6 Best Banks to Refinance and Consolidate Student Loans in 2018

young woman

Finding the right bank to refinance or consolidate your student loans is confusing.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation. With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school). If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation! If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.

Disclosure: Student Loan Hero is a free website to help student loan borrowers. We only evaluate lenders and do not issue student loans. This report was not chartered by or created on behalf of any lender listed below.

Our Top 6 Picks for Student Loan Refinancing

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.


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Compare Lender rates

Variable Interest Rates
Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. Learn more
2.57% to 5.87%
2.80% to 6.38%
2.51% to 7.55%
2.76% to 7.90%
2.57% to 6.65%
2.75% to 8.20%
Fixed Interest Rates
A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount. Learn more
3.49% to 6.32%
3.50% to 7.02%
3.90% to 7.80%
3.15% to 8.54%
3.20% to 6.65%
3.50% to 8.69%
DID YOU KNOW CHECKING YOUR RATE WON’T AFFECT YOUR CREDIT SCORE?
Loans Available From
"Term" refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term. Learn more
5-20 years5-20 years5-20 years5-20 years5-20 years5-20 years

MOST ASKED ABOUT STATS

Least You Can Borrow
The minimum student loan balance a borrower must currently have to refinance with the lender.
$5,000$5,000$5,000$5,000$5,000$10,000
Most You Can Borrow
The maximum student loan balance a borrower must currently have to refinance with the lender.

No Max

No Max

No Max

$125,000 Undergrad
$250,000 Graduate
$300,000 Medical

$500,000

$90,000 Undergrad
$350,000 Graduate

Automatic Payments
Reduce Interest Rate
Lenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above.
0.25% less
0.25% less
0.25% less
0.25% less
0.25% less
0.25% less
Average Money Saved
The average amount borrowers have saved by refinancing with this lender. Unless indicated otherwise, values shown are over the lifetime of the loan. See each lender's website with more details on how this figure is calculated.
$30,939
total
$20,200
total
Varies
total
$192
every month
$24,046
total
$271
every month
Unemployment Protection
If a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
up to 1 yearup to 1 yearup to 1 yearup to 18 monthsup to 24 monthsup to 1 year
Can Make Interest
Only Payments
Some lenders may allow you to make interest-only payments for a period of time during your repayment period.
up to 4 years

ADDITIONAL THINGS TO COMPARE

Can Transfer Parent PLUS
Loan from Parent to
Child/Graduate
Many parents take out "Parent PLUS" loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent's name into the name of the child/graduate.
No Origination Fees
Origination fees are added expenses that lenders may charge for granting a new loan.
No Penalty for
Prepaying
Prepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date.
Can Refinance Parent
PLUS Loans
Indicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans.
Can Be Resident
of Any State
Some lenders may not refinance student loans for residents of certain states.
Any except
AL, DE, KY, MS, NV, RI
YesYesAny except
ME, ND, NV, RI, WV
Any except
ID, LA, MS, NV, SD or VT
Yes
Previously Defaulted (Now Rehabilitated) Loans Allowed
Indicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing.

ELIGIBILITY REQUIREMENTS

Degrees That Qualify
Our partners refinance student loans from both undergraduate and graduate degrees.
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Types of Loans
Our partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment.
Private
& Federal
Private
& Federal
Private
& Federal
Private
& Federal
Private
& Federal
Private
& Federal
Minimum Credit Score
This is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower's credit profile to determine eligibility. Learn more
660660Good
or Excellent
680660680
Minimum Income Required
The minimum annual income a lender is will consider for borrower eligibility.
NoneNoneNone$24,000
per year
None$24,000
per year
No Cosigner Needed
If checked, this lender does not require that the applicant have a cosigner to apply.
Can Apply with Cosigner
Applicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan.

ADDITIONAL ELIGIBILITY REQUIREMENTS

Ability to Release Cosigner (Existing Loans)
If the applicant's initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and "release" the original cosigner(s).
Ability to Release Cosigner (Refinanced Loans)
If the applicant chooses to add a cosigner to the refinanced loan, the applicant may have the option to "release" that cosigner from the refinanced loan at a later date.
Borrower Can Be Delinquent
on Current Student Loans
If the borrower's student loans are currently delinquent (but not in default), they may or may not be eligible to refinance.
Borrower Can Apply While
Still Enrolled in School
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Borrower Must Currently
Be Employed
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Yesor signed job offerYesor signed job offerYesor signed job offerYesYesor signed job offerYes
All GPAs Qualify
Our partners currently refinace student loans regardless of a borrower's graduate or undergraduate GPA.

CUSTOM RATES, APPLICATION DETAILS, AND MORE

Getting Your Custom
Rate Takes
An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower's credit score.
3 minutes or less3 minutes or less3 minutes or less3 minutes or less3 minutes or less3 minutes or less
Completing an
Application Takes
An estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application.
10 minutes or less10 minutes or less10 minutes or less10 minutes or less10 minutes or less20 minutes or less
Can Apply on Any
Mobile Device
Indicates whether or not a lender accepts applications from a mobile device.
Interest Is Tax Deductible
Indicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met). Learn more
No Personal
Reference Needed
Some lenders may require a personal reference in order to apply for student loan refinancing.
Opened for Business In
The year the student loan refinancing company was established.
201320062011200720111828 2014 for refi student loans

* Average savings based on lender specific calculations. Please visit their site for more information.

Our Top 6 Picks for Student Loan Refinancing

2.57% – 6.32%2.57% – 5.87%3.49% – 6.32%5 to 20
$5kNo MaxYes0.25%$30,939
(up to 12 months)
NoneNone
Any except AL, DE, KY, MS, NV, RI
Undergrad
& Graduate
Private & Federal660No min
Yes(or signed job offer)No min< 3 minutes< 10 minutes
No2013Visit Earnest
2.80% – 7.02%2.80% – 6.38%3.50% – 7.02%5, 7, 10, 15, 20
$5kNo MaxYes0.25%$20,200
(up to 12 months)
NoneNone
Any
Undergrad
& Graduate
Private & Federal660No min
Yes(or signed job offer)No min< 3 minutes< 10 minutes
No2006Visit Laurel Road
2.51% – 7.80%2.51% – 7.55%3.90% – 7.80%5, 7, 10, 15, 20
$5kNo MaxYes0.25%Varies
(up to 12 months)
NoneNone
Any
Undergrad
& Graduate
Private & FederalGood or Excellent score neededNo min
Yes(or signed job offer)No min< 3 minutes< 10 minutes
No2011Visit SoFi
2.76% – 8.54%2.76% – 7.90%3.15% – 8.54%5, 7, 10, 15, 20
$5k$125k Undergrad
$250k Graduate
$300k Medical
Yes0.25%$192/month
(up to 18 months)
(up to 4 years)
NoneNone
Any except ME, ND, NV, RI, WV
Undergrad
& Graduate
Private & Federal680$24,000
per year
YesNo min< 3 minutes< 10 minutes
No2007Visit Lendkey
Start Application: 1-877-304-9306
2.57% – 6.65%2.57% – 6.65%3.20% – 6.65%5, 7, 10, 15, 20
$5k$500kYes0.25%$24,046
(up to 24 months)
NoneNone
Any except ID, LA, MS, NV, SD or VT
Undergrad
& Graduate
Private & Federal660No min
Yes(or signed job offer)No min< 3 minutes< 10 minutes
No2011Visit CommonBond
2.75% – 8.69%2.75% – 8.20%3.50% – 8.69%5, 10, 15, 20
$10k$90k undergrad
$350k grad
Yes0.25%$271/month
(up to 12 months)
NoneNone
Any
Undergrad
& Graduate
Private & Federal680$24,000
per year
YesNo min< 3 minutes< 20 minutes
No1828 / 2014for refi student loansVisit Citizens
Apply by phone: 1-877-573-4829
EXPLORE REVIEWS

Did you know checking your rate won’t affect your credit score?

  • Rates (APR)
  • Variable Rates
  • Fixed Rates
  • Terms
  • Soft Credit Check
  • Min. Lending Amount
  • Max. Lending Amount
  • Auto-Pay Interest Rate Reduction
  • Average Savings
  • Unemployment Protection/Benefits
  • Interest-Only Payment Option
  • Discharge Due to Death
  • Transfer Parent PLUS From Parent to Child/Graduate
  • Origination Fees
  • Prepayment Penalty
  • Refi Parent PLUS Loans
  • State Residency
  • Previously Defaulted (Now Rehabilitated) Loans Eligible
  • Eligible Degrees
  • Eligible Loans
  • Min. Credit Score
  • Min. Annual Income
  • No Cosigner Required
  • Ability to Apply With a Cosigner
  • Cosigner Release Offered (Existing Loans)
  • Cosigner Release Offered (Refinanced Loans)
  • Borrower Can Be Delinquent on Current Student Loans
  • Borrower Can Apply While Still Enrolled in School
  • Borrower Must Currently Be Employed
  • Minimum GPA Required
  • Avg. Time to Check Rate
  • Avg. Time to Apply
  • Apply on Mobile Device
  • Interest Is Tax Deductible
  • Personal Reference Required
  • Year Established
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.


Finding the right bank to refinance or consolidate your student loans is confusing.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation. With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school). If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation! If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.

Disclosure: Student Loan Hero is a free website to help student loan borrowers. We only evaluate lenders and do not issue student loans. This report was not chartered by or created on behalf of any lender listed below.

Top 6 Banks: In-Depth Reviews

1. Earnest

Clients save on average $30,939.

Get your rate in 2 minutes.

Get Your Rate
  • Sara Hathaway – UBC

    Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I'm not just another statistic to them, I'm a relationship.

  • Refinancing available for undergraduate or graduate student loans from both private and federal lenders
  • Rates start at 2.57% APR variable (with autopay) and 3.49% APR fixed (with autopay)
  • Radical flexibility to pick any monthly payment and term between 5 and 20 years – saving you more than standard rates and terms
  • No set income requirements – Earnest looks at thousands of data points to evaluate financial responsibility and deliver the lowest possible rate
  • Commitment-free 2 minute rate check
  • Earnest never passes you off to a third party – their on-site team is your customer service partner for the life of your loan
  • Ability to change your loan as your life and needs change – refinance your loan for free, change payment dates, even skip a payment once a year and make it up later
  • Unemployment protection to pause your monthly payments when in between jobs
  • No origination fees, application fees, or prepayment fees
  • Must have completed undergraduate or graduate degree or expected graduation within 6 months
  • Must be currently employed or with an employment offer starting within 6 months
  • Must be a U.S. Citizen or permanent resident

2. Laurel Road

Refinance up to 100% of outstanding federal and private loans at
super low rates.

Clients save on average $20,200.

Get Your Rate
  • Bethany Whittier, DDS – Dentist

    Bethany Whittier, DDS – Dentist

    I will save over $20,000!

    Refinancing my student loans through Laurel Road is the best thing that could have happened for my personal finances. The online application was very straightforward and I was approved within a week of applying. The customer service has been nothing but professional, promptly answering any questions I have about my account. Throughout the lifetime of my loan I will save over $20,000!

  • Dr. Bryce Peterson – Medical Doctor

    Dr. Bryce Peterson – Medical Doctor

    The customer service was very efficient!

    I have refinanced other loans, but never as easily as with Laurel Road. The online services they offered made this refi a snap, and their rates were lower than other banks, too. The customer service through email and telephone was also very efficient.

  • Dr. Chandy Randall – Medical Doctor

    Dr. Chandy Randall – Medical Doctor

    The interest rate was great!

    Applying to refinance my loan with Laurel Road was so easy! I only needed to collect a few documents and upload them to the website. The documents were reviewed and accepted quickly. The communication was easy. The interest rate was great! I am very happy that I decided to refinance with Laurel Road!

  • Bethany Hammons – Registered Nurse

    Bethany Hammons – Registered Nurse

    I would recommend them to anyone!

    After spending weeks communicating with other companies I had about given up on refinancing my loans. I decided to give one more company a try. Laurel Road (formerly DRB Student Loan) was such an easy online process I almost didn’t believe. I would recommend them to anyone. Student loans are stressful so it’s so nice knowing there’s a company out there to make the process as pain free as possible!

  • Brandi Brock – Finance Manager

    Brandi Brock – Finance Manager

    Fast and easy!

    Working with Laurel Road was fast and easy! I searched for the right refinance company, and no one had better rates or service. I would recommend refinancing with Laurel Road to any of my friends with student loan debt to consolidate!

  • Refinancing and consolidation of private and federal student loans
  • Must be an alumni of a bachelors or graduate degree program (e.g. MBA, Law, post-residency Medical/Dental, Physician Assistant, Advanced Degree Nursing, Pharmacist, Engineering, PhD, etc.) who meet the underwriting criteria
  • Laurel Road also offers parents of Bachelor degree holders the opportunity to refinance student loans they took out to finance their child’s education as long as their child has graduated and is working. Parents can refinance Parent PLUS loans in their own name or their child’s name.
  • 2.80% – 6.38% (with autopay) variable rates
  • 3.50% – 7.02% (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • Maximum variable rates capped at 9% for 5-10 year terms. For greater than 10 year term, maximum rate cap is 10% APR
  • No origination fee or prepayment penalty
  • .25% Interest Rate Reduction with automatic payments via ACH

3. SoFi

Cut the cost of your student loan debt.

Members average savings varies.

Get Your Rate
  • Chiara McPhee – Stanford

    Chiara McPhee – Stanford

    Lowest rates without a cosigner!

    I was looking for the lowest rates I could find without a cosigner. SoFi was by far the best.

  • Ali Kahn – Ross University

    Ali Kahn – Ross University

    Tens of thousands saved!

    It's almost mind-boggling how much money I'll save through refinancing my student loans with SoFi - I'd literally be paying tens of thousands more with my original loans. Now that I’ve refinanced my student loans with SoFi, I see a light at the end of the tunnel. I’m able to put away a little bit more, think about long term goals, save for a house - and I know this burden isn’t going to be over my head for the rest of my life.

  • Barry Malinowski Jr. – Harvard

    Barry Malinowski Jr. – Harvard

    Significantly lower rate!

    With SoFi, I was able to significantly lower my rate, saving me thousands of dollars over the life of the loan. Plus, now I belong to a support group of borrowers and lenders, turning debt that was once only a liability into an assets of sorts. I’m grateful that a friend told me about SoFi.

  • Taryn B. – New York

    Taryn B. – New York

    Amazing customer service!

    Not only does SoFi provide low interest rates, but they have a seamless process, a tech savvy website and amazing customer service. They actually make me feel good about borrowing money from them.

  • Refinancing and consolidation of private and federal student loans
  • Must have completed an eligible undergraduate or graduate degree program
  • Available for both undergraduate and graduate school student loans
  • 2.51% APR to 7.55% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR
  • 3.90% APR to 7.80% APR (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • No origination fees or prepayment penalties
  • Unemployment protection – loan payments are paused and they help find new job
  • Career support – complimentary coaching for SoFi members
  • Entrepreneur program – qualified applicants can receive loan deferrals and mentorship
  • Important Disclosures

    SoFi Disclosures

    1. Student Loan Refinance: Fixed rates from 3.899% APR to 7.804% APR (with AutoPay). Variable rates from 2.510% APR to 7.554% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.510% APR assumes current 1 month LIBOR rate of 2.10% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
    2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS #1121636. (www.nmlsconsumeraccess.org)

4. LendKey

Loans funded by community lenders.

See refinancing rates from our network of 300+ lenders in 2 minutes without impacting your credit score.

Members average $192/month in savings.

Get Your Rate
  • Megan – Wartburg College

    Megan – Wartburg College

    I feel like I can breathe again!

    I have been very impressed with my application process with LendKey! Their customer service team is prompt in responding to any inquiries via email and very helpful on the phone! The application process was easy to follow and very user friendly! With LendKey's help, I'll be saving nearly $400 per month on my student loans! I'm absolutely thrilled and feel like I can breathe again knowing how much this is going to help me financially and the ability to pay my loans off faster. Thank you LendKey!

  • Tyler – Grand Valley State University

    Tyler – Grand Valley State University

    Thanks LendKey!

    I checked multiple companies for student loan refinancing and LendKey was by far the easiest and had best rates. Save yourself time and just go with LendKey.

  • Michelle – San Jose State University

    Michelle – San Jose State University

    Easy, friendly, and approved!!

    I found the application process easy, the customer service when I called always friendly and helpful (minimal automated phone assistance!) and I was approved quickly! Highly recommend refinancing your student loan with Lendkey!

  • Tyler – Harvard

    Tyler – Harvard

    Customized repayment plans

    I liked the repayment program that was offered. Lower payments in the beginning and as I moved along in my career and earned more, I could pay more.

  • Gregory – Rutgers

    Gregory – Rutgers

    Fantastic customer service!

    The customer service was fantastic and the network of credit unions was incredible. At the time when I was looking to consolidate my loans, I could not find many other opportunities like the one presented by you guys.

  • Abigail – Western Michigan University

    Abigail – Western Michigan University

    Much easier than the alternatives!

    I had outstanding loans from Sallie Mae with an extremely high interest rate. It would have taken me over 30 years to pay my college debt. You guys were the only program that allowed me to consolidate my private student loans for one easy payment. They are much easier and nicer to work with then Sallie Mae.

  • Higher chance of approval with LendKey’s network of not-for-profit lenders
  • Check real refinancing rates in 2 minutes with one form and no impact on your credit score
  • No handoffs – you’ll be with our fully trained customer care team from your application to your final payment
  • Refinancing and consolidation of private and federal student loans
  • Available for both undergraduate and graduate school student loans
  • Fixed rates from 3.15% ARP to 8.54% APR (with autopay)
  • Variable rates from 2.76% ARP to 7.90% APR (with autopay)
  • 5, 7, 10, 15, 20 year repayment terms
  • 0.25% Interest Rate Reduction – available to all borrowers when making automatic payments
  • Unemployment protection – longest period (18 months) of paused loan payments while in-between jobs
  • Cosigner release – available after 12 on-time payments
  • Minimum balance to refinance: $5,000
  • Minimum income of $24,000/year
  • No application or origination fees, and no prepayment penalties
  • Keep payments low with interest only repayment available for initial four years of some 15yr term loans

5. CommonBond

See your rate in two minutes

Save over $24,046 on average

Your loan funds the education of a child in need

No Fees

Get Your Rate
  • Chan – Binghamton, NY

    Chan – Binghamton, NY

    Very easy application!

    It was very easy to go through the CommonBond website and apply for the loan.

  • Grace – Detroit, MI

    Grace – Detroit, MI

    Tailored, one on one service

    Looking at the math and the rates, it was an easy choice for me. It's just a very personal, tailored, one on one service.

  • Andrew – Grand Forks, ND

    Andrew – Grand Forks, ND

    Save Thousands of Dollars

    I am going to save thousands of dollars and some portion of that is going to help other people involved in education right now.

  • Mariana – Lansing, MI

    Mariana – Lansing, MI

    How could I live without this?

    You know that moment when you find out about something you didn't know existed, and you think how could I ever live without this?

  • Dan M – San Francisco, CA

    Dan M – San Francisco, CA

    Very innovative

    It's a very innovative approach to student financing.

  • Tom – Seekonk, MA

    Tom – Seekonk, MA

    Commitment to financial literacy

    Their committment to financial literacy education is also very important.

  • Dan S – East Hampton, CT

    Dan S – East Hampton, CT

    Support a great organization

    It's an opportunity to support an organization with a really great message about the community and people.

  • Refinancing and consolidation of private and federal student loans
  • Available for undergraduate, graduate, and Parent PLUS student loans
  • 2.57% – 6.65% APR variable rate refinancing (with autopay)
  • 3.20% – 6.65% APR fixed rate refinancing (with autopay)
  • 3.81% – 6.25% APR hybrid rate refinancing (with autopay)
  • 5, 7, 10, 15, 20 Year Repayment Terms
  • 0.25% Interest Rate Reduction with automatic payments via ACH
  • Unemployment protection – loan payments are paused and it helps eligible graduates find new jobs and also hire them for short-term consulting projects
  • Access to CommonBond Community – Borrowers are connected to events in their cities, networking opportunities, and lifestyle perks
  • Social good – for every fully funded degree through CommonBond, it funds the education of a student in need abroad for a year through Pencils of Promise
  • No application, origination or disbursement fees

6. Citizens Bank

You could save an average of $271/month*

No application, origination or disbursement fees.

Get Your Rate
  • David C

    You truly helped change my life!

    Thank you so much for all your help Citizens! You've truly helped change my life!

  • Derek F

    I had an overwhelmingly positive experience

    After hearing about the student loan refinance options at Citizens Bank, I was interested to learn more and submit an application. However, I was unaware of what the process required. I was very fortunate to be assisted by your phone agent during the application process. He was extremely patient, professional and knowledgeable. He was able to clearly answer my many questions and provide guidance as I put together the required information for the application. I had an overwhelmingly positive experience and because of it, will be referring my sister for this product as well. I look forward to finishing the process and having a better student loan finance option. Thank you!

  • Chad B

    I appreciate everything Citizens has done

    The loan department emailed me last night and I finished up all the docs. It's so sweet to finally get out of the clutches of my old loans.  I feel like I just walked out of prison. Take care!

  • Refinancing and consolidation of federal and private student loans with an Education Refinance Loan® from Citizens Bank®1
  • Citizens Bank private student loan customers have saved an average of $3,252/year7
  • Fixed rate student loan refinancing featuring an interest rate as low as 3.50%4 APR to 8.69% APR (with autopay)4 for eligible candidates3
  • Variable interest rates range from 2.75% APR - 8.20%4 APR (with autopay)4 and will fluctuate over the term of your loan with changes in the LIBOR rate3
  • 5, 10, 15, 20 year repayment term options
  • Loyalty Discount: 0.25 percentage point interest rate reduction on a new Education Refinance Loan if you or your co-signer (if applicable) has a qualifying account in existence with us at the time of application4
  • Automatic Payment Discount: 0.25 percentage point interest rate reduction by authorizing our loan servicer to automatically deduct your payments each month from any bank account4
  • Co-signer Release: Co-signer may be released from loan responsibility after making 36 consecutive, on-time principal and interest payments5
  • No application, origination or disbursement fees
  • Minimum Loan to Refinance: $10,000
  • (See disclosure and repayment examples)
  • Important Disclosures

    Citizens Bank Disclosures

    1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
    2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
    3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
    4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
    5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
    6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
    7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.