Nitro is a free website designed to help those with student loan debt evaluate all the available options to help reduce that financial responsibility. The Nitro team works hard to display products and services that we believe are only of the highest quality and will make a positive impact on your life. We sometimes earn a sales commission or advertising fee from our partner relationships when suggesting these various products and services to you. Nitro is not a lender and is not involved in the refinance approval process, nor do we make credit related decisions. Those profiled on our site are the ones who will refinance your student debt. We strive to provide you with accurate and up-to-date information, but recommend you always check rates and terms with the individual financial institution before making any decision.
Results are based on estimated interest rates. We recommend you check directly with the lender for your personalized rate.
Works with 275+ not-for-profit community lenders for higher approval chances
LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.
Are you one of the 8 million Americans who could be getting a better deal? A Goldman Sachs report estimated that $211 billion in student loans are ripe for refinancing – about 70% of private student loans and 25% of loans from the Federal Family Education Loan Program.
Wondering if you're a good candidate for refinancing or consolidating your student loans? Here's what these companies look at when considering your application:
Your creditworthiness is crucial. You'll be a good candidate if your credit score is in the 650 to 850 range.
Banks want your credit score to be high, but they also want your debt-to-income ratio to be low — less than 36%. Calculate your ratio by adding all monthly debt payments and then dividing that sum by your gross monthly income (what you earn before taxes).
A responsible finance history assures a bank that you are a low risk. Being current on your bills, credit cards and student loans is an important loan criterion.
Banks review your employment and income history.
Grads represent lower risk and have higher approval rates.
A new loan with a lower interest rate will decrease your monthly payment, which may enable you to pay off the loan faster. If you are looking for more money in your budget today, you can refinance your student loans for a longer period of time—spreading out your payments, reducing your monthly bill.
If your private or federal student loans have an interest rates of 4% or higher, refinancing will likely save you money. Parents can also save money by refinancing their PLUS loans, which typically have higher interest rates than student loans.
You will lose eligibility for federal income-driven repayment plans if you refinance your federal student loans. Examples are Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), Pay As You Earn (PAYE), and the Revised Pay As You Earn (REPAYE) plan. These plans decrease monthly payments if you have a low income, lose your job, or experience economic hardship.
Student loan forgiveness is for federal employees, teachers or those who work in a public service. If you work in one of these fields and you have been consistent in your payments, you could be eligible to have your federal student loans forgiven. Once you refinance, these benefits will no longer be available to you. If you are eligible for student loan forgiveness, we recommend calculating whether student loan forgiveness or refinancing will save you more money over the life of your loans.
Many students apply with a co-signer, often a parent or grandparent, when they first take out college loans. This enables young people with little or no credit history to get lower interest rates. But once you’ve been out of school for a few years, you may want to release your loved one from responsibility. Removing a cosigner from the original loan can be a difficult bureaucratic struggle. Refinancing can be a much simpler way to get everything in your own name.