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.
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
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.
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Competitive interest ratesAbility to refinance several types of loansVariety of repayment optionsCosigner release option after 48 monthsOffers 0.25% interest rate reduction for opting into auto-debit payments
Strict residency requirementsInaccessible for international studentsBrazos 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.
Work with a nonprofit, rather than a traditional lenderCompetitive interest ratesVariety of repayment terms ranging from 5 to 20 yearsGenerous forbearance optionsStrict eligibility criteriaNo cosigner releaseNo bi-weekly payment via autopayStudents cannot take over parent PLUS loans that parents took out on their behalfCollege 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.
Strong customer experienceCompetitive ratesChoose any loan term between 5 and 15 years including nonstandard terms such as 6 or 9 yearsLimited eligibility criteriaUnclear forbearance policyNot available to borrowers without a degree, visa holders, or those with parent PLUS loansDoesn’t allow spousal consolidation loansEarnest 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.
Competitive interest ratesCustomizable payments and loan termsOption to skip one monthly payment every yearAllows biweekly payments via autopayRefinancing is unavailable in Kentucky and NevadaVariable interest rates aren’t available for borrowers in all statesYou can’t apply with a cosignerStudent borrowers cannot take over parent PLUS loans that parents took out on their behalfINvestED 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.
Competitive interest ratesYou can refinance without a degreeOffers up to 36 months of academic defermentOnly available to students that are residents of or attended school in IndianaNo biweekly payment via autopayYou can’t refinance parent PLUS loans in your nameCosigner release option after 48 months of timely paymentsISL 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.
Competitive interest rates and zero feesYou can refinance without a degreeCosigner release option after 24 monthsOnly one loan repayment term for in-school refinancingStudents cannot take over parent PLUS loans that parents took out on their behalfNo biweekly payment via autopayLendKey’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.
Work with a credit union or community bank, rather than a traditional lenderAccess to competitive interest ratesOffers up to 18 months of forbearanceFree borrower benefits like Career Assistance, Credit Health Analysis, and Federal Student Loan AssistanceEligibility criteria excludes part-time students, parents, and non-U.S. citizens/permanent residentsVarying cosigner release policiesLoans aren’t available in Maine, Nevada, North Dakota, Rhode Island, or West VirginiaBiweekly payment via autopay is not availableYou may have to become a member of a credit unionNelnet 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.
Competitive interest ratesYou can refinance parent PLUS loans in your nameOffers 12 months of forbearance due to economic hardship or natural disasterCosigner release option after 24 months of timely paymentsFlexible repayment optionsStrict eligibility criteriaNo biweekly payment via autopayNot accessible to international students or borrowers with student visasSoFi 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.
Competitive interest ratesStudents can refinance parent PLUS loans in their own nameComes with borrower protections (forbearance and deferment)
Yes. You can refinance just your 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.
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.
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.
