Geeky Insights:

Best Student Loan Refinancing Lenders - June 2020

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Borrowers often believe that paying back their student loan debt directly to the federal government is their only option—resigned to robotically paying that monthly payment, feeling like it will never end. Not true! You can reduce your monthly student loan payment by refinancing. The key is to find the best student loan refinancing lender and the good news is that DollarGeek has researched the best refinancing lenders.

Start comparing the best student loan refinancing lenders with DollarGeek. So, now that you’re going to go shopping for the best student loan refinancing lender, what do you need? First and foremost, it is important to have a healthy credit score. A solid credit score will help you snag a better interest rate, which will save you money. Want to get an idea of what your monthly payment can look like? Check out our student loan refinancing calculator here.

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DollarGeek Rating:
on Earnest’s website

Variable Rate

3.45%-6.99%

varies on credit

Fixed Rate

1.99%-6.89%

varies on credit

Variable Rate

3.45%-6.99%

Fixed Rate

1.99%-6.89%

View Details
View Details
DollarGeek Rating:
on CommonBond's website

Variable Rate

3.21%-6.45%

varies on credit

Fixed Rate

2.02%-6.30%

varies on credit

Variable Rate

3.21%-6.45%

Fixed Rate

2.02%-6.30%

View Details
View Details
DollarGeek Rating:
on LendKey's website

Variable Rate

3.49% - 7.75%

varies on credit

Fixed Rate

1.90% - 8.65%

varies on credit

Variable Rate

3.49% - 7.75%

Fixed Rate

1.90% - 8.65%

View Details
View Details
DollarGeek Rating:
on SoFi's website

Variable Rate

3.46%-7.36%

varies on credit

Fixed Rate

1.81%-7.36%

varies on credit

Variable Rate

3.46%-7.36%

Fixed Rate

1.81%-7.36%

View Details
View Details
DollarGeek Rating:
on PenFed's website

Variable Rate

2.17%-5.53%

varies on credit

Fixed Rate

3.23%-5.53%

varies on credit

Variable Rate

2.17%-5.53%

Fixed Rate

3.23%-5.53%

View Details
View Details
DollarGeek Rating:
on Citizens Bank's website

Variable Rate

3.45%-9.49%*

varies on credit

Fixed Rate

2.15%-9.29%

varies on credit

Variable Rate

3.45%-9.49%*

Fixed Rate

2.15%-9.29%

View Details
View Details
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DollarGeek's Picks: Best Student Loan Rates - June 2020

DollarGeek is here with you every step of the way when you're selecting the best online brokers. Find the best place to start growing your money.

Lender

Minimum Amount Borrowed

Maximum Amount Borrowed

Late Fees

Co-Signer Release

Visit

4.5/5

$5,000

$500K

No

No

4.5/5

$5,000

$500K

Yes

Yes

5/5

$7,500

Varies

Yes

Yes

4.5/5

$5,000

None

Yes

No

4.5/5

$7,500

$300K

Yes

Yes

4.5/5

$10,000

$500K

Yes

Yes

Lender

Type of Lender

By The Numbers

Best For

Details

Visit

4.5/5

Lender Type
Online only

Minimum Borrowed
$5,000

Maximum Borrowed $500,000

Best For
Borrowers who want to customize their repayment schedule to pay off debt fast

Deferment or forbearance
Yes

Co-signer release available
No option to apply with a co-signer

4.5/5

Lender Type
Online only

Minimum Borrowed
$5,000

Maximum Borrowed $500,000

Best For
Borrowers who want flexibility with their payments

Deferment or forbearance
Yes

Co-signer release available
Yes

4.5/5

Lender Type
Online only

Minimum Borrowed
$7,500

Maximum Borrowed Varies

Best For
Borrowers who don't want to work with a smaller sized bank

Deferment or forbearance
Yes

Co-signer release available
Yes

4.5/5

Lender Type
Online only

Minimum Borrowed
$5,000

Maximum Borrowed No Max

Best For
Borrowers who want benefits and other banking perks with SoFi

Deferment or forbearance
Yes

Co-signer release available
No

4.5/5

Lender Type
Online only

Minimum Borrowed
$7,500

Maximum Borrowed $300,000

Best For
Married couples that want to combine their student loan debt to refinance

Deferment or forbearance
No

Co-signer release available
Yes

4.5/5

Lender Type
Large marketplace of offers from multiple lenders

Minimum Borrowed
$10,000

Maximum Borrowed $500,000

Best For
Borrowers who aren't U.S. citizens or didn't graduate

Deferment or forbearance
Yes

Co-signer release available
Yes

Learn About Student Loan Refinancing

Gain some clarity with our geeky insight.

What is student loan refinancing?

Student loan refinancing is when you are combining some, or all, of your student loans into one single student loan with a private lender. This new loan will replace all of your old student loans. Borrowers refinance their student loan because they find a lower interest rate which saves them money on their loan and monthly payments.

What happens when I decide I want to refinance my student loans?

When you decide to refinance your student loan, your existing student loans will be paid off and you will have one monthly payment from the new lender you choose.

What do I need to refinance my student loans?

You can refinance both federal and private student loans. When you refinance your student loans you will refinance through a private lender, not The Department of Education. Refinancing your student loans can be a good idea if you have the following:

1. Healthy Credit Score

Maintaining a healthy credit score has many benefits and refinancing your student loan at the best rate isn’t any different.Borrowers will typically need a credit score in the high 600s. The better your credit score, the better rate you’ll get. If you don’t have a stellar credit score, youstill may be eligible to refinance your student loan by applying with a co-signer.

2. Enough Income To Pay Your Debts

When applying to refinance your student loans, lenders will look at your debt-to-income ratio. They will also look at the amount of debt you owe, relative to your income. 

3. Good track record of on-time loan payments

When applying to refinance your student loans, lenders will look at your credit history to make sure you’ve paid your debts on a regular basis in the past. This helps the lender get an idea of how likely you are to pay off your new loan.

Why do most people refinance their student loans?

To save money. It’s really that simple. Shopping for a lower interest rate on your student loan is no different than shopping for a lower rate on your mortgage. It’s all about finding the best possible rate. A lower rate means more money in your pocket.

What do I need to refinance my student loans?

There are a ton of good reasons to refinance your student loan — but there are some situations where you shouldn’t refinance your student loan:

1. If you're planning a career change or leaving the workforce

If you’re going to change your career, leave the workforce or are going to make a change that might drop your income — refinancing your student loan with a private lender might not be the wisest move. Instead you might need to take advantage of an income-based repayment plan through the federal government. 

2. You've declared bankruptcy or defaulted on student debt

If you’ve declared bankruptcy or defaulted on your student loans it will be a big red flag for lenders. If you’ve declared bankruptcy, you will have to of let some time pass since your bankruptcy to be eligible to refinance your student loan.

3. You're pursuing student loan forgiveness

If you refinance your student loans, you will be ineligible for federal student loan repayment programs like Public Service Loan Forgiveness and Teacher Loan Forgiveness. 

Other helpful resources