Loan Student Loan

19 Best Student Loan Refinance Companies 2020

According to a study run by the Federal Reserve Bank of New York in 2018, almost 44.7 million Americans have student loans. Many of them are struggling with debt, and we are here to help them by suggesting the best student loan refinance companies.

Our team has researched properly to include the application process for getting those refinancing opportunities even if you have a bad credit score. The following are the best companies to refinance private student loans as well as federal student loans. So, let’s get started by knowing the process first and then continue to know about the companies.

How to apply for student loan refinance

Anyone can approach a student loan financing company and apply for the loan refinancing, but that may not serve your best interest. So, follow the best way to refinance student loans that we are going to describe below.

Step 1

The first logical step is to gather information from multiple companies and compare them. It will give you valuable insight into which company is offering the best rates and terms. That is what we did to the following review section, and you can choose from the reviewed 19 companies.

Step 2

At this point, short-list the name of the companies after reviewing their loan terms and see if it meets your requirements. When you are certain that these 2 or 3 companies have flexible terms and conditions, you need to give them some basic information. With your information, they will do an initial credit check, which is totally okay. Finishing the quick check, you will know whether you are eligible for their loan or not and the limit.

Step 3: Now, see what the required documents for applying and gather those are. When you are ready, you should apply after talking with the company’s representative to feel more confident.

Step 4

This is the final part where you need to wait for the approval from your chosen and applied financing company. It might take several weeks, but you should not stop paying the installments in the meantime. Check whether your lender offers a discount on autopay and enjoy some more financial help.

Though that is the best way to find a company and apply for refinancing, many people won’t get benefited because of their bad credit. So, read the below part about getting approvals even with a bad credit score.

How to get approval fast even with bad credit

Everybody wants to select the best place to refinance student loans, but it requires a credit score of 600 or more. We know that a lot of people don’t have that kind of credit ratings due to various reasons.

It is okay, and we don’t want anyone to miss the opportunity due to some numbers. All of the ways described below are legal and won’t get you into trouble. So, let’s check out the ways for getting quick loan approvals even with a bad credit score.

Finding financing companies with low requirements

The first way can be finding out such lenders that offer loans with low credit scores or don’t bother with your credit rating. This is the easiest way to get loans with a bad credit score.

Manage a cosigner

This is another great way that involves you to manage a cosigner who will increase your credit rating instantly. It won’t affect the cosigner’s credit score and let you get the deals you want. Several lender companies have flexible terms and conditions for people with a cosigner, and you will find them below.

Find a credit union

For those who don’t know, credit unions are nonprofit organizations that work for the betterment of the community and refinance with amazing interest rates. Here, every applicant gets to tell their stories to a loan officer making your case stronger to get approved.

Nonprofit debt consolidation

Besides credit unions, you will also find several nonprofit organizations that work for free credit counseling and debt assistance. Find such organizations in your community and get their help.

Apply for a secured loan

This involves putting your property on the line that might include your home, car, or anything else. It will make your application approved almost instantly and release some of the debt burdens. Although it will seem that your properties are on the line but it is better this way than getting the burden on the borrower.

Improve your credit rating

The last method can be improving your credit score and applying it again later. If none of the ways mentioned above seem solid to you, this can be the solution. It might take a bit longer than your expectation, but it will surely get you good deals.

Review of the 19 best student loan refinance companies

So, we have finally come to the part where you can know the important details about the top companies to refinance student loans. Without any more delay, let’s get started.

1. Earnest Student Loan Refinance

Earnest has earned the award for the best student loan refinancing in 2020 from NerdWallet because of its amazing helpful services. Now, let’s check out the benefits and how you can apply.

Earnest Student Loan Refinance

Benefits of taking Earnest’s service

  • You can combine all your loans into one and save organization fees along with some other types of charges.
  • It will let you customize your plan and choose a flexible payment option as well as choose from a variable or fixed interest rate.
  • The application process is easy, and you can introduce a cosigner in case you have a bad credit score.
  • Earnest lets you skip a payment or pay in advance without any penalty making it more convenient.
  • Evaluating their variable interest rate and fixed interest rate, you will see that they offer one of the lowest rates in the US.

How to apply

Refinancing your student loan is easy with Earnest, and the process begins with getting the rate based on your basic info. When you are satisfied with the given rate, you need to apply with the required documents.

After that, the company will evaluate you based on different parameters and offer you the best rate possible. Finally, you can get along with their refinancing offer along with your preferred customization. As a result, this will also not become a burden like previous loan financing.

2. Wells Fargo Student Loan Refinance

Depending on your credit rating, you can get very flexible payment options and interest rates from Wells Fargo. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Wells Fargo’s service

  • You can combine your loans from any lender that can include private student loans and a federal one.
  • Wells Fargo considers several factors and offers you with 5, 7, 10, 15, or 20 years of flexible terms.
  • You can choose either from a variable interest rate or a fixed interest rate, whichever you see fit for your situation.
  • The company also offers a qualifying relationship discount that can lower your loan interest rate.
  • There are no application, origination, or late fees that many lenders charge, and you can pay your loan early without any penalty.

How to apply

Firstly, you can get a rate and payment estimate from the soft credit check that won’t affect your credit score. Or, you can give your credit score and get that information immediately.

Once you are satisfied with the rates and payment options, you can call the company and start your application process. After a detailed inspection, you will get your approval upon meeting all the company policies. The rest depends on your signature on the final loan disclosure.

3. SoFi Student Loan Refinance

SoFi has won the award for the best student loan for fast payoff in 2020 from NerdWallet making it one of the best student loan refinance companies on the list. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking SoFi’s service

  • SoFi will let you combine your loans from any lender that can include private student loans and a federal one.
  • You can choose either from a variable interest rate or a fixed interest rate, whichever you see fit for your situation.
  • There are no application, origination, or late fees that many lenders charge, and you can pay your loan early without any penalty.
  • As the company won’t charge you with any hidden fees, you will be able to save a lot of money in the end.
  • SoFi members can get free consultations on career, personal finance, and more to enjoy a better lifestyle tension-free.

How to apply

Like the other companies, getting a loan refinancing from SoFi is very easy, and you can begin with checking their custom offered rate for you. After you have given your basic information, you will be able to see the rates, and this soft credit check won’t hurt your score. 

When you are satisfied with what they have to offer, you can gather all the necessary=y documents and apply for refinancing. As soon as your application is approved, you can stop payments to multiple lenders and pay only SoFi.

4. PenFed Credit Union Student Loan Refinance

This is a credit union that will help you save thousands of dollars over the life of the loan. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking PenFed Credit Union’s service

  • You can not only combine your private or federal student loans but also the parent PLUS loans making it unique.
  • With one of the lowest interest rates from PenFed, people paying very high rates can get rid of the excessive pressure.
  • The application process won’t take more than 15 minutes, and you can introduce a cosigner, in case you have a lower income than $42,000 per annum.
  • There are no application, origination, or late fees that many lenders charge, and you can pay your loan early.
  • You can choose either from a variable interest rate or a fixed interest rate, whichever you see fit for your situation.

How to apply

Being one of the most popular credit unions, getting a loan refinancing from PenFed is very easy, and you can begin with checking their custom offered rate for you. Next, you have to give some basic information, and you will be able to see the rates and this soft credit check won’t hurt your score.

After you are satisfied with what they have to offer, you can gather all the necessary documents and apply for refinancing. When your application is approved, you can stop payments to multiple lenders and pay only PenFed for the rest of the amount.

5. Laurel Road Student Loan Refinance

Those who don’t have the time to hear financial jargon and need a lender fast and honest can check out the Laurel Road refinance options. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Laurel Road’s service

  • You can refer your friends to Laurel Road and get $400 for each referral once they choose the company to refinance their loans.
  • By selecting the autopay option, you will get a 0.25% discount on the interest rate offered to you, saving a lot every year.
  • The company charges no application fees, origination fees, or prepayment penalties if you want to pay your loan early.
  • With low APR and choosing options from the variable or fixed interest rate, you can enjoy the benefits of Laurel Road.
  • You can go to the official website and complete the application process within 10 minutes.

How to apply

Checking eligibility and the rate based on your credit score is the first step to complete. After that, you will get an offer from the company that is given after a soft credit check, which won’t hurt your score. 

After you are satisfied with what they have to offer, you can gather all the necessary documents and apply for refinancing. As soon as your application is approved, you can stop payments to multiple lenders and pay only PenFed for the rest of the amount.

6. CommonBond Student Loan Refinance

With the help of CommonBond, you will see paying back your loan is easy and possible even after maintaining a family. Because of their unique features and several benefits, you can consider them as one of the best student loan refinance companies. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking CommonBond’s service

  • In case of your hardship, the company will allow up to 24 months of forbearance over the loan period.
  • You can pay the loan early to save a lot of money by not paying the interest amount without facing any penalties.
  • There are no application or origination fees so that you can set your personal finance and save some money.
  • They offer expert consultation so that anyone can get the best deal even if they are bad at personal financing.
  • You can choose from three different interest rates that include a variable rate, a fixed rate, and a hybrid rate.

How to apply

The rate calculator of CommonBond works silently with your basic information to offer you a custom rate. You won’t need to submit any documents in this step, and the process won’t lower your credit score. If you are satisfied with the rate, you can apply with the necessary documents, and the rest will be taken care of by CommonBond.

7. Prodigy Finance Student Loan Refinance

Check if you are a foreigner who wants to study at a selected school by Prodigy Finance. With everything matched, you can get loans at amazing rates and several payment benefits. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Prodigy Finance’s service

  • You can track and maintain your payments easily and conveniently with their mobile apps.
  • It offers a flexible payment duration that can range from 7 to 20 years so that you don’t feel burdened.
  • The loan will let you stay tension-free for the first six months and also let you pay early without any penalty saving on interests.
  • With low APR and choosing options from the variable or fixed interest rate, you can enjoy the benefits of Prodigy Finance.
  • As the company won’t charge you with any hidden fees, you will be able to save a lot of money in the end.

How to apply

The application process is pretty straightforward, starting from getting their quote after completing the registration process. This may check your credit score but won’t hurt the points and let you make a decision.

Once you are satisfied with the rates and payment options, you can start your application process. After a detailed inspection, you will get your approval upon meeting all the company policies. Prodigy Finance will directly send the money to your school after everything is done from both ends.

8. Credible Student Loan Refinance

Credible is so confident that you won’t find better rates than them, and they are offering $200 if you find any. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Credible’s service

  • You can introduce a cosigner and be sure to get the loan amount you need for combining multiple debts.
  • Although Credible will need a credit score of at least 670, you can add a cosigner and get refinancing with a bad credit score.
  • Refinancing through Credible will cost you no extra fees or charges, saving you a lot of money.
  • The company will refinance your private and federal student loans as well as parent plus loans.
  • With low APR and choosing options from the variable or fixed interest rate, you can enjoy the benefits of Credible.

How to apply

At first, you will have to fill out a form with some basic information to do a soft check. It won’t hurt your credit score in any way, and your information won’t be shared at this stage. You will get actual rates based on the soft-check, and it will let you choose from different options.

On the website, you will also see a comparison chart so that you can make a decision. When you are certain about getting a loan from Credible, you can give them more details, and they will start processing your application. Within one business day, you will get your final offer, and you can get rid of the burden to pay multiple lenders with high-interest rates.

9. College AVE Student Loans Refinance

College AVE Student Loans Refinance company is one of the best student loan refinance companies that comes with major help and minor stress. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking College AVE’s service

  • College AVE will let you set your preferable payment rules and goals so that everyone can comfortably repay the loan.
  • This company offers as low as $5000 for refinancing your debts to other lenders and offer very low-interest rates.
  • The super-flexible terms will let you make payment through 5 to 20 years and let you manage other issues in your personal life.
  • College AVE offers up to 16 loan terms, which are far more than other popular refinancing companies.
  • By selecting the autopay option, you will get a 0.25% discount on the interest rate, saving a lot every year.

How to apply

The application process is fair and simple, which starts by getting your rate in one minute without hurting the credit score. After that, you will get to choose from various options and start the main application process. Contact College AVE for assisting you with the process and get relieved from loan repayment stress today.

10. LendKey Student Loan Refinance

Visit the website now, and you won’t believe the rates with autopay from LendKey. Now, let’s check out the benefits and how you can apply.

Benefits of taking LendKey’s service

  • With the refinancing from LendKey, you can get lower interest rates and monthly payments so that you can save some money for your family.
  • The company will simplify your finance by paying off all other lenders, both federal and private.
  • LendKey won’t charge you for organization fees or other hidden charges, which will remove the burden more.
  • You will find many flexible options at LendKey, which will include loan repayment in a 5 to 20 years period.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.

How to apply

The application process is no different than the other refinancing companies. It all begins at getting the rates and deciding whether to go with this company or not. As soon as you can make up your mind, you can start the application process. After getting approval from LendKey, you won’t have to maintain multiple lenders’ payments anymore.

11. Discover Student Loan Refinance

Consolidate your student loans with Discover and get relieved of the stress. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Discover’s service

  • You will not only get the lowest listed APR rate but also a 0.25% discount on the autopay for more savings.
  • Depending on your information, you can get low fixed or variable interest rates to choose from.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • The company will simplify your finance by paying off all other lenders, both federal and private.
  • Discover won’t charge you for organization fees or other hidden charges, which will remove the burden more.

How to apply

Within only 15 minutes, you will be able to complete your application process at Discover. The website will let you check the rates based on the basic information that will help you make a decision. Finally, you can sign the contract and pay only Discover with little monthly amounts instead of paying multiple lenders with high-interest rates.

12. First Republic Student Loan Refinance

The list of the best student loan refinance companies is getting long, and the First Republic takes its rightful place on the list. It has one of the lowest APRs in the industry, making the Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking First Republic’s service

  • With the First Republic, you will be able to combine all your loans into one and pay a single monthly small amount.
  • If you can repay the full loan within four years, you will get back the interest you paid for up to 2% of the original loan balance.
  • The First Republic won’t charge you for organization fees or other hidden charges, which will remove the burden more.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • You will be able to choose from many options, which will include flexible loan repayment periods as you see fit.

How to apply

If you go to the official website of the First Republic and check the rates with some basic information, it won’t hurt your credit scores. You will instantly see how much you can save on choosing one of their plans. 

After getting convinced, you can start the application process with other required documents. Once approved, you won’t have to pay to different institutions anymore and start a family or get a car that you have always wanted.

13. Purefy Student Loan Refinance

Check out what Purefy has to offer, and it might let you save some from your monthly income. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Purefy’s service

  • With Purefy, you will be able to combine all your loans into one and pay a single monthly small amount.
  • Purefy won’t charge you for organization fees or other hidden charges, which will remove the burden more.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • You will be able to choose from many options, which will include flexible loan repayment periods as you see fit.
  • Starting with a bad credit score and a cosigner, you can drop the cosigner in the middle with good payment history.

How to apply

Like other student loan refinance companies, applying for a loan refinancing at Purefy is very simple. The rate calculator of the company will not only give you a rate estimate but also compare the rates with its competitors.

So, you will know how much you will be saving and if there are better options available. Get in touch with one of their representatives and start the application process. After completing everything, you will realize how easy the whole process is.

14. U-Fi Student Loan Refinance

Now, let’s check out the benefits and how you can apply.

Benefits of taking U-Fi’s service

  • The company will refinance your private and federal student loans as well as parent plus loans.
  • Starting with a bad credit score and a cosigner, you can drop the cosigner in the middle with good payment history.
  • U-Fi also offers several other benefits like auto debt savings and unemployment protection.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • U-Fi won’t charge you for organization fees or other hidden charges, which will remove the burden more.

How to apply

In three small steps, you can complete the application process at U-Fi from the link given above. The company will give you several loan plans, and you can choose one that suits your income. Now, you can keep your tensions at bay without having to pay more on interests to previous lenders.

15. Splash Financial Student Loan Refinance

Splash is also considered one of the best student loan refinance companies due to its low-interest rate offering. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Splash’s service

  • Splash offers lower interest rates that will help you save some money in the end.
  • With its one lender one payment system, you will be able to manage your personal finance more efficiently.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • You will be able to choose from many options, which will include flexible loan repayment periods as you see fit.
  • You can get paid $250 per referral if your friend chooses a refinancing plan from Slash.

How to apply

The application process is so simple that within only 15 minutes, you will be able to complete it. The website will let you check the rates based on the basic information that will help you make a decision. Finally, you can sign the contract and pay Splash with little monthly amounts instead of paying multiple lenders with high-interest rates.

16. ELFI Student Loan Refinance

ELFI has one of the most transparent and best interest rates that you can find online. Now, let’s check out the benefits and how you can apply.

Benefits of taking ELFI‘s service

  • ELFI rewards financially responsible borrowers by offering lower interest rates and better terms.
  • They have an expert management team to manage your finance and give you the best consultation efficiently.
  • The company won’t charge you for organization fees or application fees, which will remove the burden more.
  • You will be able to choose from many options, which will include flexible loan repayment periods as you see fit.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.

How to apply

The three steps of getting along with the ELFI refinancing start at prequalification. There are several ways to get qualified if you have a bad credit rating that we have discussed above.

When you see the rates specialized for you, you will get to choose one and apply for it. The company will approve your application as soon as possible, and you will get the loan in no time.

17. Invest Indiana Student Loan Refinance

The refinancing opportunities from Invest Indiana is not only for peoples in Indiana but all over the US. They are determined to help those with huge student loans and large sums of payment every month. Now, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Invest Indiana’s service

  • By making auto-debit payments, you will get a 0.25% ACH interest rate reduction, saving a lot every year.
  • They have an expert management team to manage your finance and give you the best consultation efficiently.
  • Invest Indiana won’t charge you for organization fees or application fees, which will remove the burden more.
  • You will be able to choose from many options, which will include flexible loan repayment periods as you see fit.
  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.

How to apply

Invest Indiana promises to guide you through the application process step by step for your best interest. They will only require your Social Security Number, 2 of the most recent pay stubs, information on your current loans, and proof of your employment.

With all that information, they will assess you primarily without affecting your credit score. Finally, you will get several plans offers and choose one to pay off all the other lenders.

18. IOWA Student Loan Refinance

With fixed rates from 3.25% to 7.78% APR after autopay enabling, you can consider this as one of the best student loan refinance companies. Now, let’s check out the benefits and how you can apply.

Benefits of taking IOWA’s service

  • You can add a cosigner and get better rates at the IOWA Student Loan Refinancing company.
  • Their fixed interest rate will let you set a budget and maintain that throughout the payment history.
  • There are multiple repayment options available at this refinancing company so that you can reach your goal.
  • As it charges no origination or prepayment fees and no late charges, you will be able to set aside some money.
  • They have an expert management team to manage your finance and give you the best consultation efficiently.

How to apply

You will only have to pass three simple steps to get the refinancing from the IOWA Student Loan. The website lets anyone check the rates available to them instantly without affecting your credit score.

After you are convinced that you will benefit from their services, you can apply and complete the process within 15 minutes. When they approve your application, you will get an email, and the happy days will start.

19. Citizens Bank Student Loan Refinance

This is the last one on our list but offering one of the lowest rates on the market right now. So, let’s check out the benefits and how you can apply.

Best student loan refinance companies

Benefits of taking Citizens Bank’s service

  • As it has variable and fixed interest rate options, you can choose one that is more convenient to you.
  • You will find many flexible options at LendKey, which will include loan repayment in a 5 to 20 years period.
  • With the Citizens Bank, you will be able to combine all your loans into one and pay a single monthly small amount.
  • As it charges no origination or prepayment fees and no late charges, you will be able to set aside some money.
  • They have an expert management team to manage your finance and give you the best consultation efficiently.

How to apply

You can apply now with their online application process in only three easy steps. After doing a soft credit check, you can add a cosigner to increase the probability of your application getting approved.

When you do that, you will get better rates and flexible payment options. Select one from according to your income and one that seems easy on you. After submitting your final application, wait for their approval that will be sent via an email.

Top 5 Comparison Chart Student Loan Refinance Offers

There are a lot of companies that offer student loan refinancing, but we can’t compare all of them in a single chart. So, let’s see some of the top student loan refinance companies with their rates and other terms.

Company Name

Who can apply

Their fixed rates

Their variable rates

Min. eligible income

Repayment terms

Max. loan limit

Earnest

Any US citizen or PRs

4.25%

To

8.77%

3.50%

To

8.72%

No minimum

5 to 20 years

$500,000

InvestED

Any US citizen or PRs

3.16%

To

6.88%

2.45%

To

6.09%

$40,000

5, 10, or 15 years

$200,000

IOWA

Any US citizen or PRs

3.25%

To

7.78%

——-

No minimum

5, 7, 10, 15, or 20 years

$300,000

PenFed

Any US citizen or PRs

3.23%

To

5.53%

2.23%

To

6.97%

$42,000

5, 8, 12, or 15 years

$300,000

College AVE

Any US citizen or PRs

4.64%

To

6.99%

3.64%

To

6.74%

$65,000

5 to 20 years

$300,000 based on the degree type

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Final Verdict

If you want us to recommend the best student loan refinance companies, we won’t be able to suggest one company. Because there are several companies with unique benefits and plan features that can benefit everyone. So, those who live in the US can check out the offers from either PenFed Credit Union, LendKey, or the First Republic.

All of them offer one of the lowest interest rates that you can find after hours of research. For international students, Prodigy Finance is a very good option with several flexible terms. Read their terms carefully and choose one to avoid paying high-interest rates. Due to the extra pressure of the student loans, people can’t start their life fresh for a long period, and we don’t want that to happen to you.

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