Warning

Info

Warning

Student loan refi

Why should I refinance (refi) my loans?

You should refinance if you can save money, or if you want to change your loan terms.

Keep in mind that when you refinance, you lose any benefits that your student loans offer. If you have federal loans, there are many of these benefits like Income Based Repayment and the chance for student loan forgiveness, if you are holding out hope for that. If you have federal loans, you should also consider consolidating your loans.

Your private student loans might also offer some benefits that you would lose if you refinanced. For example, some lenders offer loan deferral if you clerk, which means that you can pause your payments for some amount of time. Your loan will still accrue interest, but you won’t have to make payments.

The decision to refinance is not always an easy one, but one way to make the decision is to:

  • Figure out how much money you can save by refinancing (all of our partners will give you an estimated rate that you can use to compare)
  • Determine what benefits you will be giving up if you refinance and the likelihood that you will use those benefits
  • Decide if the money you are saving (or the new loan terms you are getting) by refinancing is more valuable than the benefits you are losing

How much did you borrow?

Loan details

Prefilled loan scenarios

Here are common scenarios for borrowers so that you don't have to input all the numbers manually:


1L borrowing

Lender name Borrowed amount Interest rate Loan term

2L borrowing

Lender name Borrowed amount Interest rate Loan term

3L borrowing

Lender name Borrowed amount Interest rate Loan term

Compare refi offers

Fill in the details of your refi offers to see how much you'll save.

Lender name Your existing loans
Interest Rate %
Loan Term
Total cost

+

principal + interest

years to pay off

+

principal + interest

years to pay off

+

principal + interest

years to pay off

Monthly payment

/month

+ $0

minimum + additional

/month

+ $0

minimum + additional

/month

+ $0

minimum + additional

Refi Lenders

Shop with confidence: these lenders show you a real rate with a soft credit pull, and none charge surprise fees

"College Ave offers student loan refinance options that can seriously reduce your monthly payments and even the total cost of your loan."

Loans: Fixed & Variable

Term Options: Any term length from 5 to 15 years

Cash Incentive: No

College Ave Disclosures

"Pay less interest, pick a payment that fits your budget"

Loans: Fixed & Variable

Term Options: 7, 10, 12, 15 year

Cash Incentive: No

Earnest Disclosures

"We work hard to make the student loan refinancing process simple and convenient. To make the process even easier, you'll be paired with a Student Loan Advisor that will guide you through the process."

Loans: Fixed & Variable

Term Options: 5, 7, 10, 15, 20 year

Cash Incentive: $300

ELFI Disclosures

Advertiser Disclosure