Student loan refinancing is a one-way trade: you exchange the rate you have now for a lower rate, but if you're refinancing federal loans, you lose access to federal protections (income-driven repayment, public service forgiveness, deferment options, and forbearance flexibility). For high-earning, stable-income borrowers with no expectation of needing those protections, the math is straightforward. For borrowers in early-career instability or considering public-service careers, federal protections are insurance worth paying a higher rate to keep.
SoFi has the strongest brand recognition and broadest borrower coverage. Earnest offers customizable terms (down to the exact month) that no competitor matches. Splash Financial is a marketplace that surfaces credit-union offers. Laurel Road specializes in medical and dental refinancing with residency-friendly programs. Education Loan Finance (ELFI) is the strong fit for high-balance professional refinancing.
Compare lenders
The lenders below are ranked by editorial fit for this specific category, not by paid placement. APRs and product details reflect publicly available information at the time of research. Pre-qualifying with multiple lenders typically uses soft credit pulls and gives you the most accurate rate comparison.
| Lender · Best for | APR range | Loan amount | Min. credit | Fees | Funding | Terms | Soft pull? | |
|---|---|---|---|---|---|---|---|---|
| SoFi Student Refinance Most-recognized brand |
5.24% – 9.99% | $5,000 – no max | 650 | None | 5–14 days | 5–20 years | Yes | Check rates → |
| Earnest Customizable terms |
5.19% – 9.74% | $5,000 – $500,000 | 665 | None | 7–10 days | 5–20 years (custom) | Yes | Check rates → |
| Splash Financial Marketplace · multiple offers |
4.99% – 9.99% | $5,000 – no stated max | 650 | None | Varies by lender | 5–25 years | Yes | Check rates → |
| Laurel Road Best for medical and dental |
5.04% – 9.49% | $5,000 – no stated max | 660 | None | 7–14 days | 5–20 years | Yes | Check rates → |
| Education Loan Finance Personalized service · large balances |
5.08% – 8.69% | $15,000 – $250,000+ | 680 | None | 7–14 days | 5–20 years | Yes | Check rates → |
APRs and product details reflect publicly available lender information; actual offers depend on credit profile, income, state, and lender underwriting. iLoans.ai may earn a commission if you apply through these links. Advertising disclosure.
SoFi Student Refinance
- APR range
- 5.24% – 9.99%
- Loan amount
- $5,000 – no max
- Min. credit
- 650
- Fees
- None
- Funding
- 5–14 days
- Terms
- 5–20 years
Earnest
- APR range
- 5.19% – 9.74%
- Loan amount
- $5,000 – $500,000
- Min. credit
- 665
- Fees
- None
- Funding
- 7–10 days
- Terms
- 5–20 years (custom)
Splash Financial
- APR range
- 4.99% – 9.99%
- Loan amount
- $5,000 – no stated max
- Min. credit
- 650
- Fees
- None
- Funding
- Varies by lender
- Terms
- 5–25 years
Laurel Road
- APR range
- 5.04% – 9.49%
- Loan amount
- $5,000 – no stated max
- Min. credit
- 660
- Fees
- None
- Funding
- 7–14 days
- Terms
- 5–20 years
Education Loan Finance
- APR range
- 5.08% – 8.69%
- Loan amount
- $15,000 – $250,000+
- Min. credit
- 680
- Fees
- None
- Funding
- 7–14 days
- Terms
- 5–20 years
Detailed lender reviews
Click a lender's "Check rates" button to be directed to that lender's site. Pre-qualifying typically uses a soft credit pull that does not affect your credit score; the lender's site will indicate the type of credit check used.
SoFi Student Refinance
What we like
- No application, origination, or prepayment fees
- No maximum loan amount for qualified borrowers
- Career coaching and member benefits
- Co-signer release after 24 on-time payments
What to watch for
- Higher floor APR than some specialty competitors
- Variable rates available with rate caps
- Refinancing federal loans permanently loses federal protections
The single most-recognized name in student-loan refinance. Strong fit for high earners with stable jobs who want a clean process and member benefits.
Earnest
What we like
- Customize repayment term to the exact month
- No fees of any kind
- Skip-a-payment benefit available
- Strong rate competition for prime borrowers
What to watch for
- No co-signer option
- Excludes Massachusetts and a few other states
- No physical presence — fully online
A favorite among prime borrowers who want fine-grained control over repayment. The custom-month terms let you optimize between monthly payment and total interest in ways other lenders do not allow.
Splash Financial
What we like
- Marketplace surfacing offers from many lenders
- Often finds rates lower than direct lenders
- Includes credit unions in the network
- No application fees
What to watch for
- Underlying lenders set their own terms
- Customer service handled by the lender, not Splash
- Variable user experience depending on which lender accepts
A marketplace rather than a direct lender. Worth getting a quote here in addition to direct lenders, because credit unions in the network sometimes produce the lowest rates.
Laurel Road
What we like
- Specializes in medical and dental professionals
- Reduced-payment program during residency
- Owned by KeyBank — established institution
- No fees
What to watch for
- Best rates for specific professional categories
- Rate discount requires KeyBank account
- Less competitive for non-professional borrowers
The dominant refinance lender for doctors, dentists, and other medical professionals. Programs designed around residency cash flow are genuinely useful for borrowers in those fields.
Education Loan Finance
What we like
- Personalized loan adviser assigned to each application
- Higher loan amounts than most competitors
- No application or origination fees
- Strong rate competition for high-balance borrowers
What to watch for
- Minimum loan amount $15,000
- Slower process than some online-only competitors
- No mobile app
A strong fit for borrowers with high-balance loans (typically advanced-degree holders) who want a single point of contact. The personalized service is genuine, not marketing language.
How to choose the right loan
Student loan refinancing is a one-way trade. You exchange the rate you have now for a lower rate, but if you're refinancing federal loans, you permanently lose access to federal protections (income-driven repayment, public service forgiveness, deferment). The decision is more about whether to refinance than which lender to choose.
- Decide on federal vs. private first. If you have stable, high income and no public-service career plans, refinancing federal loans typically saves money. If you're in early-career instability, considering public service, or might need income-driven repayment, federal protections are usually worth keeping. Read the federal vs. private analysis.
- Refinance private loans first; keep federal separate. If you have both, you can refinance just the private loans and keep federal protections on the rest. Many lenders allow this. It's usually the right move.
- Choose fixed over variable for long terms. Variable rates start lower but adjust with market conditions. On a 10–20 year refinance, variable typically costs more in cumulative interest if rates rise even modestly. Fixed locks certainty.
- Use a marketplace plus 1-2 direct lenders. Splash Financial surfaces offers from credit unions and direct lenders that often beat the headline rates from SoFi or Earnest. Pre-qualify through Splash plus the direct lenders relevant to your situation.
- Consider a co-signer if your credit is borderline. A creditworthy co-signer can substantially lower your rate. Most major refinance lenders allow co-signer release after 24 months of on-time payments — meaning the co-signer is only on the hook temporarily.
- Don't refinance if you're pursuing PSLF. Public Service Loan Forgiveness requires federal loans. Refinancing into private loans permanently disqualifies you. If you're 2–3 years into a 10-year PSLF track, do not refinance.
- Verify your loans are eligible. Some federal loans (PLUS loans, certain consolidation loans) have specific refinance restrictions. Confirm with each lender before applying.
Methodology
Frequently asked questions
Should I refinance my federal student loans?
Only if you're certain you won't need federal protections (income-driven repayment, Public Service Loan Forgiveness, federal forbearance). For high-earning, stable-job borrowers with no public-service career plans, refinancing typically saves money. For borrowers in early-career roles or public service, federal protections are usually worth keeping.
What credit score do I need to refinance student loans?
650+ FICO at most lenders, with the best rates at 720+. A creditworthy co-signer can substantially lower the required score and improve the rate. SoFi, Earnest, and ELFI all accept co-signers; Earnest does not.
How much can I save by refinancing?
On $80,000 of student debt at 6.5% refinanced to 5%, savings over a 10-year term are roughly $7,200. The savings scale with the rate gap and the balance. Doctors and other high-balance refinancers often save $20,000+ over the life of the loan.
Is variable or fixed rate better for student refinance?
Fixed for most borrowers. Variable rates start lower but adjust with market conditions; on a 10–20 year refinance, the cumulative interest cost of variable typically exceeds fixed if rates rise even modestly. Fixed locks in certainty.
Can I refinance private student loans only?
Yes. Most lenders allow you to refinance only your private loans, leaving federal loans untouched and protected. This is often the right choice — refinance the loans without federal protections, keep the loans that have them.
Will refinancing affect my eligibility for student loan forgiveness?
Yes. Refinancing federal loans into a private loan permanently disqualifies them from any federal forgiveness program (Public Service Loan Forgiveness, Teacher Loan Forgiveness, income-driven plan forgiveness). This is irreversible — there is no path back to federal status after refinancing.
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