When Should I Refinance My Student Loans?
Proper timing when refinancing student loans is a great way to save money and eliminate risk.
Rank | Lender | Interest_Rates_ | Loan_Amounts____ |
---|---|---|---|
1 | ![]() | 4.69%* – 9.99% | $5,000 – No Max |
Splash Financial Review: Splash has competitive rates, but they start slightly higher than the top lenders. Splash also offers unique 8 and 12 year repayment terms. | Application + Up to $500 Bonus | ||
2 | ![]() | 4.86% – 8.44% | $10,000 – No Max |
ELFI Review: ELFI routinely offers excellent interest rates. Even though ELFI is new, it is the product of a regional bank that has been in business for decades. | Application + $150 Bonus | ||
3 | ![]() | 4.49% – 9.99% | $5,000 – No Max |
SoFi Review: SoFi is the biggest name in student loan refinancing for a simple reason – their rates are reliably among the best on the market. | Application | ||
4 | ![]() | 3.95% – 9.74%^ | $5,000 – No Max |
Earnest Review: The rates advertised by Earnest are among the best, but in head to head comparisons, Earnest often falls short in actual rates offered. Earnest scores points because it has by far the most flexibility on loan repayment length. | Application + $150 Bonus^ | ||
5 | ![]() | 4.89% – 9.12% | $5,000 – $300,000 |
LendKey Review: LendKey partners with local banks and credit unions to provide their loans. The end result is competitive rates provided by local reputable businesses. | Application + $150 Bonus |
Note: The lowest listed rate for each lender is listed as an APR and includes a .25% autopay discount where available. The industry standard among nearly all lenders is to offer this discount.
Click here for the full list of national lenders and reviews.
Methodology: Learn how these rankings are generated.
Proper timing when refinancing student loans is a great way to save money and eliminate risk.
A strong income opens up many doors and strategies for student loan elimination.
Juno doesn’t offer student loans or refinancing. Instead, Juno is a tool to help borrowers find the best possible interest rates.
Refinancing has some risks for government workers, but there are times that it can be a smart move.
Refinancing usually requires a steady income and decent credit score. Unemployed borrowers will need a cosigner if they want to refinance.
The refinance lender ranking methodology at The Student Loan Sherpa is different than the approach used by other sites.
Sometimes strange things happen with student loan refinancing, but the process is relatively quick and issues often resolve themselves.
Streamlining student loan repayment has its advantages, but using a refinance or consolidation for this purpose is asking for trouble.
Lenders can’t just change a student loan interest rate whenever they want. Rates can only go up or down if an index rate moves.