Best Rates Student Loan Refinance

Refinancing student loans is an excellent way to save money on interest payments, but there are many options out there. If you’re looking for the lowest rate possible and don’t mind paying a bit more in origination fees, then take a look at our roundup of the best student loan refinance rates.

Best Rates Student Loan Refinance

Citizens Bank

  • No origination fee
  • No prepayment penalty
  • No annual fee
  • No credit check required to apply and no application fee.

College Ave Student Loans

College Ave Student Loans is one of the best student loan refinance lenders. College Ave Student Loans has a low interest rate and good customer service, along with flexible payment plans and a good reputation.

If you are looking to refinance your student loans, then College Ave Student Loans should be your first choice.


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Discover Student Loans

Discover Student Loans offers a variety of repayment options, interest rates and loan amounts. Borrowers can choose from six fixed-rate plans that range from 4.50% to 9.90%. The student loan refinance program also has a variable rate option with an annual percentage rate (APR) of 6.95% for the first seven years for qualified borrowers.

Discover Student Loans provides loan forgiveness options for those who meet certain criteria, including Perkins Loan Cancellation Program, Teacher Loan Forgiveness Program and Public Service Loan Forgiveness Program.


Earnest is an online lender that will refinance your student loans. Earnest’s refinancing services are available to those with a good credit score—a minimum of 680, but they do accept borrowers with less than perfect scores (as low as 600).

Earnest offers fixed and variable rates, depending on what kind of borrower you are. If you have a high credit score and qualify for the best rate possible from them (between 2.28% APR for top tier borrowers down to 4.58% APR for lowest tier borrowers), then Earnest is one of the most affordable lenders out there when it comes to refinancing your debt. In fact, if you were considering refinancing with a bank like CitiBank or Wells Fargo, Earnest would likely beat their rates by over half of one percent! They also offer some competitively lower origination fees at 0.5%.


EDvestinU is an online lender that offers fixed rates for borrowers with good credit scores. While the company doesn’t have any origination fees or prepayment penalties, its rates are higher than those of some other lenders we reviewed. You can find out if EDvestinU is right for you by using our student loan refinance calculator.

EDvestinU has recently been named one of the top 100 best companies to work for in America (for the second year in a row), so it’s clear that their employees enjoy working at the company.

ELFI (Educational Loan Financing)

ELFI is a private lender that offers loans directly to students and parents. Unlike federal student loans, ELFI loans are not backed by the U.S. Department of Education, so they do not have the same protections as federal student loans.

However, these loans can be used at any accredited institution in the U.S., including public and private schools and trade schools. There are also no credit requirements or co-signers needed with an ELFI loan; however, you might need to pay off any outstanding debt before applying for an ELFI loan (e.g., credit card debt).

ELFI offers three types of repayment options: fixed rates, variable rates and interest-only payments (no principal). The standard fixed rate is 6%, which applies if you pay off your loan within five years; otherwise, it will increase 0.25% per year until it reaches 7%. Variable rates range from 4% – 6%, depending on how much money you borrow up front (the larger the initial payment amount that you pay off monthly). Interest-only payments are calculated at 2% less than what would be charged if paying down both principal and interest were required per month during repayment period.”

First Republic Bank

First Republic Bank has a low variable rate of 3.59%. This is the lowest variable rate for student loan refinancing that we’ve seen so far, making it an excellent choice for borrowers looking to lower their monthly payments.

You can refinance up to $300,000 with First Republic Bank and save on your monthly payments by consolidating your loans into one account with them. The best part about this program? There are no fees associated with getting approved or closing out your account once you’re done paying off what you owe (as long as you pay off within 5 years).

PenFed Credit Union

PenFed Credit Union is a credit union with over 1.5 million members and several branches throughout the United States. PenFed offers a variety of student loan refinance products, including fixed rates for variable-rate loans and a 15-year plan, as well as an interest-only option. PenFed’s student loan refinance program also allows borrowers to choose from three different repayment terms: standard (10 years), extended (20 years) or graduated (15 years).

PenFed has a limited number of branches but does offer onsite interviews via Skype at many locations in order to accommodate clients who would otherwise not be able to apply for the loan at their local branch location.

If you have excellent credit and are looking for a competitive rate, PenFed Credit Union may be right for you!

Purefy Smart Rate Student Loans

Purefy Smart Rate Student Loans is a great option for borrowers with good credit.

This lender offers low interest rates and no origination fees to qualified applicants, who must have at least $5,000 in eligible education loans. Purefy Smart Rate Student Loans also has an online application, so you can get started with your financing process quickly and easily.

Sallie Mae Smart Option Student Loan for Undergraduate Students

If you have a student loan from Sallie Mae, it’s important to be aware of their low rates and the many benefits that accompany their loans. Sallie Mae is one of the biggest lending institutions in America, providing financial services to millions of students and families each year. The company has been around since 1972 and currently has over 100 million customers across its various brands.

When you’re looking at refinancing through Sallie Mae, be sure to check out all their options because they do offer more than just student loans! They can help you refinance your auto loan or mortgage as well as consolidate other debts such as credit cards or payday loans into one payment each month with much lower interest rates than what was previously offered by those lenders originally–saving money on interest payments over time (and potentially paying off your debt faster). Finally – if any problems arise during repayment (such as being laid off from work), customer service representatives are available 24 hours per day from anywhere in North America via phone call or email so don’t hesitate if there’s ever anything wrong with making payments – just ask!

Splash Financial – Best for Bad Credit Borrowers

Splash Financial offers loans from $3,000 to $40,000 and has a fixed interest rate of 6.99% for loans of $10,000 or more. If you have bad credit and need a student loan refinance but don’t want to pay high rates, Splash is the best choice for you.

The best rates on student loan refinance depend on your personal situation and goals.

When you’re looking for the best rates on student loan refinance, it’s important to consider all of your options.

Here are some ways to find the best rates:

  • Compare rates and fees
  • Look for the best repayment options
  • Check the lender’s reputation and customer service offerings
  • Consider whether they offer any student loan forgiveness programs


As you can see, there are many options for student loan refinance. The best option for you depends on your personal situation and goals. We hope this article has helped you understand the available options and their benefits so that you can make an informed decision about which option is best for your needs.

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