Enter the $2,000 Nitro Scholarship now! Apply in 3 Minutes!

Can You Refinance Student Loans More Than Once?

If you’ve refinanced your student loans before, you know how useful this strategy can be for lowering your monthly payments and cutting interest.

You may wonder if you can refinance your student loans more than once. The answer is yes—but it may not be worth the effort. Ask these questions to see whether additional refinancing is right for you.

Can you refinance at a lower rate?

In order to refinance your student loans—whether for the first time or the third—you will need to meet certain requirements to get the best interest rate.

Lenders want to see that you have:

  • A significant and reliable source of income
  • A history of consistent repayment in the past
  • A low debt-to-income ratio, and
  • A good credit score.

How many times can you refinance student loans?

There’s technically no limit to how many times you can refinance student loans.

You may want to refinance to secure a better interest rate, change the length of the loan, or convert an adjustable rate loan to a fixed rate loan. 

Imagine Life Without a Student Loan Payment... Start Saving Now!

When does it make sense to refinance more than once?

You're most likely to benefit from refinancing your student loans if you have a lot of student debt and a high interest rate.

If you refinanced previously and secured a very competitive rate, you probably won’t save much by refinancing again. But if your finances and credit score have improved significantly since the last time you refinanced—and if interest rates have gone down—there may be an opportunity for savings.  

Also, if you've already consolidated student loans, refinancing can still be a good option.

What else should you consider before refinancing again?

Here are some other questions to ask before you refinance again:

  • What is the length of your current loan’s term and how many payments remain? Refinancing again could increase your number of payments, potentially raising the amount of interest you’ll pay.
  • What fees or costs come with refinancing? These extra costs may outweigh any savings. (See our picks for the best companies for no-fee student loan refinancing.)
  • How much principal remains to be paid? If you’re close to paying off your student debt, a lower interest rate or different loan terms probably won’t save you much money.

In any case, it's wise to calculate how much you’ll save by refinancing again. See if you're ReFi Ready

Additional Nitro Recommended Student Loan Lenders

Lender Rates (APR) Loan Types Terms Eligible Degrees Eligible Loans  

Sallie Mae

3.37% - 13.72%1 Variable & Fixed
10 - 15 years

Undergrad Students Learn More

View Disclosure

Ascent

3.04% - 14.75%1 Variable & Fixed
5 - 15 years

4

Undergrad & Graduate Students Learn More

View Disclosure

Earnest

2.70% - 12.78%1 Variable & Fixed
5 - 15 years

3

Undergrad & Graduate Student & Parent Learn More

View Disclosure

SoFi

2.99% - 13.60%1 Variable & Fixed
5 - 15 years

Undergrad & Graduate Student & Parent Learn More

View Disclosure

FundingU

6.99% - 12.99%1 Variable & Fixed
10 years

Undergraduate No-Cosigner Student Loan Learn More

View Disclosure

MPowerFinancing

7.52% - 14.98%1 Fixed
10 year only

Undergrad & Graduate Student Learn More

View Disclosure

Rates (APR) 3.37% - 13.72%1
Loan Types Variable & Fixed
Terms 10 - 15 years

Eligible Degrees Undergrad
Eligible Degrees Students
Rates (APR) 3.04% - 14.75%1
Loan Types Variable & Fixed
Terms 5 - 15 years

4

Eligible Degrees Undergrad & Graduate
Eligible Degrees Students
Rates (APR) 2.70% - 12.78%1
Loan Types Variable & Fixed
Terms 5 - 15 years

3

Eligible Degrees Undergrad & Graduate
Eligible Degrees Student & Parent
Rates (APR) 2.99% - 13.60%1
Loan Types Variable & Fixed
Terms 5 - 15 years

Eligible Degrees Undergrad & Graduate
Eligible Degrees Student & Parent
Rates (APR) 6.99% - 12.99%1
Loan Types Variable & Fixed
Terms 10 years

Eligible Degrees Undergraduate
Eligible Degrees No-Cosigner Student Loan
Rates (APR) 7.52% - 14.98%1
Loan Types Fixed
Terms 10 year only

Eligible Degrees Undergrad & Graduate
Eligible Degrees Student

About the author