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Last Updated: November 30, 2023

Your best student loan refinancing options for 2023

Our top pick

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

Repayment Options
  • Forbearance
Fees
  • No application fees
  • No prepayment penalties
  • No origination fees
  • No disbursement fees
Discounts & Benefits
Autopay discount: 0.25%
Loyalty discount: 0.25%
Loan Details
Loan amount: $10,000 - $750,000
Term lengths: 5, 7, 10, 15, 20-year

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

Repayment Options
  • Forbearance
Fees
  • No application fees
  • No prepayment penalties
  • No origination fees
  • No disbursement fees
Discounts & Benefits
Autopay discount: 0.25%
Loyalty discount: 0.25%
Loan Details
Loan amount: $10,000 - $750,000
Term lengths: 5, 7, 10, 15, 20-year

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

Repayment Options
  • Forbearance
Fees
  • No application fees
  • No prepayment penalties
  • No origination fees
  • No disbursement fees
Discounts & Benefits
Autopay discount: 0.25%
Loyalty discount: 0.25%
Loan Details
Loan amount: $10,000 - $750,000
Term lengths: 5, 7, 10, 15, 20-year

CollegeAve

Disclosures

Variable APR

5.99% - 11.99%¹

Fixed APR

5.99% - 11.99%¹

CollegeAve

Disclosures

Variable APR

5.99% - 11.99%¹

Fixed APR

5.99% - 11.99%¹

CollegeAve

Disclosures

Variable APR

5.99% - 11.99%¹

Fixed APR

5.99% - 11.99%¹

Discover

Disclosures

Variable APR

1.87% - 5.87%

Fixed APR

3.49% - 6.99%

Discover

Disclosures

Variable APR

1.87% - 5.87%

Fixed APR

3.49% - 6.99%

Discover

Disclosures

Variable APR

1.87% - 5.87%

Fixed APR

3.49% - 6.99%

Earnest

Disclosures

Variable APR

5.49% - 9.74%

Fixed APR

4.96% - 9.79%

Earnest

Disclosures

Variable APR

5.49% - 9.74%

Fixed APR

4.96% - 9.79%

Earnest

Disclosures

Variable APR

5.49% - 9.74%

Fixed APR

4.96% - 9.79%

LendKey

Disclosures

Variable APR

7.11% - 11.18%

Fixed APR

7.11% - 11.18%

LendKey

Disclosures

Variable APR

7.11% - 11.18%

Fixed APR

7.11% - 11.18%

LendKey

Disclosures

Variable APR

7.11% - 11.18%

Fixed APR

7.11% - 11.18%

Nelnet Bank

Disclosures

Variable APR

7.58% - 14.48%¹

Fixed APR

5.34% - 10.79%¹

Nelnet Bank

Disclosures

Variable APR

7.58% - 14.48%¹

Fixed APR

5.34% - 10.79%¹

Nelnet Bank

Disclosures

Variable APR

7.58% - 14.48%¹

Fixed APR

5.34% - 10.79%¹

SoFi

Disclosures

Variable APR

6.24% - 9.99%

Fixed APR

5.24% - 9.99%

SoFi

Disclosures

Variable APR

6.24% - 9.99%

Fixed APR

5.24% - 9.99%

SoFi

Disclosures

Variable APR

6.24% - 9.99%

Fixed APR

5.24% - 9.99%

Splash Financial

Disclosures

Variable APR

5.49% - 10.24%¹

Fixed APR

4.96% - 10.24%¹

Splash Financial

Disclosures

Variable APR

5.49% - 10.24%¹

Fixed APR

4.96% - 10.24%¹

Splash Financial

Disclosures

Variable APR

5.49% - 10.24%¹

Fixed APR

4.96% - 10.24%¹

MPOWER Financing

Disclosures

Variable APR

N/A

Fixed APR

12.69%*

MPOWER Financing

Disclosures

Variable APR

N/A

Fixed APR

12.69%*

MPOWER Financing

Disclosures

Variable APR

N/A

Fixed APR

12.69%*

Today’s most popular

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

Citizens

Disclosures

Variable APR

7.05% - 12.40%*

Fixed APR

6.79% - 10.99%*

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San Jose State University

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San Diego State University

I had a great experience using TuitionHero to help me get a low rate on a private student loan. I could compare lots of lenders all on the same site, which was super convenient.

Sofia Alves

Arizona State University

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With so many private student loan options out there, it can be overwhelming! TuitionHero shows you rates and terms from a variety of lenders, so you can compare them side-by-side and easily spot the potential savings.

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Our editors then condensed and organized that research into the simple lender table you see above to match you with the companies that are best suited to your specific situation.


What is student loan refinancing?

Student loan refinancing is the process of taking out a new loan to pay off your existing student loans. The new loan may have a lower interest rate or better repayment terms, which can save you money on your monthly payments and overall loan costs.

What’s the difference between student loan refinancing and consolidation?

Consolidation and refinancing are the two primary ways to restructure your student loans. Each option has unique characteristics, and they apply to different types of existing loans.

Loan refinancing

Refinancing replaces an existing loan with a new one, often with better terms or a lower interest rate. This is common when a borrower's credit score improves, or interest rates drop.

Great for students who:

  • Have high-interest loans

  • Recently improved their credit score

  • Want to change their loan term

Loan consolidation 

Consolidation simplifies your loans by combining multiple loans so that there’s just one monthly payment to manage. However, loan consolidation usually won’t lower your interest rate.

Great for students who:
  • Want to manage fewer loan payments

  • Want to keep federal loan benefits

  • Want to change their loan term

Do’s and don'ts of student loan refinancing

Here are a few things to consider before refinancing your student loans to help you make informed decisions, manage your finances effectively, and avoid unnecessary debt.

Do

  • Consider your ideal monthly payment

  • Shop around for the best rates and compare multiple lenders

  • Make sure you have a strong credit score or cosigner before applying

  • Double-check that your lender has your current contact information

Don't

  • Settle on the first lender you see

  • Give personal or financial information to unfamiliar callers

  • Choose a loan with a higher interest rate than you had before

  • Refinance federal loans without considering the loss of federal benefits

Your student loan refinancing questions answered

While the exact requirements vary by lender, you typically need to have:

  • A degree: You should be able to find a lender willing to refinance your student loans if you have a degree from an accredited university

  • A good credit score: A strong credit score will likely allow you to get a lower interest rate, which will save you money over the life of your loan

  • A steady income: You’ll probably qualify for a lower monthly payment with a stable income, which will make it easier to afford your loan payments

Most private student loans will offer you the choice between a fixed- or variable-rate loan. The difference between them is:

  • A fixed-rate loan has an interest rate that remains the same over the entirety of the loan. This means that your monthly payments won’t change either, leading to predictable payments.

  • A variable-rate loan has an interest rate that can go up or down with the market. As a result, your monthly payments could increase, but they also have the potential to decrease.

Your credit score is one of the key factors that lenders look at when considering your application for a refinance loan. A higher credit score indicates to lenders that you're a lower-risk borrower, which could lead to a lower interest rate on your loan. Generally, you'll need a credit score of at least 650 to qualify for student loan refinancing.

When you refinance, there will be a hard credit inquiry the moment you apply for the new loan. A hard inquiry is when a lender looks into your credit history to make a loan approval decision. The good news is that any hard inquiry will have only a small and temporary impact on your credit score. Typically your score will drop by five points or less, and it will affect your credit report for two years at most.

There are a few options available to those looking to refinance their student loans with bad credit. The fastest and simplest option is to apply with a cosigner who has good credit. This can increase your chances of getting approved for a lower interest rate. Another option is to work on building your own credit by setting reminders and budgeting so that you can consistently pay bills on time. Lenders also consider how much money you're borrowing relative to how much you're making. If you can find a way to earn more, then you'll be more likely to qualify.

Whether you should consolidate or refinance depends on the kind of loan that you have.

  • When to consolidate: If you have one or more federal loans, you may want to consolidate those loans so that you can make a single payment and still maintain your federal loan benefits. There is no option to consolidate private student loans.

  • When to refinance: If you have one or more private student loans, you'll want to refinance any time your financial situation improves or interest rates go down so that you save money. While you could refinance your federal loans to get a lower rate, it would mean losing your federal loan benefits, so there's a trade-off.