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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 typically lowers your score by 2–5 points temporarily. The long-term benefit of a lower rate far outweighs this temporary dip.
How much can I save by refinancing?
On a $37,717 balance (the average federal student loan balance per the Department of Education) refinancing from the average graduate PLUS rate of 7.54% to 5.50% over 10 years saves approximately $4,800 in interest. 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.