Top 10 Student Loan Refinancing Providers You Should Know

Completing college can be a rewarding milestone, but many graduates face the challenge of managing student loan payments. Depending on your loan type and financial situation, refinancing might be a strategic move to lower interest rates and reduce monthly burdens. Here are the top 10 student loan refinancing companies to consider for better financial flexibility.

SoFi
Founded by Stanford students in 2011, SoFi has rapidly become a leader in student loan refinancing. The platform offers benefits such as career guidance, a 0.25% interest reduction with AutoPay setup, exclusive member perks, and additional discounts for members.

Citizens Bank
A well-established name in student loan refinancing, Citizens Bank provides various options and benefits. The bank has refinanced and consolidated over half a million dollars in federal and private student loans, helping borrowers save significantly.

LendKey
This unique lender partners with local credit unions to assist borrowers in refinancing their student debt. Known for superior customer service and competitive interest rates, LendKey offers a personalized borrowing experience that sets it apart.

CommonBond
The company aims to make student loans more manageable and affordable, offering features like hybrid interest rates, early loan release after 36 months of on-time payments, and payment postponement options.

Darien Rowayton Bank (DRB)
As a smaller lender, DRB offers flexible terms without a maximum loan limit. You can even refinance during your last semester if you have a job offer lined up.

Education Loan Finance (ELFI)
Although newer to the scene, ELFI brings over 30 years of experience in student lending. Benefits include release from cosigner after a year of timely payments, a $200 cash bonus for quick acceptance, and up to 12 months of deferred payments in financial hardship cases.

Purefy
This lender competes strongly on rates and loan amounts, providing options for refinancing joint student loans for married couples. They also offer short-term loans and are known for socially responsible lending practices.

Earnest
Specializing in refinancing both federal and private loans, Earnest offers flexible repayment terms from 5 to 20 years. Borrowers enjoy an application process that allows skipping a payment annually and switching between variable and fixed rates every six months.

Discover Student Loans
Offering affordable refinancing options, Discover provides 24/7 access to student loan specialists. However, it does not include career or job placement services.

College Ave
Recognized for flexible repayment plans, College Ave charges no application or prepayment fees. It also services Parent Plus loans, making it a comprehensive refinancing choice.