- Best Student Loan Refinance Rates
- Banks That Refinance Student Loans
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Best Student Loan Refinance Rates
Student loan refinancing can get you a lower interest rate, a lower monthly payment, or both. If you refinance through this site, you’ll also get the best student loan refinance bonus. Now that interest and student loan payments have started again, it’s a good time to evaluate whether or not refinancing makes sense.
The Best Student Loan Refinance Companies Of 2022
The six lenders in the table below offer the lowest interest rates more than 95% of the time. If you want to make sure you’ve found the best rate, you’ll see the full list of eight refinancing companies further down the page.
You can refinance your private student loans as many times as you like, as long as you find a lower interest rate. Anyone with private student loans should apply for a refinance every year or two to see if there’s a better rate out there.
Of course, if you’ve refinanced in the past few years, it’s unlikely you’ll find a lower rate in your current rate unless your credit has improved dramatically.
Student loan interest began on September 1, 2023, due to the debt ceiling legislation. Refinancing companies generally allow you 30 days to decide whether or not to accept their offer.
How To Lower Student Loan Payments
Of course, if you decide to refinance your federal student loans, you’ll need to be able to justify opting out of the new Savings Value Education (SAVE) repayment plan. This plan will subsidize all your interest that does not cover the required payment.
Even with all the new benefits for federal student loan lenders, if you make at least $50,000, work in the private sector, and make more than you owe, student loan refinancing is probably the smartest decision after the interest continues.
You can choose many different paths to refinance your student loans. If you go through a website you found from a search engine, most will cut your refinance and keep all of the advertising commission for themselves.
In contrast, sites like ours take a reduced advertising commission so lenders can afford to provide a cash bonus to individuals who choose to refinance through Student Loan Planner.
Best Student Loan Interest Rates Of November 2023
You can also get referral bonuses from lenders once you are a customer. However, this is not the same as getting a student loan refinance bonus. The referral bonus depends on what you do after refinancing. The student loan refinance bonus depends on where you refinanced your own loans. Generally, our student loan refinance bonuses are much larger than referral bonuses.
If you find a better deal on a student loan refinance somewhere else, please let us know, as it should be nearly impossible.
If you’ve already started an application with one of the above companies, you can still get the bonus if you apply with a new email address that you haven’t used before.
The paid referral relationship we have with our partners does not affect the rate you are offered, meaning you get a better offer than if you applied directly.
Compare Best Student Loan Refinance Rates In Seconds
Some websites that appear at the top of Google search results try to hide that they are not offering a student loan refinance bonus at all to their readers. They highlight the refer-a-friend bonuses that you will still qualify for after going through our site.
Many websites try to make the bonus look bigger than it actually is or obfuscate that they are not giving you cash.
For example, a site may promise a bonus of thousands of dollars, but only covers part of the refinancing market and does not offer good rates.
Other sites may assign an arbitrary value to a free course or service in order to make their bonus numbers look big because they don’t want to have to pay you cash.
Repaye Vs. Paye Vs. Ibr Vs. Refinance
Such companies choose to keep the higher profit margin for themselves. We would like to take a lower commission so you get the best overall deal.
Note that for some of these companies, you need to refinance a minimum amount with that lender to get that bonus.
If you’re refinancing a six-figure loan amount that’s large enough to receive a student loan refinance bonus of $1,000 or more, contact us as soon as you’re done applying so we can track your bonus.
Use the contact button on this page in the lower right corner to confirm that your loan shows as creditable on Student Loan Planner® before you sign the refinance documents. You can also send an email to help@.
What Does It Cost To Refinance Student Loans?
If you’re not sure which company to start with, take our quiz below to get a personalized recommendation.
After counseling over $2.4 billion in student debt, here’s what I tell borrowers when they ask if they should refinance federal and private student loans.
Remember, you can refinance private loans two, three, four or more times. The only thing that matters is finding a better rate.
We surveyed thousands of professionals with six-figure student debt. Only 10% of these borrowers check more than three lenders. That means more profit for student loan refinancing companies. Since it only takes two to five minutes to get a rate estimate from a company, you should at least check out a few different options.
Banks That Refinance Student Loans
You’ll be asked for basic information, and the company will give you a rate estimate of whether you could potentially qualify. This is called a “soft credit check,” which does not affect your credit score.
Once you’ve identified one or two companies that offer great rates, you can submit a “hard credit check,” which has a very small, temporary, one-time impact on your credit score (often 5 to 10 points). This is similar to applying for a credit card, so you don’t need to worry unless you’re applying for a mortgage within a week or two of applying for your student loan refinance.
Some student loan refinance lenders such as Earnest, ELFI, SoFi and Laurel Road offer rates directly. Others, like Credible and LendKey, connect you to a network of lenders on their platforms that you probably wouldn’t check out on your own.
Note that you can apply to as many companies as you like. If you do this within 30 days, then it’s considered “rate shopping” and only counts once on your credit score.
New Interest Rates On Federal Student Loans For 2023 2024
Your refinanced student loan interest rate depends on your credit profile, income, debt-to-income ratio and many other factors.
The table below shows the lowest fixed interest rates available nationwide as reported to us by readers in the fall of 2023. Variable rates are also available, but most of our readers choose fixed rate loans.
You shouldn’t necessarily expect to get a rate as low as what’s listed below. The table just shows the current state of the refinancing market for the best qualified borrowers so you can evaluate whether or not you should apply.
If you refinance at current rates, expect to come back within a few months to see if you can refinance again—especially since the economy is at a low point and interest rates are higher right now.
Private Vs. Federal College Loans: What’s The Difference?
Compare the eight student loan refinance lenders below to get the lowest interest rate. We highlight the top reasons you would consider using each lender, the cash bonus terms available (some are specific to the amount being refinanced), lender-specific reviews if you want to learn more, and the star rating, which reflects long-term feedback we receive from our readers.
SoFi continues to be one of the leading companies by total refinancing volume. They offer residency, scholarship and parent PLUS refinancing. Currently, SoFi offers discounts for medical and dental professionals. In addition to the 0.25% automatic payment discount, there is a 0.25% discount for those with MD, DO, DDS and DMD degrees, as well as a 0.25% discount for refinancing loans of at least $150K. Get a SoFi Bonus of up to $1000 when you use our SoFi link to see if you qualify and refinance your student loans through them. For loans over $100,000, Student Loan Planner® directly provides $500 of the total bonus amount of $1,000. *See disclosures here and here
Splash searches multiple lenders at once and provides a rate estimate very quickly. Their site provides one of the best user experiences and you can get a rough estimate of how good your rate will be in the market as a whole by applying with them. Get up to a $1,000 bonus when you use our Splash Financial Connection to apply and refinance. Note that if you refinance $100,000 or more, $500 of the $1,000 bonus comes directly from the Student Loan Planner®. Lowest rates shown