5 Best Places To Refinance and Consolidate Your Student Loans

Written By: DollarGeek

Written By: DollarGeek

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In a lot of ways, refinancing your student loans is a lot like refinancing a mortgage or a car loan; simply put, refinancing your student loan entails meeting with a bank or lender who will offer you a new loan that replaces your old one. Once your new loan is opened, you’ll stop making payments on your old student loans since the proceeds from your new loan were already used to pay them off.

You can refinance any type of student loan you want whether your loans are private or overseen by the federal government. For the sake of simplicity, many borrowers also refinance several student loans into a new loan all at once.

Some of the biggest benefits of refinancing include:

  • You may qualify for a lower interest rate.
  • Your payment could go down. 
  • Paying one monthly payment could make your debts easier to manage. 
  • You could remove a co-signer from your loan. 
Check out DollarGeek’s top student refinancing and consolidation lenders today.

DollarGeek's Top 5 Student Loan Refinancing and Consolidation Lenders

DollarGeek will help you select the best lender for your student loans. Get familiar with the basics and start comparing the best student loan refinancing lenders today – it’s all free and only takes a few minutes.

1. Earnest

DollarGeek Rating:

5/5

Variable Rate

2.47% - 5.87%

varies on credit

Fixed Rate

3.49% - 6.32%

varies on credit

Minimum Credit Score

None

on Earnest’s secure website

  • Refinance and consolidate both federal and private student loans
  • 5 – 20 year repayment terms
  • Variable rates as low as 2.47% APR
  • Fixed rates as low as 3.89% APR
  • Data-driven customer evaluation helps you get qualified
  • Zero application fees, origination fees, or pre-payment fees

DollarGeek Rating:

5/5

Variable Rates: 2.47% – 6.23%

Fixed Rates: 3.89% – 6.97%

Loan Terms: 5, 7, 10, 15 or 20 years

Fees: Zero

Credit Score: Good/Excellent

  • Refinance and consolidate both federal and private student loans
  • 5 – 20 year repayment terms
  • Variable rates as low as 2.47% APR
  • Fixed rates as low as 3.89% APR
  • Data-driven customer evaluation helps you get qualified
  • Zero application fees, origination fees, or pre-payment fees
  •  

2. LendKey

DollarGeek Rating:

5/5

Variable Rate

2.47% - 8.03%

varies on credit

Fixed Rate

3.89% - 8.72%

varies on credit

Minimum Credit Score

None

on LendKey’s secure website

  • Great rates from a community of banks and credit unions
  • Refinance and consolidate both federal and private student loans
  • 5, 7, 10, 15, and 20 year repayment terms
  • Variable rates as low as 2.51% APR
  • Fixed rates as low as 3.49% APR
  • Zero application, origination, or pre-payment fees

DollarGeek Rating:

5/5

Variable Rates: 2.47% – 7.99%

Fixed Rates: 3.49% – 8.72%

Loan Terms: 5, 7, 10, 15 or 20 years

Fees: Zero

Credit Score: Good/Excellent

  • Great rates from a community of banks and credit unions
  • Refinance and consolidate both federal and private student loans
  • 5, 7, 10, 15, and 20 year repayment terms
  • Variable rates as low as 2.51% APR
  • Fixed rates as low as 3.49% APR
  • Zero application, origination, or pre-payment fees

3. SoFi

DollarGeek Rating:

5/5

Variable Rate

2.57% - 6.60%

varies on credit

Fixed Rate

3.89% - 7.80%

varies on credit

Minimum Credit Score

Varies

on SoFi’s secure website

  • Refinance and consolidate both federal and private student loans
  • Variable rates as low as 2.47% APR
  • Fixed rates as low as 3.90% APR
  • 5, 7, 10, 15, or 20 year repayment terms
  • No application fees, origination fees, or pre-payment fees
  • Unemployment protection is available
  • Easy application process

DollarGeek Rating:

5/5

Variable Rates: 2.47% – 6.99%

Fixed Rates: 3.90% – 7.98%

Loan Terms: 5, 7, 10, 15 or 20 years

Fees: Zero

Credit Score: Good/Excellent

  • Refinance and consolidate both federal and private student loans
  • Variable rates as low as 2.47% APR
  • Fixed rates as low as 3.90% APR
  • 5, 7, 10, 15, or 20 year repayment terms
  • No application fees, origination fees, or pre-payment fees
  • Unemployment protection is available
  • Easy application process

4. CommonBond

DollarGeek Rating:

4.5/5

Variable Rate

2.48% - 7.00%​

varies on credit

Fixed Rate

3.20% - 7.25%

varies on credit

Minimum Credit Score

660

on CommonBond’s secure website

  • Refinance and consolidate up to $500,000 in private and federal student loans
  • 5, 7, 10, 15, and 20 year repayment terms
  • Variable rates as low as 2.72% APR
  • Fixed rates as low as 3.20% APR
  • Hybrid rates as low as 3.80% APR
  • Member protections including unemployment protection
  • Zero application, origination, or prepayment fees

DollarGeek Rating:

4.5/5

Variable Rates: 2.72% – 7.25%

Fixed Rates: 3.20% – 7.25%

Loan Terms: 5, 7, 10, 15 or 20 years

Fees: Zero

Credit Score: Good/Excellent

  • Refinance and consolidate up to $500,000 in private and federal student loans
  • 5, 7, 10, 15, and 20 year repayment terms
  • Variable rates as low as 2.72% APR
  • Fixed rates as low as 3.20% APR
  • Hybrid rates as low as 3.80% APR
  • Member protections including unemployment protection
  • Zero application, origination, or prepayment fees

5. PenFed

DollarGeek Rating:

4.5/5

Variable Rate

2.69% - 7.43%

varies on credit

Fixed Rate

3.25% - 7.03%

varies on credit

Minimum Credit Score

670

on PenFed’s secure website

  • Refinance and consolidate both federal and private student loans
  • Rates as low as 2.91% APR for variable rates
  • Rates as low as 3.75% APR for fixed rates
  • 5, 7, 10, 15, or 20 year repayment terms
  • No application fees, origination fees, or pre-payment fees
  • Unemployment protection is available
  • Easy application process

DollarGeek Rating:

4.5/5

Variable Rates: 2.91% – 7.65%

Fixed Rates: 3.75% – 7.03%

Loan Terms: 5, 7, 10, 15 or 20 years

Fees: Zero

Credit Score: Good/Excellent

  • Refinance and consolidate both federal and private student loans
  • Rates as low as 2.91% APR for variable rates
  • Rates as low as 3.75% APR for fixed rates
  • 5, 7, 10, 15, or 20 year repayment terms
  • No application fees, origination fees, or pre-payment fees
  • Unemployment protection is available
  • Easy application process

Reward yourself with a better rate - it's free.

DollarGeek’s top five student loan refinancing lenders all have zero origination fees and no prepayment penalties. If you’d like to see how your monthly payment might look be sure to check out our student loan refinancing calculator here.

Variable Rate

2.47% - 8.03%

Fixed Rate

3.89% - 8.72%

Max Term Loan

20 Years

on LendKey’s secure website

Get competitive rates from community banks

20 years

Max Loan Term

Variable Rate

2.47% - 8.03%

varies on credit

Fixed Rate

3.89% - 8.72%

varies on credit

on LendKey’s secure website

Variable Rate

2.48% - 7.00%

Fixed Rate

3.20% - 7.25%

Max Term Loan

20 Years

on CommonBond’s secure website

Customer support like no other

20 years

Max Loan Term

Variable Rate

2.48% - 7.00%

varies on credit

Fixed Rate

3.20% - 7.25%

varies on credit

on CommonBond’s secure website

Variable Rate

2.47% - 5.87%

Fixed Rate

3.49% - 6.32%

Max Term Loan

20 Years

on Earnest’s secure website

Low rates for good credit borrowers

20 years

Max Loan Term

Variable Rate

2.47% - 5.87%

varies on credit

Fixed Rate

3.49% - 6.32%

varies on credit

on Earnest’s secure website

Variable Rate

2.57% - 6.60%

Fixed Rate

3.89% - 7.80%

Max Term Loan

20 Years

on SoFi’s secure website

Autopay discount available

20 years

Max Loan Term

Variable Rate

2.57% - 6.60%

varies on credit

Fixed Rate

3.89% - 7.80%

varies on credit

on SoFi’s secure website

Variable Rate

2.91% - 7.65%

Fixed Rate

3.75% - 7.03%

Max Term Loan

15 Years

on PenFed’s secure website

Helpful customer support

15 years

Max Loan Term

Variable Rate

2.91% - 7.65%

varies on credit

Fixed Rate

3.75% - 7.03%

varies on credit

on PenFed’s secure website