7 Best Student Loan Refinance Rates of 2024

Brazos offers student loan refinancing exclusively to Texas residents who have earned at least a bachelor's degree from an eligible school. The company does not charge application or origination fees, and its interest rates could be lower than what you find with other private lenders.

However, Brazos has eligibility requirements that some borrowers might find to be difficult to meet. To qualify, borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can't meet those minimums alone, you can add a cosigner who can be released after making 24 consecutive payments.

SoFi®, an online lender established in 2011, offers student loan refinancing for undergraduate and graduate borrowers from Title IV schools. They also provide refinancing options for Parent PLUS loans and medical school graduates in residency or fellowship. With five repayment terms, SoFi caters to various budget needs, and you can prequalify with a soft credit pull, which won't impact your credit score. Loans are serviced by MOHELA.

SoFi stands out for its member perks, including no fees, an autopay discount, and a 0.125 percentage point interest rate reduction on additional SoFi loans for existing members.

ELFI offers student loan refinancing for borrowers who have earned at least a bachelor's degree. A key benefit is that you're assigned a dedicated Student Loan Advisor as soon as you begin the application process. This advisor helps guide you through the refinancing process and assists in selecting the loan terms that best fit your financial situation. Advisors can be reached by text, email, or phone.

ELFI also allows you to refinance a parent's PLUS loan in your name, a feature that sets it apart from many other private lenders. However, ELFI does not offer cosigner release or interest rate discounts.

LendKey is a lending platform that partners with credit unions and community banks to help borrowers get low-interest student refinance loans. You can compare lenders all in one place without negatively impacting your credit score.

Because LendKey pairs borrowers with local banks and credit unions, the terms and eligibility requirements can differ, depending on which lender you choose. You'll have many options to compare, but it's important that you carefully review each credit union or bank's terms before signing your loan agreement.

If you have at least $10,000 in student loans to refinance, Citizens may be a good option.The lender has a relatively high loan maximum of $300,000 for undergraduate borrowers, and graduate or professional degree holders can refinance up to $500,000 or $750,000.

Citizens offers loan repayment terms ranging from five to 20 years, and rates can be either fixed or variable. Medical residents can refinance loans with fixed monthly payments of $100 for up to four years.

INvestEd is a nonprofit lender that offers student loan refinancing with competitive rates. Borrowers can take advantage of an autopay discount, as well as cosigner release after only 12 on-time payments.

The lender's maximum refinance loan limit is $250,000, which is lower than some other lenders. International students aren't able to refinance their student loans. INvestEd has a minimum credit score requirement of 670, and borrowers must meet an income requirement. However, the lender doesn't offer prequalification, so potential borrowers can't find out what their rate would be without a full application.

EdvestinU is a nonprofit student loan lending and refinancing organization that's part of the Granite Edvance Corporation. It offers student refinance loans, with fixed- and variable-rate options available.

The lender offers student loan refinancing in 20 states. It has higher loan minimums and lower maximums to qualify for refinancing than some competitors. Eligible borrowers have a range of student loan repayment term options to choose from.

The Massachusetts Educational Financing Authority (MEFA) provides refinancing options for student borrowers, even if you haven't earned your degree. While MEFA doesn't offer variable-rate loans, its fixed-rate options are competitive with what other lenders offer.

You can refinance loans starting at $10,000, but you'll need to have made six on-time payments on your current loans within the last six months to qualify. If your credit history isn't strong enough, you can apply with a cosigner. However, MEFA doesn't offer cosigner release, meaning the cosigner remains responsible until the loan is fully paid off.

Rhode Island Student Loan Authority (RISLA) is a nonprofit lender founded in 1981 that offers refinance loans to borrowers in all 50 states. While most private student loan lenders cater exclusively to borrowers who have earned degrees, RISLA also refinances loans for those who did not complete a degree program.

One of the benefits RISLA offers is income-based repayment, which is usually only available with federal student loans. Borrowers experiencing financial hardship may also qualify for forbearance for a period of as long as 24 months. Those returning to resume graduate studies school may defer repayment on their refinancing loans for as long as 36 months.