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Student loan debt is one of the biggest financial burdens for millions of Americans. Refinancing your student loans can lower your interest rate, reduce your monthly payment, or help you pay off debt faster. This guide covers the best student loan refinancing companies of 2026, what rates to expect, and how to know if refinancing is the right move for you.
Rates as of May 2026.
What Is Student Loan Refinancing?
Refinancing means taking out a new loan to pay off your existing student loans. The new loan has a new interest rate and new repayment terms. If you qualify for a lower rate, you can save money over the life of your loan. If you extend your term, you can lower your monthly payment.
You can refinance both federal and private student loans. But if you refinance federal loans, you lose access to federal programs like income-driven repayment and Public Service Loan Forgiveness (PSLF). That trade-off matters. We will talk more about it below.
Best Student Loan Refinancing Lenders of 2026
SoFi
SoFi is one of the most popular student loan refinancing lenders in the country. They offer competitive rates, no fees, and extras like career coaching and unemployment protection. SoFi is a good fit for borrowers with strong credit and stable income.
- Fixed rates: starting around 4.99% APR
- Variable rates: starting around 4.49% APR
- Loan terms: 5, 7, 10, 15, or 20 years
- Minimum loan amount: $5,000
- No origination fees, no prepayment penalties
Earnest
Earnest stands out because it lets you pick your exact monthly payment. You can choose any term from 5 to 20 years. Earnest also lets you skip one payment per year if needed. They look at more than just your credit score when making decisions.
- Fixed rates: starting around 4.89% APR
- Variable rates: starting around 4.39% APR
- Loan terms: 5 to 20 years (any term you choose)
- No fees of any kind
Laurel Road
Laurel Road is especially popular with medical professionals, including doctors in residency. They allow refinancing at reduced payments during training. They also offer competitive rates for other professionals.
- Fixed rates: starting around 5.24% APR
- Variable rates: starting around 4.99% APR
- Special programs for healthcare professionals
- No origination fees
ELFI (Education Loan Finance)
ELFI offers some of the lowest rates in the market. They also assign each borrower a personal loan advisor. The minimum loan amount is $10,000, which limits some borrowers.
- Fixed rates: starting around 4.76% APR
- Variable rates: starting around 4.53% APR
- Loan terms: 5, 7, 10, 15, or 20 years
- Minimum loan: $10,000
Splash Financial
Splash Financial works as a marketplace. They match you with multiple lenders using one application. This makes it easy to compare rates without multiple hard credit pulls.
- Rates vary by lender partner
- One application, multiple offers
- No fees
- Good for comparison shopping
When Does Refinancing Make Sense?
Refinancing makes the most sense when:
- You have a good credit score (650 or higher, ideally 700+)
- Your income is stable and you can prove it
- Current rates are lower than what you have now
- You have private student loans (no federal benefits to lose)
- You are not working toward PSLF or income-driven forgiveness
If you have federal loans and depend on income-driven repayment or PSLF, do not refinance with a private lender. You will lose those programs for good.
How to Qualify for the Best Rates
Your credit score is the biggest factor. Lenders offer the best rates to borrowers with scores above 700. If your score is lower, work on improving your credit score before you apply.
Your debt-to-income ratio matters too. Lenders want to see that your monthly debt payments are manageable compared to your income. You can check yours with our DTI calculator.
Having a co-signer with strong credit can help you qualify or get a lower rate. Some lenders allow co-signer release after 12 to 24 months of on-time payments.
Federal vs. Private Student Loan Refinancing
Refinancing federal loans with a private lender has real costs. You lose:
- Income-driven repayment plans (IDR)
- Public Service Loan Forgiveness (PSLF)
- Federal forbearance and deferment options
- COVID-era and future federal relief programs
If you work for a nonprofit or government employer, PSLF could wipe out your remaining balance after 10 years of payments. That is worth far more than a lower interest rate.
If you have private loans, you have less to lose. Refinancing private loans is almost always worth considering if you can get a lower rate.
How to Apply for Student Loan Refinancing
- Check your credit score for free through your bank or a credit monitoring service
- Gather your loan statements, pay stubs, and tax returns
- Get pre-qualified with two or three lenders (soft credit pull, no impact to score)
- Compare the total cost, not just the monthly payment
- Submit your full application to the lender with the best offer
- Continue paying your current loans until the refinance is complete
Strategies to Pay Off Refinanced Loans Faster
Once you refinance, you can use the money you save on interest to pay down your principal faster. Making extra payments reduces your balance and saves you money. Check out our guide to personal loan refinancing strategies for more tactics that apply to student debt too.
The avalanche method — paying extra on your highest-rate loan first — saves the most money. Our debt payoff calculator can show you exactly how much you could save.
Frequently Asked Questions
What credit score do I need to refinance student loans?
Most lenders want a credit score of 650 or higher. The best rates go to borrowers with scores of 700 or above. Some lenders will consider lower scores if your income is strong.
Can I refinance federal student loans?
Yes, but once you refinance federal loans with a private lender, you lose federal benefits. That includes income-driven repayment plans and Public Service Loan Forgiveness. Think carefully before you do it.
How much can I save by refinancing?
It depends on your current rate and the new rate you qualify for. Even dropping your rate by 1% can save hundreds or thousands of dollars over the life of your loan.
How long does student loan refinancing take?
Most lenders can complete the process in one to three weeks. You will need to gather pay stubs, tax returns, and your current loan statements before you apply.
Is there a fee to refinance student loans?
Most private lenders charge no origination fees for student loan refinancing. Always read the fine print before you sign.
Rates as of May 2026. Rates and terms are subject to change. Always verify current offers directly with the lender before applying.