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Compare student loan refinance opportunities
Last updated: July 12, 2026. Rates and terms change frequently — always check with the lender.
Read this first. Refinancing federal student loans into a private loan permanently gives up federal protections — income-driven repayment, deferment/forbearance, and forgiveness (PSLF and others). It usually can't be undone. Refinancing generally makes sense only for borrowers with steady income and good credit who hold private loans, or who have deliberately chosen to give up federal benefits. If you have federal loans and want a lower payment, start with federal options at StudentAid.gov ↗, not private refinancing.
The short version
- Refinancing replaces your current student loans with one new private loan, ideally at a lower rate.
- Best fit: strong credit, steady income, and mostly private loans to refinance.
- Check your rate with several lenders — most offer a soft-pull estimate that won't hurt your credit.
- Nonprofit and state refinancers (below) sometimes build in hardship protections the big lenders don't.
Listed for your consideration — not ranked or endorsed. Links go to each lender's own site.
| Lender | Type |
|---|---|
| SoFi ↗ | Direct lender |
| Earnest ↗ | Direct lender |
| Laurel Road ↗ | Bank (KeyBank) |
| Splash Financial ↗ | Marketplace |
| ELFI ↗ | Bank division |
| Citizens ↗ | Bank |
Didn't find your fit? More lenders to consider
Nonprofit and state-based refinancers are the under-featured options here — some keep a safety net even after you refinance.
RISLA ↗ — Nonprofit state authority that refinances borrowers in most states, and rare among private refinancers, offers its own income-based repayment hardship protection. Fits people who want a lower rate but fear losing every safety net.
MEFA ↗ — Nonprofit state authority; transparent, no-fee refinancing.
EdvestinU ↗ — Nonprofit refinancer available to borrowers nationwide.
First Tech Federal Credit Union ↗ — Member-owned; relationship pricing (membership is easy to qualify for).
Federal-loan borrowers: before refinancing, compare federal consolidation and income-driven repayment at StudentAid.gov ↗. We do not promote for-profit income-share agreements.
Questions people ask
Should I ever refinance federal student loans?
Only if you're certain you'll never need income-driven repayment, federal forgiveness, or federal hardship pauses — because refinancing to private is permanent. For most federal borrowers, the answer is no, even when the rate looks better. Start at StudentAid.gov ↗ before touching any refinance offer. New to student loans entirely? The 2026 rules, explained ↗.
Only if you're certain you'll never need income-driven repayment, federal forgiveness, or federal hardship pauses — because refinancing to private is permanent. For most federal borrowers, the answer is no, even when the rate looks better. Start at StudentAid.gov ↗ before touching any refinance offer. New to student loans entirely? The 2026 rules, explained ↗.
When does refinancing make clear sense?
Private loans (no federal protections to lose), strong credit or a co-signer, steady income, and a meaningfully lower rate. That combination is exactly what the lenders above compete for. Run the student-refi calculator to see the actual dollars.
Private loans (no federal protections to lose), strong credit or a co-signer, steady income, and a meaningfully lower rate. That combination is exactly what the lenders above compete for. Run the student-refi calculator to see the actual dollars.
What happens to a co-signer when I refinance?
Refinancing in your own name releases the original co-signer — a legitimate reason people refinance private loans. Some lenders also offer co-signer release after a run of on-time payments; each lender's rules are its own.
Refinancing in your own name releases the original co-signer — a legitimate reason people refinance private loans. Some lenders also offer co-signer release after a run of on-time payments; each lender's rules are its own.
Fixed or variable rate?
Variable starts lower and can rise. If you'd be stretched by a higher payment, take the fixed rate and sleep. Variable suits fast payoffs where there's little time for rates to move against you.
Variable starts lower and can rise. If you'd be stretched by a higher payment, take the fixed rate and sleep. Variable suits fast payoffs where there's little time for rates to move against you.
Reviewed by AI and James Mills, retired financial planner with Professional Designations (25-year career), former FL mortgage and real estate broker. Lenders here are verified as real and currently operating; inclusion is not an endorsement. Rates and terms come from the lender — always check the source.
Editor’s note: CommonBond is intentionally excluded (it wound down student lending in 2022). Verified-detail and review columns get added over time.