- Current Student Loan Refinancing Rate Environment: In early 2026, refinancing rates are influenced by the Federal Reserve's rate trajectory, with fixed rates starting below 4% for strong-credit borrowers, and variable rates in the low-to-mid 4% range.
- Federal vs. Private Student Loan Rates: Federal student loans generally have higher fixed rates around 6-9%, but private refinancing can offer lower rates for strong creditworthy borrowers, though without federal protections.
- True Cost of Private Student Loans: Beyond the interest rate, factors like APR, origination fees, repayment choices, and fees impact the overall cost of private student loans, with most lenders offering zero origination fees.
- How to Get the Lowest Refinancing Rate: Prequalify with multiple lenders, choose shorter terms, enroll in autopay, stack discounts, improve credit score, and consider a co-signer to secure the best refinancing rates.
- Fixed vs. Variable Rate Choices: Fixed rates offer payment certainty and are generally safer for long terms, while variable rates may be beneficial for short-term payoffs but carry the risk of rate increases over time.
Current Student Loan Refinancing Rate Environment
Student loan refinancing rates in early 2026 reflect a market adjusting to the Federal Reserve’s rate trajectory. After three rate cuts in late 2024, the Fed held steady through most of 2025, and the benchmark 30-day SOFR index sits in the mid-4% range as of February 2026. For borrowers with strong credit, this translates to fixed refinancing rates starting below 4% and variable rates starting in the low-to-mid 4% range. For borrowers with average credit, fixed rates typically land between 6% and 9%.
We track refinancing rates from the best student loan refinance lenders: seven that also offer in-school origination loans in our private student loan review series (SoFi, Earnest, College Ave, Citizens, ELFI, EdvestinU, and INvestEd) plus three refinancing specialists (Laurel Road, RISLA, and Splash Financial). Rates are verified directly from lender disclosures and include autopay discounts where applicable. All rates are subject to change; see each lender’s website for current pricing.
Before refinancing federal loans: Refinancing federal student loans with any private lender permanently converts them to private loans. You lose income-driven repayment plans, Public Service Loan Forgiveness, federal forbearance, and any future federal relief programs. Borrowers pursuing PSLF or enrolled in IDR should generally keep their federal loans. Refinancing makes the most sense for private loan holders and federal borrowers who are certain they will not use federal benefits.
Student Loan Refinancing Fixed Rates by Lender
The table below shows the current fixed APR range, origination fee, and our rating for each of the 10 refinancing lenders we review, sorted from lowest to highest floor rate. Rates include autopay discounts where applicable. The lowest advertised rate is typically reserved for the top 10% of applicants with the strongest credit profiles and shortest terms.
Provider | Low APR (%) | High APR (%) | Origination Fee | Our Rating |
3.99 | 8.29 | None | 4.0 | |
3.97 | 10.24 | None | 4.0 | |
4.20 | 10.24 | None | 3.5 | |
4.24 | 9.99 | None | 4.0 | |
4.44 | 11.92 | None | 3.5 | |
4.45 | 10.44 | None | 3.5 | |
4.50 | 10.49 | None | 3.5 | |
4.88 | 9.99 | None | 3.5 | |
4.94 | 10.98 | None | 4.0 | |
5.44 | 9.65 | None | 3.5 | |
Average | 4.51 | 10.22 |
Notes: RISLA offers fixed rates only (no variable option). Rates include autopay discount (typically 0.25%). RISLA’s lowest rate includes the RI Advantage discount for Rhode Island-connected borrowers; non-RI borrowers will see higher rates. Splash Financial rates vary by partner lender. All rates verified as of February 2026 and are subject to change.
Student Loan Refinancing Variable Rates by Lender
Nine of our 10 refinancing lenders offer variable rate options. Variable rates are tied to the 30-day Average SOFR (Secured Overnight Financing Rate) or the Prime Rate plus a margin. In the current environment (SOFR in the mid-4% range), variable rates for well-qualified borrowers start slightly above or below comparable fixed rates. Variable rates can increase over the life of the loan, making them riskier for longer terms. RISLA does not offer variable rates.
Provider | Low APR (%) | High APR (%) | Rate Index | Variable Cap | Our Rating |
Splash Financial | 4.74 | 10.24 | SOFR | Varies by lender | 3.5 |
ELFI | 4.88 | 9.99 | Prime | Not disclosed | 3.5 |
College Ave | 5.09 | 10.98 | SOFR | Not disclosed | 4.0 |
INvestEd | 5.24 | 10.99 | SOFR | Not disclosed | 3.5 |
Laurel Road | 5.49 | 9.65 | SOFR | 15.00% | 3.5 |
Earnest | 5.88 | 10.24 | SOFR | Not disclosed | 4.0 |
SoFi | 5.99 | 9.99 | SOFR | Not disclosed | 4.0 |
Citizens | 5.09 | 11.67 | SOFR | Not disclosed | 3.5 |
EdvestinU | 5.37 | 10.74 | SOFR | Not disclosed | 3.5 |
Average | 5.30 | 10.50 |
Notes: RISLA is excluded from the variable rate table because it offers fixed rates only. Laurel Road’s variable rates are capped at 15.00%. Splash Financial variable rates and caps vary by partner lender. Medical school refinancing through Splash and Laurel Road may have different variable rate ranges. Rates verified as of February 2026.
Rate Snapshot: What the Average Borrower Pays
The rate tables above show advertised ranges, but the average refinancing borrower does not receive the floor rate. Based on lender disclosures and third-party data, here is what typical approved borrowers can expect:
- Top-tier borrowers (760+ FICO, low DTI, short term): Fixed 4.0% to 5.5% APR. This is the segment that benefits most from refinancing, often saving 2-4 percentage points compared to their original rates.
- Strong borrowers (720-759 FICO, moderate DTI): Fixed 5.5% to 7.5% APR. Still meaningful savings for borrowers who originally borrowed at 6-8% or higher.
- Average borrowers (680-719 FICO): Fixed 7.0% to 9.0% APR. Savings depend on original rate; borrowers near the 680 minimum may see limited benefit.
- Below-average borrowers (650-679 FICO): Fixed 8.5% to 10.5% APR. Only a few lenders (Splash, some Citizens products) serve this tier. May not save enough to justify losing federal protections.
These are estimates based on lender disclosure patterns and typical approved borrower profiles reported by NerdWallet, Education Data Initiative, and lender annual reports. Your actual rate depends on credit score, income, debt-to-income ratio, loan amount, term, and whether you have a co-signer.
Breaking Down the True Cost of Refinancing
The interest rate gets the headline, but several other factors affect the true cost of a refinanced student loan.
APR vs. interest rate. APR (Annual Percentage Rate) wraps the interest rate and mandatory fees into a single annualized figure. For most refinancing lenders in our review, the APR and interest rate are identical because they charge zero origination fees. The exception: if a lender charges fees (rare in refinancing), the APR will be higher than the stated rate. Always compare APR to APR.
Origination fees. All 10 lenders in our refinancing review charge zero origination fees. This is a meaningful advantage over the personal loan market and some in-school student loan products (MPOWER charges 5%, Prodigy charges 4-5% on origination loans). Zero origination means the loan amount you receive equals the amount disbursed to pay off your existing loans.
Fee Comparison: Refinancing Lender Fee Structures
Provider | Origination Fee | Late Fee | Prepayment Penalty | Returned Payment Fee |
RISLA | None | None | None | None |
SoFi | None | None | None | None |
Earnest | None | None | None | None |
ELFI | None | $50 or 5% (lesser) | None | Not disclosed |
Citizens | None | Varies | None | Not disclosed |
College Ave | None | Varies | None | Not disclosed |
EdvestinU | None | Varies | None | Not disclosed |
INvestEd | None | None | None | None |
Laurel Road | None | $28 or 5% (lesser) | None | $20 |
Splash Financial | None | Varies by lender | None | Varies by lender |
Key takeaway: RISLA, SoFi, Earnest, and INvestEd charge zero fees of any kind. These four lenders offer the cleanest fee structures in the refinancing market. Laurel Road, ELFI, and some Splash partners charge late fees, which can add up for borrowers who occasionally miss due dates.
Rate Discounts: How to Stack Savings
Most refinancing lenders offer at least one rate discount. Some allow multiple discounts to be combined (stacked), which can meaningfully reduce your effective rate.
Provider | Autopay Discount | Additional Discounts | Max Stacking |
RISLA | 0.25% | RI Advantage (up to 1.75% for RI-connected borrowers) | ~2.00% |
SoFi | 0.25% | SoFi Plus discount (0.125%) | 0.375% |
Earnest | 0.25% | None disclosed | 0.25% |
Laurel Road | 0.25% | Checking direct deposit (up to 0.55%) OR Savings (up to 0.30%) | 0.80% |
Citizens | 0.25% | Loyalty discount (0.25% for existing banking customers) | 0.50% |
College Ave | 0.25% | None disclosed | 0.25% |
ELFI | 0.25% | None disclosed | 0.25% |
EdvestinU | 0.50% | Granite Edvance (up to 1.50% for NH-connected borrowers) | 2.00% |
INvestEd | 0.25% | None disclosed | 0.25% |
Splash Financial | 0.25% (varies) | Varies by partner lender | Varies |
Biggest stacking potential: EdvestinU (up to 2.00% for NH residents with autopay), RISLA (up to 2.00% for RI-connected borrowers), and Laurel Road (up to 0.80% with a checking account). For borrowers without a geographic connection, Laurel Road’s checking account discount (0.55%) and Citizens’ loyalty discount (0.25%) are the most broadly accessible stacking options.
Sample Cost Comparison: $60,000 Refinancing Loan
The table below shows estimated monthly payments and total interest for a $60,000 refinanced loan at different rate and term combinations. These illustrations assume fixed rates with immediate repayment. Your actual rate will depend on your credit profile.
Scenario | Monthly Payment | Total Interest | Total Cost |
Fixed 4.50%, 5-yr | $1,119 | $7,120 | $67,120 |
Fixed 4.50%, 10-yr | $622 | $14,597 | $74,597 |
Fixed 4.50%, 15-yr | $459 | $22,579 | $82,579 |
Fixed 6.50%, 5-yr | $1,174 | $10,461 | $70,461 |
Fixed 6.50%, 10-yr | $681 | $21,754 | $81,754 |
Fixed 6.50%, 15-yr | $522 | $34,043 | $94,043 |
Fixed 8.50%, 5-yr | $1,231 | $13,870 | $73,870 |
Fixed 8.50%, 10-yr | $743 | $29,181 | $89,181 |
Fixed 8.50%, 15-yr | $591 | $46,338 | $106,338 |
Key insight: The difference between a 4.50% rate and an 8.50% rate on a $60,000 loan over 10 years is approximately $14,600 in additional interest. This illustrates why shopping across multiple lenders and stacking rate discounts matters. Even a 0.50% rate reduction on a $60,000 balance saves roughly $1,600 to $2,000 over 10 years.
Fixed vs. Variable Rates: Which to Choose for Refinancing
Choose fixed if: you plan to take 7+ years to repay, you want payment certainty, or you believe rates may rise. Fixed rates lock in your payment for the entire term. In the current environment, fixed rates start only slightly above variable rates, making the premium for certainty modest. Most refinancing borrowers should default to fixed.
Choose variable if: you plan to pay off the loan in 3 to 5 years, you can absorb payment increases, or you believe the Fed will cut rates further. Variable rates can save money in the short term but carry meaningful risk for longer terms. If your variable rate rises from 5.5% to 8.5% over a 15-year term, you may end up paying more than if you had locked in a fixed rate at 6.5%.
In the current rate environment (February 2026), the gap between average fixed floors (~4.51%) and average variable floors (~5.30%) is approximately 0.79 percentage points. This relatively narrow spread means the risk-reward calculation favors fixed rates for most borrowers unless they are confident in a short payoff timeline.
How Refinancing Rates Compare to Federal Loan Rates
Understanding where refinancing rates sit relative to current and historical federal rates helps borrowers assess whether refinancing makes financial sense.
Loan Type | 2025-26 Rate | 2024-25 Rate | Refi Floor (2026) | Refi Ceiling (2026) |
Federal Direct Subsidized/Unsubsidized (Undergrad) | 6.39% | 6.53% | 3.97% | 10.24% |
Federal Direct Unsubsidized (Graduate) | 7.89% | 8.08% | 3.97% | 10.24% |
Federal Direct PLUS (Parent/Grad) | 8.89% | 9.08% | 3.97% | 10.24% |
Federal Consolidation | Weighted avg (rounded up) | Same | N/A (private refi) | N/A |
Borrowers most likely to benefit from refinancing: those with older federal loans originated at higher rates (2018-2023 vintages at 5-8%), Parent PLUS loan holders paying 8.89%, graduate borrowers at 7.89%, and anyone with private loans originated at rates above today’s refinancing floors. Borrowers with the 2025-26 undergraduate rate of 6.39% may find limited savings unless they have exceptional credit.
Remember: federal loan rates are fixed by Congress and carry income-driven repayment, PSLF eligibility, and federal forbearance. Private refinancing rates are lower for strong borrowers but come without these protections. RISLA is the only private refinancing lender with income-based repayment.
How to Get the Lowest Refinancing Rate
- Prequalify with at least three lenders. Every lender in our review offers soft-pull prequalification. Check RISLA, Earnest, SoFi, and Splash at a minimum. Each may offer a different rate for the same borrower. The process takes 3 to 5 minutes per lender and does not affect your credit score.
- Choose the shortest term you can afford. Lenders offer lower rates on shorter terms because there is less risk of default. A 5-year term typically carries a rate 0.5% to 1.5% lower than a 15-year term. If you can afford the higher monthly payment, the shorter term saves on both rate and total interest.
- Enroll in autopay before closing. Every lender in our review offers a 0.25% autopay discount (EdvestinU offers 0.50%). This is the easiest and most universal rate reduction available. Set it up during the application process.
- Stack additional discounts. Open a Laurel Road Checking account for up to 0.55% additional savings. Use the Citizens’ loyalty discount (0.25%) if you already bank with them. RISLA and EdvestinU offer geographic discounts for RI and NH residents, respectively.
- Improve your credit before applying. Pay down credit card balances, correct errors on your credit report, and avoid opening new accounts in the months before applying. Moving from a 720 to a 760 FICO can drop your rate by 0.5% to 1.0%.
- Consider a co-signer if eligible. RISLA, Earnest, Citizens, ELFI, College Ave, EdvestinU, and INvestEd accept co-signers. A co-signer with stronger credit can reduce your rate meaningfully. Note: Splash Financial does not accept co-signers.
- Time your application. If the Fed signals further rate cuts, waiting may help. If rates are rising, locking in sooner protects you. Most rate quotes are valid for 30 to 60 days after prequalification.
Rate Trends and Outlook
Private refinancing rates generally follow the Federal Reserve’s benchmark rate with a lag. The three Fed rate cuts in late 2024 (totaling 75 basis points) have worked through to refinancing pricing, contributing to the sub-4% floors available in early 2026. Whether rates continue to decline depends on inflation data, employment trends, and the Fed’s forward guidance.
For borrowers deciding when to refinance, the practical guidance is straightforward: if you can currently qualify for a rate at least 1 percentage point below your existing rate, the savings justify acting now rather than waiting for potential future cuts. The difference between today’s rates and a hypothetically lower future rate is usually smaller than the interest saved by refinancing today versus six months from now.
Methodology
Rates in this post are sourced directly from lender websites and disclosures, verified as of February 2026. All fixed and variable APRs include the lender’s standard autopay discount (typically 0.25%). The sample cost comparison uses standard amortization calculations assuming fixed rates with immediate repayment and no additional fees. Rate averages are simple averages across the 10 lenders reviewed. The rate snapshot estimates are informed by lender disclosures (e.g., ‘approximately 10% of applicants qualify for the lowest rate’), Education Data Initiative, and typical approved borrower profiles. For the full lender review methodology, see our Student Loan Refinancing Reviews hub page.
Private Student Loan Variable Rates by Lender
Not all lenders offer variable rates. Of the 15 lenders we review, 11 offer variable rate options. Variable rates are typically tied to the 30-day Average SOFR (Secured Overnight Financing Rate) or the Prime Rate plus a margin. In the current rate environment (early 2026, with SOFR in the mid-4% range), variable rates are comparable to or slightly higher than fixed rates for well-qualified borrowers. Variable rates can increase over the life of the loan, making them riskier for long-term borrowing.
Provider | Low APR (%) | High APR (%) | Rate Index | Our Rating |
Custom Choice | 1.15 | 15.36 | SOFR | 3.5 |
Abe | 3.53 | 15.91 | SOFR | 4.0 |
Sallie Mae | 3.75 | 16.37 | SOFR | 3.5 |
ELFI | 4.88 | 13.97 | Prime | 3.5 |
Earnest | 5.04 | 16.44 | SOFR | 4.0 |
College Ave | 5.09 | 16.85 | SOFR | 4.0 |
SoFi | 5.09 | 16.49 | SOFR | 4.0 |
Citizens | 5.09 | 15.74 | SOFR | 3.5 |
INvestEd | 5.24 | 10.99 | SOFR | 3.5 |
Ascent | 5.29 | 16.49 | SOFR | 3.5 |
Prodigy Finance | 10.67 | 14.96 | SOFR | 2.5 |
Average | 4.98 | 15.42 |
Breaking Down the True Cost of a Private Student Loan
The interest rate gets all the attention, but it is not the only thing that determines what your loan actually costs. Private student loans have several cost components that interact in ways personal loans do not.
APR (Annual Percentage Rate) is the number that matters most because it wraps the interest rate and mandatory fees into a single figure. When a lender charges a 5% origination fee (like MPOWER), the effective APR is significantly higher than the stated interest rate. Always compare APR to APR, not interest rate to interest rate.
Origination fees are rare in private student lending, but not extinct. Of our 15 lenders, only MPOWER (5%) and Prodigy Finance (4-5% administration fee) charge one. The remaining 13 charge zero origination fees, which is a meaningful advantage over the personal loan market, where origination fees are common.
In-school repayment choice is a hidden cost driver unique to student loans. Deferring all payments during school is convenient, but unpaid interest capitalizes (gets added to your principal) after the grace period. On a $30,000 loan at 6% over four years of school, plus a six-month grace, capitalized interest adds roughly $8,500 to the balance. Choosing interest-only payments during school can save 17% or more on total loan cost. This is not about the rate; it is about the repayment structure you select.
Late fees vary by lender. Five of our 15 lenders charge zero late fees: Abe, SoFi, Ascent, Custom Choice, and ISL Education Lending. Others charge 5% of the past-due amount, typically capped at $25 to $50. Prepayment penalties are nonexistent across all 15 lenders we reviewed.
What Actually Affects Your Rate
Your co-signer’s credit score is the single biggest factor. Private student loans are underwritten primarily on the creditworthiness of the co-signer, not the student. Approximately 90% of undergraduate private student loans are co-signed. A co-signer with a FICO score above 750 can help secure rates in the 3% to 5% range. Without a co-signer, most undergraduates will face significantly higher rates, if they qualify at all. Sallie Mae reports that students are four times more likely to be approved with a co-signer.
Your in-school repayment choice affects the rate itself at some lenders, not just the total cost. Sallie Mae, for example, offers rates 0.5 to 1 percentage points lower for borrowers who choose interest-only payments versus full deferral, because the lender’s risk is reduced by in-school payments. Abe and College Ave similarly adjust rates based on repayment options.
Loan term length matters. Shorter terms (5 to 7 years) generally carry lower APRs than longer terms (15 years) because the lender’s money is at risk for less time. The monthly payment will be higher on a shorter term, but the total interest paid will be substantially less.
Your school and degree program can influence pricing. Some lenders adjust rates based on degree type (graduate and professional programs sometimes qualify for different rates) or school. The cost of attendance, which determines maximum loan amount, also factors in: larger loans at higher-ranked schools may carry modestly different pricing.
The type of lender you choose matters more than most families realize. Nonprofit lenders like ISL Education Lending, EdvestinU, and INvestEd consistently offer the lowest rate ceilings (8.70% to 10.49%) because they are not maximizing profit. Fintechs like Sallie Mae, Earnest, and College Ave offer the lowest rate floors (2.75% to 4.49%) but also the highest ceilings (15% to 17%). Specialist lenders serving international students (MPOWER, Prodigy) charge the highest rates (10%+) because they are underwriting borrowers with no U.S. credit history.
How to Actually Get a Lower Rate
Get prequalified with multiple lenders. This is the single most impactful thing you can do. Most of our reviewed lenders (College Ave, Earnest, SoFi, Ascent, Custom Choice, Abe, ELFI, ISL, and EdvestinU) offer soft-pull prequalification, which lets you see estimated rates without impacting your credit score. Get quotes from at least three to five lenders and compare APRs. Sallie Mae is a notable exception: it does not offer soft-pull prequalification and performs a hard inquiry on application.
Bring the strongest co-signer you can. The co-signer’s credit profile drives the rate more than any other factor. If you have access to a co-signer with a 750+ FICO score and stable income, you will qualify for the lowest advertised rates. Some borrowers shop among family members to find the strongest co-signer available.
Choose interest-only payments during school. This not only saves 15% to 17% on total loan cost by preventing capitalization, but at some lenders, it also qualifies you for a lower interest rate. The monthly cost during school is real (on a $30,000 loan at 6%, interest-only payments are about $150/month), but the long-term savings are substantial.
Enroll in autopay. Most lenders offer a 0.25% rate discount for automatic payments. EdvestinU and Funding U offer 0.50%, double the standard. It is free money; enroll immediately after disbursement.
Choose the shortest term you can afford. A 10-year loan almost always carries a lower APR than a 15-year loan. On a $30,000 loan, the difference between 10 and 15 years at 6% fixed is roughly $5,600 in total interest. If you can handle the higher monthly payment, the shorter term wins.
Consider nonprofit lenders. ISL Education Lending caps at 8.70% fixed, EdvestinU at 10.44%, and INvestEd at 10.49%. Even their worst-case rates are better than the mid-range rates at most fintech competitors. If downside protection matters more than chasing the absolute lowest floor rate, nonprofits deserve serious consideration.
Fixed vs. Variable Rates: Which Should You Choose?
Fixed rates stay the same for the life of the loan, providing predictable monthly payments. Variable rates are tied to a benchmark index (usually SOFR or Prime) and can increase or decrease over time. In early 2026, the gap between fixed and variable floor rates is relatively narrow (about 0.5 percentage points on average), which reduces the incentive to take on variable rate risk.
For a 10 or 15-year student loan, fixed rates are generally the safer choice. If rates rise over the next decade, a variable-rate borrower could see their monthly payment increase significantly. Variable rates may make sense for borrowers who plan to refinance within a few years or who are confident that rates will remain stable or decline. If you are unsure, choose fixed.
Four lenders in our review offer fixed rates only (ISL Education Lending, EdvestinU, Funding U, and MPOWER), while one (Prodigy Finance) offers variable rates only. The remaining 10 offer both.
How Private Rates Compare to Federal Student Loan Rates
Loan Type | Interest Rate | Rate Type | Income-Driven Repayment | Forgiveness Eligible |
Federal Direct Subsidized (UG) | 6.39% | Fixed | Yes | Yes |
Federal Direct Unsubsidized (UG) | 6.39% | Fixed | Yes | Yes |
Federal Direct Unsubsidized (Grad) | 7.94% | Fixed | Yes | Yes |
Federal Grad PLUS | 8.94% | Fixed | Yes | Yes |
Federal Parent PLUS | 8.94% | Fixed | Limited | Limited |
Private (avg. low fixed) | 4.53% | Fixed or Variable | No | No |
Private (avg. high fixed) | 14.79% | Fixed or Variable | No | No |
The advertised floor rates for private loans are lower than federal rates, which creates an understandable temptation. But only the most creditworthy borrowers with strong co-signers qualify for those floor rates. The average private student loan borrower pays a rate comparable to or higher than the federal rate, while giving up income-driven repayment, forgiveness programs, and hardship protections that federal loans provide. Always exhaust federal options first.
The Bottom Line
Private student loan rates in 2026 range from a floor of 2.70% fixed (ISL Education Lending) to a ceiling of 18.00% (MPOWER, including origination fee impact). The average low fixed APR across our 15 reviewed lenders is 4.53%, and the average high is 14.79%. For variable rates, the average low is 4.98%, and the average high is 15.42%.
The biggest mistake you can make is accepting the first offer you see. The spread between the cheapest and most expensive lender for the same borrower profile can be 5 percentage points or more, which translates to thousands of dollars over a 10 or 15-year term. Prequalify with multiple lenders, bring a strong co-signer, choose interest-only payments during school if you can afford them, enroll in autopay, and always exhaust federal loan options first. Your rate depends on your specific financial profile, but you have more control over it than you might think.
Data and methodology: Rates are sourced from lender websites and disclosure documents, verified as of February 2026. Averages are calculated across all lenders that offer the respective rate type (14 lenders for fixed, 11 for variable). Federal rates are for the 2025-2026 academic year. For individual lender details, see our full reviews. Rates are updated monthly.
Frequently asked questions
Answers to your questions about student loan refinancing.
In February 2026, a fixed rate below 5.5% is excellent, 5.5% to 7.0% is good, and 7.0% to 9.0% is average. Anything above 9.0% is above-average and may not justify the loss of federal protections if you are refinancing federal loans.
Not necessarily. In February 2026, the average variable floor (5.30%) is actually higher than the average fixed floor (4.51%). However, variable rates can decrease if the Fed cuts rates further. Variable rates make the most sense for borrowers who plan to repay within 3 to 5 years.
For the lowest advertised rates (below 5%), yes. Most lenders report that only about 10% of applicants qualify for the floor rate, and those borrowers typically have FICO scores above 760, low debt-to-income ratios, and stable income. However, borrowers with scores of 680 to 740 can still find rates in the 6% to 8% range, which may represent meaningful savings compared to their current rates.
No, with most lenders. All 10 lenders in our review charge zero origination fees and zero prepayment penalties. The only costs are interest charges on the new loan and, at some lenders, late fees if you miss payments. RISLA, SoFi, Earnest, and INvestEd charge zero fees of any kind.
Lenders can adjust their advertised rates at any time. In practice, most lenders update rates monthly or when the Fed changes its benchmark rate. Individual rate quotes obtained through prequalification are typically valid for 30 to 60 days. Once you lock in a rate by accepting an offer and completing the application, that rate is fixed for the life of the loan (for fixed-rate products).
Yes. There is no limit on how many times you can refinance. If rates drop after your initial refinancing, you can apply again with the same or a different lender. Each refinancing incurs a hard credit inquiry, but the potential savings on a large balance can significantly outweigh the minor credit score impact.
