Refinancing your student loans is a great way to reduce your monthly payments, lock in lower interest rates, and pay off your debt faster. Choosing the right refinancing partner can result in substantial financial relief and savings over time.
However, not all loan refinance companies are equal — they offer different student loan refinancing rates, repayment terms, and perks that will impact your financial future.
Today, we explore some of the top loan refinance companies and the key factors you should consider when choosing one that suits your needs. Join us to discover everything you need to know to navigate the student loan refinance landscape and make informed financial decisions.
But first, here’s a sneak peek at our top loan refinance companies.
- SoFi – A popular option with competitive rates and member benefits
- Laurel Road – Offers refinancing solutions tailored for professionals, including those with large loan balances
- Earnest – Provides flexible repayment options and borrower-friendly features
- ELFI – Known for strong customer support and personalized loan advising
- Splash Financial – Offers competitive rate options and a streamlined application process
- Panacea – Specializes in refinancing for healthcare professionals
Factors to Consider When Choosing a Student Loan Refinancing Company
Refinancing can have a massive impact on your student loan debt and, consequently, your financial situation. With the right terms, you can streamline multiple loans into a single payment, simplifying your budgeting and reducing your total repayment cost.
But to enjoy the full benefits of loan refinancing, you need the right lender — one with the best rates and terms for your financial situation. To that end, here are some crucial factors you should consider as you evaluate potential partners:
- Interest Rates: Most lenders typically offer both fixed and variable interest rates. Fixed rates will remain the same throughout your loan’s term, providing predictable monthly payments. Variable rates fluctuate over time, depending on market conditions, resulting in lower initial rates, but with the risk of rate hikes over time.
- Repayment Terms: Refinancing terms range between 5 to 20 years. Shorter terms generally have higher monthly repayment bills but less interest overall. Longer terms have lower monthly bills but an increased overall loan cost due to accrued interest.
- Fees and Penalties: Some lenders charge origination, processing, late fees, and prepayment fees (penalties for paying off your loan early). Opt for lenders with no, or low fees and penalties to cut your overall loan costs.
- Customer Service and Support: Look for lenders with a solid reputation for customer service. Remember, refinancing is a long-term commitment, it’s crucial to have support if issues arise. Some lenders also offer financial advice and other tools to help manage your financial health and stability.
- Financial Stability and Reputation: Consider a lender’s track record and stability — a lender with positive reviews and strong financial footing will likely offer reliable services over the life of your loan. Check reviews and ratings from past borrowers to get a sense of what it’s like working with a company.
**Rates and terms vary across lenders and are subject to change. Always check the lender’s website for the most accurate and up-to-date information.**
Top Student Refinance Companies of 2025
Now that you know the factors to consider, here are some of the top lenders for you to examine. Each of these lenders has been specially curated by our loan refinancing team at Student Loan Professor (SLP) and comes with special deals and perks for SLP customers.
1. SoFi
SoFi is one of the most popular student loan refinance companies, it’s known for its competitive rates and extensive benefits for members. Here’s a quick overview of their offerings:
- Rates: SoFi offers competitive fixed and variable rate options.
- Minimum credit score: Undisclosed
- Repayment terms: 5, 7, 10, 15, and 20 years
The Pros
- Provides prequalification options
- No fees, not even for late payments
- Access to benefits like financial planning
- 0.25% discount for SLP client
- No maximum loan limit
- Cosigner support
The Cons
- Minimum credit requirement not disclosed
- No cosigner release for refinance loans
- No bar or residency loan refinancing
SoFi, short for Social Finance, Inc., is regarded as one of the top student loan refinancing lenders in the market. It offers flexible terms, competitive rates, and exclusive perks like no fees — not even disbursement and late fees.
Additionally, both its fixed and variable interest rate loans come with a 0.25% autopay discount and a 0.25% direct deposit discount. Depending on where you apply, there may be a monetary bonus too.
However, while the company does not disclose its minimum credit requirement, its borrowers typically have very good to excellent credit. In fact, the weighted average credit score for SoFi borrowers in 2024 was 765, according to the company’s annual report.
Thankfully, SoFi offers pre-qualification to check your eligibility and rate without impacting your credit score. You can also get cosigned loans should you need a cosigner to bolster your application.
*Rates and terms are subject to change. Be sure to verify the latest details on SoFi’s official website.
2. Laurel Road
As part of KeyBank, Laurel Road offers refinancing solutions tailored to professionals in the medical field as well as exclusive rate discount and deferment options. Here are their offerings at a glance:
- Rates: Laurel Road provides attractive rates tailored for professionals, especially in the medical field.
- Minimum credit score: Undisclosed
- Repayment terms: 5, 7, 10, 15, and 20 years
The Pros
- Accepts parent borrowers and associate’s degree holders
- Offers multiple discount opportunities
- Offers competitive terms and rates
- Does not have a maximum loan limit
The Cons
- Does not offer prequalification
- Limited offers for associate’s degree holders
Laurel Road specializes in student loan refinancing for healthcare professionals, with special rates and benefits for practicing medical professionals.
Laurel Road allows you to refinance as much student loan debt as certified by your school, making it ideal for students with large balances. If you are a Student Loan Professor client, you can get a $500 cash bonus for loans over $100,000 and a $200 bonus for smaller loans.
Its refinance loans are accessible to professionals with undergraduate or higher degrees, as well as:
- Borrowers with certain associate degrees
- Graduate or undergraduate students in their final semester
- Borrowers with Parent PLUS loans
However, Laurel Road also has limitations. For example, you will only qualify for refinancing as an associate’s degree holder if you’re in a qualifying profession, such as dental hygiene or nursing. But even then, you will have a maximum refinancing limit of $50,000.
For qualifying borrowers, Laurel Road offers terms and rates that present plenty of opportunities for savings, including a 0.25% autopay rate discount.
You can reduce your variable APR by an additional 0.55% by opening a checking account and making qualifying direct deposits each statement period.
Rates and terms are subject to change. Be sure to verify the latest details on Laurel Road’s official website.
*Rates and terms are subject to change. Be sure to verify the latest details on Laurel Road’s official website.
3. Earnest
Earnest is known for its flexible repayment options and user-friendly platform. It allows borrowers to tailor their monthly payments to suit their budget and offers a skip-a-payment feature to ease the debt burden. Here’s a quick overview of their offerings:
- Rates: Earnest offers flexible fixed and variable rate options tailored to borrowers’ needs.
- Minimum credit score: 665
- Repayment terms: 5 – 20 years
The Pros
- Accepts applicants with credit score below 700
- Supports associate degree holders and non-graduates
- Offer refinancing for Parent PLUS loans
- No origination, application, or prepayment fees
- 0.25% discount for SLP customers
- Provides distinctive payment relief options
- Offers low variable rate caps
- Offers prequalification
The Cons
- Does not offer variable rates in seven states
- Does not offer refinancing in Nevada
- Stricter requirements for borrowers who didn’t graduate
- Higher minimum refinance for California and New Mexico
- Does not offer cosigner release
Earnest is a great option if you’re looking for low interest rates through a variable annual percentage rate (APR) and payment flexibility.
Its student loan refinancing products come with lender-specific perks, including:
- Ability to switch to interest-only payment for three months, or use forbearance (if approved).
- Automatic biweekly payments, saving you money on interest
- Ability to skip a payment within a given 12-month period
Additionally, Earnest offers loan refinancing for non-traditional borrowers, including:
- Parent PLUS loan-holders (once their student has graduated)
- Non Graduates with a credit score of at least 700
- Borrowers with associate degrees
Earnest student loan refinance options do not include origination, payment, late, or insufficient funds fees. They offer a relatively low rate cap for variable rate loans at 8.95% for 10-year loans or less, 9.95% for loans between 10 to 15 years, and 11.95% for loans with over 15-year terms.
Typically, the lender offers a minimum student loan refinance amount of $5,000 with only applicants who’ve completed (or pursued) a degree being eligible. However, this amount doubled for New Mexico and California residents.
Note: Earnest variable rates are not available in Alaska, Illinois, Ohio, Minnesota, Tennessee, New Hampshire, and Texas.
*Rates and terms are subject to change. Be sure to verify the latest details on Earnest’s official website.
4. Education Loan Finance (ELFI)
ELFI is a refinancing program of the SouthEast Bank known for its competitive rates and dedicated customer support where borrowers get personalized support through a loan advisor. Here’s an overview of their offerings:
- Rates: ELFI offers competitive fixed and variable rate options for borrowers with strong credit profiles.
- Minimum credit score: 680
- Repayment terms: 5, 7, 10, 15, and 20 years
The Pros
- Offers loan refinancing for both students and parents
- Provides provisions for spousal cosigning
- Can cover the full balance of your student debt
- No application, origination, or prepayment fees
- Borrowers are assigned a student loan adviser
- Offers forbearance of up to 12 months
The Cons
- Does not offer cosigner release
- Requires at least a bachelor’s degree to qualify
- Has a high minimum borrowing requirement ($10,000)
ELFI is a great option if you have good credit and more than $10,000 in student debt to refinance. However, accessing a refinance loan on ELFI comes with some strict requirements.
For example, you must have a bachelor’s degree from an approved institution to access a loan. Borrowers who did not complete their degrees or earned an associate’s degree or certificates do not qualify.
Additionally, you will need a minimum 43% debt-to-income ratio and a 36-month credit history. If you have a limited credit history or income, you will need to apply with a cosigner to qualify. But if you do this, remember that ELFI does not offer a cosigner release option.
Despite these strict requirements, ELFI remains a great option for qualified borrowers.
It offers both fixed and variable-rate loans across the U.S. and Puerto Rico. You can borrow up to the total balance of your remaining private or federal student loan with refinancing term options from five to fifteen years, with parent refinance options as well.
If you are a Student Loan Professor client, you’ll also get a $550 cash bonus for loans above $100,000 and $250 for smaller loans.
*Rates and terms are subject to change. Be sure to verify the latest details on ELFI’s official website.
5. Splash Financial
Splash Financial partners with multiple lenders to offer a wide variety of options at competitive rates and a streamlined application process. Here’s what you can expect from them:
- Rates: Splash Financial partners with multiple lenders to provide borrowers with competitive fixed and variable rate options.
- Minimum credit score: 700 (soft minimum)
- Loan terms: 5 – 20 or 25 years
The Pros
- Offers highly competitive terms and rates
- A great option for medical professionals
- No application, origination, or prepayment fees
- 0.25% interest rate deduction with autopay
Cons
- The service charges a late fee
- Does not offer a grace period
- You may need to join a credit union
- Not available if you did not complete your degree
Splash Financial is effectively a marketplace where you can find lenders to refinance your student loan debt. It collaborates with lender partners to offer the best rates and a broad range of repayment terms.
Along with competitive rates, Splash Financial offers a 0.25% autopay discount and does not charge application, origination, or prepayment fees. It also offers a special $500 cash bonus for SLP clients with loans over $100,000.
To qualify for a refinance loan with Splash, you must have graduated with at least an associate degree. You will also need a minimum credit score of 650 – though having a higher score is better.
*Rates and terms are subject to change. Be sure to verify the latest details on Splash Financial’s official website.
6. Panacea
Panacea Financial specializes in refinancing student loans for healthcare professionals, addressing the specific financial needs and career trajectories of healthcare workers. Here’s a quick overview of what you can expect from them:
- Rates: Panacea Financial offers fixed-rate loans designed for healthcare professionals, with flexibility tailored to their unique career needs.
- Variable rates: None
- Minimum credit score: 700
- Loan terms: 5, 7, 10, or 25 years
The Pros
- Uniquely tailored for healthcare professionals
- Low-payment options for during training
- Flexible deferment and forbearance options
- Personalized customer service
- No hidden fees or charges
The Cons
- Only healthcare professionals are eligible
- Higher rates for borrowers with limited credit history
- Online-only platform
As a student loan refinance service founded by doctors, Panacea’s loans are tailored to address the unique financial challenges and complex repayment needs of healthcare practitioners.
It offers plenty of flexibility and support throughout borrowers’ medical careers and competitive loan rates specially designed for high-balance healthcare professionals. This includes low monthly payments for borrowers in medical residency, fellowships, and internships.
Panacea also offers deferment and forbearance options and a specialized customer service team that works directly with borrowers to provide customized solutions.
*Rates and terms are subject to change. Be sure to verify the latest details on Panacea Financial’s official website.
Frequently Asked Questions
Can I Refinance Both Private Student Loans and Federal Student Loans?
Yes, you can refinance both your private and federal loans into a single new loan. However, refinancing federal student loans will cost you access to federal benefits like Income-Driven Repayment plans and student loan forgiveness programs.
Is There a Limit to How Often I Can Refinance My Student Loans?
There is no limit to how often you can refinance your loan. You can refinance multiple times to take advantage of better rates. However, each new loan requires a new application which may affect your credit score.
How Do I Know if I Should Refinance or Stick With My Current Loan?
Refinancing is beneficial if you qualify for a significantly lower interest rate or want to adjust your monthly payment. However, if you have federal loans, you’ll want to carefully assess your options before forfeiting your benefits.
Find Your Ideal Refinancing Partner With SLP
Refinancing your student loans is a great way to fast-track your progress toward debt freedom. But to do this, you must partner with a refinancing company that aligns with your financial goals and offers the best terms for your unique situation.
For help evaluating different lenders and finding the best rates to help you achieve financial freedom, get in touch with us at Student Loan Professor.
From a free suitability analysis to support, advice and even help securing a cash bonus from lenders, SLP is committed to securing you the best refinance deals.
Register today and we’ll contact you to schedule a one-on-one meeting with an expert to kickstart your student loan refinance process.
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.
