There are many student loan refinancing options out there, but Credible is our favorite right now. With an incredibly user-friendly interface, users can input their information once, and in two minutes Credible will find the best rate among several lenders and produce a 90% accurate offer, without a hard credit inquiry.
It’s important to know what all the major lenders offer before deciding on one. We have done the work for you in reviewing and rating some of the most popular student loan refinancing services.
Alliant – 4/5: Alliant, a credit union, offers competitive rates on loans up to $60,000. An optional deferment allows the borrower to wait until six months after graduation to begin repaying their loan.
Citizen's Bank – 3/5: Citizen's Bank, being one of the more traditional lenders on this list, focuses heavily on credit scores. Their fees are very low, though, which is a major benefit.
College Ave – 3/5: Rates are variable on student loan refinances done through College Ave. They are unique in that they offer a variety of repayment options.
CommonBond – 4/5: One of the first peer-to-peer online student loan refinancing platforms, CommonBond offers competitive rates. Also, they offer refinancing options for Parent PLUS loans, which is rare.
CordiaGrad – 3/5 : CordiaGrad is a smaller firm, who offers fixed and variable rate loans with terms from 5 to 12 years. They offer loans for law and medical school, up to $350,000.
DRB – 3/5: DRB Student Loans is a traditional bank. Their rates are not the best, but they do have a solid reputation and an established history.
Earnest – 4/5: The primary focus of Earnest is flexibility. Borrowers can set the amount they will pay monthly, and on what date the payment will be due.
EDvestinU – 3/5: The approval process at EDvestinU is rigorous, but if you can get in you likely won’t regret it. There are no fees, and rates at EDvestinU are some of the lowest we have seen.
First Republic Bank – 2/5: First Republic Bank is a traditional bank with the financial strength to make large loans. Be aware that their credit score requirements are on the high side.
iHelp Student – 2/5: iHelp allows borrowers apply for loans from multiple lenders at once. They only underwrite variable rate loans, though, and their rates are not competitive.
LendKey – 4/5: LendKey is a student loan comparison tool. They aggregate rates from many sources, including community banks and credit unions, so they may be able to find a rate lower than a borrower could find on their own.
Link Capital – 3/5: Link Capital focuses on medical school financing up to $450,000. Their rates are not readily available, making it hard to compare them with other lenders.
Pave – 2/5: Pave’s eligibility requirements are based on much more than just a credit score, but their loan limits are low and their fees are high.
RISLA – 4/5: RISLA, which is an acronym for the Rhode Island Student Loan Authority, offers loans to Rhode Island students both in and out of state. Eligibility is based on credit, and it has been reported that RISLA’s customer service is top-notch.
SimpleFi – 2/5: Employers use SimpleFi student loan refinancing as a benefit to employees, so you are only eligible if you work for a company that has partnered with them. Their services are not impressive compared to some of the other lenders on this list.
SoFi – 5/5: SoFi’s recent growth has been astronomical, as many people are learning that their online student loan refinancing platform is stellar. There are many advantages to being a SoFi member, one of them being that certain benefits are offered to borrowers who become unemployed.
U-Fi – 3/5: U-Fi offers fairly conventional student loan refinancing options. They are a private company affiliated with NelNet, a government loan servicing organization.
Upstart – 3/5: In addition to credit scores, Upstart considers the borrower’s job, education, and other factors to determine eligibility. Their decision time, however, is longer than average.
Wells Fargo – 4/5: Wells Fargo is major student loan lender, whose rates can be viewed easily online. Wells Fargo offers lower rates for preferred schools, so be sure to see if your school is on their list. Be aware, though, that customer service is subpar.
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