Best Student Loan Refinancing Companies of the Year

Trusted Company Reviews Rating Min. Degree Required to Qualify Min. Qualifying Annual Income Min. Qualifying Credit Score Best For Credible 9.5 None N/A N/A Overall RISLA 9.3 None $40,000 680 Small Refi ELFI 9.1 Bachelor's $35,000 680 Parent Loan Refi MEFA 8.3 None $24,000 670 Best for Average Credit Citizens Bank 8.1 None Nondisclosed Nondisclosed, 720 average stats Best for Non-Grads

Why Do I Need Student Loan Refinancing?

Whether your student loan portfolio includes one or multiple student, parent, federal, or private education loans, refinancing them can be beneficial in many cases. Not all student loan borrowers will ultimately refinance their student loans. However, many who do often realize lower interest rates, longer loan terms, lower monthly payments, and budgeting simplicity.

Private Refinancing Note

Student loan refinancing is available for many types of student loans, including private and federal loans. However, refinancing federal loans with a private company, such as Credible or one of the other best student loan refinancing companies, will eliminate federal loan protections that you may now or someday qualify for.

Student Loan Refinancing Calculator

Student loan refinancing could help lower your interest rate, simplify your payments, and save you money over time. If you're paying too much interest on your student loans or juggling too many payments at once, our free student loan refinancing calculator makes it easy to see how you could potentially improve the situation. Just enter your details to get a personalized Student Loan Score and learn if you could save cash.

Features of the Best Student Loan Refinancing Companies

The best student loan refinancing companies all have similarities in regard to focusing on the needs of the borrower. So, identifying your perfect match can appear daunting.

However, starting your search at an online marketplace, such as Credible, can give you a head start by singling out several of its top lending partners.

Here are some lender qualities to look for:

• Simple application process

• A pre-qualification step that won't affect your credit score

• Fast funding if necessary

• Manageable approval requirements

• Reasonable borrowing costs.

Qualifying for Student Loan Refinancing

Each lender has its own eligibility requirements, some more or less stringent than others. In general, refinancing borrowers must meet some basic minimum requirements to be eligible, like the items listed below. Beyond those basics, lenders may or may not have additional requirements for eligibility.

• Adequate credit score set by each lender

• Consistent or stable income

• An acceptable debt-to-income ratio

• Usually have graduated or have been out of school for a period of time

• Meet the minimum refinancing amount requirement set by each lender

• Some lenders require the borrower to have earned a degree

Student Loan Refinancing Pros and Cons

Even the best student loan refinancing companies aren't always perfect for every refinancing customer. Understanding private student loan pros and cons is essential when choosing your best match.

Pros

• Can lower monthly payment amount

• Potentially allow more time to pay off student loans

• Often provide a lower interest rate

• Consolidates multiple student loans into one with a single payment

Cons

• Qualifying requirements are often more stringent than for student loans

• Refinancing federal student loans eliminates certain borrower protections.

• Refinancing interest rates are often not much lower than the existing loan rate.

How to Choose the Best Student Loan Refinancing Company

Similar to choosing the best debt consolidation company for personal loans or credit cards, picking the best student loan refinancing company comes down to identifying your needs and finding a lender to match. To help get started, determine answers to the following financial questions, depending on their importance to you.

1. Are your current loans federal, and are you willing to give up the protections for a lower rate or payment?

2. Is a federal student loan consolidation possible instead of refinancing?

3. Is student loan refinancing necessary?

4. Will my payment be significantly lower?

5. Is my credit score and income high enough to qualify for refinancing?

6. How many years do I need or want to maintain student loan payments?

7. Will I save money in the long run by refinancing student loans?

Which Is the Best of the Best Student Loan Refinancing Companies

Our top pick for the best student loan refinancing company is Credible. Credible is an online financial marketplace designed to help you quickly, easily, and successfully identify and choose a lending or banking partner for student loans, student loan refinancing, personal or business loans, or debt consolidation.

Credible

Best Overall

Credible takes our number one spot as the best student loan refinancing company. Credible is an online lending marketplace for all things loan, home insurance, and banking-related. The platform offers customers a pre-qualification step that won't affect their credit score and allows them to choose the best financial product for their situation.

Credible offers the same features and benefits for student loan refinancing customers as it does for its personal or debt consolidation loan customers. Numerous student loan refinancing options are available through the company's site, designed to fit the needs of a wide demographic.

Credible Pros and Cons

Pros

• Multiple student loan refinancing lenders available

• Pre-qualifying won't affect credit score

• No fees apply for using the platform

Cons

• Fees may apply for some partner lending companies

• Credible isn't a direct lender

• Qualification requirements vary by lender

Credible Student Loan Refinancing Features and Benefits

As a financial product marketplace, Credible meets the needs of nearly any qualified student loan refinancing borrower.

• Check refinancing rates without affecting credit score

• Choose from multiple lending options

• No fees apply for using Credible

• Other fees vary by lender

• Eligibility varies by lender

• Loan terms available from 5 to 20 years

• High average consumer ratings

• Credit score requirements vary by lender

• Income requirements vary by lender

• Refinance private, federal, or both student loan types

• Degree requirements vary by lender

Credible Editorial Rating

Trusted Company Reviews Rating Score for Credible: 9.5

We awarded Credible the top spot in our review for its ability to meet the needs of many customers in varied situations. The company isn't a direct lender. However, it can provide the services of numerous student loan refinancing companies through its single, fast, and easy application process.

Credible student loan refinancing review scores from both consumers and experts give the company an average rating of 4.4 out of 5 stars. Despite some negative reviews, Credible stands out from its competitors.

Read Full Review: CredibleFind student loan refinancing products at Credible.

RISLA

Best for Small Refi Amounts

For consumers looking for a lender to cover a relatively small student loan refinancing deal, RISLA may provide the solution. RISLA, or Rhode Island Student Loan Authority, offers student loan refinancing for debts as low as $7,500—the lowest in our review.

RISLA Pros and Cons

Pros

• Will refinance small amounts for qualified borrowers

• Charges no application or origination fees

• Doesn't require a degree to qualify for refinancing

Cons

• High minimum income necessary to qualify for refinancing

• Late payment fees apply

• Somewhat limited loan-length terms

RISLA Student Loan Refinancing Features and Benefits

Despite its name, RISLA student loan refinancing is available to students and parents in all 50 states. The organization offers low-cost refinancing options with flexible repayment terms. However, loan-length terms are limited to just three options.

• The minimum refinance amount is $7,500

• Variable student loan refinance rates are unavailable

• No application or origination fees

• Pre-qualify without a credit check

• Refinance terms of 5, 10, and 15 years

• 680 minimum credit score to qualify

• Degree not required for refinancing

• $40,000 minimum income to qualify for loans or refinancing

• 6% late payment fee applies

RISLA Editorial Rating

Trusted Company Reviews Rating Score for RISLA: 9.3

RISLA scored well in our review for multiple reasons. The company offers deferred refinancing payments for students who go back to school in a graduate program. Additionally, RISLA offers a $2,000 loan credit to students who complete an internship program.

On the cons side, the company lost several points for its high income requirement to qualify and its late fees of up to 6% of the affected payment amount. A small number of points also fell off for offering just three loan-length terms of 5, 10, or 15 years.

Read Full Review: RISLAFind RISLA student loan refinancing at Credible.

ELFI

Best For Parent Loan Refinancing

Education Loan Finance, or ELFI, ranks as our best pick for parent student loan refinancing. ELFI offers some of the lowest refinancing interest rates for qualified borrowers in our review. Parent loan refinance customers can choose from three repayment options, none of which include application, origination, or other added fees.

ELFI Pros and Cons

Pros

• Offers the lowest interest rates among its closest competitors

• Provides three repayment term options for parent loan refinancing

• A pre-qualification step is available when applying

Cons

• More stringent qualification requirements than some competitors

• Late payment fees apply

ELFI Student Loan Refinancing Features and Benefits

As a direct student loan refinancing lender, ELFI is able to offer more flexible repayment plans than many of its competitors. However, eligibility requirements are a bit more stringent than those of other lenders in our review.

• Highly rated loan and refinancing provider

• Offers parent student loan refinancing

• No application or origination fees

• Pre-qualify without a credit check

• Refinance terms of 5, 7, 10,15, and 20 years

• The minimum refinance amount is $10,000

• 5% or $50 late payment fees apply

• A bachelor's degree or higher required for refinancing

• $35,000 minimum income to qualify for loans or refinancing

• Requires a 680 credit score to qualify

• Must be a US citizen or permanent resident to apply

ELFI Editorial Rating

Trusted Company Reviews Rating Score for ELFI: 9.1

We awarded ELFI several points that other lenders in our review didn't qualify for. The company offers more refinancing options than other lenders, with five repayment length terms of 5, 7, 10,15, and 20 years. We also awarded the company points for its lack of additional fees. However, potential late fee charges of 5% or $50 reduced ELFI's overall score.

Read Full Review: ELFIFind ELFI student loan refinancing at Credible.

MEFA

Best for Average Credit

MEFA, or Massachusetts Educational Financing Authority, is our top pick for student loan refinancing customers with slightly less-than-ideal credit scores or histories. MEFA's refinancing eligibility requirements allow for potential approvals for customers with a credit score of 670 or higher—lower than any other company in our review.

MEFA Pros and Cons

Pros

• May approve borrowers with a lower credit score

• Low minimum income requirement of $24,000 annually

• No application or origination fees apply

Cons

• Autopay or other discounts unavailable

• Limited refinance loan-length terms

• Variable interest rates unavailable

MEFA Student Loan Refinancing Features and Benefits

MEFA reviews reflect a student loan refinancing company with high average rating scores, low minimum qualifying requirements, and a

• High average rating scores

• No application or origination fees

• Variable interest rates not available

• Pre-qualifying for refinancing won't affect credit score

• Refinance loan terms of 7,10 and 15 years

• Minimum refinance amount is $10,000

• Refinancing is available without a degree

• One year of payments is necessary to apply for refinancing

• Requires a 670 credit score to qualify

• No discounts for autopay are available

• $24,000 minimum income requirement for refinancing

MEFA Editorial Rating

Trusted Company Reviews Rating Score for MEFA: 8.3

MEFA scores well in our review for making itself available to many refinancing borrowers who may not qualify as easily at other lenders. Additionally, we awarded points for the company's lack of origination, application, or other fees. However, we deducted a few points from MEFA for offering just two loan-length terms of 10 and 15 years.

Read Full Review: MEFAFind MEFA student loan refinancing at Credible.

Citizens Bank

Best for Non-Grads

Citizens Bank, now simply called Citizens, is another of the best student loan refinancing companies that provides its services without adding origination or application fees for its products.

It also offers pre-qualifying for its refinancing products with no effect on borrowers' credit scores. Additionally, Citizens Bank is one of the few student loan refinancing companies that offers student loans for community college attendance.

Citizens Bank Pros and Cons

Pros

• Refinancing is available regardless of graduation status

• No application or origination fees apply

• Five repayment loan-length terms available

Cons

• Qualifying requires a higher credit score than other lenders

• Company experiences some low customer review scores

Citizens Bank Student Loan Refinancing Features and Benefits

Citizens suffers a bit from low consumer ratings. However, it also features excellent benefits, such as refinancing repayment terms of 5, 7, 10, 15, or 20 years.

• Refinancing is available without graduation

• No application or origination fees

• Pre-qualifying won't affect credit score

• Refinance terms between 5 and 20 years

• Some low review ratings

• Requires 720+ credit score to qualify

• Refinancing is only available after leaving school

Citizens Bank Editorial Rating

Trusted Company Reviews Rating Score for Citizens Bank: 8.1

Our research team deducted points from Citizens overall score, citing low customer review scores and stringent qualification requirements. However, The company came out ahead regarding its multiple repayment term options, lack of additional fees, pre-qualifying benefits, and not requiring a degree to take advantage of its refinancing program.

Read Full Review: Citizens BankFind Citizens Bank student loan refinancing at Credible.