Refinancing federal student loans into a private loan permanently removes access to federal protections: income-driven repayment, PSLF, and federal forbearance programs. Only refinance federal loans if you are confident you won’t need these programs. Refinancing private loans carries no such risk.
The best student loan refinancing lenders in 2026 are Earnest (lowest rates, flexible terms), SoFi (career coaching + unemployment protection), ELFI (competitive rates for high balances), Splash Financial (marketplace model), and Credible (compare multiple lenders at once). Most require a 650+ credit score and steady income.
Top Student Loan Refinancing Lenders 2026
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Lender Comparison Table
| Lender | Starting APR | Min Credit | Terms | Best For |
|---|---|---|---|---|
| Earnest | 5.19% | 650 | 5–20 yr | Lowest rates |
| SoFi | 5.24% | 650 | 5–20 yr | Perks + protection |
| ELFI | 5.48% | 680 | 5–20 yr | High balances |
| Splash Financial | 5.00% | 640 | 5–20 yr | Marketplace/compare |
Rates as of June 2026. APRs include autopay discount where available. Rates subject to change; verify at lender websites.
Should You Refinance Federal or Private Loans?
| Factor | Federal Loans | Private Loans |
|---|---|---|
| Forgiveness programs | ✅ PSLF, IDR forgiveness | ❌ None |
| Income-driven repayment | ✅ Available | ❌ Not available |
| Refinancing benefit | ⚠️ Loses federal protections | ✅ Recommended if rate drops |
| Best action | Enroll in IDR; only refi if no forgiveness plans | Refinance if credit improved or rates dropped |
Also Carrying Credit Card or Other High-Interest Debt?
Student loans aren’t your only option. Compare consolidation loans and debt relief programs for the rest of your debt picture.
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Frequently Asked Questions
Does refinancing hurt your credit score?
Rate checking with most lenders uses a soft pull — no credit impact. Only the final application triggers a hard inquiry, which takes fewer than five points off most people’s FICO Scores (myFICO). The long-term benefit of a lower rate far outweighs this temporary dip.
How much can I save by refinancing?
Example: on a $38,000 balance, refinancing a Grad PLUS loan at the 2026–27 federal rate of 9.07% (Federal Student Aid) to a 5.50% private rate over 10 years would save about $8,400 in interest. You would also give up federal protections such as income-driven repayment and PSLF. The savings are larger with higher balances or longer remaining terms.
Can I refinance if I have bad credit?
Most lenders require a 650+ credit score for refinancing. If your credit is below that, consider: (1) adding a creditworthy cosigner, (2) building your credit first using our credit score improvement guide, or (3) enrolling in an IDR plan to reduce monthly payments in the meantime.
Related Guides
🇨🇦 Located in Canada?
The lenders above are U.S.-only. Canadian borrowers have different options — we cover both countries in our geographic guide.
See US vs Canada Refinancing Options →