We rate Earnest as the best student loan refinance company because of its broad loan terms, lower-than average interest rates, and strong reputation. Earnest also charges no fees, offers referral bonuses and autopay discounts, has an in-house customer support team, and provides borrowers options during times of hardship.
If you borrowed money for school, refinancing may allow you to obtain a more favorable interest rate, new loan terms, and release a co-signer. However, if you have federal student loans, refinancing to private lenders will mean giving up eligibility for federal forgiveness programs.
Carefully weigh the pros and cons of refinancing before making any decisions to ensure you don’t lose access to programs that could help you eliminate student loan debt quicker. We’ll explain our top choices for private student loan refinance companies and help you decide if refinancing is worth it for you.
| Company | Best For | Max Loan | Key Perk | Min. Credit Score |
|---|---|---|---|---|
| Earnest | Overall Flexibility | $550,000 | Skip 1 payment per year | 665 |
| SoFi | Borrower Experience | Cost of Attendance | Member benefits & discounts | Not disclosed |
| ELFI | Customer Service | Cost of Attendance | Personal Loan Advisor | 680 |
| Splash Financial | Comparison Shopping | Varies by lender | Compare multiple quotes | 700+ |
| RISLA | Borrower Protections | $250,000 | Income-based repayment | Not disclosed |
We reviewed 19 student loan companies and our preferred choice for refinancing student loans is Earnest. Here’s a snapshot of why we selected Earnest as our best overall pick:
We analyzed 19 student loan refinance companies and ranked them based on refinance details, application requirements, reputation, and customer service. Use the table below to compare our top five recommendations.
| Company | Our Reward | Our Rating |
|---|---|---|
| Earnest | Best Overall | $5 |
| SoFi | Best for Borrower Experience | $5 |
| ELFI | Best Customer Service | $5 |
| Splash Financial | Best for Comparison Shopping | $4 |
| RISLA | Best for Borrower Protections | $4 |
| Pros | Cons |
|---|---|
| Skip a payment without penalty |
You’ll lose federal benefits, like income-driven repayment plans, if refinancing
|
| Fee free |
Variable interest rates are not available for borrowers in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas
|
| Up to 180 ways to customize your loan |
Does not disclose minimum income requirements
|
| Research Category | Earnest Rating |
|---|---|
| Loan Terms | $5 |
| Application Process | $5 |
| Reputation | $5 |
| Customer Service | $5 |
Earnest shares most of its refinance terms on its website, making it transparent for borrowers to identify refinance options and minimum requirements.
Earnest provides eligibility requirements on its website to ensure borrowers have a smooth application process. While the refinance company does not state a specific figure for minimum income, it discloses minimum credit score, autopay discounts, and a fee-free structure.
We consider Better Business Bureau ratings along with customer reviews from Trustpilot to rank student loan providers. Earnest holds an A+ rating on BBB, is BBB accredited, and has been servicing student loans since 2013.
Earnest has more than 7,000 reviews on Trustpilot with an average review of 4.6 stars out of 5.
Earnest distinguishes itself from other lenders through its direct approach to customer service. It has a dedicated team, known as the “Client Happiness Team,” that helps borrowers with resolving issues, answering loan-related questions, and guiding them through the application process. The company’s website prominently displays its customer support phone number and service hours, making it easy for users to get help when needed.
| Pros | Cons |
|---|---|
| No application, origination, or prepayment fees or penalties | Loss of federal loan benefits |
| Partial payments available for the first 9 months | You’ll need strong credit and income |
| Cosigner release is available | Possible steep increase over time on variable rate loans |
| Research Category | SoFi Rating |
|---|---|
| Loan Terms | $5 |
| Application Process | $5 |
| Reputation | $5 |
| Customer Service | $5 |
SoFi discloses most of its refinance terms on its website and encourages borrowers to refinance with a co-signer for optimal interest rates.
SoFi does not affirm minimum credit score and income requirements. However, it does list available discounts and zero fees.
SoFi has been in business for 14 years and holds an A+ rating on BBB. It is not BBB accredited. According to SoFi’s profile on Trustpilot, borrowers cite an easy application process, friendly customer service, and competitive interest rates. SoFi has a 4.3 rating out of 5.0 on Trustpilot with more than 9,000 customer reviews.
Connecting with a real customer service person, and not an AI bot, may be preferred by some borrowers when trying to gain answers critical to setting up or repaying a loan. That’s why SoFi states “Need help from a human? Reach out. We’d be glad to help.”
In addition to its promised personable customer support, SoFi actively advertises its operating hours, telephone numbers, and postal addresses.
| Pros | Cons |
|---|---|
| Personalized customer service | Loss of federal loans |
| Competitive interest rates | Subject to late payment fees |
| Flexible repayment options | No autopay discount |
| Research Category | ELFI Rating |
|---|---|
| Loan Terms | $4 |
| Application Process | $5 |
| Reputation | $5 |
| Customer Service | $5 |
ELFI requires a minimum of $10,000 to refinance with a span of repayment time between 5 and 20 years. If you are a parent refinancing, you will have shorter term lengths between 5 and 10 years.
The application process for refinancing a loan through ELFI is straightforward and the eligibility criteria is outlined clearly on ELFI’s website. Expect to have a strong credit score and income to refinance a loan. ELFI does not offer discounts and late fees apply.
ELFI has a good reputation in student loan refinancing due to its positive customer reviews, Better Business Bureau A+ rating, and exceptional customer service.
Trustpilot gives ELFI 4.8 stars. Borrowers on the Trustpilot platform note the personalized customer service through the loan advisor program in which each applicant is paired with a dedicated loan advisor.
ELFI has some drawbacks, like late fees and no autopay discounts, but it thrives in customer service. Borrowers have access to ongoing support through each step of the refinance process. The most significant standout feature is ELFI’s student loan advisors. Each applicant works one-on-one with a loan advisor to get customized support, questions answered, application help, and a detailed repayment plan.
If you are a borrower who prefers being able to call, email, or message a real person for guidance, ELFI stands out for making this accessible.
| Pros | Cons |
|---|---|
| Competitive rates | Not a direct lender |
| Typically, no fees | Co-signers are not permitted |
| Automated application process | Loss of federal benefits |
| Research Category | Splash Financial Rating |
|---|---|
| Loan Terms | 4.5 |
| Application Process | 4.2 |
| Reputation | 5 |
| Customer Service | 4.5 |
While Splash Financial advertises ranges for fixed and variable loan rates, other terms such as repayment length, forbearance, and deferment vary by lender. After completing the application, you will be able to see the specific terms based on the lender’s criteria.
You can prequalify through Splash Financial with a simple process. You’ll need to provide basic personal and financial information through a soft credit check in order to receive expected rates and terms. A soft credit check means that your credit score will not be impacted.
If you like the terms you are given, you can proceed with a full application. A full application requires a hard credit pull and additional financial data to approve the refinance. You will need a higher credit score to refinance through Splash Financial, typically at least 700 or higher.
Originating in 2013, Splash Financial holds an A+ rating from the Better Business Bureau. It is also accredited through BBB and holds a 4.8 star rating on Trustpilot. Approximately 1,500 Trustpilot reviews are available and many of the reviews cite the company as excellent with a straightforward application process, effective customer service, and beneficial loan terms that lower monthly payments.
Splash Financial provides customer service support via phone, email, and live chat during working weekday hours and some weekend times. Generally, the company is rated positively on Trustpilot and BBB for proactive support. However, once you go through the loan process, your servicing will pass to a third party such as a credit union, bank, or other servicers. Ultimately, the customer service for the longevity of your loan will be determined by your loan servicer rather than Splash Financial.
| Pros | Cons |
|---|---|
| Income-based repayment option | Loss of federal benefits |
| Longer than average forbearance | Only fixed rate loans are available |
| No fees and autopay discount | Borrowing limit |
| Research Category | RISLA Rating |
|---|---|
| Loan Terms | $5 |
| Application Process | $3 |
| Reputation | $3 |
| Customer Service | $5 |
RISLA offers flexible repayment terms from 5 to 15 years. It is important to note that applicants living in Colorado, Connecticut, Maine, Nevada, and Washington, DC are not eligible for co-signer release. Variable loans are also not available.
RISLA does not disclose a minimum credit score or income for its student loan refinancing eligibility. You can get prequalified without a credit check to see what your interest rate would be.
We ranked RISLA lowest in the reputation category with a 3.0 because it does not hold a BBB rating or profile. However, it has more than 4,000 reviews on Trustpilot and a 4.9 star rating. According to Trustpilot reviews, borrowers found the underwriting process easy with RISLA, citing knowledgeable staff and a user-friendly platform.
Citizens scored a 4.6 in our best student loans refinance company research. Here’s how it ranked in our categories of loan terms, application process, reputation, and customer service:
| Research Category | Citizens Rating |
|---|---|
| Loan Terms | $5 |
| Application Process | $4 |
| Reputation | $5 |
| Customer Service | $5 |
Citizens has been offering student loan refinancing since 2014, but it has been in the banking industry for more than 150 years.
You can get a rate quote in just a few minutes without tarnishing your credit score. Your quote is good for 30 days and if you do decide to apply, there is no application fee.
Citizens earns our Honorable Mention award for its flexible repayment options, spanning from 5 to 20 years. Another feature is the potential upside of savings as a result of refinancing. Citizens states that their average customer saves an average of $4,416 annually through refinancing.
Review the table below to see Citizen’s loan terms:
| Loan Details | Citizens |
|---|---|
| Types | Refinance, undergraduate, graduate, parent |
| Amounts | $10,000 to $750,000, depending on degree |
| Terms | 5, 7, 10, 15, or 20 years |
| Interest Rates | 5.74%-10.30% Fixed, 5.98%-11.26% Variable |
| Forbearance | Yes |
| Co-signer Release | Yes |
| Minimum Credit Score | Does not disclose |
| Minimum Income | $24,000 |
| Fees | No |
| Discounts | 0.50% autopay |
| Grace Period | Does not disclose |
| Year Refinance Became Available | $2,014 |
| BBB Accredited | Yes |
| BBB Rating | A |
| Customer Support | Yes |
| Pros of Refinancing Federal Student Loans | Cons of Refinancing Federal Student Loans |
|---|---|
| Potentially lower interest rate |
No longer eligible for federal programs like income-driven repayment plans and Public Service Loan Forgiveness
|
| Release a co-signer |
May have less protections, like deferment and forbearance
|
| Obtain a different loan term |
Lose out on future federal forgiveness programs
|
While each lender has their own parameters for qualifying borrowers, there are some general guideposts to help you assess your potential eligibility for refinancing:
If you’ve weighed the pros and cons of refinancing and are ready to move forward, the following steps can be used to guide you through the process:
You may have heard the term consolidation when looking into refinancing your student loan. Consolidation is the federal government’s offer to simplify repayment by taking multiple federal loans and combining them into one. It is not the same as refinancing and the federal government does not refinance federal student loans.
Refinancing is only done through private lenders and the goal is to lower interest rates and adjust loan terms.
| Company | Our Rating |
|---|---|
| Earnest | $5 |
| SoFi | $5 |
| ELFI | $5 |
| Citizens | $5 |
| Splash Financial | $5 |
| College Ave | $4 |
| INvestED | $4 |
| Laurel Road | $4 |
| MPower Financing | $4 |
| LendKey Technologies | $4 |
| Brazos Higher Education | $4 |
| Advantage Education | $4 |
| RISLA | $4 |
| PNC | $4 |
| MEFA | $4 |
| Nelnet Bank | $4 |
| Juno | $3 |
| Yrefy | $3 |
| EdvestinU | $3 |
How much you refinance in student loans will depend on the lender. Different private lenders carry varying refinance limits depending on factors such as degrees obtained. For example, Citizens, which scored our Honorable Mention award, has a series of refinance limits based on degree:
Private student loan refinance companies also typically have a minimum threshold for refinancing, and it can vary from lender to lender. Staying with our Citizens example, you must have at minimum $10,000 in student loans to initiate a refinance.
If you have private student loans, there are really no drawbacks to refinancing if it means you can lower your interest rate and get better terms than your existing loans.
But if you are a federal borrower, you may want to think twice before refinancing. There are many benefits available for federal student loans and you will lose access to them if you refinance to a private lender. The Department of Education cautions that you may lose the following if you refinance federal student loans into private student loans:
When deciding which company to refinance your loans with, conduct research and compare terms like fixed versus variable interest, forbearance, deferment, co-signer release, grace period, discounts, and fees.
Fixed interest means that your rate will stay the same throughout the course of your loan. If you agree to refinance your loan at 5.3%, for instance, your interest rate will always be 5.3% until you pay the loan off in full.
In contrast, variable interest will vary based on market conditions. Let’s say you refinance with a variable interest rate range of 4.64 to 15.99%. During your refinance repayment term, your interest rate can fluctuate to any number between the minimum and maximum percentages. This can potentially be a significant issue if you plan and budget for the lower end but your interest rate climbs to the top of the threshold.
Make sure you understand the type of interest you are signing up for and compare interest rates across multiple lenders before deciding to borrow.
As you research refinance companies, inspect their policies on forbearance and deferment. Both provide temporary payment pauses based on certain situations. Private refinance lenders may not provide as robust hardship terms as federal protections do.
Some common reasons forbearance can be approved through private student loan refinance companies include the following:
During periods of forbearance, interest typically continues to accrue and will be added to your principal. If you qualify for deferment, you can expect a similar pause in student loan payments but interest typically does not accrue.
If you asked a family member or friend to co-sign with you during refinancing so you could get a better interest rate, you may want to release that person from your loan in the future. This is known as co-signer release and some private lenders offer it after you have successfully demonstrated consistent repayment.
By removing a co-signer from your loan, you become solely responsible for the principal that remains. While it helps to research this offering before committing to refinancing, servicers that don’t offer it still have options to remove a co-signer—the most notable being undergoing another refinance.
There are no limits to how many times you can refinance and, if it is advantageous to do so, it may make sense to refinance several times to acquire lower interest rates, better terms, and co-signer release, among others.
When you refinance a student loan, you can put the new loan exclusively in your name. You may even get a lower interest rate during the refinancing process if market rates are favorable.
A grace period denotes the time you have after finishing school to start repaying your loan. Many refinance lenders may not automatically offer a grace period, but some may match your existing grace period.
Earnest, for example, will match your grace period on your existing loan for up to nine months if you are able to provide documentation from your current lender. SoFi operates in a similar fashion by allowing borrowers to move over their current grace period from private or federal loans for up to six months.
Like any other business, student loan refinance companies offer incentives to acquire your business. Most commonly this equates to an autopay discount of 0.25% but some lenders sweeten the deal with extra perks. Here are some standout examples of bonus offerings from private student loan refinance lenders:
Knowing how to get help with your loan when you need it can be a key selling point to which refinance company you choose. Some lenders may offer online-only support, telephone support, in-person appointments, or postal mail communication. It is helpful to consider which format of service you typically prefer and to find a lender that matches that.
Earnest and ELFI stand out among refinance companies for their customer service support that assigns applicants a student loan advisor. Having a trusted confidant to help you through the application process, answer questions, and direct you to where and how to apply may be appealing to some borrowers.
Refinancing a student loan may not be the best fit for every borrower. You have other options:
Our best overall pick for student loans is Earnest. You’ll get superior customer service, a range of repayment terms to choose from, and transparency on eligibility criteria.
When selecting a student loan refinance company, be sure to read the fine print carefully and compare multiple lenders on specific criteria like repayment terms, interest rates, fees, discounts, and enrollment requirements. If the information you need is not readily available on a lender’s website, proceed with caution.
The type of interest rate you get is a personal choice. However, fixed rate will be easier to budget into the future because it never changes. If you opt for variable, assume that an increase in interest rate may occur and plan for it in advance.
How much you refinance in student loans will depend on your lender. Check your lender’s criteria to identify the minimum and maximum amounts available.
You can refinance your loans as many times as you like. Just be sure it makes sense to do so—if you can get a lower interest rate and better terms, refinancing private student loans typically makes sense. For federal loans, consider the loss of federal support you may incur before refinancing.
At Consumer Review Center, our mission is to provide unbiased, expert-led financial guidance. This review was conducted independently by our industry expert, Lisa Mulka, based on a rigorous and objective research process.
Our rankings are determined solely by our expert’s research and analysis. No lender or financial institution influenced the rankings, and we do not receive compensation in exchange for a higher placement on our list. Our goal is to provide the most accurate and helpful information to help you make informed financial decisions.
To determine the best student loan refinance companies, we analyzed 19 lenders across the following four categories:
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