Student loan refinance rates increased a bit from their lows. As of January 22, 2026, student loan refinance lenders are offering fixed rates as low as 3.99% APR and variable rates starting as low as 3.84% APR, depending on credit profile, loan type, income, and repayment term. Best Student Loan Refinance Rates
For borrowers with private student loans especially, refinancing to lower your interest rate can save you thousands of dollars over the life of the loan.
|
Lender |
Fixed APR |
Variable APR |
|---|---|---|
|
Credible |
3.99% – 10.15% |
3.67% – 11.11% |
|
ELFI |
4.29% – 8.44% |
4.74% – 8.24% |
|
LendKey |
4.39% – 9.24% |
4.20% – 9.25% |
|
Splash |
4.20% – 10.24% |
4.74% – 10.24% |
|
Student Choice |
4.24% – 13.25% |
5.25% – 12.74% |
1. Credible – Credible is a marketplace of student loan lenders that has some options you may not be able to find anywhere else. You can also get up to a $1,000 gift card bonus if you refinance through their platform. You can get rates as low as 3.84% APR. Read our full Credible review. Best Student Loan Refinance Rates
2. ELFI – ELF I is one of the oldest student loan lenders, and offers comeptitve rates, along with a bonus offer of up to $599 if you refinance a student loan with them. You can get rates as low as 4.74% APR. Read our full ELFI Student Loans Review.
3. LendKey – LendKey is a private lender that pools money from community banks and credit unions to offer lower rate student loans. They are also offering up to a $750 bonus if you refinance a student loan. You can get rates as low as 3.95% APR. Read our full LendKey review. Best Student Loan Refinance Rates
4. Splash – Splash Financial is a marketplace filled with banks and credit unions looking to help people refinance their student loans. They are offering up to $500 if you refinance a student loan. You can get rates as low as 4.24% APR. Read our full Splash review.
5. Student Choice – Student Choice is a service that works with a huge network of credit unions nationwide to match you with low cost student loans offered by credit unions. They currently have some of the lowest fixed rate student loans on the market. You can get rates as low as 4.24% APR. Read our full Student Choice Student Loans review. Best Student Loan Refinance Rates
Why Should You Refinance Your Student Loan?
Refinancing replaces one or more existing loans with a new private loan — ideally at a lower interest rate.
Borrowers typically refinance to:
- Reduce their monthly payments
- Lower their overall interest cost
- Combine multiple loans into one
- Shorten or extend repayment terms
Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as income-driven repayment or forgiveness. Remember, refinancing a federal loan will cause you to lose federal benefits like student loan forgiveness!
For example, refinancing a $60,000 loan from 7.50% to 5.50% over 10 years saves roughly $7,000 in interest. Best Student Loan Refinance Rates
Fixed vs. Variable Rates: Which Should You Choose?
There’s a lot of uncertainty that borrowers don’t like with variable rates, which can make sense, but in a declining rate environment, it also opens the potential for future savings. Here’s what to know:
- Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years. Best Student Loan Refinance Rates
- Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly. Best Student Loan Refinance Rates
Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.
What To Know Before Refinancing
Before refinancing your student loans, make sure you understand exactly what you’re signing up for. Best Student Loan Refinance Rates
- Loss of federal benefits: Once refinanced, federal loans are no longer eligible for PSLF, IBR, or other income-driven plans.
- Cosigner options: A creditworthy cosigner can unlock lower rates. Check if the lender offers cosigner release after a set number of on-time payments.
- Term flexibility: Many lenders allow terms from 5 to 20 years; shorter terms usually mean lower rates.
- Autopay discounts: Most lenders offer a 0.25% rate reduction when you enroll in automatic payments.
- Fees: The best refinance lenders charge no origination fees or prepayment penalties.
How We Track And Verify Student Loan Rates
At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets. Best Student Loan Refinance Rates
We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.
Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly. Best Student Loan Refinance Rates
FAQs
Can you refinance federal student loans?
Yes, but doing so converts them into private loans, meaning you’ll lose access to forgiveness and income-driven plans.
How often can you refinance?
There’s no limit – you can refinance multiple times as long as you qualify for better terms. Best Student Loan Refinance Rates
Does refinancing hurt your credit?
A small, temporary drop in your credit score may occur after the hard inquiry, but steady payments improve your score over time.
Do refinance rates change daily?
Yes, lenders adjust rates frequently based on market conditions and Treasury yields.
Is there a best time to refinance?
The best time is when your credit and income qualify you for significantly better rates than your current loans. Best Student Loan Refinance Rates.