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.
Over 87,000 people have benefited from LendKey’s financing partners
Lendkey does not actually offer refinancing, they connect people with credit union lenders
No impact on credit score getting your rates through their platform with a soft credit check
3.39%-7.75% Fixed APR (includes autopay)
2.61%-5.25% Variable APR (includes autopay)
.25% autopay discount
Some lenders who partner with Lendkey offer a cosigner release
Loan servicer: Lendkey
Terms between 5 and 20 years
Student loan refinancing available for undergraduate, graduate, medical, dental and veterinary degrees
Minimum refinancing amount: $7500
Maximum refinancing amount: $300,000
We have Lendkey listed first because we want to support the use of local credit unions. Local CU’s typically give back to the community in various charitable ways and are always non-profit, member owned (that’s you if you refinance with one). We are compensated by Lendkey if you use their services to refinance with a credit union.
Over 2000 Title IV schools are eligible to refinance with Commonbond
We have Commonbond at this point in the list because of what they do to give back to the community, their different variety of potential loans, and the lengthy amount of forbearance they offer. We are not compensated by Commonbond if you use their services for refinancing.
Earnest gives you some of the best options for customizing terms along with very competitive starting variable rates.
Overview of Earnest refinancing offerings:
Extremely transparent on rates, terms & eligibility requirements
Must be a U.S. Citizen or have a 10-year Permanent Resident Card
No variable rate loans offered in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas
Minimum amount that can be refinanced is a $5000 loan
3.19% – 6.43% APR Fixed (with autopay)
1.99% – 6.43% APR Variable (with autopay)
Must be at least 18 years of age
Maximum loan amount $500,000
Minimum credit score of 650
Stable job required to qualify or verified consistent income
Need to have attended a Title IV school
Loan serviced by Earnest
.25% autopay discount
Must be within 6 months of graduation to qualify
We have Earnest at this point in the list because of how flexible they are with getting students refinancing (whether there’s a job or not, just as long as there’s stable income). We are compensated by Earnest if you use their services for refinancing.
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:
Borrowers must have a credit score of 660 or higher to qualify
Refinancing available in all 50 states
Very flexible terms and limits, comparatively with others in the industry
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.