Student Loan Refinance Rate Comparison

Enter your current loan details to see how much you could save by refinancing. Compare rates from 7+ top lenders.

Your Current Loan Details

Total student loan balance i Current interest rate (%) i Remaining years on loan Credit score Employment status Annual income

2026 Student Loan Refinance Rates Comparison

Lender	Fixed APR	Variable APR	Min Loan	Max Loan	Min Credit
SoFi	4.49-8.99%	5.28-8.99%	$5,000	No max	680	Check Rate
Earnest	4.29-8.99%	5.28-8.99%	$5,000	$500K	650	Check Rate
Credible	4.49-11.24%	4.99-11.24%	$5,000	$500K	670	Check Rate
ELFI	4.29-8.99%	4.86-8.99%	$15,000	No max	680	Check Rate
Splash Financial	4.54-8.99%	5.28-8.99%	$5,000	$500K	670	Check Rate
College Ave	4.44-15.99%	5.09-15.99%	$5,000	No max	600	Check Rate
Sallie Mae	4.50-14.59%	5.28-14.59%	$1,000	No max	N/A	Check Rate

Frequently Asked Questions About Refinancing

Should I refinance my federal student loans?

Refinancing federal loans into a private loan means giving up federal protections like income-driven repayment, PSLF eligibility, and deferment/forbearance options. Consider refinancing federal loans only if you have stable income, good credit, and do not plan to use federal programs.

How much can I save by refinancing?

The average borrower saves $16,000-$22,000 over the life of their loan by refinancing to a lower rate. Your savings depend on your current rate, new rate, balance, and term length.

Does checking my refinance rate affect my credit score?

No. All major refinance lenders use a soft credit pull for rate checks, which does not impact your credit score. Only after you formally apply and accept a loan offer will a hard inquiry occur.

Explore More Student Loan Tools

0 of 8 tools explored

Start exploring!

Student Loan Facts You Should Know

$1.77T Total U.S. student loan debt held by 43 million borrowers

$503/mo Average monthly student loan payment for borrowers in repayment

$14K–$20K Potential savings from refinancing to a lower interest rate

50–70% Payment reduction possible with income-driven repayment plans

$62B+ Forgiven through Public Service Loan Forgiveness (PSLF) to date

Frequently Asked Questions About Student Loans

How do I know if I qualify for student loan forgiveness?

Eligibility depends on the forgiveness program. For Public Service Loan Forgiveness (PSLF), you must work full-time for a qualifying government or nonprofit employer, have Direct Loans, be on an income-driven repayment plan, and make 120 qualifying payments. For income-driven repayment (IDR) forgiveness, any remaining balance is forgiven after 20–25 years of payments. Teachers may qualify for Teacher Loan Forgiveness after 5 years at a low-income school. Use our forgiveness checker to evaluate your eligibility.

Should I refinance my student loans?

Refinancing can save you thousands if you have a strong credit score (typically 700+) and can secure a lower interest rate. However, refinancing federal loans into private loans means permanently losing access to income-driven repayment plans, PSLF eligibility, and federal forbearance protections. Refinancing is usually best for borrowers with private loans or those who don’t need federal protections. Compare your options with our refinance rate comparison tool.

What is income-driven repayment and how does it work?

Income-driven repayment (IDR) plans cap your monthly payments at a percentage of your discretionary income. The main plans include SAVE/REPAYE (5–10% of discretionary income), PAYE (10%), IBR (10–15%), and ICR (20%). After 20–25 years of payments, any remaining balance is forgiven. IDR plans are ideal for borrowers whose payments under standard repayment are unaffordable relative to their income. Calculate your IDR payments with our IDR calculator.

How can I pay off student loans faster?

Proven strategies include: 1) Make extra payments toward principal each month. 2) Use the avalanche method by targeting the highest-interest loan first. 3) Set up biweekly payments instead of monthly (adds one extra payment per year). 4) Refinance to a lower rate to reduce total interest. 5) Direct windfalls like tax refunds and bonuses toward your loans. Even an extra $100/month can shave years off a 10-year repayment plan. Try our repayment comparison tool to see the impact.

What’s the difference between federal and private student loans?

Federal loans are issued by the U.S. Department of Education with fixed interest rates set by Congress, and they offer income-driven repayment, forgiveness programs, deferment, and forbearance. Private loans are issued by banks, credit unions, or online lenders with rates based on your creditworthiness. Private loans typically lack IDR plans, forgiveness, or federal protections, but may offer lower rates for borrowers with excellent credit. Most financial advisors recommend exhausting federal loan options before borrowing privately.

Can I deduct student loan interest on my taxes?

Yes. You can deduct up to $2,500 per year in student loan interest paid, even if you don’t itemize deductions. The deduction phases out for single filers with an adjusted gross income (AGI) between $75,000 and $90,000, and for married filing jointly between $155,000 and $185,000. Both federal and private student loan interest qualifies. Learn more with our student loan tax guide.

How Much Can You Save? Real Scenarios

Refinancing Savings

$50,000 in loans at 6.8% interest rate

↓ Refinance to 4.5%

Save $8,400 over the life of the loan

Compare Refinance Rates →

Income-Driven Repayment

$30,000 in loans on standard repayment

↓ Switch to IDR plan

Payments drop from $345/mo to $180/mo

Calculate Your IDR Payment →

PSLF Forgiveness

Teacher with $40,000 in federal loans

↓ PSLF after 10 years of qualifying payments

$40,000 forgiven — remaining balance eliminated

Check Your Forgiveness Eligibility →