Student Loans
Best Student Loan Refinancing Lenders of March 2026
If you have student loans with interest rates above 5-6%, refinancing can save you thousands over the life of your loan. Refinancing replaces your existing loans (federal, private, or both) with a single new private loan at a lower rate. For borrowers with good credit and stable income, the savings can be substantial -- we have seen readers save $10,000-30,000 by refinancing.
Important caveat: refinancing federal student loans into a private loan means giving up federal benefits like income-driven repayment plans, PSLF eligibility, and federal forbearance options. Only refinance federal loans if you have stable income and do not anticipate needing these protections. Refinancing private loans, however, has no downside if you qualify for a lower rate.
Our methodology
We evaluated each lender on fixed and variable APR ranges (30%), borrower protections and benefits (25%), loan terms and flexibility (20%), eligibility requirements (15%), and customer satisfaction ratings (10%). Rates shown are for well-qualified borrowers and are current as of March 2026.
SoFi Student Loan Refinancing
APR
4.49%-9.99% fixed
Min. Credit Score
680+
Loan Amounts
$5,000-$500,000+
Terms
5-20 years
- No origination fees, no application fees, no prepayment penalties
- Unemployment protection -- pauses payments and helps with job search
- Member benefits including career coaching and financial planning
- Rate discount of 0.25% with autopay
- Can refinance both federal and private loans
Earnest
APR
4.69%-9.74% fixed
Min. Credit Score
680+
Loan Amounts
$5,000-$500,000
Terms
5-20 years
- Choose your exact monthly payment amount -- not limited to standard terms
- Skip one payment per year (interest still accrues)
- Precision pricing -- custom rates based on your full financial picture
- No fees of any kind
- Biweekly payment option to pay off faster and save on interest
Splash Financial
APR
4.49%-9.99% fixed
Min. Credit Score
650+
Loan Amounts
$5,000-$500,000
Terms
5-25 years
- Marketplace model -- compares rates from multiple lenders with one application
- Lower credit score minimum than most competitors (650)
- No impact on credit score to check rates (soft pull)
- Specializes in refinancing for medical and dental professionals
- Fast application process -- most approvals within minutes
ELFI (Education Loan Finance)
APR
4.29%-8.99% fixed
Min. Credit Score
680+
Loan Amounts
$10,000-$500,000
Terms
5-20 years
- Among the lowest fixed rates available in the market
- Personal loan advisor assigned to every borrower
- No application, origination, or prepayment fees
- Cosigner release available after 12 consecutive on-time payments
- Rate discount with autopay enrollment
The bottom line
SoFi remains the gold standard for student loan refinancing thanks to its combination of competitive rates, zero fees, unemployment protection, and extensive member benefits. If payment flexibility is your top priority, Earnest's choose-your-payment model is unique in the industry.
For borrowers who want to comparison shop efficiently, Splash Financial's marketplace approach gets you multiple offers with one application. And if the absolute lowest fixed rate is what matters most, ELFI consistently offers some of the most competitive fixed rates available. Regardless of which lender you choose, start by checking your rate with a soft pull -- it takes 2 minutes and does not affect your credit score.