Student Loan Refinance

Refinancing student loans to a lower interest rate can help you save thousands of dollars. Just beware that if you have federal loans, refinancing to private loans may result in losing protections like special repayment plans that can help you in a time of need. Make sure you can comfortably afford your new payments if you refinance. And take the time to get rates from several providers. You can 'rate shop' for about 30 days and have only one inquiry show on your credit report.

What kind of loan will you refinance?:
Do you need a cosigner?:

General Disclaimer: The products that appear on this page may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace. Some of the offers below are from our partners.

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SHOWING 15 LOAN OFFERS

Highly Recommended
Student loan Refinance Sofi

A+

Very Transparent

2.99% -
6.24%

Fixed APR

1.99% -
6.24%

Variable APR

No Max ?

Undergrad / Grad Max Loan

Fixed rates from 2.99% APR to 6.24% APR (with AutoPay). Variable rates from 1.99% APR to 6.24% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 1.99% APR assumes current 1 month LIBOR rate of 0.18% plus 3.06% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

Student loan Refinance

A+

Very Transparent

2.98% -
5.79%

Fixed APR

1.99% -
5.64%

Variable APR

No Max

Undergrad / Grad Max Loan

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state ... Read More

Student Loan refinance commonbond

A+

Very Transparent

20

Years

Co-signer Release

3.19% -
5.99%

Fixed APR

3.18% -
6.06%

Variable APR

$500k / $500k

Undergrad / Grad Max Loan

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.18% effective July 10, 2020.

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Our Commitment

As of 07/07/2020 student loan refinancing rates range from 2.61% to 5.25% Variable APR with AutoPay and 3.19% to 7.75% Fixed APR with AutoPay.

Learn more

CuGrad Student Loan Consolidation cu grade

A+

Very Transparent

20

Years

Co-signer Release

3.19% -
7.75%

Fixed APR

2.61% -
5.25%

Variable APR

$125k / $250k

Undergrad / Grad Max Loan

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 07/07/2020 student loan refinancing rates range from 2.61% to 5.25% Variable APR with AutoPay and 3.19% to 7.75% Fixed APR with AutoPay.

 

Private Consolidation Loan

A+

Very Transparent

20

Years

Co-signer Release

3.91% -
6.28%

Fixed APR

1.88% -
4.25%

Variable APR

$200k / $200k

Undergrad / Grad Max Loan

Student Loans Refinance Laurel Road Bank

A+

Very Transparent

3.20% -
7.02%

Fixed APR

1.99% -
6.65%

Variable APR

No Max

Undergrad / Grad Max Loan

All credit products are subject to credit approval.
 
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico.  All loans are provided by KeyBank National Association, a nationally chartered bank.  Member FDIC.  For more information, visit www.laurelroad.com.
 
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
 
1. VARIABLE APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.
 
Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
 
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
 
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.

Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
 
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
 
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
 
Interest Rate: A simple annual rate that is applied to an unpaid balance.
 
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
 
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
 
This information is current as of June 23, 2020. Information and rates are subject to change without notice.
Student Loan refinance Discover

A+

Very Transparent

4.24% -
7.74%

Fixed APR

2.37% -
6.12%

Variable APR

Information Not Available /$150k

Undergrad / Grad Max Loan

Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Student Loans Refinance Education Loan Fianance

A+

Very Transparent

20

Years

Co-signer Release

3.19% -
5.99%

Fixed APR

2.39% -
6.01%

Variable APR

No Max

Undergrad / Grad Max Loan

Education Refinance Loan citizen bank

A+

Very Transparent

20

Years

Co-signer Release

3.20% -
8.63%

Fixed APR

2.49% -
8.38%

Variable APR

$300k / $500k

Undergrad / Grad Max Loan

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.49%-8.38% (2.49%-8.38% APR). Fixed interest rates range from 3.20%-8.63% (3.20%-8.63% APR).

 

Variable Rate Disclosure: Variable Rates are based on the one-month London Interbank Offered Rate(“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 1, 2020, the one-month LIBOR rate is 0.17%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.

 

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

 

Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

 

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer.  Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loansand our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

 

Citizens Bank Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.

 

Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
 

Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

Student Loan Refinance brightpeak financial

A+

Very Transparent

25

Years

Co-signer Release

3.99% -
9.49%

Fixed APR

3.25% -
9.75%

Variable APR

$80k / $80k

Undergrad / Grad Max Loan

Consolidation Student Loan Alliant CU

A+

Very Transparent

20

Years

Co-signer Release

4.50% -
7.00%

Fixed APR

4.25% -
6.50%

Variable APR

$100k / $100k

Undergrad / Grad Max Loan

Student Loan Refinance UW Credit Union

A+

Very Transparent

15

Years

Co-signer Release

3.14% -
10.50%

Fixed APR

1.89% -
7.55%

Variable APR

$150k / Information Not Available

Undergrad / Grad Max Loan

Student Consolidation Loan Everence

A

Transparent

15

Years

Co-signer Release

5.35% -
9.54%

Fixed APR

3.96% -
8.71%

Variable APR

$125k / $175k

Undergrad / Grad Max Loan

Student Loan Consolidation Mayo Employees Federal Credit Union

A

Transparent

15

Years

Co-signer Release

4.75% -
8.00%

Fixed APR

4.00% -
6.57%

Variable APR

$150k / $150k

Undergrad / Grad Max Loan

Student Loan Eastman Credit Union

B

A little complex

25

Years

3.75% -
N/A

Fixed APR

Variable APR

Not Available

Information Not Available /Information Not Available

Undergrad / Grad Max Loan

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