Best Student Loan Refinance
Based on In-Depth Reviews

Best for Financial Hardship Assistance

It’s extremely rare for a private lender to offer hardship assistance, especially for an extended period. In this respect, Commonbond stands out from the crowd by allowing borrowers to pause payments for 3 months at a time and up to 24 months over the life of the loan.

This hardship assistance option can serve as a safety net for emergencies such as unemployment or illness, which can temporarily prevent an individual from making payments on time. We find this to be an excellent and rare feature, especially for a private lender.

Rate Flexibility

Student loan providers typically offer either variable or fixed rates. Commonbond, however, offers a hybrid option in addition to these two. Rates through this lender are customizable, allowing borrowers to choose the loan term and type of rate that best fits their needs.

Commonbond also allows prepayments, meaning borrowers are not penalized for paying their loan off ahead of time, for which many private lenders charge penalties. 

Room for Improvement

Applicants should be aware that Commonbond doesn't offer loans in Mississippi, Nevada, or Vermont.

Their website is minimalistic and easy-to-navigate, but it doesn't provide enough information about the refinancing process, pre-approval process, or explanations about the hybrid rates. The disclaimers page does provide more detailed information, but it's not easy to locate. Also, eligibility requirements are not listed on the website.

We had to confirm the minimum credit score, which is 660, with a representative via live chat. They also confirmed only U.S. citizens or residents with a college degree may qualify for refinancing through Commonbond.

The company's additional educational resources are also very limited; both their FAQs and blog pages are short and only cover general questions.

This lack of easily-accessible information may be Commonbond’s way of encouraging consumers to call and speak with their customer service representatives. However, for a company offering a loan application process that's entirely online, clear guidelines and resources should be easy-to-find.

Founded in 2012, Credible is multi-lender marketplace that helps students and parent borrowers take advantage of today’s competitive loan offerings by connecting them with leading student loan refinancing lenders. The company can help you find lower rates than you're currently paying, for example if your credit score has improved or if you took out your loans at rates higher than today's. 

Credible's partner lenders may also help you consolidate federal or private student loans into one account, which can also lower your interest rate. The service is entirely free and checking your rates does not affect your credit score. Applying for a new student loan or refinancing an existing loan with one of Credible's partners can be done entirely online at each lender's website.

Applicants must at least have at least $5,000 in student loan debt to qualify for one of Credible’s lending partner's student loan programs. Loans are available for both private and federal loans. Loan terms of up to 25 years are available, giving borrowers greater flexibility to find a refinancing option right for their unique situation. However, available terms will vary according to each individual lender.

Earnest is a technology company using cutting-edge data science, smarter design, and software automation to change the financial services industry. Founded on the belief that financially responsible people deserve better options and access to credit, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company uses data and technology to understand every applicant's unique financial story and offer the lowest possible rates.

Not only does Earnest offer refinance loans for both students and parents, but it also provides flexible repayment options. Since September 2021, users with incomplete bachelor's or associate's degrees can refinance with Earnest, given they meet eligibility requirements. Borrowers have the option to skip one monthly payment per term year as well as sign up for biweekly auto-payments.

Earnest allows customers to to choose a payment amount based on their preferred budgets and the ability to increase payments anytime to pay off a loan faster. Customers can also adjust payment dates, make extra payments without prepayment penalties, and consolidate private and federal student loans. Although Earnest provides estimated APRs on its webpage, actual rates will depend on the applicant's particular credit and employment situation. Obtaining a quote on the company's website is quick and easy, only taking a few minutes to complete.

Best For Customer Service

ELFI is a division of SouthEast Bank known for its high customer service standards. You can contact the company’s advisors seven days a week by phone, email, text message, and even Facebook Messenger.

ELFI caters to modern consumers by allowing borrowers to upload required documentation directly through their smartphone. Good customer reviews for companies in this industry are rare, so we were impressed by the overwhelmingly positive feedback from ELFI customers across multiple consumer review platforms.

Transparency

Clear terminology and easy-to-read content are two of the main things we look for when reviewing any type of financial institution. We commend ELFI for explaining to users the difference between estimated and actual payments, how rates are subject to approval, and the possibility of increased monthly payments.

All the terms marked with an asterisk are easy to find on the page and further explained in ELFI’s FAQs section.

ELFI’s disclaimers are large and highlighted throughout their website

While most student loan refinance lenders only serve the continental U.S., ELFI serves all 50 states as well as Puerto Rico. The company also allows their borrowers to request forbearance for up to one year, noting that the final decision will be made by Southeast Bank.

For those new to student loans, forbearance is temporarily delaying payments on a loan for a given amount of time. This is usually granted when borrowers can prove they're unable to make payments due to circumstances such as financial hardship. While payments are delayed, interest still accrues and must be paid once the period ends.

Room for Improvement

In order to qualify, borrowers must have a credit score of at least 680, a minimum loan amount of $10,000, and an income of at least $35,000 annually. While this makes sense from a lender’s perspective, it limits the pool of borrowers that may qualify for refinancing.

Best For Flexible Eligibility Requirements

Laurel Road is a subsidiary of KeyBank National Association. They've been around since 2013 and have helped thousands of people with all types of degrees consolidate and refinance. Unlike other lenders, Laurel Road even works with people pursuing an Associate's Degree.

The company caters to a broad range of borrowers by permitting even those who are currently pursuing an Associate’s Degree to apply, something rare in the industry.

List of associate degree programs for which Laurel Road offers student refinance loans

The list of groups eligible to apply are currently enrolled students, parents of borrowers, students in medical residency, and recipients of law firm fellowships. Laurel Road also has forbearance assistance (not to exceed a year), which we deem a plus.

Simple Application Process

During our research into this lender's customer reviews, we found a common denominator—its simple loan application process. The application is completely online, and according to numerous reviews, fairly quick and easy. Applicants can upload all supporting documents and sign them electronically directly through Laurel Road's dashboard.

Room for Improvement

Navigating through Laurel Road’s website was a little challenging for us. Although the content is easy to read, the website lacks in-depth explanations of key terminology and processes. 

Also, Laurel Road’s qualification requirements for student loan refinance aren't clearly listed on the site, which complicates things for borrowers simply looking at their options.

To clear this matter up, we spoke to a customer service representative via chat who indicated the eligibility criteria can be found somewhere in the FAQs section. We couldn't find this information, but the representative confirmed that there was no minimum income requirement and that the minimum credit score accepted was 680. 

This lack of transparency can be confusing, to say the least, especially for prospective borrowers with little experience and knowledge about interest rates and loan terms.

Best for User Experience

We believe informative content is the root of great user experience. Consumers should know what they’re getting themselves into, including the good and the not-so-great about the companies recommended to them.

Lending Tree does an exceptional job in this area, carefully phrasing their content to inform and educate consumers without bias. Their website provides in-depth explanations about the differences between loan consolidation and refinancing, federal and private loans, the pros and cons of each option, and even some alternative solutions.

Explanation of private vs. federal loan types by LendingTree

Helpful Resources

Lending Tree offers a wealth of resources and several educational online tools. Accessible across multiple social media platforms, the company provides financial tips and advice by way of posts, articles, and even Pinterest photos.

Lending Tree also encourages customers to write and leave reviews on their website, sharing their experience with the lenders they've been matched with. 

Room for Improvement

Having been in business for over 20 years, Lending Tree is a major networking platform affiliated with multiple websites, including SimpleTuition, ValuePenguin, and QuoteWizard.

While this can be a plus, a potential downside is that prospective borrowers can be swayed to do business with a lender due to its popularity as opposed to its reputation.

In the course of our research, we noticed that customer reviews across Lending Tree's social media platforms are nonexistent, most likely hidden, which isn't helpful to consumers searching for honest feedback from previous customers.

Best for Educational Resources

LendKey is a New York-based online student loan marketplace that helps consumers connect with over 300 lenders and compare refinancing options. 

For those new to refinancing, LendKey has a plethora of educational resources on the subject. From a refinance guide to a walk-through informational video, prospective customers can easily navigate to a topic they're interested in and make a better-informed decision.

Guides, loan calculators, and more on LendKey’s Resource Center

We found the blog posts in their Resource Center to be helpful and informative. Their “Ultimate Guide to Student Loan Refinancing,” for example, contains vibrant visuals with statistics, frequently asked questions, and a flowchart quiz to help readers determine whether refinancing is right for them.

Payment Flexibility

In addition to its helpful resources, LendKey offers borrowers a unique repayment option for their loan term: interest-only payments.

Unlike most lenders who only offer term flexibility, LendKey allows borrowers to pay off loan interest for the first four years. This makes repayment over the remaining loan term easier, as interest no longer accumulates.

LendKey recently added COVID-19 forebearance information on its website. Borrowers may be able to take advantage of up to 18 months forbearance on their loans. Forbearance will vary by lender.

Room for Improvement

While looking through hundreds of consumer reviews, we noticed that the majority of customer complaints against the company involved billing issues and difficulty making payments.

We advise consumers to speak with a Lendkey representative for more information about their repayment options and payment methods.

Best for Married Couples

Purefy is a fintech student loan lender in partnership with Pentagon Federal Credit Union (PenFed). They began offering student loan refinancing in 2017. 

Unlike most lenders, Purefy offers a one-of-a-kind solution for married couples with student loan debt: the Couple Loan. This loan refinance option combines the student loans of both individuals and uses the higher credit score and college degree of the two to determine their rate. This helps couples save on interest costs and decrease overall household debt.

Transparency

Reviewing Purefy’s website was a breeze. Our team was impressed with the company’s in-depth explanations regarding the student loan refinance process, common industry terminology, and eligibility requirements. We encountered no misleading content or call-to-action phrases, which are common in the industry.

Purefy explains the logistics of student loan refinance

Purefy’s FAQs page also contains helpful, thorough answers covering everything from the basics of student loans and refinance to the application process and loan servicing after approval. 

Room for Improvement

Since Purefy is in partnership with PenFed, only credit union members are eligible to apply. Fortunately, applicants can become members during the application process and the steps to membership are easy. No military affiliation is required.

We discovered, however, that applicants with a credit score of 670-699 still need a cosigner to apply, where most other private lenders allow borrowers with that score to apply on their own. Therefore, interest rates will be based on the cosigner’s eligibility for the life of the loan.  

SoFi is an online lender that offers personal loans, mortgages, and student loan refinancing, among other products. The company uses a selective loan approval process, which takes into consideration applicants' estimated cash flow, career and education history to offer low-interest rates to its customers.

Borrowers with undergraduate, graduate, parent, and medical residency loans can refinance through SoFi and obtain excellent member-only benefits, such as payment deferment, career coaching, and access to wealth management advisors.

SoFi refinances loans for parents, undergraduate, graduate, and medical residency students. Unlike many lenders, the company allows borrowers to enter deferment if they go back to school at least half-time, participate in disability rehab, or are active military service members. Student visa holders are also eligible. The company does not charge origination or prepayment fees. 

To qualify for student loan refinancing with SoFi, borrowers must be at least 18 and U.S. citizens or permanent residents. SoFi verifies employment and income history, as well as a "responsible financial history." Another requirement is having an associate degree or a 4-year degree from an accredited higher education institution. The company also says it considers other factors when deciding if a loan is eligible, such as "financial history, career experience, and monthly income vs. expenses."

Founded in 2013, Splash Financial is a lending marketplace that offers borrowers a wide range of options. Offering both fixed- and variable-rate loans for customers  with college and graduate school debt, the company can help you consolidate multiple loans, lower your monthly payments, and reduce the lifetime cost of borrowing. Splash is located in Cleveland, Ohio.

Splash Financial offers borrowers a wide range of student loan refinancing options, with a very easy-to-use online loan calculator and competitive interest rates. Splash student loan refinancing is for college graduates who are earning income. Loans are open to either the graduate or parent of the graduate with payment terms of 5, 7, 10, 12, 15, 20 or 25 years. 

To refinance through Splash Financial, borrowers must be US citizens, permanent residents, or visa holders, have outstanding loans of at least $5,000, and have an associate, bachelor's, or graduate degree. In addition, borrowers must have proof of income from a current employer and a minimum credit score of 640. 

After answering just a handful of questions, borrowers can quickly and easily learn the rates available to them with Splash Financial's online loan calculator.