5 Best Lenders to Refinance $100K or More of Student Loan Debt

Owing money for your education always feels burdensome, no matter what you owe.

But when student debt tops six figures, the stress is even greater. Your debt payments might eat up a significant part of your paycheck and your debt balance might interfere with other life goals.

While only 5% of borrowers owe $100,000 or more in student loan debt, borrowers with these balances account for about 30% of total outstanding student loan debt, as reported by the Federal Reserve Bank of New York.

If you’re one of them, refinancing your student loans could help you reduce your interest rate, get better repayment terms, and lower your total repayment cost.

There are lots of good options for refinancing your student loan debt, including these five lenders that allow you to refinance loans of $100,000 or more:

• SoFi
• Earnest
• Laurel Road
• LendKey
• CommonBond

Should you refinance student loan debt if you owe a lot?

Refinancing your student loan debt means taking out a new loan to pay off old student loans. The goal is to find a new loan with better terms, such as a lower interest rate, to save money on repayment.

You can refinance federal or private student loans, but there are potential downsides to refinancing federal student debt. For example, you will no longer be eligible for federal student loan perks, including income-driven repayment options or Public Service Loan Forgiveness, after you refinance.

Refinancing private student loans is often an easier choice because those loans don’t have the same borrower protections as federal loans.

If you won’t be using federal borrower protection programs and can qualify for a new loan with a lower interest rate, you could save serious money by refinancing a big student loan balance.

Say you owe $100,000 with an average interest rate of 6.00% and have 10 years left to repay your loans. If you refinance to a new loan with an interest rate of 3.25%, you would save $15,962 in interest and decrease your monthly payment from $1,110 to $977.

Want to see how much you could save? Our student loan refinancing calculator can help.

Best lenders to refinance a lot of student loan debt

If you’ve decided refinancing makes sense for you, check out these five lenders that refinance large student loan balances.

These lenders allow you to check your personalized rate without affecting your credit score, so you can comparison shop and find the best loan for your specific situation.

1. SoFi

• Fixed interest rates from 3.99% to 7.80%
• Variable interest rates from 2.48% to 7.52%
• Refinance with no maximum
• Combine undergraduate and graduate loans
• Refinance federal and private loans
• Repay loan in five to 20 years
• Reduce interest rate with automatic payments
• Pay no origination fees or prepayment penalties

Visit SoFi

2. Earnest

• Fixed interest rates from 3.89% to 6.32%
• Variable interest rates from 2.57% to 5.87%
• Refinance up to $500,000 (loans serviced by Sallie Mae are ineligible)
• Combine undergraduate and graduate loans
• Refinance federal and private loans
• Repay loan in five to 20 years
• Reduce interest rate with automatic payments
• Pay no origination fees or prepayment penalties

Visit Earnest

3. Laurel Road

• Fixed interest rates from 3.50% to 7.02%
• Variable interest rates from 2.80% to 6.38%
• Refinance with no maximum
• Combine undergraduate and graduate loans
• Refinance federal and private loans
• Repay loan in five to 20 years
• Reduce interest rate with automatic payments
• Pay no origination fees or prepayment penalties

Visit Laurel Road

4. LendKey

• Fixed interest rates from 3.49% to 8.72%
• Variable interest rates from 2.47% to 7.99%
• Refinance with a community bank or credit union
• Refinance up to $125,000 in undergraduate debt or $250,000 in graduate debt
• Refinance federal and private loans
• Repay loan in five to 20 years
• Reduce interest rate with automatic payments
• Pay no origination fees or prepayment penalties

Visit LendKey

5. CommonBond

• Fixed interest rates from 3.20% to 6.65%
• Variable interest rates from 2.57% to 6.65%
• Refinance up to $500,000
• Combine undergraduate and graduate loans
• Refinance federal and private loans
• Repay loan in five to 20 years
• Reduce interest rate with automatic payments
• Pay no origination fees or prepayment penalties

Visit CommonBond

Refinancing is a big decision when you owe a lot in student loans

When you owe a lot of money in student loans, the stakes are higher when choosing a payback plan.

Income-driven repayment options could spare you from large monthly payments, so you shouldn’t give up this borrower protection lightly. Still, the amount of savings you could achieve by refinancing and reducing your interest rate is greater when you owe a large amount.

Think about whether the trade-off in losing federal loan protections is worth benefiting from lower rates.

If you decide to refinance, shop around for a lender offering the most favorable terms possible. You can also check out tips for repaying student loan balances of $100,000 or more and see how others paid off six-figure balances to inspire you on your own debt repayment journey.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!

Lender	Variable APR	Eligible Degrees
Check out the testimonials and our in-depth reviews! 1 Important Disclosures for Laurel Road. Laurel Road Disclosures VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. 2 Important Disclosures for SoFi. SoFi Disclosures Student Loan Refinance: Fixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% 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 2.480% APR assumes current 1 month LIBOR rate of 2.07% 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 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) 3 Important Disclosures for CommonBond. CommonBond Disclosures Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018. 4 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Education Refinance Loan Rate Disclosure: Variable 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 August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% 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. 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. 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. 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. 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. 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. 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.
	2.57% – 5.87%	Undergrad & Graduate	Visit Earnest
	2.80% – 6.38%1	Undergrad & Graduate	Visit Laurel Road
	2.48% – 7.52%2	Undergrad & Graduate	Visit SoFi
	2.47% – 7.99%	Undergrad & Graduate	Visit Lendkey
	2.57% – 6.65%3	Undergrad & Graduate	Visit CommonBond
	2.72% – 8.17%4	Undergrad & Graduate	Visit Citizens