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Student Loan Refinancing: US vs Canada Options 2026
Refinancing works differently depending on where you live. Here’s how to find the right option whether you’re in the US or Canada.
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🇺🇸 United StatesThe US has a dedicated student loan refinancing market — private lenders compete specifically for student debt, often with rates well below federal loan averages for borrowers with strong credit. |
🇨🇦 CanadaCanada doesn’t have lenders that specialize in student loan refinancing the way the US does. Instead, Canadians typically use a general personal loan to pay off and consolidate student debt at a lower rate. |
United States: Dedicated Refinancing Lenders
Unlike many other countries, the US has an established market of private lenders that refinance student loans specifically. These lenders evaluate your credit, income, and existing student debt, then offer a new loan — usually at a fixed or variable rate — that replaces your old loan(s) with a single new one.
Before refinancing federal loans
Refinancing federal student loans with a private lender permanently removes access to federal protections — income-driven repayment, deferment, forbearance, and forgiveness programs like PSLF. If there’s any chance you’ll need those programs, refinancing only your private loans (and keeping federal loans as-is) is usually the safer move.
| Factor | What to Expect |
|---|---|
| Best candidates | Good-to-excellent credit, stable income, private loans (or federal loans you’re confident you won’t need protections for) |
| Typical benefit | Lower fixed rate than original loan, single combined payment |
| Rate type | Fixed or variable, depending on lender and borrower profile |
| Risk | Loses federal protections if refinancing federal loans through a private lender |
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is one option worth checking — it lets you see rate ranges across multiple partner lenders before applying anywhere.
Why compare through a marketplace instead of one lender
Refinancing rates vary significantly based on which lender you apply with, and most marketplaces let you check rate ranges without a hard credit inquiry. Comparing several offers side by side before committing is one of the simplest ways to avoid leaving savings on the table.
| Compare Student Loan Refinance Rates →
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Canada: Using a Personal Loan to Refinance Student Debt
Canada’s lending market doesn’t have a direct equivalent to US student loan refinancing companies. Instead, Canadian borrowers who want a lower rate on their student debt typically take out a general-purpose personal loan and use it to pay off the original student loan — effectively refinancing it through a different type of product.
Why this still works
The end result is similar to US-style refinancing: you replace a higher-rate student loan with a new loan at (ideally) a lower, fixed rate and a single monthly payment. The difference is that in Canada, this happens through general personal loan lenders rather than student-loan-specific ones.
For Canadian borrowers, Find My Loan Match can help connect you with a personal loan lender suited to your situation, whether you have one student loan balance or are combining it with other debt.
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Frequently Asked Questions
Should I refinance my federal student loans?
Only if you’re confident you won’t need federal protections like income-driven repayment or Public Service Loan Forgiveness. Once refinanced through a private lender, those federal benefits are gone permanently.
Can I refinance just my private student loans and keep federal loans separate?
Yes — many borrowers refinance only their private loans (which don’t have federal protections to lose) while leaving federal loans on their original repayment plan.
Is there a Canadian equivalent to SoFi or Earnest for student loans?
Not directly. Canada’s lending market handles student debt refinancing through general personal loan products rather than dedicated student loan refinancing companies.
| Find My Loan Match → | Calculate Your Savings → |
This page provides general information, not financial advice. Refinancing decisions, especially involving federal student loans, should be considered carefully based on your individual situation. Last updated: June 2026.
RELATED GUIDES
🇺🇸 U.S. Borrowers
Looking for detailed lender comparisons with rates, terms, and credit requirements? See our full U.S. refinancing guide with side-by-side comparison table.
See Top U.S. Lenders + Comparison Table →