Best Student Loan Refinance Lenders

A college education is pivotal to forging most careers these days. Nevertheless, modern tuition costs remain prohibitively expensive, and many – if not most – students graduate with at least some level of debt. But there’s no need to suffer under the weight of hefty monthly loan payments. With the right student loan refinancing lender, you can lower your payments to a more manageable amount and get your life moving forward already.

Here’s a rundown of some of the best student loans refinance lenders in 2021:


Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank that was launched in 2015 to assist borrowers with all things student loan refinancing (including undergraduate, graduate and even parent private student loans). In addition to reasonable rates, one of the main draws with ELFi is that they offer sizable cashback bonuses for new signees who owe between $50,000 and $150,000+ in student loans.


Once known only for its credit cards, Discover is now well established as a lender. In fact, they are among the more preferable refinance lenders for college graduates with $5,000 or more in debt. Discover allows its customers to consolidate loans and is insured through the FDIC (Federal Deposit Insurance Corporation). There are also no application or origination fees.


Launched in 2013, Earnest has only been gaining in momentum. Users can refinance loans between $5,000 and $500,000 and can consolidate both federal and private loans at reasonable rates (in many cases, Earnest’s singular monthly payment are 50 percent lower than previous combined payments). However, where the service really shines is the fact that it looks at all forms of income and takes a more detailed look at your ability to make payments than other lenders. Because of this, people who may not be eligible for low monthly payments elsewhere may be able to find rates that work for them through Earnest.


Social Finance Inc. or “SoFi” was founded in 2011 and is a popular refinance lender today for those with $5,000 or more in student loans. While SoFi is on the stricter side for their refinancing qualifications, there is a good reason. This lender is known for offering some of the lowest monthly rates for those who qualify, and many graduates who are actively employed will find some of the most affordable options here. SoFI also helps customers refinance a variety of other loans through their convenient mobile and online interfaces.


Borrowers dealing with between $5,000 and $300,000 in student loans will enjoy LendKey’s range of benefits. Helping college graduates refinance since 2007, LendKey is an attractive option because of its easy application, APR discount (up to 0.25%) when autopay is set up, and flexible repayment terms. But what really makes it a great option for many people is the fact that this lender does not require a hard credit poll during their approval process. This means even those with less-than-stellar credit may be able to find great rates.

The right refinance lender for your needs may be different from others. It’s important to do your research and compare quotes in order to find the best fit.