How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- SoFi leads on breadth, with refinancing plus career coaching, member benefits, and unemployment protection.
- Earnest leads on flexibility, with custom loan terms, payment skipping, and rate customization.
- Splash Financial leads on marketplace comparison, matching borrowers with multiple lender offers in one application.
- ELFI, Laurel Road, and PenFed lead on competitive rates for strong-credit borrowers, with different perks and terms.
- College Ave and Citizens Bank suit borrowers who want established lenders with straightforward terms.
- Money warning: refinancing federal loans into a private loan permanently removes federal protections, including income-driven repayment, forgiveness programs, and forbearance options. Rates vary by credit score, income, and loan term, and the figures here are guides only, not offers. This article is general information only, not financial advice.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 SoFi | Breadth and benefits | See website | Not applicable |
 Earnest | Flexibility | See website | Not applicable |
 Splash Financial | Marketplace comparison | See website | Not applicable |
 ELFI | Competitive rates | See website | Not applicable |
 Laurel Road | Healthcare professionals | See website | Not applicable |
 College Ave | Straightforward terms | See website | Not applicable |
 PenFed | Credit union rates | See website | Not applicable |
 Citizens Bank | Established lender | See website | Not applicable |
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The best student loan refinancing companies
Student loan refinancing replaces one or more existing loans with a new private loan, ideally at a lower rate or with better terms, and it can save thousands over a loan's life for strong-credit borrowers. It also carries a permanent trade-off for federal borrowers: once refinanced into a private loan, federal protections are gone for good. The eight companies below cover large lenders, flexible terms, marketplace comparison, and credit union options, and the right pick depends on your credit, your loan type, and whether federal protections matter to you.
How we chose
We started from the refinancing companies borrowers actually use in 2026, drawing on lender pages, borrower guides, and rate comparisons. We favored lenders with transparent rates, no origination fees, and clear hardship options, and we excluded lenders with poor borrower reviews or hidden fees. Rates change with credit and market conditions, so figures here are guides only and current rates must be checked on lender pages. This article is general information only, not financial advice.
Buying guide
Start with the federal question, since it decides everything else. If your loans are federal and you might need income-driven repayment, forgiveness, or forbearance, do not refinance them into a private loan. Federal protections exist precisely for hardship, and private lenders rarely match them. Refinancing suits private loans, or federal loans only when you are confident you will never need those protections and the rate saving is large.
Next, compare rates honestly. Check both fixed and variable rates, since variable rates start lower but can rise, while fixed rates cost more upfront but stay stable. Get prequalified rate estimates with a soft credit check from several lenders, since soft checks do not hurt your score, and compare total cost over the full term, not just the monthly payment.
Then check terms and flexibility. Shorter terms save interest but raise monthly payments, while longer terms lower payments but cost more overall. Look for autopay discounts, hardship forbearance, job loss protection, and cosigner release options, since these features matter when life changes. Earnest leads on flexible terms, SoFi leads on benefits, and Splash leads on comparing many offers at once.
Finally, watch fees and fine print. Reputable refinancing lenders charge no origination or prepayment fees, so treat any such fee as a warning sign. Read the forbearance policy carefully, confirm whether the lender services loans itself or sells them, and check cosigner release rules if a cosigner is involved.
Also check autopay discounts, which most lenders here offer at around a quarter percentage point off the rate. That small discount adds up over a long loan, but confirm it applies for the full term and does not require a checking account you do not want.
One more factor matters for borrowers with mixed loans: partial refinancing. You can refinance only some loans, such as high-rate private loans, while keeping federal loans federal. That hybrid approach often beats all-or-nothing refinancing, since it captures savings where they are largest while preserving federal protections where they matter most.
Common mistakes to avoid
The most common mistake is refinancing federal loans without understanding the trade-off. Borrowers chase a lower rate, then lose forgiveness eligibility or income-driven options during a job loss or illness, when those protections matter most. Decide on protections first, rates second.
The second mistake is comparing only monthly payments. A longer term lowers payments but can double total interest, so compare total cost and payoff date alongside the monthly figure. The third mistake is accepting the first offer: rate differences between lenders can reach a full percentage point or more, so prequalify with at least three lenders before choosing.
Frequently asked questions
Should I refinance my federal student loans?
Usually not, unless you are confident you will never need federal protections and the rate saving is large. Refinancing federal loans into a private loan permanently removes income-driven repayment, forgiveness, and federal forbearance options.
Does prequalification hurt my credit score?
No. Prequalification uses a soft credit check that does not affect your score. A hard check happens only when you formally apply, and multiple hard checks for rate shopping within a short window generally count as one inquiry.
Fixed or variable rate: which is better?
Fixed rates stay stable for the loan's life and suit borrowers who value predictability. Variable rates start lower but can rise with market rates, suiting borrowers who plan to repay quickly or accept rate risk.
Can I refinance with a cosigner?
Yes. Many lenders accept cosigners, which can lower rates for borrowers with thin credit. Check cosigner release rules, since some lenders allow release after a set number of on-time payments.
What credit score do I need to refinance?
Most lenders prefer scores in the mid-600s or higher, with the best rates going to scores in the high 700s and above. Strong income and low debt-to-income ratios also improve rates and approval odds.
Sources
- Lender rate and terms pages for SoFi, Earnest, Splash Financial, ELFI, Laurel Road, College Ave, PenFed, and Citizens Bank
- Third-party 2026 comparisons of student loan refinancing companies
- Federal student aid guidance on refinancing trade-offs and federal protections
Starting priceSee website
Free planNot applicable
SoFi is the largest student loan refinancing lender, pairing competitive rates with member benefits such as career coaching, financial planning, and unemployment protection that pauses payments during job loss. Its broad product range lets borrowers combine refinancing with other SoFi accounts.
Best rates need strong credit, customer service quality varies, and loan servicing may transfer to another company. SoFi suits strong-credit borrowers who want a large lender with benefits beyond the loan itself.
What we like- Member benefits and career coaching
- Unemployment protection
- No fees
Watch out for- Best rates need strong credit
- Customer service varies
- Loan servicing may transfer
Starting priceSee website
Free planNot applicable
Earnest leads on flexibility, letting borrowers customize loan terms down to the month, skip a payment once a year, and adjust rates with precision tools. That control suits borrowers who want a payoff date matched to their budget rather than a standard 5, 10, or 20 year term.
Cosigner release is limited on some loans, eligibility is strict, and variable rate caps deserve careful reading. Earnest suits borrowers who want precise term control and flexible payment options.
What we like- Custom loan terms
- Payment skipping
- Rate customization tools
Watch out for- No cosigner release on some loans
- Eligibility is strict
- Variable rate caps matter
Starting priceSee website
Free planNot applicable
Splash Financial is a marketplace that matches borrowers with offers from multiple partner lenders through one application and soft credit check, saving the effort of applying lender by lender. Comparing offers side by side often reveals rate differences worth hundreds or thousands over a loan's life.
Splash is not a direct lender, offer quality varies by partner, and final terms come from the partner lender. Splash suits borrowers who want to compare many offers efficiently before choosing a lender.
What we like- Compares multiple lender offers
- One application
- No fees
Watch out for- Not a direct lender
- Offer quality varies
- Final terms come from partners
Starting priceSee website
Free planNot applicable
ELFI, Education Loan Finance, offers competitive rates for strong-credit borrowers with no origination or prepayment fees and a reputation for personal service. Its straightforward approach suits borrowers who want a clean rate without upselling.
It is a smaller lender than SoFi, eligibility is strict, and extra benefits are fewer. ELFI suits strong-credit borrowers who prioritize rate and service over member perks.
What we like- Competitive rates for strong credit
- No fees
- Personal service
Watch out for- Smaller lender
- Eligibility is strict
- Fewer extra benefits
Starting priceSee website
Free planNot applicable
Laurel Road, a KeyBank brand, is known for healthcare professional refinancing programs, with terms suited to doctors, dentists, and other medical professionals, alongside competitive rates for general borrowers. Its healthcare focus includes features such as residency-friendly terms.
The niche focus means general borrowers get less tailored value, best rates need strong credit, and general perks are fewer than SoFi. Laurel Road suits healthcare professionals and strong-credit borrowers who want a focused lender.
What we like- Strong healthcare professional programs
- Competitive rates
- No fees
Watch out for- Niche focus
- Best rates need strong credit
- Fewer general perks
Starting priceSee website
Free planNot applicable
College Ave offers straightforward refinancing terms with flexible repayment options and no origination or prepayment fees, in a clean application that suits borrowers who want clarity over complexity. Its terms cover a range of loan lengths and fixed or variable rates.
Best rates need strong credit, customer service quality varies, and benefits are fewer than SoFi or Earnest. College Ave suits borrowers who want clear, straightforward terms without extra complexity.
What we like- Clear terms
- Flexible repayment options
- No fees
Watch out for- Best rates need strong credit
- Customer service varies
- Fewer benefits
Starting priceSee website
Free planNot applicable
PenFed, the Pentagon Federal Credit Union, offers refinancing with credit union rates and a member-owned structure, often with competitive pricing for members. Membership is open broadly through partner organizations, and its no-fee approach suits cost-conscious borrowers.
Membership is required, eligibility can be narrow for some products, and online tools are simpler than fintech rivals. PenFed suits borrowers who want credit union pricing and who qualify for membership.
What we like- Credit union rates
- Member-owned structure
- No fees
Watch out for- Membership required
- Eligibility can be narrow
- Online tools are simpler
Starting priceSee website
Free planNot applicable
Citizens Bank offers refinancing from an established bank, with a multi-year approval option that lets borrowers secure approval for future academic years and loyalty discounts for existing customers. Its bank backing suits borrowers who prefer traditional lenders.
Best rates need strong credit, the experience leans branch-focused, and applications can move slower than fintech rivals. Citizens Bank suits borrowers who want an established bank lender with loyalty benefits.
What we like- Established bank
- Multi-year approval option
- Loyalty discounts
Watch out for- Best rates need strong credit
- Branch focus
- Application is slower
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.