Top 10 Best Student Loan Refinancing Companies (U.S.)

Refinancing your student loans can save you money by lowering your interest rate and consolidating payments into one loan.

Below are the 10 best student loan refinancing companies in 2025 for U.S. residents, ranked by overall features, including competitive rates, flexible repayment options, customer service, and cosigner release policies.

Each company refinances both federal and private student loans. However, remember that refinancing federal loans will convert them into private loans, meaning you will lose federal benefits. Always compare offers to find the best fit for your situation.

The Top Ten

SoFi

SoFi is one of the largest student loan refinance lenders, known for its borrower benefits and no-fee loans. Fixed APRs start at approximately 4.24% with autopay, and loan terms range from 5 to 20 years. SoFi requires a good credit score (typically 650 or higher) and a completed degree. It refinances both private and federal loans, including Parent PLUS, with loan amounts from $5,000 up to the full balance.
Borrowers benefit from SoFi's lack of origination, application, or prepayment fees, as well as exclusive member perks like free financial coaching, career networking, and estate planning discounts. SoFi also provides unemployment protection, allowing borrowers to apply for forbearance in three-month increments, up to 12 months total. However, it does not offer a cosigner release option, requiring borrowers to refinance to remove a cosigner.
With competitive rates, borrower benefits, and high customer satisfaction, SoFi is a strong refinancing option.
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Earnest

Earnest stands out for its flexible repayment options. Unlike most lenders, it allows borrowers to customize their monthly payments and loan terms to nearly any length between 5 and 20 years rather than choosing from standard terms. This flexibility enables borrowers to select a payment amount that results in a custom term (for example, 7.5 years) to fit their budget. Earnest also offers biweekly payments and the ability to skip one payment per year, with the skipped month added to the end of the loan.
Fixed APRs range from about 4.15% to 9.99% (with a 0.25% autopay discount), while variable rates range from approximately 5.88% to 9.99% APR. Earnest does not charge origination, application, or prepayment fees. To qualify, borrowers typically need a credit score of at least 665 without a cosigner (cosigners are now permitted, requiring a 650+ score). Applicants must be U.S. citizens or permanent residents and have completed, or be close to completing, a bachelor's degree or higher. Earnest also allows in-school refinancing, letting graduate students refinance existing loans while deferring payments until after graduation.
Earnest offers up to 12 months of forbearance for financial hardship. However, it does not provide a cosigner release option, meaning cosigners remain on the loan unless it is refinanced again. The lender is also unavailable to Nevada residents. For borrowers seeking flexible repayment options and borrower-friendly policies, Earnest is a strong choice.
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Laurel Road (KeyBank)

Laurel Road, an online lender under KeyBank, offers competitive student loan refinancing rates and caters especially to professionals with high student debt, particularly in healthcare. Its fixed APRs range from approximately 4.74% to 9.00% with autopay, while variable rates range from about 5.04% to 9.30%. These rates are among the industry's lower caps. Loan terms span from 5 to 20 years, and borrowers can refinance amounts from $5,000 up to their full outstanding balance (with a $50,000 cap for associate degree holders). Laurel Road offers a 0.25% autopay discount and an additional rate reduction for opening a Laurel Road checking account through KeyBank.
The lender is well known for its programs tailored to medical and dental professionals. Borrowers in residency or fellowship can refinance and make only $100 monthly payments for a residency period of up to 36 months while completing their training. Additionally, Laurel Road provides competitive rates and terms for healthcare professionals. There are no application or origination fees, and loan terms of up to 20 years help borrowers manage large balances. Unlike many fintech lenders, Laurel Road allows cosigner release after a set number of on-time payments, typically 36 months.
To qualify, borrowers must have at least an associate degree (in select fields) or higher. Laurel Road refinances both federal and private loans, including Parent PLUS. A strong credit history is required, and borrowers must have a minimum credit score of 660. While Laurel Road's lowest rates may require additional conditions, such as opening a checking account, it remains a strong option for well-qualified borrowers, particularly those in medical and dental fields.
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Education Loan Finance (ELFI)

ELFI, a division of Tennessee-based SouthEast Bank, is a nationwide lender focused solely on student loan refinancing and private student loans. It is recognized for offering competitive rates and strong customer service. Fixed APRs range from approximately 4.88% to 8.44%, and variable APRs from about 4.74% to 8.24% with autopay. These low rates make ELFI a strong option for borrowers with excellent credit profiles.
A key advantage of ELFI is its personalized customer support. Each borrower is assigned a dedicated student loan advisor to guide them through the process. The company charges no fees, including no application, origination, or prepayment penalties, and offers various repayment terms of 5, 7, 10, 15, or 20 years. ELFI also allows borrowers to refinance high loan balances, with a minimum refinance amount of $10,000 and no stated maximum. Additionally, it provides the option to transfer Parent PLUS loans from parents to the child through refinancing.
To qualify, borrowers generally need a credit score of 680 or higher and a strong income. A cosigner can help meet eligibility requirements, though ELFI's underwriting is geared toward creditworthy applicants. One downside is that ELFI does not offer a cosigner release program, meaning a cosigner remains on the loan unless it is refinanced again. However, there is no limit to how often borrowers can refinance, so a cosigner could be removed through future refinancing if qualifications improve. ELFI provides up to 12 months of forbearance for financial hardship, but like all private loans, it does not offer federal-style income-driven repayment plans. For borrowers prioritizing low rates and strong customer service, ELFI remains a top choice.
Citizens Bank

Citizens Bank is a well-established national bank that provides student loan refinancing with the backing of a brick-and-mortar institution. Citizens offers a cosigner release after 36 on-time payments (three years), which is beneficial if you needed a cosigner to qualify. It also provides a 0.25% interest rate reduction for having a Citizens checking or savings account and enrolling in autopay, in addition to a standard 0.25% autopay discount (up to a 0.50% total discount). This makes Citizens an appealing option for existing banking customers looking for lower rates.
With all discounts applied, Citizens' fixed APRs currently start around 5.44% and go up to 10.14%, while variable rates range from roughly 5.67% to 10.63% APR, capping at 21.00%. While its lowest rates are slightly higher than some online-only lenders, Citizens remains competitive for well-qualified borrowers. The bank also occasionally runs promotions, such as cash bonuses or gift cards for large refinances. To qualify, borrowers must have completed at least an undergraduate degree (bachelor's or higher). However, non-U.S. citizens can apply with a creditworthy U.S. citizen or permanent resident cosigner. Citizens is also one of the few lenders willing to refinance loans for international borrowers with a U.S. cosigner. The minimum refinance amount is $10,000, with maximum limits depending on the degree, up to $300,000 for bachelor's degree holders, with higher limits for graduate or professional degrees.
Citizens offers standard term lengths of 5, 7, 10, 15, or 20 years and does not charge application or origination fees. It provides some deferment and forbearance options, generally up to 12 months for economic hardship or unemployment, evaluated on a case-by-case basis. Loans are serviced by Firstmark, a third-party servicer. One drawback is that Citizens has fewer deferment and forbearance options compared to some competitors, primarily offering standard temporary hardship forbearance. Additionally, its interest rates may not be as low as those from online lenders for the most qualified borrowers. However, for those who prefer a well-known bank, want cosigner release, or need to refinance as a non-citizen (with a cosigner), Citizens Bank is a solid choice with strong customer support and a long history in student lending.
RISLA (Rhode Island Student Loan Authority)

RISLA is a state-based nonprofit lender that offers unique borrower protections and affordable fixed rates. While based in Rhode Island, RISLA provides student loan refinancing nationwide, with no residency requirement.
RISLA only offers fixed-rate loans, with current refinance APRs ranging from about 3.99% to 8.29% for immediate-repayment loans with 5, 10, or 15-year terms. If you are still in school and choose to refinance with payment deferral, rates are slightly higher, around 5.99% to 8.57% APR. These rates include a 0.25% autopay discount, keeping RISLA competitive for many borrowers.
Borrowers can choose repayment terms of 5, 10, or 15 years, with a minimum refinance amount of $7,500 and a maximum of $250,000. RISLA charges no application or origination fees, and it does not charge late fees either. One of RISLA's standout features is its borrower protections. It offers an Income-Based Repayment (IBR) option for refinanced loans, allowing borrowers facing financial hardship to cap payments at 15% of discretionary income, with potential loan forgiveness after 25 years. RISLA also provides economic hardship forbearance, allowing borrowers to pause payments if they experience unemployment, medical disability, or other financial difficulties. Another unique feature is in-school refinancing, which allows graduate students or final-semester undergraduates to refinance loans early and delay full repayment until after graduation.
To qualify, RISLA considers both graduates and non-graduates. There is no stated minimum credit score, but a credit check is required, and having a cosigner can improve eligibility. RISLA offers a cosigner release program in most states. The main drawbacks are the lack of variable-rate loans and a maximum term of 15 years, which may not suit borrowers needing a longer repayment period. Despite these limitations, RISLA is highly regarded for its borrower protections and nonprofit mission.
MEFA (Massachusetts Educational Financing Authority)

MEFA is a state-chartered nonprofit lender that offers student loan refinancing nationwide. As a nonprofit, MEFA focuses on affordability and transparency, charging no application, origination, late, or prepayment fees. This no-fee policy sets it apart from many competitors, even those that waive some fees but still charge for late payments.
MEFA exclusively offers fixed interest rate refinance loans. Borrowers can choose from repayment terms of 7, 10, or 15 years. The minimum refinance amount is $10,000, and there is no stated maximum, making MEFA an attractive option for borrowers consolidating large loan balances.
MEFA's biggest advantage is its cost savings, thanks to its nonprofit structure. It also provides strong customer service and clear terms. Borrowers do not need a degree to qualify, but they must have a minimum loan balance of $10,000 and have made at least twelve consecutive on-time student loan payments. While MEFA allows cosigners, it does not offer automatic cosigner release, meaning the cosigner remains on the loan unless it is refinanced again. MEFA does not offer formal deferment or forbearance programs for economic hardship, so these loans are best suited for borrowers with strong job security. While its rates are competitive, they may not always be the lowest available, and its maximum term of 15 years may not work for those needing a 20-year term. However, for borrowers seeking a reputable nonprofit lender with no fees and strong customer support, MEFA is a top choice.
MPOWER Financing

MPOWER Financing specializes in providing student loan refinancing options for international graduates and Deferred Action for Childhood Arrivals (DACA) recipients working in the U.S.
Unlike many traditional lenders, MPOWER does not require a cosigner or U.S. credit history, making it accessible to a broader range of borrowers. The company offers fixed interest rates and a 10-year repayment term, aiming to support students from diverse backgrounds in achieving financial independence.
Additionally, MPOWER provides career support and visa assistance to its borrowers, enhancing their post-graduation opportunities.
College Ave Student Loans

College Ave offers a variety of student loan refinancing options tailored to meet different financial needs.
Borrowers can choose from multiple repayment terms ranging from 5 to 20 years, allowing for customization based on individual financial goals. The lender provides both fixed and variable interest rate options, with competitive rates for qualified applicants.
College Ave also offers a user-friendly online application process and does not charge application or origination fees, making it a convenient and cost-effective choice for many borrowers.
Navy Federal Credit Union