most sense when:
- You have private student loans with high interest rates
- You have strong credit (typically 680 or higher)
- You have stable income and a low debt-to-income ratio
- You do not plan to use federal income-driven repayment or Public Service Loan Forgiveness (PSLF)
Important warning: If you refinance federal student loans into a private loan, you lose access to federal protections — including income-driven repayment plans, deferment, forbearance, and forgiveness programs. Do not refinance federal loans unless you are sure you will not need those protections.
Best Student Loan Refinancing Companies of 2026
1. SoFi — Best Overall
SoFi offers competitive rates, no fees, and a suite of member benefits including career coaching and financial planning. It refinances both private and federal loans (note: federal loans lose federal protections after refinancing). SoFi also offers unemployment protection — if you lose your job, you can temporarily pause payments.
- Loan terms: 5, 7, 10, 15, 20 years
- Min credit score: 650 (estimate — varies)
- Fees: None (no origination, prepayment, or late fees)
- Special perks: Unemployment protection, career coaching, financial planning
2. Earnest — Best for Flexible Repayment
Earnest stands out for its highly flexible repayment options. You can set your exact monthly payment and choose a loan term in one-month increments rather than being locked into preset terms. This lets you find the exact payment that fits your budget. It also offers a nine-month grace period after graduation — longer than most.
- Loan terms: Custom (flexible, in 1-month increments)
- Min credit score: 650 (estimate)
- Fees: None
- Special perks: Flexible payment scheduling, skip-a-payment option
3. Laurel Road — Best for Healthcare Professionals
Laurel Road offers special rates and benefits for doctors, nurses, and other healthcare professionals. It is part of KeyBank and offers competitive rates on large loan balances — which is helpful for medical school grads with six-figure debt.
- Loan terms: 5, 7, 10, 15, 20 years
- Min credit score: Check with lender
- Special rates: Discounted rates for healthcare professionals and residents
4. ELFI (Education Loan Finance) — Best Rates for Highly Qualified Borrowers
ELFI consistently shows up as a top offer for borrowers with excellent credit and income. Its rates are competitive for both fixed and variable options. It is offered by Southeast Bank and has strong customer service reviews.
- Loan terms: 5, 7, 10, 15, 20 years
- Min credit score: 680 (estimate)
- Min loan amount: $10,000
5. College Ave — Best for Graduate Students
College Ave offers a wide range of loan terms and a smooth online experience. It is a strong option for recent graduates and those with graduate or professional degrees who want fast approval and flexible terms.
- Loan terms: 5, 8, 10, 15 years
- Min credit score: Check with lender
- Fees: None
How to Refinance Student Loans: Step by Step
- Check your credit score. Most refinancing lenders want 650 or higher. The best rates go to borrowers with 720 or above.
- Gather your loan details. Know your current loan balances, interest rates, lenders, and monthly payments.
- Shop multiple lenders. Get prequalified quotes from at least three lenders. Prequalification uses a soft credit pull and does not affect your score.
- Compare offers. Look at the APR, loan term, monthly payment, and total interest paid over the life of the loan.
- Apply for the best offer. Submit a full application with documents (pay stubs, tax returns, loan statements).
- Keep paying old loans until your new lender confirms the refinance is complete.
How Much Can You Save by Refinancing?
The savings depend on your current rate, new rate, loan balance, and term. Here is a simple example:
$50,000 at 7% over 10 years = $139,588 total paid. $50,000 at 5% over 10 years = $127,278 total paid. Savings: $12,310 in interest.
Frequently Asked Questions
Can you refinance federal student loans?
Yes, but you lose federal protections when you do. You can no longer use income-driven repayment, PSLF, or federal forbearance. Think carefully before refinancing federal loans.
How often can you refinance student loans?
There is no limit. You can refinance as many times as you qualify. Some borrowers refinance multiple times as their credit score improves.
Does refinancing hurt your credit score?
Prequalification does not affect your score. A full application involves a hard inquiry, which may lower your score a few points temporarily.
What credit score do I need to refinance student loans?
Most lenders want at least 650. The best rates typically require 720 or higher. Some lenders allow a cosigner to help you qualify.
Rates as of May 2026. Rates change frequently — check with each lender or card issuer for current terms.