Compare Top Lenders for Student Loan Refinancing & Consolidation

Last Updated: May 30, 2019
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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

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#1 - Comet Recommended View More Details

Earnest empowers people with the financial captial they need to live better lives.

  • APR: 2.41% - 7.72%
  • Minimum credit score: 650
  • Refinance up to $500K
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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.

#2 View More Details

Many ELFI customers save hundreds per month month and thousands over the length of the loan term.

  • APR: 2.80% - 6.69%
  • Minimum credit score: 680
  • No refinancing maximum amount
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Visit ElFi View Loan Disclosure

Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.

Education Loan Finance (ElFi) review

Check out their low rates today to see how much you can save.

  • Get Your Rate. With Education Loan Finance's Find My Rate tool, you can complete a short application to receive a preliminary quote on your eligible rates and terms, all without affecting your credit score.
  • Apply in Minutes. Education Loan Finance's online application is fast and simple.
  • Outstanding Personalized Service. Our Personalized Loan Advisors specialize in student loan refinancing and help busy professionals find the option that's right for them.
  • Student Lending Experience: Education Loan Finance isn't a start-up company - we have a longstanding history and expertise in serving student loan borrowers.

Attractive Bonus and Referral Programs:

  • Education Loan Finance Fast Track Bonus**: Education Loan Finance's application process is streamlined and simple, and you can earn a $200 bonus just for closing your loan within 30 days of your initial application.
  • Education Loan Finance Referral Program**: Earn $400 for each new Education Loan Finance Client referred by you!
#3 View More Details

Works with 275+ not-for-profit community lenders for higher approval chances

  • APR: 2.38% - 7.50%
  • Minimum credit score: 660
  • Refinance up to $300K
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Visit LendKey View Loan Disclosure

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.

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 275 not-for-profit and 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.

#4 View More Details

Operates in all 50 states; 2nd largest student loan refinancing lender

  • APR: 2.43% - 7.02%
  • Minimum credit score: 660
  • No refinancing amount maximum
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Visit Laurel Road View Loan Disclosure

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.

Laurel Road Student Loan Refinance Review

  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
  • No fees & the lowest rates in the space - Laurel Road is the most transparent about the rates they provide customers, and offer the lowest rates where it counts. Our customers will save more than $20,000 over the life of their loans on average. 
  • Customer service reputation - Laurel Road's customer service representatives are no rookies. With 19 years of experience on average, Laurel Road’s Customer Service team delivers an experience that is best in the industry. They work to build meaningful, life-long relationships with our valued customers to improve their overall financial wellness.
  • The stability & security of a bank - They are a division of Darien Rowayton Bank, a stable and secure FDIC-insured bank, regulated by the FDIC and the Connecticut Department of Banking.

Get your personalized, pre-approved rates in less than 5 minutes.

#5 View More Details

For every loan they fund, they contribute to the education of a child in need

  • APR: 2.37% - 8.44%
  • Minimum credit score: 660
  • Refinance up to $500K
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Visit CommonBond View Loan Disclosure

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.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#6 View More Details

Offers unemployment protection and career/coaching/networking

  • APR: 2.430% - 8.074%
  • Minimum credit score: 650
  • Refinance up to 100% of student debt
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Visit SoFi View Loan Disclosure

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.

SoFi Student Loan Refinancing Review

  • Low interest rates - For well-qualified borrowers, SoFi offers some of the lowest rates we have found.
  • Strong customer service - It has more than 350 customer service reps available to help applicants through process.
  • Career coaching and networking - Perks include career services representatives who can help you find a job or negotiate a higher salary. SoFi also hosts networking events, happy hours and educational lectures on topics like buying a home in major cities around the country.
  • Unemployment protection - Borrowers who lose their jobs through no fault of their own may apply for Unemployment Protection. If approved, SoFi will suspend their monthly SoFi loan payments and provide job placement assistance during the forbearance period. These benefits are offered in three month increments, and are capped at 12 months, in aggregate, over the life of the loan. Note that interest will still accrue while loans are in forbearance.

Find out what interest rate SoFi can offer you here.

#7 View More Details

Special offers for medical resident and fellow refinance products

  • APR: 3.02% - 7.76%
  • Minimum credit score: 670 w/cosigner
  • Refinance up to $350K
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Visit Splash View Loan Disclosure

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.

  • 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.

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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