Refinancing your student loans can help relieve the financial burden, pay off debt quicker, and save you more money in the long run. Check out our best student loan refinancing companies of 2021, along with industry insights and the latest CARES Act information below.

Our Top Picks For Best Student Loan Refinance

Best Student Loan Refinance Reviews

PenFed Credit Union Review

★ Best Credit Union
Minimum credit scoreDeclined to release publicly
Income RequirementsFrom $42,000 to $50,000 annual income requirement, depending on the loan amount and whether there is a cosigner or not.
FeesNo application, origination, or disbursement fee
Prepayment penaltyNone
Cosigner releaseYes, after 12 months of consecutive, on-time payments
Variable interest rate2.13% APR to 5.25% APR
Fixed interest rate2.89% APR to 5.63% APR

Pentagon Federal Credit Union is the second-largest credit union in the nation that offers student loan refinancing. They offer fixed- and variable-rate options for borrowers — students, parents, and couples — refinancing up to $300,000 in private or federal student loan debt, with loan payment terms ranging from five to 15 years.

With PenFed, married couples can file a loan application to refinance their student loans together.

  • The interest rate is determined by using the higher of the two credit scores. The spouse with the highest degree should apply as the main applicant to ensure the lowest interest rates.
  • Unlike traditional refinancing, only one person needs to have completed a bachelor’s degree or higher to refinance through PenFed’s Couple Loan.

As a member of PenFed, you will gain access to member discounts, an advice center, and financial offers. Take the following steps to join with their easy online process:

  • Sign up for association membership, employment, or military affiliation — a full list of options will be made available to you during the application process.
  • Open a membership account by making an initial $5 deposit

lower your monthly payments with PenFed.GET STARTED ADVERTISEMENT

Laurel Road Review

★ Best Student Loan Consolidation for Medical Students
Minimum credit score690
FeesNo application, origination, or disbursement fee
Prepayment penaltyNone. $400 bonus for every referral.
Cosigner releaseNo, you must reapply for a loan to remove a cosigner
Fixed interest rate2.25% to 5.75% depending on loan payment term
Variable interest rate1.64% to 5.65% depending on loan payment term

Laurel Road’s medical school loan refinancing is available to borrowers who want to consolidate their federal and private loans to have a single loan payment. For medical residents or fellows, Laurel Road is one of the few fintech loan servicers that offer a refinancing option you can qualify for before you’re earning a full physician’s salary.

Interest will not compound during your residency and the company also allows you to reduce payments to as little as $100 per month for up to four years before you start your standard repayment.

Your eligibility as a resident will be based on your:

  • credit profile
  • monthly debt payments
  • income projections at the end of your training period.

Residents and fellows that have signed contracts to practice may qualify for Laurel Road’s standard rate offers.

Additionally, Laurel Road offers a refinancing option for up to $50,000 for those that have associate degrees in eligible healthcare fields. This $50,000 maximum will not apply to parents borrowing for children pursuing an associate degree. reduce Your Interest Rates and Pay Less on Your Student LoansGET STARTED

Earnest Review

★ Best for Customizing Loan Repayment
Minimum credit score650
FeesNo application, origination, or disbursement fee.
Prepayment penaltyNone, as well as no late payment charges
Cosigner releaseNo cosigner release
Variable and fixed interest rateFrom 1.88% to 2.50%

Variable rates are not available in AK, IL, MN, NH, OH, TN, and TX

Backed by student loan giant Navient, Earnest offers multiple loan repayment options for student and parent refinance loans at competitive rates and a unique underwriting approach, which factors your earning potential to determine your interest rate and payments. Earning potential will be based on your degree, your on-time payments history, and your credit score.

Earnest also offers a “precision pricing” option, which

  • Allows you to choose a loan repayment term based on your ideal monthly payment amount
  • Offers term lengths at 1 to 3-month intervals between 5 to 20 years
  • Benefits recent graduates or borrowers that may not have sufficient credit history to qualify for refinancing elsewhere
  • Discount for optional enrollment in autopay

For those looking for hardship relief, Earnest offers these options:

  • Forbearance
  • Deferment option of up to 180 days for active-duty military members
  • Option to skip one payment every year, up to 12 times over the life of the loan
  • In the event of death or total and permanent disability, Earnest will discharge all of your private student loan debt

To refinance your student loan through Earnest you must have a minimum loan balance of $5,000, or $10,000 if you reside in California. begin Refinancing Your Loans with Earnest. GET STARTED

Splash Financial Review

★ Most Affordable Repayment Options for Medical Students
Minimum credit score660
FeesNo application or origination fees
Prepayment penaltyNo prepayment penalty does charge a late payment fee
Fixed interest rateStart at 2.49% APR
Variable interest rateStart at 1.88% APR

Splash Financial is an online marketplace that partners with loan servicers to provide the lowest interest rates and most affordable repayment options for medical students. Loan terms for fixed-rate loans are a minimum of 5 to a maximum of 20 years and 25 years for variable interest loans. The minimum loan amount needed to refinance is $5,000, while there is no maximum amount.

For medical and dental residents:

  • Medical school loan refinance may only pay $100 a month for the duration of the residency term, plus an additional six months after the end of the residency or fellowship, before beginning regular loan repayments
  • Students with associate degrees in specific medical fields are also allowed to refinance up to a maximum of $50,000 with Splash

The company features a quick and easy loan application and pre-qualification process and works with private, federal, and Parent PLUS loans. Spouses can benefit from student loan consolidation and refinance their loans together as the company offers the option to “take over” your spouse’s loans. Parent loans can also be transferred to their child.

Additionally, if you refer someone and they successfully refinance their loan, Splash will pay you both $250. You don’t have to be a Splash customer to refer someone and there is no limit to how many people you can refer. Pay Lesson student loans with Splash Financial.REFINANCE YOUR LOAN TODAY

Credible Review