Best Student Loan Refinancing Services

Top 5 Student Loan Refinance Providers

Best Student Loan Refinancing Services

Top 5 Student Loan Refinance Providers

Last Updated August 2022

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BEST OF THE BEST

#1 ranking out of 5

VISIT Splash Financial

DESCRIPTION

Splash Financial has the most affordable repayment options for medical students and provides the low...

FEATURES

Loan amount - Minimum of $5K and varies by lender
Loan types - Undergraduate, healthcare graduate, and Parent PLUS
Fixed interest rate - Start at 2.59%
Prepayment penalty - Varies by lender
Fees - No origination and application fees
Variable interest rate - Start at 1.74% with autopay
Minimum income requirements - Varies by lender
Cosigner release - Varies by lender
Minimum credit score - 640

Pros

Splash Financial is one of the few companies that offer the option of refinancing with your spouse
The Company conducts soft online checks without affecting clients’ credit scores

#2 ranking out of 5

VISIT Credible

DESCRIPTION

Credible has a prequalification tool that allows borrowers to make comparisons of customized rates f...

FEATURES

Loan amount - Varies by lender
Loan types - Private undergraduate, graduate, and Parent PLUS
Fixed interest rate - Varies by lender
Prepayment penalty - Varies by lender
Fees - The marketplace does not charge you for its services.
Variable interest rate - Varies by lender
Minimum income requirements - Varies by lender
Cosigner release - Varies from lender to lender. However, several offer it.
Minimum credit score - Varies by lender

Pros

The company allows clients to conduct a soft self-check online without affecting their credit scores.
Credible makes it possible to compare rates from multiple lenders in one place.

#3 ranking out of 5

VISIT PenFed

DESCRIPTION

PenFred offers low-interest rates and spousal loan options, making it the best credit union in the m...

FEATURES

Loan amount - Up to $300,000
Loan types - Graduate, undergraduate, and Parent PLUS
Fixed interest rate - 5.49%-7.68%
Prepayment penalty - None
Fees - None
Variable interest rate - Unavailable
Minimum income requirements - Ranges from $42,000 to $50,000. However, it depends on the loan amount and whether there is a cosigner or not.
Cosigner release - After one year of consecutive on-time payments
Minimum credit score - Unavailable

Pros

Borrowers in marriage can refinance their student loans into a single loan
PenFed allows borrowers to refinance parent PLUS loans under their names
This student loan refinancer requires clients to deposit $5 to open a membership account.

#4 ranking out of 5

VISIT Laurel Road

DESCRIPTION

Laurel Road has reduced rates on student loan refinancing for optometrists, nurses, dentists, physic...

FEATURES

Loan types - Undergraduate, healthcare graduate, and Parent PLUS
Fixed interest rate - 3.99%-6.40%
Prepayment penalty - None
Fees - None
Variable interest rate - 2.50%-6.30%
Minimum income requirements - None but varies per each applicant's financial profile.
Loan amount Min - $5,000 for a bachelor's degree and higher. Max: $50,000 for all non-parent PLUS refinance loans
Cosigner release - No, you must reapply for a loan to remove a cosigner.
Minimum credit score - 640, 650, or 660 depending on the education level

Pros

Laurel Road refinances Parent PLUS loans.
The Company does not charge originating, application, or disbursement fees
Borrowers can choose a term length of under twenty years

#5 ranking out of 5

VISIT Earnest

DESCRIPTION

Earnest is the best choice for customized loan repayment with an exciting approach to underwriting b...

FEATURES

Loan amount - $5,000-$500,000
Loan types - Undergraduate, graduate, and Parent PLUS
Fixed interest rate - Starting at 3.24%
Prepayment penalty - None
Fees - None
Variable interest rate - Starting at 1.74%
Minimum income requirements - The lender currently does not accept cosigners. Varies per each applicant's financial profile.
Cosigner release - Unavailable
Minimum credit score - 700

Pros

The Company's payments and loan terms are customizable
Earnest offers an option to skip one payment every 12 months
The Company provides discounts to borrowers subscribed to the autopay plan
Earnest allows borrowers to refinance their entire student loan amount

Top 5 Student Loan Refinance Providers

Advertisers and marketers have flooded this internet with tons of Student Loan Refinance that claim to be the best. It can be hard to know which one is the best out of all those options. This article will give you a list of 5 Student Loan Refinance so you can make an educated decision before choosing what’s right for you.