--- title: Best Student Loan Refinance Companies of September 2026 description: We review the best student loan refinance companies of 2026, including Earnest (Best Overall) and RISLA (Best for Borrower Protections). authors: - name: Kaitlin Mulhere role: Editor url: https://money.com/author/kaitlin-mulhere/ bio: Kaitlin Mulhere is an editor at Money.com, where she focuses on student debt. Her work guides readers from taking out their first student loan to navigating different repayment options. education: University of Florida at_money_since: 2015 articles: 217 covers: - Loans - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Mortgages - Personal Finance - Retirement - Shopping - Taxes social: - https://twitter.com/KMulhere - https://www.linkedin.com/in/kaitlin-mulhere-64503048/ - name: Kat Tretina role: Contributor url: https://money.com/author/kat-tretina/ education: B.A in English and Communications from Elizabethtown College, M.A. in Communications from West Chester University at_money_since: 2025 articles: 17 covers: - Loans - Insurance former_staff: true published: '2026-09-03T21:54:27.000Z' modified: '2026-09-03T22:42:38.000Z' section: Loans word_count: 2917 canonical: https://money.com/best-student-loan-refinance/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Best Student Loan Refinance Companies of September 2026](https://img.money.com/2023/12/Best-Student-Loan-Refinance-mbci_k7wy3__mlovlx.jpg?quality=85&w=1012&h=569&crop=1) ## Our Partners ![See Details](https://s3.consumersadvocate.org/prd/image/image/26621/medium_18b55bcd-82cd-4d73-b404-97711fd4a5e7.png) Our Partner [See Details](https://money.com/go/9e5ab19f63e9?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629944&ptid=661808847&ptoken=611604ce5ff12f45c6e92228eed32838&zip=20149&apxa1=homepage) **Rates start at 3.99% (fixed) & 5.74%** **(variable) APR with all discounts\*** - Get pre-approved in 2 minutes - Easy-to-use loan calculator - 5-year, 7-year, 10-year, 15-year, and 20-year loan terms - Wealth advisors available to SoFi members \*Terms and Conditions Apply * * * ![See Details](https://s3.consumersadvocate.org/prd/image/image/38966/medium_752a1e55-4e21-4d57-a49f-43d51659e66b.webp) Our Partner [See Details](https://money.com/go/02d9175249bf?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629943&ptid=661808847&ptoken=2196e7865e75ceb51f20baca53bb8a83&zip=20149&apxa1=homepage) **Rates starting at 3.98% fixed APR (with autopay)\* and 4.17% Var. APR (with autopay) See Terms\*** - Refinance your total debt - No origination fees or prepayment penalties - See personalized rates from multiple lenders in 2 minutes without affecting your credit score * * * ![See Details](https://s3.consumersadvocate.org/prd/image/image/28522/medium_d9060e39-6dbd-420c-9b34-621585e2f2ac.png) Our Partner [See Details](https://money.com/go/7de7932835eb?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629947&ptid=661808847&ptoken=69a0ac89e59896cda61650a0c3b61b42&zip=20149&apxa1=homepage) **APRs starting at 4.29% (fixed)** - Low-interest rates & a variety of repayment options - Consolidate both federal & private student loans - Repayment terms of 5, 7, 10, 15, and 20 years - A+ Rating from the Better Business Bureau * * * ![See Details](https://s3.consumersadvocate.org/prd/image/image/22270/medium_29794957-e55c-4470-9680-6dee519667e1.png) Our Partner [See Details](https://money.com/go/5cbedd3c52fd?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629946&ptid=661808847&ptoken=f6cfd23ea1c811771a11e36e7a908e74&zip=20149&apxa1=homepage) **Rates as low as 5.80% APR fixed and 6.37% APR variable** - Consolidate federal and private loans - Borrow up to $300,000 if you have an undergraduate degree, $500,000 if you have a graduate degree - Refinancing also available for borrowers without degrees - Powered by Credible * * * ![See Details](https://s3.consumersadvocate.org/prd/image/image/1379/medium_KXxoDabXochnzrJBFITyFiLsKXvmpO.png) Our Partner [See Details](https://money.com/go/1e5f2f153d3a?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629945&ptid=661808847&ptoken=5969a0cde1c90e2b8ed0600570b1528f&zip=20149&apxa1=homepage)  **Refinance your Student Loans with Rates starting at 3.98% APR¹** - Check your rate in 2 minutes with no credit score impact - Combine federal and private loans into one simple monthly payment - No origination fees, no application fees, no prepayment penalties - Choose fixed or variable rates with 5- to 20-year terms - Backed by a trusted network of credit unions and community banks Rates as of 7/24/26 * * * ![See Details](https://s3.consumersadvocate.org/prd/image/image/38975/medium_fada6d3e-7950-482c-b365-f29d6aee9f01.webp) Our Partner [See Details](https://money.com/go/2786f881d832?ap_referrer=%2Fbest-student-loan-refinance%2F&bidid=4025629948&ptid=661808847&ptoken=209983f9d5a32423eedcc6ba3f627511&zip=20149&apxa1=homepage) **Rates starting at 3.71% fixed APR and 4.74% variable APR\*** - Compare refinance offers from a network of banks and credit unions in one place - Check your rate with a soft credit pull that won't affect your credit score - No application fees, origination fees, or prepayment penalties - Refinance private and federal student loans into a single loan - Flexible repayment terms from 5 to 20 years \*Terms and Conditions Apply ## Key Takeaways - Earnest claims the best overall title with its flexible repayment options; you can choose your monthly bill amount and create a term around it. Other top companies include SoFi and RISLA. - Borrowers with federal undergraduate loans will have a hard time beating their interest rate on the private market. But federal graduate loans, federal parent loans and private loans carry higher interest rates and offer a better shot at savings. - When you refinance federal loans, you lose access to certain benefits and repayment terms. Although there is a lot of anxiety regarding changes to the federal loan system, borrowers with federal debt should not make any knee-jerk decisions to refinance. - Methodology: Our team has been covering student loans for more than a decade. We independently analyzed and vetted student loan refinance products, focusing on eligibility, perks, interest rates and fees, to determine which lenders stand out. Refinancing student loans can help borrowers pay off debt faster or lower their monthly bills to free up cash for other priorities. The move doesn't make sense for all borrowers, but it can be a smart strategy for some — particularly if your credit score and financial profile have improved since you took out your loans. *If you're looking for more information on in-school loans to pay for college, see our picks for [best student loans](https://money.com/student-loans/).* ## Our picks for the top student loan refinance companies *The following companies are listed in alphabetical order.* - [Earnest](#earnest) - Best Overall - [ELFI](#Elfi) - Best for Parents - [Lendkey](#lendkey) - Best for Offers from Community Banks and Credit Unions - [SoFi](#sofi)® – Best for Member Perks - [RISLA](#risla) – Best for Borrower Protections ## Select your state to find your Student Loan Refinance options ### Refinance your student loans for one simple payment that fits your budget. [See Details](https://money.com/pr/u9d87a0d2688?ap_referrer=%2Fbest-student-loan-refinance%2F&apxa1=homepage) ## Best Overall: Earnest ![](https://s3.consumersadvocate.org/prd/image/image/659/large_YIRCxjCuIwsaWacFyQfvHDuleCgMnB.png) [See Details](https://money.com/pr/jb39eb8c1bf6?ap_referrer=%2Fbest-student-loan-refinance%2F&apxa1=homepage) **Pros** - Customizable payments - Ability to set up autopay for biweekly payments - Offers in-school refinancing for students in their within six months of graduation - Nine-month grace period **Cons** - Cosigner release only available for certain loans - Not available in Mississippi ### HIGHLIGHTS Minimum income requirements Does not disclose Minimum credit score 665 without a cosigner; 700 if you have not finished your degree Loan amount $5,000 up to $550,000 Loan terms Customizable between 5 and 20 years Fees No origination or application fees. No late fees Fixed interest rate 4.45% - 9.99%(includes 0.25% autopay discount) [Earnest](https://money.com/pr/u06c5930254e?ap_referrer=https%3A%2F%2Fmoney.com%2Fbest-student-loan-refinance%2F&apxa1=homepage) is our top overall pick thanks in large part to its customizable payments, which allow borrowers to pick the monthly payment that fits their budget, and set their repayment term based on that amount — even if it results in an uncommon number like 7.5 years. The result is more than 180 ways to customize your loan, the lender says. The repayment flexibilities don't stop there, either. Earnest also allows borrowers to skip one payment every 12 months. Earnest doesn't charge late fees (or any fees at all, really) and consistently offers low starting interest rates, especially if you set up autopay. And it is transparent about what it offers for borrowers struggling to make their payments: You can make interest-only payments for up to 24 months over the life of the loan or request a financial hardship forbearance for up to 12 months. There’s also a nine-month payment grace period after graduation. [Read full Earnest student loan refinance review>>](https://money.com/earnest-student-loan-refinance-review/) ## Best for Parents: ELFI ![](https://s3.consumersadvocate.org/prd/image/image/28522/large_d9060e39-6dbd-420c-9b34-621585e2f2ac.png) [View Rates](https://money.com/pr/s3129241fd3f?ap_referrer=%2Fbest-student-loan-refinance%2F&url=&apxa1=homepage) **Pros** - Allows parents to transfer PLUS loans into student's name. - Excellent customer service - Low maximum APY compared to other refinancing lenders **Cons** - No rate discounts - No cosigner release - Fewer repayment term options for parent refinance loans - Requires a bachelor’s degree or higher ### HIGHLIGHTS Minimum income $35,000 Minimum credit score 680 Loan amounts Minimum of $10,000. Maximum varies based on eligibility. Loan terms 5, 7, 10, 15 or 20 years for students. 5 or 10 years for parents. Fees No application or origination fees. Late fee of up to $50. Fixed interest rate 4.29% - 8.44% Most lenders allow parents to refinance federal parent PLUS loans, but many require parents to stay on as the primary borrower. [ELFI](https://money.com/pr/ed56cddff69e?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) doesn't; parents can refinance a PLUS loan in their name or refinance as a way to transfer the loan to their student (assuming the student meets the lender's credit eligibility). ELFI only offers two repayment terms for parents (compared to five for student borrowers who are refinancing), but we still chose them at the top choice for parents as other lenders also tend to limit the number of terms available for parent refinance loans. ELFI's starting APR is slightly higher than some winners on our list, but it also has a lower maximum interest rate than most lenders. ELFI sets up all customers with a one-on-one session with a student loan advisor. With more than 2,200 reviews, the company has a 4.9 rating (out of 5 stars) on Trustpilot — the highest of any lender Money looked at. It also boasts an average monthly savings of $334 for its refinancing customers. Worth noting: Medical residency and bar study loans aren’t eligible for refinancing with ELFI. Neither are international student loans made outside the U.S. ## Best for Offers from Community Banks and Credit Unions: Lendkey ![](https://s3.consumersadvocate.org/prd/image/image/1379/large_KXxoDabXochnzrJBFITyFiLsKXvmpO.png) [View Rates](https://money.com/pr/z4d611b3d1e9?ap_referrer=%2Fbest-student-loan-refinance%2F&url=&apxa1=homepage) **Pros** - Low minimum refinancing amount - Associate degrees are eligible to refinance - Partners with hundreds of banks and credit unions - Can refinance while still in school - Has a referral rewards program **Cons** - Does not refinance parent PLUS loans - No ability to choose a specific lender - Some credit unions may require you to become a member before borrowing ### HIGHLIGHTS Minimum income Does not disclose (though “steady employment or job offer” is required) Minimum credit score Does not disclose Loan amounts $5,000 - $125,000 (undergraduate debt) or $250,000 (graduate debt) Loan terms 5, 7, 10, 15 or 20 years Fees No application or origination fees. Late fees depend on individual lenders Fixed interest rate 3.98% - 9.24% APR (with autopay discount) [LendKey](https://money.com/pr/l13138f972e2?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) is a platform that connects you with a network of smaller banks and credit unions. LendKey isn't a direct lender, but we chose to include it in our list as it can help you quickly expand your search for a solid refinance offer and it offers access to a group of lenders many borrowers wouldn't find on their own. Plus, while a separate financial institution finances the loan (and determines eligibility), LendKey services the loan, so borrowers deal directly with the company through repayment. LendKey has a quick, easy online application, allows for refinancing on balances as low as $5,000, and offers competitive interest rates. But you will have to use the check rates tool (it's a soft inquiry, so it won't hurt your credit) to see which of LendKey's partners you're eligible for — and even then, LendKey simply presents you with the available terms and interest rates. You cannot browse offers from various lenders. ## Best for Borrower Protections: RISLA ![](https://s3.consumersadvocate.org/prd/image/image/16397/large_9a837859-6f9c-447c-848f-93481d7b0815.png) [See Details](https://money.com/pr/f4d7f97bba5d?ap_referrer=%2Fbest-student-loan-refinance%2F&apxa1=homepage) **Pros** - Income-based payment option - Up to 24 months of forbearance for financial hardships - In-school refinancing available - Offers internship and nursing rewards programs **Cons** - Only offers fixed-rate loans - Maximum loan term is 15 years - Cosigner release not available in all states ### HIGHLIGHTS Minimum income requirements $40,000 Minimum credit score Not disclosed Loan amount $1,500 minimum. The maximum depends on the type of loan: $200,000 (undergrad or parent loans), $250,000 (most graduate degrees), $350,000 (some professional degree programs) Loan terms 5, 10 or 15 years Fees None Fixed interest rate 3.99% - 8.74% APR (with 0.25% autopay discount) [RISLA](https://money.com/pr/lf7621042243?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) is a nonprofit lender that stands out from other loan companies because of its borrower protection programs, including an income-based repayment option. Under this program, monthly payments will never exceed 15% of the borrower's (or cosigner’s) discretionary income. And if there is still a loan balance after 25 years on the repayment plan, RISLA will forgive the remainder. These are valuable perks since typically only federal student loans have income-based payment options. RISLA also offers military service benefits, a very low minimum loan amount and a six-month grace period after leaving school, and there’s an economic hardship forbearance option of up to 24 months to help borrowers experiencing financial hardship, unemployment or disability. ## Best for Member Perks: SoFi ![](https://s3.consumersadvocate.org/prd/image/image/11029/large_4763f2ee-f7a6-45f4-b3d3-4a50da6063fc.png) [See Details](https://money.com/pr/wf5357ff56d7?ap_referrer=%2Fbest-student-loan-refinance%2F&apxa1=homepage) **Pros** - Members get rate discounts, awards and perks - Available for associate degrees - Special payment plans for medical residency - Deep experience in student loan refinancing **Cons** - Bar exam loans for lawyers aren't eligible for refinancing - CFPB complaints have been trending upward over the last year ### HIGHLIGHTS Minimum income requirements Does not disclose Minimum credit score 650 Loan amount $5,000 up to total balance Loan terms 5, 7, 10, 15 or 20 years Fees No application, pre-payment or late fees Fixed interest rate 3.99% - 10.99% with all discounts [SoFi](https://money.com/pr/rdc0a878d74c?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage)® was the first company to offer refinancing for federal and private students back in 2012, and it remains a top lender in the space today. It stands out for its variety of membership perks. Anyone with a SoFi product (banking and investment services, personal loans, mortgage loans, credit and student loans) gets access to financial coaching, estate planning, discounts, networking events and more. SoFi's SmartStart loan option allows borrowers to ease into repayment on their refinanced loan, with nine months of partial payments before full principal and interest payments are due. There are also specific refinancing programs for medical students, medical residents, law students, MBA students, and parents. [Read full SoFi student loan refinance review>>](https://money.com/sofi-student-loan-refinance-review/) ## Refinancing your Student Loan could allow you to payoff your student debt early ### Lower your interest rate or reduce your monthly payment. Click below to get started today! [See Details](https://money.com/pr/u89cb207af31?ap_referrer=%2Fbest-student-loan-refinance%2F&apxa1=homepage) ### Other Companies We Considered The companies reviewed below didn’t make it into our top picks, but they may offer competitive student loan refinance interest rates and loan terms that may suit some borrowers. #### [MPower Financing](https://money.com/pr/e873aa3007ec?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) MPower Financing is a great option for borrowers who are not U.S. citizens or permanent residents, as the public benefit corporation specializes in financing higher education for international students. MPOWER will allow borrowers to refinance loans originated in several countries, including Australia, Austria, Brazil, the Dominican Republic, Germany, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Switzerland, Spain, the U.K. and the U.S. The lender has also reached its funding capacity for 2026 and has paused originations for the time being. New borrowers can apply to join the waitlist only. [Read full MPower student loan refinance review>>](https://money.com/mpower-financing-student-loan-refinance-review/) **[Citizens Bank](https://money.com/pr/t5d209eb6157?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage)** Citizens Bank has strict eligibility requirements. Borrowers need good to excellent credit to qualify, and the refinanced loan minimum is $10,000 — higher than other lenders require. Citizens Bank does have forbearance programs, but the lender says decisions are made on a case-by-case basis rather than having set requirements or durations. Citizens Bank also has higher starting fixed interest rates than others on our list (nearly 6%). For more information, check out our [full review of Citizens Bank's refinancing options](https://money.com/citizens-bank-student-loan-refinance-review/). ## What to to know before refinancing your student debt Students and parents may be able to [save money by refinancing](https://money.com/how-refinancing-student-loans-saves-money/), especially during periods of low interest rates. But refinancing isn’t a smart move for every borrower, so before taking that step, consider the implications of refinancing and if the outcome will be beneficial to your particular financial situation. For example, federal borrowers may score a lower interest rate but lose financial protections that could be crucial down the road. ### How does refinancing student loans work? When you refinance your student loan you are replacing your current loan with a new loan and new terms from a private lender. Generally, borrowers refinance student loans to extend their repayment period (and therefore lower monthly payments), obtain a lower interest rate so they’ll pay less over the life of the loan or consolidate multiple student loans into one single payment. Some loan borrowers may find terms that achieve all three at once. You can only refinance student loans through a private lender, not the federal government. Experts caution people with federal loans to think very carefully about their situation before refinancing, because they’ll be giving up federal benefits that come with government loans such as student loan forgiveness programs and income-driven repayment plans. If your student loan is from a private lender, there's little downside to looking for better terms. You can refinance private student loans with your current lender or choose a different lender. #### Student loan refinancing vs. Student loan consolidation One of the benefits of refinancing through a private student loan lender is that borrowers can consolidate multiple loans into one and have a single monthly payment under one servicer. But this benefit is not limited to private lenders. Students with eligible federal loans can consolidate their debt with a [Direct Consolidation Loan](https://studentaid.gov/manage-loans/consolidation), though there are pros and cons with that process as well. ### Should you refinance your student loans? Refinancing your debt — whether [federal or private student loans](https://money.com/benefits-of-federal-student-loans-vs-private-student-loans/) — may save you money if you have high interest rates and a large monthly payment. But there are some real downsides to consider for borrowers with federal loans. Refinancing a federal loan means converting it to a private lender. You'll lose valuable benefits and protections, such as income-based loan repayment plans, Public Service Loan Forgiveness and interest subsidies. And the process cannot be reversed. For many federal borrowers, enrolling in an income-driven repayment plan will be a better option, as those plans can reduce your monthly payment and offer loan forgiveness on any balance left over after a certain number of years. If you have a private student loan, there’s no real downside to refinancing to get better terms. But you will need a good credit score and stable income (or a creditworthy cosigner) to qualify for refinancing. When weighing whether it makes sense for you, remember that lenders’ lowest rates are reserved for borrowers with the strongest credit. ### What to consider when refinancing a student loan Before refinancing your loans, consider the following: #### Federal student loans With federal student loans, refinancing can help you secure a lower interest rate and possibly reduce your monthly payment. But federal loan refinancing can be risky because your federal loans will be transferred to a private lender. As a result, you’ll no longer be eligible for borrower protections like federal income-driven repayment, Public Service Loan Forgiveness or Total and Permanent Disability Discharge. #### Private student loans When you refinance, the loans are switched to a new loan servicer. Private loan rates, policies and customer service varies by lender, so be careful about refinancing your loans. ### Steps to refinance your student loans [Refinancing student loans](https://money.com/how-to-refinance-student-loans/) can be an excellent way to save money or accelerate your repayment, and it's easier to do than you may think: #### 1\. Check your credit Student loan refinance lenders generally require borrowers to have good to excellent credit, meaning a score of 670 or higher, and to get the best student loan refinancing rates, you’ll need an even better score. [Check your credit](https://money.com/guide-to-credit-scores-and-student-loan-refinance/) to see where you stand. If your credit is less-than-perfect or you have a high debt-to-income ratio, you may not even qualify for a loan unless you add a cosigner to your application. Not all refinancing companies offer cosigner releases, so review the lender’s loan terms to see if a cosigner release is possible. #### 2\. Consider the types of loans you have If you have a mix of federal and private loans, remember that you don’t have to refinance all of your debt. Although you can refinance private student loans and federal loans, you can opt to only refinance your private loans or your loans with the highest rates. #### 3\. Shop for the best rate Each lender has its own credit and income requirements, so you may qualify for better rates with some lenders over others. Shop around and request quotes from multiple companies to find the best deal. Many lenders have tools that allow you to view prequalified rates without affecting your credit score, and using a marketplace like [Credible](https://money.com/pr/uc684d8ec139?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) or [Splash Financial](https://money.com/pr/u2440b075c05?ap_referrer=https%253A%252F%252Fmoney.com%252Fbest-student-loan-refinance%252F&apxa1=homepage) can help you get several quotes at once. Rates range based on your credit and loan term; the lowest rates are usually for the shorter repayment periods, such as five or seven years. #### 4\. Research lender’s financial hardship relief options Not all refinancing lenders offer financial relief programs if you lose your job or become ill. And not all lenders will discharge your loans in cases of death or permanent disability. Carefully review the lender’s forbearance, deferment and forgiveness policies so you know under what circumstances the lender will pause or forgive your loans. #### 5\. Fill out your loan application Student loan refinancing companies allow you to apply online. You’ll need to provide your current loan statements, student loan account numbers and employment information. You’ll also need to consent to a hard credit inquiry. #### 6\. Sign your loan approval and start making monthly payments Once you’re approved, the lender will send you a loan agreement to review and sign. After that, the lender will work with your current loan servicers to pay off your student loans. Continue making your usual monthly payments until you receive confirmation that your loans have been paid in full; otherwise, you risk late payment fees and damage to your credit report. ### How to refinance student loans with bad credit If you have poor credit or no credit history, you will need a cosigner with a high credit score and steady source of income to qualify for a loan. (Most lenders require a minimum credit score around 650, but your cosigner will need a very good or excellent score to qualify for the best rates) Some lenders will allow you to apply for a cosigner release if you meet its requirements and make a specific number of payments on time, but not all lenders offer that option. If you don’t have a cosigner to apply with, you’ll have to [improve your credit](https://money.com/7-ways-to-improve-credit-score/) before applying to refinance. ## Latest student loan repayment news Industry numbers from [Earnest suggest that only about 10% of borrowers](https://www.earnest.com/blog/why-borrowers-dont-refinance-student-loans) who could theoretically save money by refinancing do so. One possible explanation for that over the past five years is the uncertainty surrounding the federal lending system. Many federal borrowers were holding out for widespread student loan forgiveness and then were hoping for an especially generous repayment option that kept their monthly bills low. But now that student loan bills are back in full force and the repayment landscape is shifting, some borrowers may be reconsidering their options. The Repayment Assistance Plan (RAP), which is the [new income-based option](https://money.com/repayment-assistance-plan-student-loans-guide/), came online July 1, 2026. Monthly payments under the plan range from 1% to 10% of a borrower's adjusted gross income. RAP will eventually replace all of the existing income-driven options. Some borrowers have until the summer of 2028 to decide whether they want to switch to RAP. But borrowers in the now-defunct Saving on a Valuable Education (SAVE) plan — which was struck down in court — will have to act sooner. Once they receive an official notice from their loan servicer, they'll have 90 days to switch. If you're considering refinancing into a private loan amid all the federal changes, keep in mind that while refinancing can help you get a lower monthly payment or lower interest rate, you’ll lose access to federal forgiveness programs. Private lenders typically also have more limited hardship protections. The U.S. Department of Education recently [introduced a new discount](https://money.com/student-loan-autopay-discount/) that would allow federal student loan borrowers to reduce their interest rate by one percentage point. The catch? They simply need to set up autopay for their monthly loan payments. The discount is available through mid-2028. ## Best Student Loan Refinance Companies FAQ ### What happens when you refinance student loans? Refinancing involves taking out a new loan, ideally one with better terms, to pay off your existing debt(s). With federal loans, you'll have to leave the federal loan program and take out a private loan to refinance your debt, while refinancing private loans usually means switching lenders. Most borrowers look for a lower interest rate when refinancing. ### How often can you refinance student loans? There is no limit to how often you can refinance your loans. Some borrowers may find that they can qualify for lower rates later as the economy changes and their credit scores improve, so it can make sense to shop around once a year to see what loan options are available. ### How to refinance student loans with bad credit? If you have poor credit or no credit history, you will need a cosigner with a high credit score and steady source of income to qualify for a loan. Some lenders will allow you to apply for a cosigner release if you meet its annual income requirements and make a specific number of payments on time, but not all lenders offer that option. ### Who has the best student loan refinance rates? As of September 2026, you can find the lowest student loan refinance annual percentage rates (APRs) through Earnest, LendKey, SoFi and RISLA, which offer fixed rate loans starting under 4%. However, other lenders may offer a lower rate for your specific situation, so it's always smart to shop around. ### Is it ever a good idea to refinance student loans? It can be a good idea to refinance your student loans if you can get a lower interest rate or reduce your monthly payment. Be careful about refinancing federal student loans, though, as doing so will mean losing the unique benefits these loans come with, like Public Student Loan Forgiveness and income-based repayment plans. ## Best student loan refinance methodology: How we picked our winners We evaluated lenders on more than 20 factors, focusing on eligibility, costs, loan terms and borrower protections. Here's a breakdown: ### Variety of loans eligible In addition to the standard bachelor's and graduate degree offerings, we prioritized refinance companies that accepted parent loans, debt from associate degrees and loans from students who are still enrolled. ### Flexible repayment options We compared the variety of repayment term lengths, favoring lenders with four or more term options. Since the length of your term influences your interest rate and monthly payment, multiple repayment options are critical to helping borrowers get the right fit. We also considered whether lenders offered cosigner releases and how long a borrower had to wait before applying. ### Competitive interest rates, low fees and reputation We focused on lenders that balanced low starting rates for the most credit-worthy borrowers with still reasonable rates for borrowers with fair credit. In this case, we primarily looked for lenders with rates starting around 4% and maxing out below 10%, though we did make some exceptions. Most refinance companies do not charge origination or application fees, but we awarded extra points to lenders that also eliminated late or insufficient fund fees. Finally, we reviewed customer review sites including the Better Business Bureau and Trust Pilot to see which companies are known for good service. We favored companies with flexible payback policies, such as cosigner release and financial hardship relief options for qualified applicants. We also looked for financial institutions that offered refinance loans without charging origination fees or late fees. ### Borrower protections One of the biggest downsides to refinancing federal student loans is that you lose access to extensive forbearance and deferment options, and so it’s critical for borrowers to research what their options would be should they struggle with payments in the future. These policies vary from lender to lender. We favored lenders with transparent forbearance policies on their websites and options to defer payments for up to a year, at a minimum. ## Summary of Money’s Best Student Loan Refinance Companies of September 2026 - [Earnest](#earnest) - Best Overall - [ELFI](#Elfi) - Best for Parents - [LendKey](#lendkey) - Best for Offers from Community Banks and Credit Unions - [SoFi](#sofi)® – Best for Member Perks - [RISLA](#risla) – Best for Borrower Protections ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/best-student-loan-refinance/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Loans", "item": "https://money.com/loans/" }, { "@type": "ListItem", "position": 3, "name": "Student Loan Refinance", "item": "https://money.com/student-loan-refinance/" }, { "@type": "ListItem", "position": 4, "name": "Best Student Loan Refinance Companies of September 2026" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/best-student-loan-refinance/#webpage", "url": "https://money.com/best-student-loan-refinance/", "name": "Best Student Loan Refinance Companies of September 2026", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-09-03T21:54:27.000Z", "mainEntity": { "@id": "https://money.com/best-student-loan-refinance/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/best-student-loan-refinance/#breadcrumb" }, "dateModified": "2026-09-03T22:42:38.000Z" }, { "@type": "Article", "headline": "Best Student Loan Refinance Companies of September 2026", "articleSection": "Loans", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/12/Best-Student-Loan-Refinance-mbci_k7wy3__mlovlx.jpg?quality=85", "width": 2880, "height": 1920 } ], "author": [ { "@type": "Person", "name": "Kaitlin Mulhere", "url": "https://money.com/author/kaitlin-mulhere/", "@id": "https://money.com/author/kaitlin-mulhere/#author", "description": "Kaitlin Mulhere is an editor at Money.com, where she focuses on student debt. 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