Best Student Loan Refinance Companies for 2026
SoFi is the default pick because it charges no application or origination fee and includes unemployment protection during repayment. Earnest is worth considering if you want flexibility to adjust your
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Ruth Ballinger Editor, small business and lendingRuth covers business formation and borrowing, from LLC filing fees to mortgages, auto loans and student debt.
Refinancing replaces one or more existing student loans with a single new private loan, potentially at a lower rate or a different term. It is worth doing mainly when you have strong credit and no plans to use federal programs like income-driven repayment or Public Service Loan Forgiveness, since refinancing a federal loan into a private one gives up access to those permanently. Compare lenders on fees, cosigner terms and hardship policy rather than a headline rate, since the rate you would actually get depends on your own credit and is not something a general ranking can quote responsibly.
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The short version
- Refinancing replaces one or more existing student loans, federal or private, with a single new private loan, potentially at a different rate or term than you have now.
- Refinancing a federal student loan into a private one permanently forfeits access to federal programs including income-driven repayment plans, federal deferment and forbearance, and Public Service Loan Forgiveness, which is the single most important thing to understand before applying.
- SoFi Student Loan Refinancing is ranked highest for charging no application or origination fee and including unemployment protection; Earnest for payment flexibility, ELFI for a dedicated advisor, and Splash Financial for routing one application across multiple partner lenders.
- Refinancing is not the same as federal consolidation: consolidation combines federal loans into a new federal loan through the Department of Education with no credit check, while refinancing requires a credit check and produces a private loan.
- Rates on refinance offers depend on individual underwriting and change constantly, so no rate should be treated as a quote until you have gone through a lender own prequalification process.
The verdict
SoFi is the default pick because it charges no application or origination fee and includes unemployment protection during repayment. Earnest is worth considering if you want flexibility to adjust your monthly payment or payment date as your budget changes. ELFI suits borrowers who want a dedicated advisor guiding the process, and Splash Financial is worth a look if you want one application routed across several partner lenders. Before refinancing any federal loan, confirm on studentaid.gov what protections you would be giving up.
- Winner
- Best overall
SoFi Student Loan Refinancing · No application or origination fee, plus unemployment protection if you lose your job.
- Winner
- Best for payment flexibility
Earnest Student Loan Refinancing · Lets you change your monthly payment amount once a year and pick your own due date.
- Winner
- Best for hands-on support
ELFI Student Loan Refinancing · A named loan advisor stays with your application from the first call through funding.
- Winner
- Best for comparing multiple lenders at once
Splash Financial Student Loan Refinancing · One application gets routed to whichever partner lender in its network fits your profile.
Our picks
1. SoFi Student Loan Refinancing, Best overall
No application or origination fee, plus unemployment protection if you lose your job.
See itSoFi Student Loan Refinancing
SoFi
2. Earnest Student Loan Refinancing, Best for payment flexibility
Lets you change your monthly payment amount once a year and pick your own due date.
See itEarnest Student Loan Refinancing
Earnest
3. ELFI Student Loan Refinancing, Best for hands-on support
A named loan advisor stays with your application from the first call through funding.
See itELFI Student Loan Refinancing
Education Loan Finance
4. Splash Financial Student Loan Refinancing, Best for comparing multiple lenders at once
One application gets routed to whichever partner lender in its network fits your profile.
See itSplash Financial Student Loan Refinancing
Splash Financial
The verdict
SoFi is the default pick because it charges no application or origination fee and includes unemployment protection during repayment. Earnest is worth considering if you want flexibility to adjust your monthly payment or payment date as your budget changes. ELFI suits borrowers who want a dedicated advisor guiding the process, and Splash Financial is worth a look if you want one application routed across several partner lenders. Before refinancing any federal loan, confirm on studentaid.gov what protections you would be giving up.
How we ranked these
We rank on whether the lender charges an application or origination fee, whether a cosigner can be released after a track record of payments, what forbearance or hardship options exist, and how much flexibility the lender offers over payment terms after the loan is issued. We do not rank on advertised rates, since refinance rates are individually underwritten.
How we ranked these
We rank on whether the lender charges an application or origination fee, whether a cosigner can be released after a track record of payments, what forbearance or hardship options exist, and how much flexibility the lender offers over payment terms after the loan is issued. We do not rank on advertised rates, since refinance rates are individually underwritten.
Frequently asked questions
What do I give up by refinancing a federal student loan?
Refinancing turns a federal loan into a private one, which permanently gives up access to federal programs like income-driven repayment plans, federal forbearance and deferment options, and Public Service Loan Forgiveness. Confirm this tradeoff on studentaid.gov before refinancing any federal loan.
Can I refinance federal and private loans together?
Yes, most private refinance lenders will combine federal and private loans into a single new private loan. Doing so converts the federal portion into a private loan, with the tradeoffs that involves.
What credit score do I need to refinance?
Lenders generally look for established, positive credit history, and many also weigh income and employment. Requirements vary by lender, and a cosigner with stronger credit can help an applicant who does not qualify alone.
Is refinancing the same as consolidation?
No. Federal consolidation combines federal loans into a new federal loan through the Department of Education and does not require a credit check. Refinancing replaces loans with a new private loan and does require one, typically to get a different rate or term.
Can a cosigner be removed later?
Many private lenders offer a cosigner release after a set number of on-time payments, but the specific track record required and whether it is offered at all varies by lender, so confirm it before you sign.
Sources
Every figure on this page is attributed to a named source with the date it took effect. Our reviewers check them against the primary source before publication.
About our expert
Editor, small business and lending
Experience
Ruth edits the business, loans and mortgage desks: LLC formation and annual fees by state, payroll and business banking, and the borrowing side from mortgages and auto loans through to student loan repayment.
Filing fees and repayment programmes are set by fifty-one different authorities and change without announcement, so her pages carry the state and the effective date on the figure itself rather than a national average that is true nowhere.
Areas of expertise
- LLC formation
- Business banking
- Mortgages
- Student loans
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