What is Private Student Loan Refinance?
A private student loan refinance is offered by a private lending institution. Private lenders include online lenders, banks, and credit unions. Each lender sets its own rates and requirements and most private lenders offer a choice between a fixed rate and variable rate.
When to Use a Private Student Loan Refinance
Private lenders tend to cater to what they consider low-risk borrowers, i.e. people with strong credit, medium to high income, and a generally stable financial situation. If you are now 5, 10, or 15 years out of college, and are in a stronger financial position than when you went in, refinancing with a private lender could be the right way to go. Private lenders generally have strict minimum credit requirements (e.g. 620, 650, or 680). If you have good to excellent credit and can show additional proof of your financial stability, private lenders might reward you with a low-rate student loan refinancing.
Student Loan Refinance Pros & Cons
| Pros | Cons |
|---|
| Lower interest rates | Most people don’t get approved |
| Consolidates everything into single monthly payment | Loss of rights attached to federal student loans |
| Option of dropping previous cosigner from loan | Application can impact credit score |
Disclaimers
† Credible Terms and Conditions:
Credible is so confident in the personal loan rates you’ll find on Credible, we’ll give you $200 if you find and close with a better rate elsewhere. See full terms and conditions.
Splash Financial Disclaimer:
*Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of July 17, 2024. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Fixed APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rate options range from 4.99% (with autopay) to 10.24% (without autopay) and will vary based on application terms and level of degree.
Variable APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 5.28% to 10.24% (without autopay) and will vary based on application terms and level of degree. Variable APRs and amounts subject to increase or decrease.
**Repayment examples are for illustrative purposes only. Loans feature repayment terms of 5 to 20 years. For example, if you receive a $10,000 loan with a 15-year repayment term and an 8.50% APR, you would have a required monthly payment of $98.47. Late payments or subsequent charges and fees may increase the cost of your loan.
See additional disclaimers at: https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
SoFi Student Loan Refinance Disclaimer:
Fixed rates range from 4.49% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans).
SoFi rate ranges are current as of 11/30/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.
For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will be removed during periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee.
This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
*Earnest Disclaimer:
Earnest allows you to refinance incomplete bachelor's or associate's degrees if:
- Your last attending date was over 6 years ago
- Your credit score is 700+
- The school you attended was not a for-profit school
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.13% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
NaviRefi Disclaimer:
You can choose between fixed and variable rates. Fixed interest rates are 5.21% - 9.99% APR (4.96% - 9.74% APR with Auto Pay discount). Starting variable interest rates are 5.97% - 9.99% APR (5.72% - 9.74% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.
Loan cost examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $85) and a 8.24% APR would result in a total estimated payment amount of $20,434. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $85) and a 8.24% APR would result in a total estimated payment amount of $20,434. Your actual repayment terms may vary.
Nelnet Disclaimer:
Lowest rates listed include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan.
Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.
Variable interest rates range from 7.60% APR (with auto debit discount) to 14.50% APR (without auto debit discount). Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.32% as of April 1, 2024.
The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.
Auto -Debit Disclosure: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Statement: Offer of credit is subject to credit approval.
*Laurel Road Disclaimer:
Terms and Conditions Apply. Rates as of 01/09/2025. Rates subject to change and all products subject to credit approval.
IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult StudentAid.gov for the most current information.
Citizens Disclaimer:
1. Student Loan Rate Disclosure: Variable interest rates range from 4.99% - 15.51% (4.99% - 15.47% APR). Fixed interest rates range from 3.49% - 15.49% (3.49% - 14.99% APR).
2. Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull” which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
3. Citizens Undergraduate Booked Loans from 10/1/2023 through 9/30/2024 were 4 times more likely to be approved with a qualified cosigner.
4. Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature.
Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2023 and October 1, 2024. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. Please Note: International students are not eligible for Multi-Year Approval.
Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
