Introduction
You worked hard to earn your degree. But now you have a pile of student loans to pay back. Every month you write checks to multiple lenders. The interest rates are high. The payments feel overwhelming.
What if you could combine all your loans into one simple payment? What if you could lower your interest rate and save thousands of dollars? That is exactly what student loan refinancing can do.
In this guide, I will compare the best student loan refinancing companies for 2026. I will explain the difference between fixed and variable rates. I will show you how to use a student loan refinance calculator to estimate your savings. And I will help you choose the right lender for your situation.
Let us begin your journey to lower payments and financial freedom.
What Is Student Loan Refinancing and How Does It Work?
Student loan refinancing means taking out a new loan to pay off your existing student loans. Here is how it works:
Step 1: You apply with a refinancing lender like SoFi, Earnest, or Laurel Road.
Step 2: If approved, the lender pays off your existing student loans (both federal and private).
Step 3: You now have just one loan with one monthly payment and one interest rate.
Step 4: You repay the new loan over a term of 5 to 20 years.
When done correctly, refinancing can lower your interest rate, reduce your monthly payment, and simplify your finances .
Important Warning: Federal Loans
If you have federal student loans, think carefully before refinancing. When you refinance federal loans with a private lender, you lose access to federal benefits like:
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Income-driven repayment plans
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Public Service Loan Forgiveness (PSLF)
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Generous deferment and forbearance options
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Loan discharge in case of death or disability
Only refinance federal loans if you have a stable job, a strong emergency fund, and you are confident you will not need these federal protections .
Fixed vs Variable Rates: Which One Should You Choose?
This is the most important decision you will make when refinancing. Let me explain the difference.
Fixed Interest Rates
A fixed rate stays the same for the entire life of your loan. Your monthly payment never changes.
Pros of Fixed Rates:
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Predictable payments – easy to budget
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Protection from rising interest rates
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Peace of mind knowing exactly what you will pay
Cons of Fixed Rates:
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Starting rates are usually higher than variable rates
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You pay more if interest rates stay low
Best for: Borrowers who want stability and plan to repay over a longer term (10-20 years).
Variable Interest Rates
A variable rate changes over time. It moves up and down with market conditions. Most variable rates are tied to an index called SOFR (Secured Overnight Financing Rate) .
Pros of Variable Rates:
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Lower starting rates (often 1-2% lower than fixed)
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Potential to pay less interest if rates stay low
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Good for shorter repayment terms (5-7 years)
Cons of Variable Rates:
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Monthly payments can increase
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Harder to budget long-term
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Rates have an upper limit (cap), but that cap is often high
Best for: Borrowers who plan to repay quickly (within 5-7 years) and can handle some payment fluctuation.
Real Rate Example (as of May 2026)
| Lender | Fixed Rate (Starting) | Variable Rate (Starting) |
|---|---|---|
| SoFi | 3.99% APR | 5.74% APR |
| Earnest | 4.45% APR | 5.88% APR |
| LendKey | 4.49% APR | Not specified |
Current as of May 2026. Rates include autopay discounts.
Best Student Loan Refinancing Companies for 2026
Based on Money.com‘s and Bankrate’s latest reviews, here are the top lenders.
1. SoFi – Best Overall
SoFi is one of the largest and most trusted names in student loan refinancing. They offer competitive rates, no fees, and excellent member benefits .
Key Details:
| Feature | Details |
|---|---|
| Fixed APR | 3.99% – 9.99% (with autopay & SoFi Plus discounts) |
| Variable APR | 5.74% – 9.99% (with all discounts) |
| Loan Amount | 5,000–500,000+ |
| Term Lengths | 5, 7, 10, 15, 20 years |
| Fees | None (no origination, late, or prepayment fees) |
| Minimum Credit Score | Not published (approves well-qualified borrowers) |
Why SoFi Stands Out:
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Get pre-approved in just 2 minutes
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Easy-to-use refinance calculator on their website
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Free access to financial advisors and career coaches
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Member events and networking opportunities
Best for: Borrowers who want a full-service financial experience beyond just loan refinancing.
2. Earnest – Best for Flexibility
Earnest is known for its incredibly flexible repayment options. You can choose your exact monthly payment and adjust your term length down to the month .
Key Details:
| Feature | Details |
|---|---|
| Fixed APR | 4.45% – 9.99% (with autopay) |
| Variable APR | 5.88% – 9.99% (with autopay) |
| Loan Amount | 5,000–550,000 |
| Term Lengths | 5 – 20 years (choose any term down to the month) |
| Fees | No origination fees, prepayment penalties, or late fees |
| Minimum Credit Score | 650 |
Why Earnest Stands Out:
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Precision Pricing: You can choose your exact monthly payment and term length
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Skip a Payment: Once per year you can skip one payment (interest still accrues)
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Price Match Guarantee: If you find a lower rate from another lender, Earnest will match it
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No Late Fees: Earnest does not charge late fees
Best for: Borrowers who want complete control over their monthly payment amount and repayment timeline.
Earnest Student Loan Refinance is especially good for medical professionals, law school graduates, and borrowers with high loan balances .
3. Laurel Road – Best for Medical Professionals
Laurel Road is owned by KeyBank and has a strong focus on student loan refinancing, particularly for medical and dental professionals .
Key Details:
| Feature | Details |
|---|---|
| Fixed APR | Competitive (starting rates available on their website) |
| Variable APR | Competitive (starting rates available on their website) |
| Loan Amount | 5,000–300,000 (higher amounts with multiple loans) |
| Term Lengths | 5, 7, 10, 15, 20 years |
| Fees | No application, origination, or prepayment fees |
| Availability | All 50 states |
Why Laurel Road Stands Out:
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Medical Residency Program: Refinance as soon as you match to a residency; pay just $100/month during residency
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Parent PLUS Refinancing: Easily refinance Parent PLUS loans into the student’s name
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Cosigner Release Available: Remove your cosigner after meeting payment requirements
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Forbearance Options: Up to 12 months of forbearance for financial hardship
Laurel Road Student Loan Refinance is also available for borrowers in all 50 states .
Best for: Doctors, dentists, and medical residents, as well as borrowers wanting to refinance Parent PLUS loans.
4. LendKey – Best for Community Bank and Credit Union Access
LendKey is different from other lenders. It is a platform that connects borrowers with community banks and credit unions across the country. This often results in competitive rates and personalized service .
Key Details:
| Feature | Details |
|---|---|
| Fixed APR | 4.49% – 10.71% (with autopay) |
| Loan Amount | 5,000–300,000 (state minimums vary) |
| Term Lengths | 5 – 20 years |
| Fees | No origination, application, or prepayment fees |
| Minimum Credit Score | 660 |
Why LendKey Stands Out:
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Small Lenders, Big Service: Borrow from community banks and credit unions, not big corporations
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Cosigner Release: Available after 12 months of on-time payments
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Extended Forbearance: Up to 18 months on longer terms (more generous than many competitors)
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Promotional Bonuses: $400 sign-up bonus for Mint users, 1% bonus for Tuition.io users
LendKey Student Loan Refinance is not available in Maine, Nevada, North Dakota, Rhode Island, and West Virginia. Parent PLUS loans are not eligible for refinancing through LendKey .
Best for: Borrowers who prefer working with smaller, community-focused financial institutions.
5. Credible – Best for Comparing Multiple Lenders at Once
Credible is not a direct lender. It is a marketplace. You fill out one form, and they show you personalized rates from multiple lenders. This saves you time and protects your credit score .
Key Details:
| Feature | Details |
|---|---|
| Fixed APR Range | 3.99% – 10.15% (through partner lenders) |
| Variable APR Range | 3.67% – 11.11% (through partner lenders) |
| Loan Amount | Varies by lender |
| Term Lengths | 5 – 20 years |
| Fees | No fees to use Credible |
Why Credible Stands Out:
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One Form, Multiple Offers: Fill out one application and receive offers from top lenders
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Soft Credit Check: Checking rates does not affect your credit score
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See Personalized Rates in 2 Minutes
Best for: Borrowers who want to compare offers from multiple lenders without hurting their credit.
Student Loan Refinance Calculator: How to Estimate Your Savings
Before you apply, you should estimate how much you could save. Most lenders offer a student loan refinance calculator on their website.
What You Will Need:
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Your current loan balance(s)
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Your current interest rate(s)
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Your remaining repayment term
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Your desired new loan term
SoFi Student Loan Refinance Calculator Example:
According to SoFi’s disclosures, their estimated savings calculation compares the lifetime cost of your existing loans versus a new SoFi loan. The calculation assumes your current loans have a 7.100% interest rate and a 10-year term .
Real Savings Example:
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Current loans: $50,000 at 7.5% interest, 10 years remaining
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Monthly payment (currently): Approximately $593
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Total interest (currently): Approximately $21,000
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Refinanced loan: $50,000 at 5.0% interest, 7-year term
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Monthly payment (new): Approximately $707
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Total interest (new): Approximately $9,400
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Savings: Over $11,000 in total interest
Important: While extending your term (e.g., from 10 years to 20 years) lowers your monthly payment, you will pay more total interest over the life of the loan .
How to Compare Student Loan Rates from Different Lenders
Follow these steps to find the best rate for your situation.
Step 1: Prequalify with Multiple Lenders
Most lenders offer a prequalification process that uses a soft credit check. This does NOT hurt your credit score. Use this to get estimated rates from 2-3 lenders before formally applying .
Step 2: Compare APRs, Not Just Interest Rates
APR (Annual Percentage Rate) includes both the interest rate and any fees. SoFi and Earnest charge no fees at all, so their APR equals their interest rate .
Step 3: Check All Loan Terms
Do not just look at the 5-year or 7-year rates. Compare rates across terms. A longer term means a lower monthly payment but more total interest.
Step 4: Read the Fine Print
Look for:
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Origination fees: SoFi and Earnest have none
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Prepayment penalties: None of the top lenders charge these
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Late fees: SoFi has none; Earnest has none; LendKey and Laurel Road may charge late fees
Frequently Asked Questions
Q1: What is the best student loan refinancing company for 2026?
A: According to Money.com, SoFi is the best overall for its combination of low rates, no fees, and member benefits. Earnest is best for flexibility, Laurel Road is best for medical professionals, and LendKey is best for credit union access .
Q2: What is Earnest student loan refinance and how does it work?
A: Earnest offers student loan refinancing with flexible repayment options. You can choose your exact monthly payment and repayment term (down to the month). They offer a price match guarantee and the ability to skip one payment per year .
Q3: How do I use a student loan refinance calculator?
A: Most lenders offer free calculators on their websites. You input your current loan balance, interest rate, and remaining term. The calculator shows you estimated monthly payments and total interest for different loan terms with that lender .
Q4: What is SoFi student loan refinance and what rates do they offer?
A: SoFi is one of the largest student loan refinancing companies. As of May 2026, they offer fixed rates from 3.99% APR and variable rates from 5.74% APR with all applicable discounts. They charge no fees whatsoever .
Q5: What is Laurel Road student loan refinance and who is it for?
A: Laurel Road is a student loan refinancing company owned by KeyBank. They are particularly popular among medical professionals because they allow residents to refinance before completing training. They also offer Parent PLUS loan refinancing .
Q6: What is LendKey student loan refinance and how is it different?
A: LendKey is a platform that connects borrowers with community banks and credit unions rather than lending directly. This often results in competitive rates and more personalized service. They offer forbearance up to 18 months on longer terms .
Q7: How can I compare student loan rates from multiple lenders without hurting my credit?
A: Use a marketplace like Credible, or prequalify individually with lenders like SoFi, Earnest, and Laurel Road. All of these use soft credit checks that do not affect your credit score .
Quick Comparison Table
| Lender | Best For | Fixed APR (from) | Variable APR (from) | Fees | Min Credit Score |
|---|---|---|---|---|---|
| SoFi | Best Overall | 3.99% | 5.74% | None | Not published |
| Earnest | Flexibility | 4.45% | 5.88% | None | 650 |
| Laurel Road | Medical Professionals | Competitive | Competitive | None | Not published |
| LendKey | Credit Union Access | 4.49% | N/A | None | 660 |
| Credible | Rate Comparison | 3.99% | 3.67% | None | Varies |
Rates current as of May 2026. Includes autopay discounts. Rates subject to change.
Your Bottom Line
Choosing the right student loan refinancing company can save you thousands of dollars over the life of your loans.
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Choose a fixed rate if you want predictable payments and plan to repay over 10-20 years.
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Choose a variable rate if you plan to repay quickly (5-7 years) and can handle some payment fluctuation.
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Choose SoFi if you want a full-service financial experience with the best overall rates.
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Choose Earnest if you want maximum flexibility to choose your exact monthly payment.
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Choose Laurel Road if you are a medical professional or want to refinance Parent PLUS loans.
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Choose LendKey if you prefer working with community banks and credit unions.
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Use Credible if you want to compare rates from multiple lenders in one place.
Most importantly: Do not refinance federal loans unless you are certain you will not need federal benefits like income-driven repayment or PSLF .
The journey to lower payments starts today. Check your rate online. It takes just 2 minutes and will not affect your credit score.
Disclaimer: The information provided in this article is for educational purposes only. Interest rates, terms, and fees change frequently. Always read the fine print before signing any loan agreement.