Last updated on July 9th, 2020 at 08:16 am

Right now, refinancing federal student loans does not make a lot of sense because of COVID-19. If you have private student loans then it still makes sense to consider refinancing.

When it comes to reviewing the best banks for refinancing student loans, we’ve got you covered.

There are just a few requirements that need to be met for eligibility. These include whether you have a college degree, annual income, what your credit score is, and your savings.

Now let’s take a look at those 7 top banks for refinancing student loans:

LenderInterest RatesVisit
LendKeyFixed: 3.39%-7.75%
Variable: 2.61%-5.25%
Visit Lendkey
CommonbondFixed: 3.19% – 6.43%
Variable: 3.19% – 6.07
Hybrid: 4.45% – 6.10%
Visit Commonbond
EarnestFixed: 3.19% – 6.43%
Variable: 1.99% – 6.43%
Visit Earnest
SoFiFixed: 3.20% – 6.44%
Variable: 2.99% – 6.44%
  Visit SoFi
Laurel RoadFixed: 3.20% – 7.02%
Variable: 1.99% – 6.65%
  Visit Laurel Road
Citizens BankFixed: 3.20% – 8.63%
Variable: 2.49% – 8.38%
  Visit Citizens Bank
Education Loan Finance Fixed: 3.19% – 6.69%
Variable: 2.39% – 6.01%
Visit ELFi

Top 7 Banks Compared 

Please note: All rates listed on this page should be current as of 07/09/2020. This College Life makes money from some of our partners listed below if you visit their site and sign up for their product or service. For more detail on that, take a look at how we make money here.

LendKey is the best option for those who want refinancing through a local bank or credit union.

Overview of LendKey:

Visit Lendkey


The team at Commonbond has been offering student loan refinancing since 2012.

Overview of Commonbond refinancing offerings:

Visit Commonbond

Earnest gives you some of the best options for customizing terms along with very competitive starting variable rates.

Overview of Earnest refinancing offerings:

Visit Earnest


Started by Stanford grad students, SoFi was designed to help other undergrad and graduate students get out of debt.

Overview of SoFi refinancing offerings:

Visit SoFi

Laurel Road

Laurel Road is one of the best refinancing companies out there for doctors and dentists. We have it in this place on the list because there just aren’t that many graduates from medical and dental school, so we don’t feel like it needs to be front and center where the refinancing companies are that can serve a larger number of students. It’s still an excellent choice.

Overview of Laurel Road refinancing offerings:

Visit Laurel Road

Citizens Bank

Not a U.S. citizen or current graduate? Citizens Bank might have your back.

Overview of Citizens Bank refinancing offerings:

Visit Citizens Bank

Education Loan Finance (or ElFI) is offered through a special program from SouthEast bank.

Overview of ELFI refinancing offerings:

Visit ELFi

Before you do anything:

In any major financial decision making process, be sure to evaluate multiple sources, reviews and any available news on the companies you plan to deal with. This information is provided solely for educational purposes and is not meant to be taken as financial advisory services. We strive to keep rates as accurate as possible. However, they could be different on the respective company websites.

Commonbond disclaimer.

Education Loan Finance terms.

SoFi disclaimer.

Laurel Road terms.

Earnest terms.

Citizens Bank terms and conditions.

Lendkey disclaimer.