Best Student Loan Refinancing Services 2020

Having issues paying your student loans? Refinancing can help you bring down the cost of your loans. Which refinancing programs work the best? We look at the top student loan refinancing services to help you find the best one for you.

Best Student Loan Refinancing Services 2019

RankRefinancing ServiceBest ForInterest RateRating
1CredibleOverall Refinancing3.5% and up★★★★★
2EarnestLow Rates2.49% and up★★★★★
3SoFi LoansExcellent Credit4.25% to 7.75%★★★★★
4UpstartRecent Graduates8.36% to 29.99%★★★★
5LendKeyLender Options2.53% and up★★★

Best Student Loan Refinancing Services 2019

RankServiceBest For
1CredibleOverall Refinancing
2EarnestLow Rates
3SoFi LoansExcellent Credit
4UpstartRecent Graduates
5LendKeyLender Options

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Credible Review

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Credible Review image
  • Best for: Credible is good for college students who need help paying for school and for those who want to refinance their student loans.
  • Interest Rates: Loan rates will vary depending on a variety of factors, including credit score and income. Fixed rates start at 3.5 percent. Variable rates start at 2.14 percent.
  • Loan Length: Credible offers five- to 20-year term loans.
  • Loan Amount: The minimum is $5,000. Credible doesn’t advertise a maximum loan amount.
  • Criteria: Credible provides student loans to part-time and full-time college students. Borrowers under 18 will need a co-signer. Once you fill out Credible’s online form, you will know within a few minutes whether you qualify.

Earnest Review

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Earnest Review image
  • Best for: People with steady income, little debt and conscientious spending habits. You can check out Earnest here.
  • Interest Rates: Your interest rate will depend on the length of a loan and your personal financial information, but rates start at 2.49% and go up from there.
  • Loan Length: Borrowers will have from five to 20 years to pay back the loan. You will need to select your payback timeline before being approved for a loan.
  • Loan Amount: Loans start at $5,000 and go up to $500,000.
  • Criteria: Earnest works with college graduates, final semester college students and less than half-time students. An applicant must have a job or a job offer in writing, a credit score of at least 650 and savings that amount to at least two months’ salary. No cosigners are allowed.

SoFi Loans Review

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SoFi Loans Review image

Best For: SoFi is best for people looking to refinance their student loans. Since the company offers loans to lower credit (650 and up), it makes these loans accessible to more people.

Interest rates: Rates vary depending on the type of loan. Typical student loan refinancing rates: Fixed, 4.25 percent to 7.75 percent APR and variable, 2.97 percent to 6.15 percent APR.

Loan types: SoFi offers student loan refinancing, which they’re best known for, but they also offer the student loans themselves, plus mortgage and personal loans as well.

Unemployment protection: A great feature from SoFi is 12 months of protection from having to repay the loan if you lose your job.

Customer Service: Great customer service. Plus, SoFi is well known for making loans accessible to a wider range of people.

Upstart Review

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Upstart Review image
  • Best for: People who have trouble getting approved for a personal loan. In fact, people with 40 or 50 percent debt-to-loan ratios can find success at Upstart, which looks at a broad variety of factors when deciding approval.
  • Price: Upstart’s typical interest rates for loans range from 8.36 percent to 29.99 percent. The rates are pretty standard for a loan.
  • Loan length: Loan lengths at Upstart are about 3-5 years, which is shorter than many other lenders but still a workable time frame for paying back a loan.
  • Loan amount: The amount you’ll be approved for will depend on a variety of factors, such as your financials and what they loan will be used for. Loans for paying down credit card debt are typically lower; loans for business expenses will tend to be higher. Upstart’s loan amounts range from $1,000 to $50,000.
  • Criteria: An Upstart loan review will use criteria to decide who is eligible for a loan that includes credit score, years of credit, education, area of study and employment history.

Lendkey Review

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Lendkey Review image
  • Best for: Students with multiple loans and/or high monthly payments. You can check out Lendkey here.
  • Interest Rates: The interest rates for Lendkey loans vary, but start at 2.53% for variable loans and 3.64% for fixed loans. Your rate will depend on your financial information and history, as well as which bank ends up financing your loan.
  • Loan Length: The loan length also varies depending on which bank ends up financing your loan, but the range is between 5 and 20 years.
  • Loan Amount: This varies depending on which bank you choose, but this also gives you more options if you need a lower or higher loan amount.
  • Criteria: Since Lendkey uses several banks to finance loans, criteria can vary, which makes it a good choice for someone with less than excellent credit, since more banks will have access to your loan request.
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