5 Best Student Loan Refinance Options for 2019

Refinance Student Loans

Refinance & Save Today With These Leading Lenders

Company
Variable Rates (APR)
Fixed Rates (APR)
Eligible Degrees
Company Website
CommonBond Refinance Student Loans
2.76% – 7.03%
3.18% – 7.25%
Undergrad
& Graduate
VISIT SITE
Earnest Refinance Student Loans
2.47% – 6.23%
3.89% – 6.97%
Undergrad
& Graduate
VISIT SITE
2.80% – 5.90%
3.37% – 7.02%
Undergrad
& Graduate
VISIT SITE
SoFi Refinance Student Loans
2.58% – 7.07
3.25% – 7.25%
Undergrad
& Graduate
VISIT SITE
LendKey Refinance Student Loans
2.56% – 7.94%
3.15% – 8.12%
Undergrad
& Graduate
VISIT SITE
$
This is how much Americans owe in student loan debt.
Did you know that over 94,000 people refinanced their student loans last year—saving an average of $18,668? Imagine a life without a student loan payment.

Beat Student Loans is helping to transform the $1.4 trillion dollar student loan debt problem by showing consumers real rates from America’s community lenders. We’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their student loans.

Would you Qualify for Student Loan Refinancing?

Now in 2018, more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.

Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.

Here are some common eligibility requirements:

Good Credit Score

Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.

Have a college degree

You should have graduated with an associates’ degree or higher from a Title IV school.

Employed

Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

Good Repayment history

You'll want to be current on your bills, credit cards, and other loans, including student loans.

*Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report. You can get your credit report for free by using AnnualCreditReport.com or Credit Sesame. If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.

Eligibility Requirements for Student Loan Refinancing

Company
Minimum Credit Score
Minimum Student Loan Debt Amount
Maximum Student Loan Debt Amount
Minimum Income Requirements
Proof of Employment & Diploma Required
Company Website
CommonBond Refinance Student Loans
700
$5,000
$500,000
None
Yes
VISIT SITE
Earnest Refinance Student Loans
Good
$5,000
No Max
$24,000/year
Yes
VISIT SITE
660
$5,000
No Max
None
Yes
VISIT SITE
SoFi Refinance Student Loans
Good
$5,000
No Max
None
Yes
VISIT SITE
LendKey Refinance Student Loans
Good
$5,000
Undergraduate:$125,000
Graduate: $250,000
Medical: $300,000
$24,000/year
Yes
VISIT SITE

Why Should you Refinance Your Student Loan Debt?

It's simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that's good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you'll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

If you don't qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it's best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

How Much Money Could You Save by Refinancing your Student Loans?

Company
Average Monthly Savings
Average Savings (Yearly/Lifetime)
Auto Pay Discount
Fees or Penalties
 
CommonBond Refinance Student Loans
$288/month
$22,359
Yes – .25%
None
VISIT SITE
Earnest Refinance Student Loans
$192/month
N/A
Yes – .25%
None
VISIT SITE
N/A
$20,195
Yes – .25%
None
VISIT SITE
SoFi Refinance Student Loans
$288/month
$22,359
Yes – .25%
None
VISIT SITE
LendKey Refinance Student Loans
$191/month
$16,657
Yes – .25%
None
VISIT SITE

Laurel Road Review

  • Best For: This loan provider is best suited for those that would want to work with a trusted company that has been around for 11 years. They have a lot of options for students and other individuals that are looking for refinancing or consolidating student loans.  The entire loan process can be done from the comfort of your own home.
  • Interest Rates: They have interest rates as low as 2.80%. You can get your custom rate in 3 minutes or less by visiting Laurel Road.
  • Loan Length: You can get a loan through them for a 5, 7, 10, 15, or 20 year term. Speak to one of their representatives to figure out the best loan length that works for you.
  • Amount: The company currently offers loans between $5,000 and $100,000.
  • Criteria: To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan. You will also need a minimum credit score of 660. Please website the Laurel Road website representative to check your rate and see if you are pre-qualified in minutes.

Laurel Road Pros/Cons

The Good

  • Unemployment protection up to 1 year
  • Offers a number of options to help you
  • Reduce APR by 0.25% when you sign up for automatic payments
  • No origination fee or prepayment penalty

The Bad

  • Charges a late fee of $28 or 5% of the missed payment
  • Charges a $20 fee for a non-sufficient fund returned payment

Visit Laurel Road and Find Your Rate in Under 3 Minutes

Interest Rates

Fixed 3.37% – 7.02% APR Variable 2.80% – 5.90% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

SoFi Review

  • Best For: SoFi is quickly becoming one of the largest providers of student loan refinancing and consolidation. SoFi is good for refinancing or consolidating student loans or anyone that has good or excellent credit score. 
  • Interest Rates: The company currently has a variable rate of 2.58% – 7.07% and fixed rates between 3.25% – 7.25%.
  • Loan Length: They currently offer 5, 7, 10, 15, and 20 loan terms. Please speak to a company representative to pick the right loan length for you.
  • Amount: The company currently offers student loan refinancing and consolidation for loans between $5,000 and $300,000.
  • Criteria: To qualify for this loan, you will need to have excellent credit history and be able to prove that you have an adequate income to pay off the loan. Please talk to a representative to discuss other criteria that might apply to you and your application for refinancing your student loans.

SoFi Pros/Cons

The Good

  • SoFi strives to provide exceptional customer service and it shows
  • Unemployment protection up to 1 year
  • Can get the lowest rates without a cosigner

The Bad

  • Must have a good or excellent credit score to get approved
  • If you already have a low-interest rate on your student loans, SoFi may not be able to save you money

Visit SoFi and Find Your Rate in Under 3 Minutes

Interest Rates

Fixed 3.25% – 7.25% APR Variable 2.58% – 7.07% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

Earnest Review

  • Best For: This loan provider is best suited for those who are just coming out of school who have little to no credit history. They have a lot of options for students and other individuals that are looking for a small loan and they have very unique flexibility. For example, you can set your own monthly payments and change between fixed and variable rates without any fees. Earnest has lower than average rates in the industry. 
  • Interest Rates: They have interest rates as low as 2.47% – 6.23% for variable APR and 3.89 – 6.97% for fixed APR.. You can get your custom rate in 3 minutes or less by visiting Earnest.
  • Loan Length: You can get a loan through them for a 5, 7, 10, 15, or 20 year term. Speak to one of their representatives to figure out the best loan length that works for you.
  • Amount: The company currently offers student loan refinancing and consolidation for loans over $5,000.
  • Criteria: It's simple to qualify as Earnest does not require a minimum income amount or credit score, and borrowers only need $5,000 in student loans to qualify.

Earnest Pros/Cons

The Good

  • Easy to get approved. Great for people just coming out of school who have little to no credit history
  • Offers unique flexibility, people can set their own monthly payments and change between fixed and variable rates without any fees
  • Earnest has lower than average rates in the industry

The Bad

  • The company is limited in its locations
  • Applicants must be employed or have a written job offer in order to be eligible for student loan refinancing
  • Earnest was only established in 2013

Visit Earnest and Find Your Rate in Under 2 Minutes

Interest Rates

Fixed 3.89% – 6.97% APR

Variable  2.47% – 6.23% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

LendKey Review

  • Best For: Lendkey is a great option for those that have an average credit score and you're looking for a lot of options in terms of student loans refinancing or consolidation. Visit LendKey to learn all  of their options to see what they have for you.
  • Interest Rates: They have interest rates as low as 2.56% – 7.94% for variable APR and3.15% – 8.12% for fixed APR. You can get your custom rate in 3 minutes or less by visiting LendKey.
  • Loan Length: You can get a loan through them for a 5, 7, 10, 15, or 20 year term. Speak to one of their representatives to figure out the best loan length that works for you.
  • Amount: The company currently offers student loan refinancing and consolidation for loans over $5,000.
  • Criteria: To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan and an average credit score.

LendKey Pros/Cons

The Good

  • LendKey focuses on customer service
  • The average person saves around $16,657 in student debt refinancing
  • Conveniently offers a 30-day, no-tax or interest return, if customers are not satisfied

The Bad

  • The minimum credit score for acceptance is around 680, and they require a strong credit history
  • Reviews have said the website is not user-friendly, and the process of uploading documents online is confusing

Visit LendKey and Find Your Rate in Under 3 Minutes

Interest Rates

Fixed

3.15% – 8.12% APR

Variable 2.56% – 7.94% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Cosigner Option, Calculator on Website

Beat Student Loans Review

CommonBond Review

  • Best For: CommonBond is an excellent company because prospective borrowers can easily see what rates they qualify for. Consumers can easily see a high and low APR rate, estimated monthly payment, estimated interest, and estimated cost of a $10,000 loan. All numbers are based on the terms of your loan.
  • Interest Rates: They have interest rates as low as 2.76% – 7.03% for variable APR and 3.18% – 7.25% for fixed APR. You can get your custom rate in 3 minutes or less by visiting CommonBond.
  • Loan Length: You can get a loan through them for a 5, 7, 10, 15, or 20 year term. Speak to one of their representatives to figure out the best loan length that works for you.
  • Amount: The company currently offers student loan refinancing and consolidation for loans over $5,000.
  • Criteria: To start refinancing your student loans, you must be a graduate. This seems to be standard requirement for student debt companies, but there still are companies you can consolidate or refinance through if you did not graduate from college.

CommonBond Pros/Cons

The Good

  • CommonBond has low and transparent rates
  • This company offers lower rates than other lenders in the student debt industry
  • Conveniently offers a hybrid loan option

The Bad

  • To be accepted you must have graduated from college
  • This company doesn't offer loan consolidation

Visit CommonBond and Find Your Rate in Under 3 Minutes

Interest Rates

Fixed 3.18% – 7.25% APR <Variable 2.76% – 7.03% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance

Features

Auto Payment, Career Support, Cosigner Option

Beat Student Loans Review

Student Loan FAQ

Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.

The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time. 

To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.

99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.

Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.

The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.

Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different.  Student loan companies are often in the news for scamming student loan borrowers.  On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest.  If they don’t follow these standards, they will be disbarred.

If you are solicited by a student loan debt company – BEWARE!  This is a red flag and means they probably obtained your information from a list that they bought.  Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.

If you have private and federal loans, SoFi may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.

  • Make an overall budget for your monthly income and expenses to include your student loan payments.  Make sure you have all payment due dates noted. Use a spreadsheet or an app to help you track where and how you spend your money.
  • Set up automatic payments for your student loans, so you don’t miss any. Some lenders often a small discount on your interest rate if you set this up.
  • Accelerate repayment of high interest student loans first.  You always want to tackle high-interest loans of any kind first.
  • Find student guides online: You can see utilize guides like this, Student Loan Payoff Guide, that shows how others were able to successfully pay off student loans faster.

Student Loan Articles & Resources For You

Recap of the Best Student Loan Companies for 2018

Company
Variable Rates (APR)
Fixed Rates (APR)
Eligible Degrees
Company Website
CommonBond Refinance Student Loans
2.76% – 7.03%
3.18% – 7.25%
Undergrad
& Graduate
VISIT SITE
Earnest Refinance Student Loans
2.47% – 6.23%
3.89% – 6.97%
Undergrad
& Graduate
VISIT SITE
2.80% – 5.90%
3.37% – 7.02%
Undergrad
& Graduate
VISIT SITE
SoFi Refinance Student Loans
2.58% – 7.07
3.25% – 7.25%
Undergrad
& Graduate
VISIT SITE
LendKey Refinance Student Loans
2.56% – 7.94%
3.15% – 8.12%
Undergrad
& Graduate
VISIT SITE


Disclosure: Some of the links above may be affiliate links. Beat Student Loans is helping to transform the $3.2 trillion dollar consumer lending market. By showing consumers real rates from America’s community lenders, we’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their low-interest rate loans.

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