The best student loan refinance lenders of May 2026

Editor's Note: The APRs listed in this article are up-to-date as of the time of publication. CNBC Select will update as changes are made public.

The Laurel Road Student Loan is no longer available to new applicants. 

Refinancing a high-interest student loan can score you a lower rate and better terms, potentially saving thousands in interest. Refinancing can also allow a borrower to release a co-signer, switch from a variable to a fixed loan or consolidate multiple student loans into one.

CNBC Select has picked the top lenders for student loan refinancing, looking at a variety of factors, including rates and terms, plus credit and income requirements. See our methodology for more information on how we made this list.

Compare student loan refi offers

Who's this for? SoFi member benefits include modified loan payments, premium travel offers, personalized career advice and financial planning.

Standout benefits: Borrowers get a 0.25-percentage-point rate discount when they set up autopay. There's no application fee, no prepayment fee and no late fee.

Who's this for? Earnest approves refinancing borrowers with fair credit (a FICO Score of 580 to 669). You can also add a co-signer to improve your chances of approval.

Standout benefits: Borrowers can skip one payment a year without penalties.

Who's this for? Existing Citizens™ customers can earn a 0.50% discount on their rate for enrolling in autopay, twice the industry standard.

Standout benefits: International graduate students can apply with an eligible co-signer.

Who's this for? Residents with Laurel Road loans only have to pay $100 per month and accrued interest doesn't compound, making it a top choice for medical professionals.

Standout benefit: Borrowers can refinance parent PLUS or private parent loans, and students with a signed contract or letter of employment can refinance as early as their final semester of school. Loan specialists are available for free consultations.

Who's this for? ELFI allows borrowers to combine parent PLUS and private loans, as well as transfer the loan into their child's name.

Standout benefit: Borrowers are assigned a dedicated loan advisor to guide them through the refinancing process.

You can refinance both private student loans and federal student loans. In fact, many people refinance private to private to keep scoring a lower interest rate as their credit improves.

Take note that if you refinance federal to private, you'll no longer be eligible for certain forgiveness programs and some types of repayment plans. Federal forbearance will no longer apply and you'll have to check with your new private lender when it comes to any forbearance options they may offer.

Before you shop for a new lender, you need to decide if you qualify for refinancing. Consider the below:

• Credit score: When you refinance, private lenders typically have their own credit score requirements. Generally, they look for credit scores in the high 600s or above, but a higher credit score is even better because you can get approved for some of the lowest interest rates this way.
• Student status: Some lenders require borrowers to have graduated with a degree or certificate.
• Debt-to-income ratio: Your DTI is the amount of debt you're carrying, compared to your monthly income. Lenders are usually looking for a DTI of 40% to 50%, but scores under 36% will get you a better rate.
• Income requirements: A lender may require a minimum salary or monthly income.

Here's how to refinance a student loan:

• Check eligibility: Make sure you qualify by knowing the above eligibility requirements.
• Compare lenders: Shop around to find the best refinance company for your needs.
• Get prequalified: Many lenders will let you prequalify for approval and check your rate with no impact to your credit score.
• Complete application: When you submit an official application, your lenders will need to run a hard inquiry on your credit, which will temporarily lower your credit score.
• Consider a co-signer: If you have poor credit, you may consider a co-signer to help boost your odds of getting a good interest rate.

If you're comfortable with the terms of your new loan, including the rate, fees and loan terms, you can accept and sign for your new loan and begin following your lender's repayment schedule.

Interest rates for private student loans have continued to creep upwards over the last 10 years. But if your credit score and income have improved since you took out your loans and you qualify for a better rate, now could be a good time to refinance.

There are also major changes to federal student loan programs that may make refinancing more attractive. As of July 1, 2026, new loans will not be eligible for Income-Contingent Repayment (ICR), Pay As You Earn (PAYE) and Saving on a Valuable Education (SAVE) plans.

Existing plans will sunset by July 1, 2028, requiring borrowers to switch to a standard repayment or the new Repayment Assistance Plan (RAP), which offers loan forgiveness after 30 years. (Parent PLUS loans are generally not eligible for RAP.)

If these changes make your loan payments less affordable, refinancing now be a smart option.

There are several factors to consider when looking at lenders to refinance your loan:

• Loan amount: The minimum loan amount for student loan refinancing typically ranges from $5,000 to $10,000, although a lending marketplace like Credible may help you find a lender with a lower minimum. The cap on loan amounts for refinancing is usually about $300,000 for undergraduate degrees and up to $750,000 for professional degrees.
• APR: Ideally, you'll want to refinance for a lower APR than what you originally had, since this is how you'll be able to save money on your monthly payments.
• Loan term: Seek a lender offering longer repayment terms if you want a lower monthly payment (although this means you pay more in interest overall). With a shorter repayment term, your monthly payments are higher but you pay less interest overall since you pay off your loan quicker.
• Co-signer release: If you apply with a co-signer, find out whether the lender offers a co-signer release and when it becomes available.

Some lenders do cater to student loan refinance applicants with lower credit scores, however, the main point in refinancing your loans is to get a lower interest rate. And with a bad credit score, you're actually likely to get charged higher interest rates.

So, if you have bad credit and are looking to refinance your student loan, it can work to your advantage to try to improve your credit score first or apply with a co-signer who has a higher credit score.

In short, here are some tips:

• Improve credit
• Lower your debt-to-income ratio
• Consider lenders who specialize in bad credit
• Get a co-signer if you still need

There are alternatives to student loan refinancing, but they depend on whether you're trying to refinance federal or private loans.

For federal student loans:

• Income-driven repayment plans (As of July 1, 2026, new loans will not be eligible for Income-Contingent Repayment (ICR), Pay As You Earn (PAYE) and Saving on a Valuable Education (SAVE) plans.)
• Federal loan consolidation
• Public Service Loan Forgiveness (PSLF)
• Deferment or forbearance

For private student loans:

• Deferment or forbearance, if the lender offers it
• Loan modification
• Interest-only payments
• HELOC

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine which lenders are the best for student loan refinancing, CNBC Select compared private student loan funding from banks, credit unions and online lenders.

We only considered those with competitive rates and compared each company on the following features:

• Availability: The lenders on our list offer federal and private student loan refinancing in all 50 U.S. states, with both variable and fixed interest rates.
• Loan amounts and terms: We considered the minimum and maximum loan amounts of each lender, and favored those with a variety of term options.
• Credit score: Lenders with more flexible credit score and income requirements were given more weight.
• Fees: None of the lenders on our list charge application, origination or underwriting fees or penalize early payoffs.
• Application process: All lenders offer prequalification without damaging their credit scores and have easy-to-use online applications, with approval within 1-2 business days.
• Co-signers: We considered whether lenders allow co-signers and how long it takes for them to be discharged.
• Discounts: Companies that provided a rate reduction for establishing autopay were given more weight.
• Funding: We considered how quickly lenders could disburse funds. By law, lenders must include a 3-day rescission period during which borrowers can change their minds.
• Private student loan protections: While private loans lack federal protections such as deferment and forgiveness, all the lenders on our list offer some form of hardship protection for borrowers.
• Customer support: Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the student loan refinancing process.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

After reviewing the above features, we sorted our recommendations by best for perks, best for lower credit, best for discounts, best for medical school loans and best for parent PLUS loans.

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* Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Medical/Dental Loan Disclaimer: Fixed rates range from 4.12% APR to 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Variable rates range from 5.87% - 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 4/1/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. These specialized rates are offered to applicants who are physicians or dentists with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Veterinary Medicine (DVM or VMD), Physician Assistant (MPA), Physical Therapy (MTP or DPT). Not available to residents, fellows, or students. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. Member Rate Discount: To be eligible for an additional 0.125% interest rate reduction on a Student Loan Refinancing, you must, within 31 days of loan funding, either (1) be a SoFi Plus subscriber, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan. SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount
Eligible Direct Deposit means regularly recurring deposit of regular income to an Automated Clearing House ("ACH") Network during a 30-Day Evaluation Period (as defined below). Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not generate payments that are detectable by our system. So qualifying direct deposits are those where the student loan refinance discount rate is applied automatically for each month where you have an Eligible Direct Deposit of at least $1,000 per 30-day Evaluation Period. Eligible Direct Deposit does not include transfers between accounts you own, refunds, rebates, reimbursements, stimulus payments, merchant refunds, or payments from person-to-person payment services (such as Venmo). To qualify for the 0.25% interest rate reduction, the direct deposit must be recurring and paid directly into a SoFi Checking or Savings account. For the avoidance of doubt, deposits made via check, cash, or mobile check deposit are not eligible. Direct Deposit eligibility is determined by SoFi's sole discretion. The 30-Day Evaluation Period refers to the period starting on the "Start Date" and ending on the "End Date" set forth on the App Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APV Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking → Checking → APV or (ii) Banking → Checking → APV Details. If you do not qualify for the discount during the initial 30-Day Evaluation Period, your loan will not be eligible for a discount unless you re-qualify in a later 30-Day Evaluation Period. If you qualify during the 30-Day Evaluation Period, the discount will be applied on a going-forward basis only. SoFi Bank determines eligibility. If you have a joint account, each account holder receives Eligible Direct Deposits into your SoFi Checking and Savings account, then you will be eligible for all SoFi Plus benefits, including on accounts you hold in your own name. Federal Loan Disclosure: Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELiIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).