Best Student Loan Refinance Lenders Of June 2024

In June 2024, students looking to refinance their loans have a variety of options to choose from. Several top lenders are offering competitive rates and terms to help students manage their debt more effectively. Here are some of the best student loan refinance lenders of the year:

1. SoFi®

   • Variable APR: 6.24% to 9.99% with autopay
   • Fixed APR: 5.24% to 9.99% with autopay
   • Loan terms: 5, 7, 10, 15, and 20 years
   • Loan amounts available: $5,000 up to total balance of eligible loans
   • Eligibility: Associate’s or bachelor’s degree required, minimum credit score of 650
   • Pros: Interest rate estimate available without hard credit check, borrowers can refinance with an associate’s degree, access to SoFi member benefits
   • Cons: No co-signer release available, charges late fees, maximum loan term is longer than 15 years

2. MEFA

   • Loan terms: 7, 10, and 15 years
   • Loan amounts available: $1,500 up to school’s certified cost of attendance less aid
   • Eligibility: No degree required, minimum FICO score of 670, minimum income of $24,000 for each loan applicant
   • Pros: Interest rate estimate available without hard credit check, no late fees, borrowers can refinance without a degree
   • Cons: Shortest loan term is 7 years, no co-signer release available

3. Citizens Bank

   • Loan terms: 5, 7, 10, 15, and 20 years
   • Loan amounts available: $10,000 to $300,000 (for those with a bachelor’s degrees or less) or $500,000 (for those with a graduate degree)
   • Eligibility: No degree required, minimum income $24,000 for borrower and co-signer combined
   • Pros: Interest rate estimate available without hard credit check, no degree required, up to 0.50% interest rate discount available for existing Citizens Bank customer
   • Cons: No forbearance limit disclosed, maximum loan term is longer than 15 years

4. Laurel Road

   • Loan terms: 5, 7, 10, 15, and 20 years
   • Loan amounts available: $5,000 minimum; no maximum, except for associate’s degree graduates, who can refinance up to $50,000
   • Eligibility: Must have a degree from an eligible institution, Laurel Road does not disclose credit score or income requirements
   • Pros: Borrowers in certain fields can refinance with an associate’s degree, some borrowers can refinance during their final semester of school, interest rate estimate available without hard credit check
   • Cons: Charges late fees, no deferment option if borrowers go back to school, maximum loan term is longer than 15 years
5. Earnest
   • Variable APR: 5.89% to 9.74% including 0.25% autopay discount
   • Fixed APR: 5.09% to 9.74% including 0.25% autopay discount
   • Loan terms: Choose any term between five and 20 years
   • Loan amounts available: $5,000 ($10,000 for California residents, $10,001 for New Mexico residents) to $500,000
   • Eligibility: Borrowers must have completed a degree at an eligible nonprofit school and have a minimum credit score of 665
   • Pros: Borrowers with an associate’s degree can refinance, wide variety of repayment terms and allows the ability to customize loan terms, no late fees
   • Cons: Requires minimum credit score of 665 without a co-signer, undergrad borrowers must be enrolled at least half-time, not available in Nevada

These lenders offer a range of benefits and features, so students should carefully consider their options before choosing the best student loan refinance lender for their needs.