Student Loan Refinancing Options - July 2021

Last Updated: August 13, 2021
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Nitro Advertiser Disclosure

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.

Lender Loan Disclosure

Top 3 Reasons to Refinance:

  • Reduce your monthly payment
  • Lower your overall rate
  • And ultimately become debt free faster
#1 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • Fixed rates: 1.99% - 7.84% APR
  • Variable rates: 1.74% - 7.49% APR
  • Minimum credit: 650
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Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry 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.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

#2 View More Details

Ability to apply for cosigner release after 24 consecutive payments. 

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Visit NelNetBank View Loan Disclosure

Give Your Life’s Journey a Jump-Start.

If you’re ready to put student loans in your rearview mirror, Nelnet Bank student loan refinancing offers low rates and flexible terms to help you start getting ahead.

  • VARIABLE RATES: 2.69% - 9.20% APR See Disclaimer
  • FIXED RATES: 3.49% - 7.44% APR See Disclaimer
  • AUTO DEBIT SAVINGS: We’ll knock .25% off of your interest rate when you enroll in auto debit. See Disclaimer
  • NO ORIGINATION FEES: No application, origination, or prepayment fees on Nelnet Bank loans.
  • HARDSHIP PROTECTION: Hardship forbearance helps protect against unexpected loss of income. See Disclaimer

See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.

#3 View More Details

ElFi offers top-rated customer service, some of the lowest rates available, and flexible terms to fit your goals.

  • Fixed rates: 2.73% - 5.99% APR
  • Variable rates: 1.86% - 6.01% APR
  • Minimum credit: 680
View More Details
Visit ElFi View Loan Disclosure
Student Loan Refinancing Made Simple.
Discover our low rates and fast, no-fee application process for refinancing your student loans or financing your college education.
The ELFI Difference:
  • Some of the Lowest Rates Available – We believe in rewarding financially responsible borrowers by providing some of the lowest refinancing rates available.
  • Expertise That’s Second to None – Our ELFI management team has over 30 years of expertise in student loans and student loan refinancing.
  • Fast and Easy Process – Secure your personalized student loan or refinancing options in just a few short minutes.
  • Personal Loan Advisors – Our award-winning customer service team will guide you every step of the way.
  • Service Coast to Coast - ELFI private student loans and student loan refinancing are available across the entire U.S. and Puerto Rico.

Click here to refinance now with ELFI.

#4 View More Details

SoFi is the leading student loan refinancing provider. 

  • Fixed rates: 3.49% - 7.99% APR
  • Variable rates: 1.74% - 7.99% APR
  • Minimum credit: 650
View More Details
Visit SoFi View Loan Disclosure

$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.

  • Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
  • No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
  • Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
  • Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
  • 98% of surveyed members would recommend SoFi to a friend

Save thousands on your student loans and pay off your loans sooner. Find your rate.

#5 View More Details

Works with 300+ community lenders for higher approval chances

  • Fixed rates: 2.49% - 7.75% APR
  • Variable rates: 1.90% - 5.25% APR
  • Minimum credit: 660
View More Details
Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#6 View More Details

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

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Visit Earnest View Loan Disclosure

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.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

Featured on:
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Washington Post

Who is eligible to refinance student loans?

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:

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A good credit score

Your creditworthiness is crucial. You'll be a good candidate if your credit score is in the 650 to 850 range.

A low debt-to-income ratio

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).

Repayment history

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.

Solid employment history

Banks review your employment and income history.

A college degree

Grads represent lower risk and have higher approval rates.

When does it make sense to refinance your student loans

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If you’re looking for an opportunity to save money

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.


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If your current interest rate is greater than 4%

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.


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If variable, income-based repayment options are not as important to you

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.


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If you don’t qualify for student loan forgiveness

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.


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If you want to release a co-signer

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.

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

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