Best student loan refinance companies of 2026
Best student loan refinance companies of 2026.
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With the SAVE program ending and major changes for federal student loan borrowers this year, now could be a good time to review your repayment plan — which may also include refinancing.
Refinancing your student loans can help you score a lower interest rate or consolidate multiple monthly payments into one. But if you're refinancing federal student loans , you could also lose some valuable protections and forgiveness opportunities.
The first step is finding a student loan refinance lender that works with your budget and timeline. To help you get started, here are some top options today.
Our take: SoFi is an all-around solid lender for refinancing your student loans. It offers a standard $5,000 minimum loan amount and loan terms between five and 20 years. It also has no loan limit, which is rare among the lenders we compared, and you can defer your payments if you return to school.
Compared to other lenders, SoFi has a pretty speedy funding process. After your new loan is finalized, SoFi will send the payment to your previous loan servicer in about 7-15 business days. Then, your first payment on the refinanced loan will be due in another 25-30 days.
Refinance loan amount: $5,000 minimum up to your full loan balance
Eligibility: There's no degree requirement to refinance with SoFi. You can apply with a co-signer, but you cannot release your co-signer unless you refinance your loan again on your own. SoFi will refinance Parent PLUS loans and allow you to refinance and transfer parent loans to the student.
Our take: College Ave offers a lot of the features we look for from student loan refinance lenders. The minimum loan amount starts at $5,000, and you can choose your repayment term, as long as it's any amount of time between five and 20 years. You can expect your previous loan servicer to receive payment within three to four weeks of finalizing your new loan.
There are some downsides to consider, though. College Ave's lowest rates are slightly higher than some other lenders on our list, and though most borrowers won't meet the loan maximum, you should be aware of it if you've accrued a high balance. College Ave also doesn't offer much information about deferment or forbearance, but it does encourage customers to reach out for individual options when they cannot make monthly payments.
Refinance loan amount: $5,000 minimum; maximum up to $500,000 for select professional degrees, $300,000 for graduate degrees, and $150,000 for other degrees
Repayment terms: Any term between 5-20 years; fixed and variable rates
Eligibility: You must have graduated from an eligible program to qualify to refinance with College Ave. You can apply with a co-signer, and release the co-signer after meeting certain criteria.
Our take: Earnest is our top pick for payment flexibility after refinancing. Not only does the lender offer deferment, forbearance, and interest-only payment options, but it allows you to to skip a payment once every year if you request it. Your loan will stay in good standing, but interest continues to accrue on your balance. This option starts after six months of consecutive, on-time payments in full.
Earnest offers a minimum $5,000 loan amount with a very high maximum of $550,000, and you can customize your term length (with approval) between five and 20 years. After your loan is finalized, Earnest says your previous servicer will receive the funds within 10 USPS days — though it may take longer to apply to your balance.
Eligibility: You must have graduated from your degree program to refinance with Earnest, though you may be approved if you graduate this semester. You'll also need a credit score of at least 650. You can apply with a co-signer, but will need to refinance again on your own to remove them. Earnest will refinance Parent PLUS loans, but only for parents — meaning you cannot transfer the refinanced loan to the student.
Our take: ELFI's advertised rates are competitive for both fixed and variable refinanced student loans — but remember that the rate you're approved for depends on your individual application and credit.
According to ELFI, it will take about 30-45 days for your previous loan servicer to receive the full payment and apply it to your old account. Your new loan repayment term can range from five to 20 years, and if you have difficulty making your payments, you can contact ELFI and may qualify for up to 12 months of forbearance.
