Check out this list of the 7 best services to refinance student loans and consolidate college debt, so that you can reduce your monthly payments with lower interest rates and save thousands of dollars over the life of your loan.
Student loan refinancing simply means taking out a new loan at a lower interest rate to consolidate and replace your old loans.
You can reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your loan when you refinance student loans.
These student loan refinancing services can help you cut the cost of your student loan debit when you refinance up to 100% of your outstanding federal and private loans at lower rates.
All of these services provide easy online applications, so that you can see your new rates, terms, and repayment options in just a few minutes, and then decide on the best plan for your needs.
1. SoFi (Social Finance)
If you’re looking to refinance federal or private student loans, pay off your loans sooner, or get a lower monthly payment (or all 3), SoFi offers a range of rates and terms that you can check online in just 2 minutes.
- SoFi is one of few lenders that handles federal and private student loan consolidation.
- Members who refinance with SoFi save an average of $288 a month and $22,359 total.
- Low fixed rates and variable rates available.
- No application fees, no origination fees in most states, and no prepayment penalties.
- Get started by checking your rates online in just 2 minutes (Checking your rate will not affect your credit score).
- SoFi’s quick pre-approval process lets you know if you qualify before you complete the full application.
- Compare the plans available to you with specific payments, rates, and terms.
- Easily upload documents via screenshots or smartphone photos, then sign your paperwork electronically.
- If the unexpected happens, SoFi will temporarily pause your loan payments and help you in your job search.
- SoFi coaches will help you advance in your career, build a personal brand, negotiate your salary, and more.
- Get a 0.125% rate discount on an additional SoFi loan — just for being a member.
- Members have access to career strategy services, customer support 7 days a week, invites to SoFi events, and more.
Read our full SoFi Review for additional details.
If you’re looking to compare student loan refinancing options from top lenders, Credible will help you find the lowest fixed and variable rates through a quick online application process.
- Student loans for college, graduate, and professional degrees.
- Choose between fixed and variable rate loans, as well as deferred and interest-only repayment options for your school loans.
- Complete 1 form in just a few minutes to access education loan options from multiple lenders who compete to get you the best rate.
- Access special discounts from some lenders.
- No filling out duplicate forms.
- Get actual rates, not estimated ones.
- Finance almost any degree.
- Flexible repayment plans.
- San Francisco-based customer support 7 days a week.
- 3-way phone support connecting you and lenders.
Read our full Credible Review for additional details.
3. ELFI – Education Loan Finance
ELFI – Get $300 Bonus with this Link (Earn $100 for registering and closing loan within 90 days plus $200 extra for closing loan within 30 days.)
If you’re looking to optimize the best student debt repayment strategy for your specific situation and goals, ELFI – the education loan finance program offered by SouthEast Bank – offer many options to help you consolidate or refinance your student loans.
- ELFI can save you money with Variable Rates from 2.55%-6.01% APR and Fixed Rates from 3.09%-6.69% APR.
- Terms from 5 to 20 years available.
- Loan amounts from $15,000 to $250,000 or more (no maximum with credit approval).
- No application fees, no origination fees, and no prepayment penalty.
- Apply online in just minutes through their easy application process.
- Education Loan Finance is the first student loan refinancing lender to receive the AAA rating from both Standard & Poor’s and DBRS on its senior notes in its first securitization transaction comprised of this type of education loan product.
Read our full ELFI Review for additional details.
If you’re looking for a better way to borrow, Earnest utilizes unrivaled service and advanced technology to match you with the best low-interest loans.
- Student Loan Refinancing and Parent PLUS Refinancing available.
- Earnest uses data that other lenders don’t consider, like your savings patterns, investments, and career trajectory to give you the rate you deserve.
- Precision Pricing saves money for student loan clients by using your budget to determine a unique rate and term — down to the month.
- Apply online, then manage your account payment preferences with their intuitive dashboard and mobile app.
- Earnest’s in-house team is available via call, chat, text, or email.
Read our full Earnest Review for additional details.
If you’re looking to compare a variety of different ways that you can save money on your student loans, CommonBond offers you an easy way to lower your rates with 3 refinancing options, including variable rates, fixed rates, and hybrid rates
- Easy online application, and you can get approved in minutes.
- There are no origination fees, no pre-payment penalties, and no hassles.
- CommonBond offers 3 refinancing options that can save you thousands of dollars – Variable, Fixed, and Hybrid rates.
- CommondBond offers 5, 7, 10, 15 or 20 year terms.
- $5,000 minimum loan balance.
- Care Team available by phone, email, and live chat to answer any questions you have.
- CommonBridge program lets you temporarily postpone payments if you run into financial difficulties.
- For every loan that CommonBond funds, they also fund the education of a child in need.
Read our full CommonBond Review for additional details.
If you’re tired of dealing with the big banks, LendKey helps you easily find, customize, and fund your student refinance loan through a network of credit unions and community banks that prioritize you over their profits.
- Refinance and consolidate student loans, both federal and private, including graduate loans, into 1 convenient loan at a great rate.
- No origination fees charged when you refinance student loans through LendKey’s community of lenders.
- Many of LendKey’s student loan refinance lenders offer various repayment options, including interest-only payments for the first 4 years.
- LendKey’s student loan refinancing calculator lets you plug in your remaining loan balance and existing monthly payments so you can quickly figure out whether refinancing your student loans can improve your finances.
- Checking rates will NOT affect your credit score.
Read our full LendKey Review for additional details.
If you’re looking for the simplest way to find out your rates for refinancing your student loans, Purefy only asks you 5 simple questions to find your rates.
- Refinance your federal, private, or parent student loans into 1, simple Purefy loan.
- Complete the easy online application in less than 15 minutes.
- Purefy never charges fees or prepayment penalties.
- Cosigners can improve your interest rate.
- Parents are welcome to refinance their loans too.
- Purefy has a minimum loan amount of $7,500 and a maximum loan amount of $150,000.
Read our full Purefy Review for additional details.
Student Loan Refinancing Resources
Review these additional resources for more information about if student loan refinancing is right for you.
3 Questions to Answer Before Refinancing Student Loans (U.S. News) – Make sure that you answer these important questions before you refinance your student loans.
11 Secrets to Refinance Your Student Loans (Forbes) – Consider these important factors when you start shopping for student loan refinance lenders.
Don’t Rush to Refinance Your Federal Student Loans (CNBC) – Avoid these student-loan blunders before you consolidate your college debt.
Should You Refinance Your Student Loans? (Business Insider) – Is it worth refinancing your student loans, even if you have less than $10,000 to pay off?
Take advantage of these student loan refinance and college debt consolidation services to save money and reduce your monthly payments on your student loans.