Best Student Loan Refinance Companies for 2026

 

Student loans are stressful to manage — even more stressful if you think you’re paying more than the market price. That’s right; you might be paying a higher interest rate for your loan than the average student and not realize it until a few years into your loan. 

The solution? Finding a solid student loan refinance company. But how do you pick the best company to refinance student loans? Cost is a start, but loan terms might be another deciding factor. Today we’ll go through some of the best student loan refinance companies to help you pick the right fit.

 

Rank	Lender	Rates	Eligible degrees
1	Earnest	Fixed: 2.44% to 5.79% Variable: 1.74% to 5.64%	Undergraduate and Graduate
2	SoFi	Fixed: 2.49% to 6.94% Variable: 1.74% to 6.59%	Undergraduate and Graduate
3	CommonBond	Fixed: 2.59% to 6.94% Variable: 1.74% to 6.59%	Undergraduate and Graduate
4	LendKey	Fixed: 2.49% to 6.94% Variable: 1.74% to 6.59%	Undergraduate and Graduate
5	Discover	Fixed: 2.49% to 6.94% Variable: 1.74% to 6.59%	Undergraduate and Graduate
6	Citizens Bank	Fixed: 2.44% to 7.83% Variable: 1.99% to 7.58%	Undergraduate and Graduate
7	RISLA	Fixed: 2.69% to 5.54%	Undergraduate and Graduate
8	Laurel Road	Fixed: 2.75% to 6.25% Variable: 2.14% to 6.11%	Undergraduate and Graduate
9	Splash Financial	Variable: 1.74% to 5.45% Fixed: 2.30% to 6.62%	Graduate

Now, it may be tempting to scroll through the above list to find the company with the lowest interest rates. But student loan refinancing isn’t so simple. There’s always more to consider, which we’ll cover in the next sections describing each company and their pros and cons.Now we will discuss the overview of these refinancing student loan companies. 

 

Best Student Loan Refinance Companies

Here are some of the best banks to refinance student loans:

1. Earnest

Earnest is a well-known refinance company that has interest rates consistent with many other companies on the market. However, the company offers unique perks that might make up for the lackluster interest rate. 

 

Here are some of the benefits that come with refinancing with Earnest:

 

• Customized loan terms
• Pay as much as you want without penalty
• Flexible choice between bi-weekly or monthly payments
• Refinance both private and federal loans
• Option to defer payments
• Lowest credit score threshold for eligibility (650). 

 

If that weren’t enough, the most recent reviews of Earnest are impeccable, as students rave about the company’s easy processes, great customer service, and competitive interest rates. 

 

Fixed Interest Rate: 2.44%-5.79%

Variable Interest Rate: 1.74%-5.64%

Why We Like Them: Flexible loan terms

 

2. LendKey

Like Earnest, LendKey offers competitive interest rates and customizable loan terms, specifically between 5 and 20 years. A transparent refinance company, LendKey doesn’t charge students any origination fees nor charge them for early repayment. For most competitive rates, though, you’ll need a higher credit score (660) to be eligible. 

A potential drawback of LendKey, though, is that you can only refinance your student loans if you’re the primary borrower (not eligible if your parents took out the loan).

 

Fixed Interest Rate: 2.49% to 6.94%

Variable Interest Rate: 1.74% to 6.59%

Why We Like Them: No fees for early repayment

 

3. SoFi

SoFi is a great student loan refinance option if you’re a softie for benefits. Interest rates are comparable to other companies, as are loan terms. However, SoFi offers so many perks to members that shine above the competition:

 

• Unemployment Protection: Loan payment deferral from 3-12 months if you’re laid off
• Referrals: Earn $300 for every referral you make that signs up for a SoFi loan
• Financial Planner: Free access to certified financial advisors to discuss your financial goals

 

Fixed Interest Rate: 2.49%-6.94%

Variable Interest Rate: 1.74%-6.59%

Why We Like Them: Member perks

 

4. Discover

 

Some refinance companies don’t charge origination fees. But Discover is one of the very few that don’t charge any of the following:

• Origination fees
• Application fees
• Late fees
• Missed Payment fees

On top of minimal fees, Discover refinanced student loans are accessible even without a cosigner; however, you’ll likely earn a better interest rate with the security of a cosigner on your application. They also allow you to refinance your student loans before you graduate, which is a huge plus if you’re stuck with high interest rates for other loans. 

 

Fixed Interest Rate: 2.49%-6.94%

Variable Interest Rate: 1.74%-6.59%

Why We Like Them: No late fees

 

5.  CommonBond

Looking to refinance a medical school loan? Common Bond is the best place to refinance student loans from medical school. If you’re still in school, you’ll need a cosigner to apply for a CommonBond loan. Though CommonBond’s interest rates are comparable to others, this company stands out with its flexible hybrid loan option. 

The hybrid loan option offers a fixed interest rate for the first five years of your loan. After that, it turns into a variable rate. This is a great way to secure a low interest rate and incentivize faster repayment on your loans. Make sure you pay on time, though. CommonBond charges as much as 5% for missed payments, but with a $10 cap. 

 

Fixed Interest Rate: 2.59% to 6.94%

Variable Interest Rate: 1.74% to 6.59%

Hybrid Interest Rate: 2.84% to 6.72%

Why We Like Them: Flexible Repayment

 

6. RISLA

RISLA, or Rhode Island Student Loan Authority offers only fixed interest rates on their student loans. Depending on your risk appetite (or lack thereof) this might be a plus. One of the biggest benefits of refinancing with RISLA, however, is its income-based repayment plan. RISLA bases your monthly payment amount on both your income and family size, making student loan repayment more manageable. 

Unlike other private lenders, RISLA offers loan relief if you experience a permanent disability - an ethical touch in a world with mainly cut-throat lenders! Finally, RISLA offers both graduate loan deferment for up to 36 months and forbearance in the event of unemployment or emergency.  

 

Fixed Interest Rate: 2.69% to 5.54%

Why We Like Them: Income-based repayment

 

7. Laurel Road

The average student loan is about $30,000, but we all know that it’s possible to surpass that. If you’re looking at refinancing student loans in the hundreds of thousands, Laurel Road is a great option because they offer unlimited loan amounts to borrowers. If you’re a parent who took out a loan for your child, Lauren Road might be the best company to refinance student loans. Ideal for Parent PLUS borrowers, Laurel Road refinance terms allow loan transfers to different names. Parents can rest easy knowing that their kids will have up to 20 years to pay off the loan, 

 

Fixed Interest Rate: 2.75% to 6.25%

Variable Interest Rate: 2.14% to 6.11%

Why We Like Them: Unlimited loan amount

 

8. Citizens Bank

Citizens Bank shines in this list of the best student loan refinancing companies because of its accessibility to college dropouts. Life takes unexpected turns sometimes, but many college dropouts are barred from student loan refinance companies simply because they didn’t finish school. 

As long as you’ve paid 12 consecutive payments on your existing student loans, Citizens Bank will approve you for a student loan refinance, provided that you meet their other eligibility criteria. Other perks include a low starting interest rate, a loyalty discount of 0.25% on your interest rate, an automatic payment discount, and cosigner release. Keep in mind though that you cannot be currently enrolled in a post-secondary school program for Citizens Bank to consider you. 

 

Fixed Interest Rate:  2.44 to 7.83%

Variable Interest Rate:1.99% to 7.58%

Why We Like Them: Ability to refinance even if you dropped out of college; low interest rate potential

 

9. Splash Financial

When you consider Splash Financial’s 0.25% autopay discount, this loan refinance company offers the lowest interest rates around! Flexible loan terms, no fees, and cosigner release are all positive attributes of this student loan refinance company. 

One potential drawback, though, is that you may have to join a credit union to take advantage of Splash’s interest rates.

 

Fixed Interest Rate: 2.30% to 6.62%

Variable Interest Rate: 1.74% to 5.45%

Why We Like Them: Low interest rates

 

Interested in student loan refinance companies that offer tailored solutions to your degree? Check out our articles about:

• Dental School Loan Refinancing
• Law School Student Loan Refinancing
• MBA Student Loan Refinancing
• Vet School Refinancing

 

Best Student Loan Refinance Company by Category

Here’s our student loan company picks for each borrowing category:

Best for Students Without Degrees: Citizens Bank

Best for Parents: Lendkey

Best for Hybrid Loans: Common Bond

Best Features: Earnest

Best Member Perks: SoFi

Best for Ethics: RISLA

Conclusion

The best student loan refinance company is one that checks all the boxes in your personal scenario and budget. Slowly research every option to ensure you pick the best company to refinance student loans!

Interested in finding more support for your school tuition? Apply for The College Monk’s No Essay $1,500 scholarship!

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Best Student Loan Refinance Companies in 2026 — Latest Rates and Terms

The student loan refinancing market has evolved significantly since our last comprehensive update. With the Federal Reserve holding rates steady through 2025 and most lenders adjusting their offerings, 2026 presents new opportunities for borrowers to save thousands on their student debt. Below, we break down the current rate landscape, top lender profiles, and strategic timing considerations for refinancing your student loans this year.

2026 Rate Snapshot — Top 6 Refinance Lenders

Lender	Fixed APR Range (2026)	Variable APR Range (2026)	Best For
SoFi	4.49% – 9.99%	5.24% – 10.24%	Strong credit, member benefits
Earnest	4.69% – 9.99%	5.49% – 10.49%	Custom payments, no fees
Laurel Road	4.99% – 9.24%	5.49% – 9.99%	Medical and dental residents
Splash Financial	4.49% – 10.24%	5.24% – 10.49%	Marketplace rate comparison
Credible	4.49% – 10.99%	5.24% – 11.99%	Multi-lender comparison platform
RISLA	3.99% – 8.49%	Not offered	Non-profit, income-based repayment

Rates current as of April 2026. Your actual rate depends on credit score, cosigner, loan amount, and repayment term. Always compare multiple lenders before applying.

When Is Refinancing the Right Move in 2026?

Student loan refinancing is not universally the right answer. Here are the scenarios where refinancing typically saves you the most money in 2026:

• You have private student loans with rates above 7%. If you took out private loans between 2020 and 2024 when variable rates spiked, refinancing to a fixed rate around 5-6% could save $5,000-$15,000 over the life of the loan.
• Your credit score has improved significantly since your original loan. A score jump from 680 to 750+ typically unlocks 1.5-3 percentage points lower rates, translating to thousands in interest savings.
• You have stable income and no plans to enter public service. Federal loans offer PSLF and income-driven repayment; refinancing to private loans forfeits those protections. Only refinance federal loans if you are 100% confident you will not need federal programs.
• You want to remove a cosigner. Refinancing in your own name releases your cosigner from liability, which can be a family-relationship saver.
• You want to change your repayment term. Refinancing from a 10-year to a 5-year term saves interest; from 10 to 15-year extends your payments but lowers your monthly burden.

When NOT to Refinance in 2026

Do not refinance if any of these apply to you:

• You have federal student loans and might qualify for PSLF (Public Service Loan Forgiveness). If you work for a 501(c)(3) nonprofit, government agency, or public hospital, PSLF can forgive your entire federal loan balance after 120 qualifying payments. Refinancing to a private loan permanently eliminates this option.
• Your income is unstable or low relative to your debt. Federal income-driven repayment plans (SAVE, IBR, PAYE) cap your monthly payments at 5-20% of discretionary income. Private lenders do not offer this flexibility.
• You are close to qualifying for forgiveness. If you have 60+ qualifying PSLF payments or are 15 years into a 25-year IDR plan, do not refinance. You would lose years of progress toward forgiveness.
• You have poor credit and cannot get a better rate. If the rates you are offered are higher than your current federal rates (6.53% for undergrad direct loans), refinancing costs you money instead of saving.

Step-by-Step: How to Refinance Your Student Loans in 2026

1. Pull your current loan details. List every loan (federal and private), current rate, balance, and payoff amount. This takes 30 minutes and is essential for comparison.
2. Check your credit score. Use Credit Karma or your bank app. Most lenders require 670+ for approval, 720+ for the best rates. Below 670? Either add a cosigner or work on credit before applying.
3. Get pre-qualified with 3-5 lenders via soft credit pull. Most of the lenders listed above (SoFi, Earnest, Laurel Road, Credible) offer soft-pull pre-qualification that does not affect your credit. This gives you real rate quotes within minutes.
4. Compare total cost, not just monthly payment. A lower monthly payment with a longer term often means thousands MORE in total interest. Use the total-interest-paid figure as your primary comparison metric.
5. Apply with the winning lender. Full application involves a hard credit pull and takes 15-30 minutes. Approval typically comes within 24-72 hours.
6. Sign the refinance agreement and let the new lender pay off your old loans. The transition typically takes 2-4 weeks. Continue making payments on your old loans until the payoff is confirmed.

Frequently Asked Questions about Student Loan Refinancing in 2026

Will refinancing federal student loans hurt my credit?
A hard credit pull during the final application drops your score temporarily by 5-10 points, but the impact is minor and recovers within 3-6 months of on-time payments.

Is it worth refinancing if I only save 0.5% APR?
Usually yes if your balance is $25,000+ and you have 5+ years remaining on the loan. On a $50,000 balance over 10 years, 0.5% APR difference equals $1,500 in savings.

Can I refinance my student loans multiple times?
Yes. There is no limit to how many times you can refinance. If rates drop further or your credit improves, you can refinance again.

What is the difference between refinancing and consolidation?
Federal consolidation combines multiple federal loans into one at a weighted average rate (no savings). Refinancing is a new private loan that pays off old loans, potentially at a lower rate.

Do I need a cosigner to refinance?
Not always. If you have 2+ years of stable income and a credit score of 720+, most lenders approve refinancing in your own name. Below that, a cosigner (parent or creditworthy partner) improves approval odds and rates.

Last updated: April 2026. All rates, fees, and terms subject to change by lenders. Verify all details directly with each lender before applying. TCM may earn a commission from affiliate partners when you apply through links on this page.