Refinancing your student loans can save you thousands over the life of your loan. By refinancing, you can swap your current student loan(s) for a new loan with a better interest rate or terms.
If you have excellent credit or stable income, or a cosigner who does, you may benefit from refinancing your student debt. To begin the process of refinancing, explore the best student loan refinancing options from our lending partners below.
Compare Student Loan Refinancing Rates
Finding the right refinancing option should be a simple. Use Sparrow to find the best student loan refinance option for you. Sparrow shows you the most important information and simplifies the entire process.
>> MORE: Compare your personalized student loan refinance options
Arkansas Student Loan Authority (ASLA)
The Arkansas Student Loan Authority offers student loan refinancing to Arkansas residents or students who have attended a school in the state. They offer competitive rates and flexible terms to those who qualify. ASLA is best if you either live in or attended school in Arkansas and want competitive interest rates and flexible loan terms.
Pros
Competitive interest rates- Ability to refinance several types of loans
- Variety of repayment options
- Cosigner release option after 48 months
- Offers 0.25% interest rate reduction for opting into auto-debit payments
Cons
Strict residency requirements- Inaccessible for international students
Brazos
Brazos is a nonprofit lender that provides student loan refinancing to Texas residents. While you do need to have at least an undergraduate degree to refinance with Brazos, you will receive competitive interest rates and flexible terms if you qualify. Brazos is best if you are a Texas resident and have at least an undergraduate degree, though the degree does not have to be from a Texas school.
Pros
- Work with a nonprofit, rather than a traditional lender
- Competitive interest rates
- Variety of repayment terms ranging from 5 to 20 years
- Generous forbearance options
Cons
- Strict eligibility criteria
- No cosigner release
- No bi-weekly payment via autopay
- Students cannot take over parent PLUS loans that parents took out on their behalf
College Ave
College Ave offers student loan refinancing and is known for their strong customer service, competitive interest rates, and flexible loan terms. For example, College Ave offers 6- or 9-year loans, which is unlike many other private lenders. College Ave is best if you want access to good customer service and a flexible repayment term that better matches your budget.
Pros
- Strong customer experience
- Competitive rates
- Choose any loan term between 5 and 15 years including nonstandard terms such as 6 or 9 years
Cons
- Limited eligibility criteria
- Unclear forbearance policy
- Not available to borrowers without a degree, visa holders, or those with parent PLUS loans
- Doesn’t allow spousal consolidation loans
Earnest
Earnest offers student loan refinancing with customizable repayment plans, allowing you to choose your repayment term down to the month. Earnest also has forward-looking eligibility requirements and offers competitive interest rates. Earnest is best if you don’t have a cosigner and want a repayment plan customized to your situation.
Pros
- Competitive interest rates
- Customizable payments and loan terms
- Option to skip one monthly payment every year
- Allows biweekly payments via autopay
Cons
- Refinancing is unavailable in Kentucky and Nevada
- Variable interest rates aren’t available for borrowers in all states
- You can’t apply with a cosigner
- Student borrowers cannot take over parent PLUS loans that parents took out on their behalf
INvestED
INvestED offers student loan refinancing to Indiana residents and students who attended school in Indiana. They offer a variety of repayment options, competitive interest rates, and flexible terms. INvestED is best if you live in Indiana or attended school in Indiana and want access to different repayment options.
Pros
- Competitive interest rates
- You can refinance without a degree
- Offers up to 36 months of academic deferment
Cons
- Only available to students that are residents of or attended school in Indiana
- No biweekly payment via autopay
- You can’t refinance parent PLUS loans in your name
- Cosigner release option after 48 months of timely payments
ISL Education Lending
ISL Education Lending is a nonprofit student lender offering both private student loans and student loan refinancing. ISL Education Lending is best if you want to work with a nonprofit lender, want competitive interest rates, or want to refinance without having a degree.
Pros
- Competitive interest rates and zero fees
- You can refinance without a degree
- Cosigner release option after 24 months
Cons
- Only one loan repayment term for in-school refinancing
- Students cannot take over parent PLUS loans that parents took out on their behalf
- No biweekly payment via autopay
LendKey
LendKey’s student loan refinancing is a good option if you have graduated, have a strong credit score, and have stable income. A great feature of LendKey is that they will connect you with a network of 100+ lesser known credit unions and community banks so you can work with and take out loans from smaller institutions. LendKey is best if you are a creditworthy borrower and want to work with smaller lenders with low rates and good customer service.
Pros
- Work with a credit union or community bank, rather than a traditional lender
- Access to competitive interest rates
- Offers up to 18 months of forbearance
- Free borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan Assistance
Cons
- Eligibility criteria excludes part-time students, parents, and non-U.S. citizens/permanent residents
- Varying cosigner release policies
- Loans aren’t available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia
- Biweekly payment via autopay is not available
- You may have to become a member of a credit union
Nelnet Bank
Nelnet Bank offers student loan refinancing for both private and federal student loans, including Parent PLUS loans. Nelnet Bank also offers a flexible forbearance policy and competitive interest rates. Nelnet Bank is best if you are looking for competitive rates and want the ability to refinance Parent PLUS loans.
Pros
- Competitive interest rates
- You can refinance parent PLUS loans in your name
- Offers 12 months of forbearance due to economic hardship or natural disaster
- Cosigner release option after 24 months of timely payments
- Flexible repayment options
Cons
- Strict eligibility criteria
- No biweekly payment via autopay
- Not accessible to international students or borrowers with student visas
SoFi
SoFi is one of the biggest student loan refinancing companies in the industry. You have to have an associate’s degree or higher to qualify, but if you do qualify, you’ll have access to a wide variety of repayment options and exclusive member benefits. SoFi is best if you have at least an associate’s degree, are a creditworthy borrower, and want to take advantage of their borrower benefits.
Pros
- Competitive interest rates
- Students can refinance parent PLUS loans in their own name
- Comes with borrower protections (forbearance and deferment)
- Includes membership perks like career coaching, job search assistance, and wealth management
Student Loan Refinancing FAQs
Can I refinance just my private student loans?
Yes. You can refinance just your private student loans.
Is it a good time to refinance private student loans?
Yes. You can refinance private student loans at any time. If you have federal student loans, however, we recommend waiting until the federal student loan forbearance is over.
Can you refinance a private student loan into a federal one?
No. Because private student loans are provided by private financial institutions, you cannot transfer them to federal student lenders. However, you can refinance a federal student loan into a private student loan.
What is a good interest rate for student loan refinancing?
The goal of student loan refinancing is to secure a lower interest rate or better terms than what you currently have. So, any interest rate lower than what you currently have would be a good interest rate.
Sparrow’s goal is to give you the tools and confidence you need to improve your finances. Many or all of the products shown here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.