Refinancing your student loans can be one of the most effective ways to reduce your monthly payment, lower your total interest cost, or both. By replacing one or more existing loans with a new private loan at a lower rate, borrowers with strong credit can save thousands of dollars over the life of their debt. With the average student loan balance exceeding $37,000 and fixed refinancing rates available as low as 3.99% in early 2026, the math often works in your favor.
But refinancing is not one-size-fits-all. Rates vary dramatically by lender, credit profile, and loan term. Some lenders charge zero fees; others deduct origination fees before disbursement. Some offer income-based repayment on refinanced loans; most do not. Some specialize in medical professionals; others serve the broadest possible borrower pool. And the single most important factor: refinancing federal student loans with a private lender means permanently losing access to income-driven repayment plans, Public Service Loan Forgiveness, and federal forbearance protections.
Before refinancing federal loans, make sure you will not benefit from federal protections. Borrowers pursuing PSLF, working in public service, or enrolled in income-driven repayment plans should generally keep their federal loans. Refinancing makes the most sense for private loan holders, borrowers with high-interest federal loans who will not use federal benefits, and those who have improved their credit or income since originally borrowing.
We reviewed 10 student loan refinancing lenders, including 7 that also offer in-school origination loans in our private student loan review series. Here are our picks for the best student loan refinancing options in 2026.
RatesChaser’s 5 Best Student Loan Refinancing Companies of 2026
RISLA Student Loan Refinancing
RISLA (Rhode Island Student Loan Authority) earns a 4.0 out of 5.0 and is our top pick for student loan refinancing because it offers the only income-based repayment plan on a private refinanced loan. If you hit financial hardship, RISLA will recalculate your payment based on income and household size, and forgive any remaining balance after 25 years. No other private refinancing lender matches this level of borrower protection.
The fee structure is the cleanest in the market: zero origination, zero late fees, zero returned payment fees, and zero prepayment penalty. Fixed rates cap at 8.29% (with autopay and RI Advantage), meaning even worst-case pricing beats most competitors' mid-range. Co-signer release is available after 24 consecutive on-time payments. RISLA services its own loans, so you deal with the same organization from application through final payment.
The limitations are fixed rates only (no variable option), only three term lengths (5, 10, or 15 years), and the best rates reserved for Rhode Island-connected borrowers through the RI Advantage discount. Non-RI borrowers will see higher rates. NerdWallet reports a minimum credit score of 680 and minimum income of $40,000, which are above average for refinancing.
- Fixed APR: 3.99% – 8.29% (with autopay & RI Advantage)
- Only private refi lender offering income-based repayment with forgiveness after 25 years
- Zero fees of any kind: no origination, no late, no prepayment penalty
- No degree requirement for refinancing (degree level affects max loan amount)
- Co-signer release after 24 consecutive on-time payments
Earnest Student Loan Refinancing
Earnest earns a 4.0 out of 5.0 for refinancing and delivers some of the lowest rates in the market thanks to its precision pricing model, which evaluates savings, income trajectory, and financial habits beyond traditional credit score underwriting. Fixed rates start at 3.97% APR (with autopay), and the 10.24% ceiling is manageable even for less-qualified borrowers.
The skip-a-payment feature is unique: borrowers can defer one payment per 12-month period during repayment, which is valuable for borrowers with irregular income or unexpected expenses. Earnest also offers 24-month forbearance, twice as long as most competitors, providing a meaningful safety net during financial hardship. Six repayment terms (5, 7, 10, 12, 15, or 20 years) give granular control over monthly payment sizing.
Earnest charges zero origination fees and zero late fees, matching SoFi for the cleanest fee structure among fintech refinancers. The primary limitations are that variable rates are not available in several states (AK, IL, MN, MS, NH, OH, TN, TX) and the lender does not disclose minimum credit or income requirements, making it difficult to assess eligibility before applying.
- Fixed APR: 3.97% – 10.24% (with autopay)
- Skip-a-payment: defer one payment per 12-month period during repayment
- Precision pricing considers savings, income, and financial habits beyond credit score
- 24-month forbearance, twice as long as most competitors
- Zero fees: no origination, no late fee, no prepayment penalty
SoFi Student Loan Refinancing
SoFi earns a 4.0 out of 5.0 for refinancing and offers the most complete zero-fee package in the market: no origination fee, no late fee, no prepayment penalty, and no insufficient funds fee. Beyond the loan itself, SoFi provides career coaching, financial planning, networking events, and unemployment protection that extends the value proposition well beyond interest rates.
Fixed rates from 4.24% APR (with all discounts including autopay and SoFi Plus) and a 9.99% ceiling make SoFi competitive across the credit spectrum. Parent PLUS refinancing is available, including transferring debt from parent to child. Residency and fellowship refinancing serve medical professionals. The 0.25% autopay discount plus 0.125% SoFi Plus discount stack to 0.375% total.
The main limitations are that SoFi does not disclose minimum credit requirements and the rate floor is higher than Earnest (4.24% vs 3.97%) and RISLA (3.99%). The Trustpilot rating of 4.2 is solid but below ELFI's 4.9. For borrowers who value a comprehensive financial ecosystem alongside their student loan, SoFi is the strongest single-platform option.
- Fixed APR: 4.24% – 9.99% (with all discounts)
- Zero fees across the board: no origination, no late, no prepayment, no NSF
- Career services & unemployment protection included for all borrowers
- Parent PLUS refinancing with option to transfer debt to child
- Residency/fellowship refinancing for medical professionals
Laurel Road Student Loan Refinancing
Laurel Road earns a 3.5 out of 5.0 and is our pick for healthcare professionals because no other refinancing lender specializes as deeply in medical, dental, and healthcare debt. Physicians, dentists, optometrists, and physician assistants receive special pricing unavailable to general borrowers. Medical residents and fellows can defer payments during training with reduced payment options.
There is no loan maximum for bachelor's degree holders, making Laurel Road one of the few lenders that can handle six-figure medical school balances. Stacking rate discounts reach up to 0.80% (0.25% autopay plus up to 0.55% for direct deposits into a Laurel Road Checking account). Parent PLUS refinancing includes the option to transfer debt to a graduated child. Free forgiveness counseling through GradFin helps borrowers evaluate whether PSLF or refinancing is the better path.
The trade-offs include a Trustpilot rating of 2.6 out of 5.0 with recurring complaints about account lockouts and customer service, undisclosed minimum credit and income requirements, a late fee ($28 or 5%, whichever is less), and no co-signer release. Borrowers outside healthcare may find better rates and service at SoFi, Earnest, or RISLA.
- Fixed APR: 5.44% – 9.65% (with autopay)
- Healthcare specialist pricing for physicians, dentists, optometrists, and PAs
- No loan maximum for bachelor's degree holders; handles six-figure medical debt
- Stacking discounts up to 0.80%: autopay + Laurel Road Checking direct deposits
- Parent PLUS transfer: parents can move debt to graduated child
Splash Financial Student Loan Refinancing
Splash Financial earns a 3.5 out of 5.0 and is our pick for rate shoppers because its marketplace model lets you compare offers from multiple credit unions, banks, and lenders through a single application. Credit union partners often deliver lower rates than direct lenders due to lower overhead, and the 3-minute soft-pull prequalification makes comparison effortless.
Fixed rates start at 4.20% APR with no loan maximum, making Splash competitive for large balances. The medical school residency program offers $100/month payments during training and for six months post-training, competing directly with Laurel Road and SoFi. Splash itself charges no fees; the company has an A+ BBB rating, excellent Trustpilot rating, and zero student loan CFPB complaints in 2024.
The key trade-off is consistency. Because the actual lender varies, policies on forbearance, late fees, and servicing quality depend on which partner you are matched with. Splash does not accept co-signers, which limits accessibility. If matched with a credit union, you may need to open a membership account. Borrowers who want a predictable, single-lender relationship should consider RISLA, SoFi, or Earnest instead.
- Fixed APR: 4.20% – 10.24% (varies by partner lender)
- Multiple offers from one application: compare rates from several lenders
- Medical residency program: $100/month during training + 6 months post-training
- No loan maximum and no Splash fees (partner fees may vary)
- Soft-pull prequal in 3 minutes with no credit score impact
About Our Picks for the Best Student Loan Refinancing
1. RISLA Student Loan Refinancing
Best Overall Student Loan Refinancing
RISLA earns a 4.0 out of 5.0 and is our pick for best overall because it offers the only income-based repayment plan on a private refinanced loan, with forgiveness of any remaining balance after 25 years. That single feature makes RISLA the lowest-risk refinancing option for borrowers worried about losing federal protections. Combined with zero fees of any kind (no origination, no late fee, no returned payment fee), a rate ceiling of 8.29% fixed, co-signer release after 24 months, no degree requirement, and self-serviced loans, RISLA delivers the strongest combination of borrower protections and cost in the refinancing market.
RISLA Refinancing at a Glance
- Only private refi lender offering income-based repayment, modeled after the federal IBR program, with forgiveness after 25 years.
- Zero fees of any kind: no origination, no late fee, no returned payment fee, no prepayment penalty.
- Low rate ceiling (8.29% fixed with autopay). Even worst-case pricing beats most competitors’ mid-range.
- No degree requirement for refinancing, which is rare among refinancing lenders. Degree level affects the max loan amount.
- Co-signer release after 24 on-time payments. Self-serviced loans for continuity from application through repayment.
2. Earnest
Best for Lowest Rates
Earnest earns a 4.0 out of 5.0 for refinancing and is our pick for the lowest rates because its precision pricing model evaluates factors beyond credit score alone, often resulting in better rates for borrowers with strong financial profiles. Fixed rates from 3.97% and variable rates from 5.88% APR are among the most competitive in the market. The skip-a-payment feature (one deferral per 12-month period) adds flexibility that no other major refinancing lender matches. Earnest does not charge origination fees or late fees.
Earnest Refinancing at a Glance
- Precision pricing considers savings, income trajectory, and financial habits beyond traditional credit score underwriting.
- Skip-a-payment: defer one payment per 12-month period during repayment, useful for irregular income.
- Fixed rates from 3.97% APR (with autopay), among the lowest floors in the market.
- Wide repayment terms: 5, 7, 10, 12, 15, or 20 years for granular control over monthly payment.
- No degree requirement and 24-month forbearance, twice as long as most competitors.
Earnest Student Loans Review →
3. SoFi Student Loan Refinancing
Best for Zero Fees & Career Services
SoFi earns a 4.0 out of 5.0 for refinancing and is our pick for borrowers who want the most complete zero-fee package. No origination fee, no late fee, no prepayment penalty, and no insufficient funds fee. SoFi also offers career services, financial planning, networking events, and unemployment protection that extends the lender’s value beyond the loan. Parent PLUS refinancing is available, including transferring debt from parent to child. The 0.25% autopay discount plus an additional 0.125% SoFi Plus discount can reduce rates further.
SoFi Refinancing at a Glance
- Zero fees across the board: no origination, no late, no prepayment, no insufficient funds.
- Career services and unemployment protection: career coaching, financial planning, and a payment pause during job search.
- Parent PLUS refinancing with the option to transfer debt from parent to child.
- Fixed rates from 4.24% APR (with all discounts), variable from 5.99%.
- Residency and fellowship refinancing available for medical professionals.
4. Laurel Road Student Loan Refinancing
Best for Healthcare Professionals
Laurel Road earns a 3.5 out of 5.0 and is our pick for healthcare professionals because it offers the deepest specialization in medical, dental, and healthcare refinancing. Physicians, dentists, optometrists, and physician assistants receive special pricing. Medical residents and fellows can defer payments during training. There is no loan maximum for bachelor’s degree holders, making Laurel Road one of the few lenders that can handle six-figure medical school debt. Stacking rate discounts of up to 0.80% (autopay plus checking account direct deposits) are among the most aggressive in the market.
Laurel Road Refinancing at a Glance
- Healthcare specialist pricing for physicians, dentists, optometrists, and PAs.
- No loan maximum for bachelor’s degree holders. Handles six-figure medical debt.
- Stacking discounts up to 0.80%: autopay (0.25%) plus checking direct deposits (up to 0.55%).
- Parent PLUS transfer: parents can transfer debt to a child if the child has graduated.
- Forgiveness counseling through GradFin: free 30-minute PSLF/IDR consultations.
5. Splash Financial
Best for Rate Shopping
Splash Financial earns a 3.5 out of 5.0 and is our pick for rate shoppers because its marketplace model lets borrowers compare offers from multiple credit unions, banks, and lenders with a single application. Credit union partners often deliver lower rates than direct lenders due to lower overhead costs. Fixed rates from 4.20% APR and no maximum loan amount make Splash competitive for large balances. The medical school residency program ($100/month during training) competes directly with Laurel Road and SoFi.
Splash Financial Refinancing at a Glance
- Multiple offers from one application: compare rates from several partner lenders simultaneously.
- Credit union partners often offer lower rates than direct lenders.
- Fixed rates from 4.20% APR and no maximum loan amount.
- Medical residency program: $100/month during training and 6 months post-training.
- Soft-pull prequal in 3 minutes with no credit score impact.
Why Student Loan Refinancing Exists (And When It Makes Sense)
Student loan refinancing replaces one or more existing loans with a single new private loan, ideally at a lower interest rate. Unlike federal consolidation (which averages your existing rates), private refinancing lets lenders compete for your business based on your current creditworthiness, which may be significantly stronger than when you originally borrowed. A borrower who took out federal loans at 6.39% as a freshman but now has a 780 FICO and $85,000 income could refinance to under 5%, saving thousands over the loan’s life.
Refinancing makes the most sense in three scenarios. First, private loan holders who can qualify for a lower rate have nothing to lose because private loans carry no federal protections to begin with. Second, federal borrowers who are confident they will not use income-driven repayment, PSLF, or federal forbearance can save significantly by refinancing high-rate loans. Third, borrowers with multiple loans who want to simplify into a single monthly payment benefit from the consolidation effect.
The critical trade-off: refinancing federal loans converts them to private loans permanently. You lose income-driven repayment, Public Service Loan Forgiveness, federal forbearance, and any future federal relief programs. RISLA’s income-based repayment plan is the only private-market partial replacement for these protections. If there is any chance you will need federal benefits, do not refinance your federal loans.
The Features That Actually Matter
APR ceiling (not just floor) determines worst-case pricing. The advertised floor rate is what the top 10% of applicants receive. The ceiling is what less-qualified borrowers face. RISLA’s 8.29% ceiling and Earnest’s 10.24% ceiling protect borrowers who don’t have perfect credit. Compare ceilings, not just floors.
Fees and total cost separate good deals from mediocre ones. RISLA, SoFi, Earnest, and ELFI charge zero origination fees. Laurel Road charges no origination fee but does charge late fees ($28 max). Splash’s partner lenders may charge late fees. Always calculate total cost (rate + fees + term) rather than comparing rates alone.
Borrower protections matter because life is unpredictable. RISLA offers income-based repayment and 25-year forgiveness. Earnest offers 24-month forbearance and skip-a-payment. SoFi offers unemployment protection. ELFI offers up to 12 months of forbearance. Laurel Road offers residency deferment for healthcare. These protections vary dramatically and can prevent default during financial hardship.
Soft-pull prequalification lets you compare rates across lenders without impacting your credit score. RISLA, Earnest, SoFi, Splash, ELFI, Citizens, and EdvestinU all offer it. Laurel Road also offers soft-pull prequal. Always prequalify with at least three lenders before applying.
How to Choose the Right Refinancing Lender
Start by deciding whether to refinance at all. If you have federal loans and work in public service, are pursuing PSLF, or are enrolled in an income-driven repayment plan, refinancing is almost certainly not right for you. If you have private loans only, or federal loans you will repay on the standard plan, refinancing is worth exploring.
Next, consider your borrower profile. If you have a 760+ FICO and stable income, prequalify with Earnest, SoFi, and RISLA for the lowest rates. If you are a healthcare professional with high debt, add Laurel Road and Splash to your list. If you want federal-style protections on a private loan, RISLA is the only option with income-based repayment. If you value a personal relationship, ELFI’s dedicated advisor model is unmatched.
Get at least three quotes. Student loan refinancing rates are highly individualized. Two lenders with similar advertised ranges can offer very different rates to the same borrower. Use soft-pull prequalification at three or more lenders, compare the APR (not just the rate), and factor in any fees, forbearance policies, and borrower protections before making a decision.
Methodology
Our evaluation scored 10 refinancing lenders across six weighted categories: Rates and Fees (25%), Loan Terms and Repayment Flexibility (20%), Eligibility and Accessibility (20%), Speed and Application Process (15%), Customer Experience (10%), and Transparency and Reputation (10%). Each category produces a raw score out of 5.0, which is multiplied by its weight to produce a weighted total. Final published ratings are rounded to the nearest 0.5. Editorial picks are selected based on weighted scores, category strengths, and the specific borrower profile each pick serves. Seven of the ten lenders were also reviewed in our private student loan origination series; Laurel Road, RISLA, and Splash Financial were reviewed specifically for refinancing. Data sources include lender websites, the CFPB Consumer Complaint Database, J.D. Power, BBB, Trustpilot, Education Data Initiative, and app store ratings.
Compare Our Top Student Loan Refinancing Picks for 2026
| Lender | Recommended For | Highlights | Next Steps |
|---|---|---|---|
| RISLA | Best Overall | Income-based repayment + forgiveness after 25yr | Check Rates |
| SoFi Student Loan Refinancing | Best Fee Structure | Zero fees | Check Rates |
| Earnest Student Loan Refinancing | Best for Rates | Precision pricing, skip-a-payment, 24-mo forbearance | Check Rates |
| Laurel Road Student Loan Refinancing | Best for Healthcare Professionals | Medical specialist pricing, no loan max, 0.80% discounts | Check Rates |
| Splash Financial | Best for Rate Comparisons | Marketplace: multiple offers from one application | Check Rates |
Frequently asked questions
Answers to your questions about student loan refinancing.
Only if you are certain you will not benefit from federal protections like income-driven repayment, Public Service Loan Forgiveness, or federal forbearance. Refinancing federal loans converts them permanently to private loans. If you have private loans only, refinancing carries no such trade-off.
Most lenders require a minimum credit score of around 650 to 680, though the best rates are reserved for borrowers with scores of 750 or above. Splash Financial reports a soft minimum of around 650. RISLA requires 680 with a typical approved score of 785. SoFi and ELFI generally require 680+. If your score is below 650, consider improving your credit before applying.
Yes. SoFi, Laurel Road, ELFI, Splash Financial, Citizens, and EdvestinU all refinance Parent PLUS loans. Some lenders (SoFi, Laurel Road) also allow parents to transfer the debt to their child. RISLA refinances parent loans but does not allow parent-to-child transfer.
Yes. RISLA is the only private refinancing lender offering income-based repayment modeled after the federal IBR program. Payments are recalculated annually based on income and household size. The repayment term can extend to 25 years, and any remaining balance is forgiven. No other private refinancing lender offers this feature.
It depends on your current rate, new rate, and loan term. As a rough guide, refinancing a $60,000 balance from 7.50% to 5.50% over 10 years saves approximately $7,000 in interest. Use lender calculators (available at RISLA, Splash, SoFi, and others) to estimate your specific savings before committing.
Not if you use soft-pull prequalification, which all eight of our recommended lenders offer. A hard credit inquiry only occurs after you formally accept a loan offer and submit a full application. Hard inquiries may lower your score by a few points temporarily.
