If you are a college graduate and are now faced with the task of repaying student loans that have a high-interest rate, perhaps it’s time to consider refinancing your student loans. It’s important to know that no refinancing is available for a federal loan, only for private loans. If you opt to refinance a loan, it’s possible that your interest rate might decrease, depending to a degree on your current credit score, and also on whether or not you have a cosigner. The following list of the top 5 lenders for student loan refinancing will discuss fixed and variable interest rates, what you might save on lower interest rates, and how to prequalify.

Top 5 Lenders for Student Loan Refinancing

  • Earnest Inc.
  • Credible
  • Wells Fargo
  • LendKey
  • DRB

Earnest Inc.

Earnest variable rates begin at 2.14 APR, or fixed rates begin at 3.38% APR. Clients who have refinanced student loans with Earnest on average save almost $22,000 in student loan interest. Use their online dashboard to adjust the exact monthly payment minimum, Increase your payments anytime in order to pay off your loan faster, save money on interest when you choose to make optional bi-weekly payments, and consolidate your federal and private loans. You can also personalize your exact loan term interest rates, saving you over $1000 interest.


  • Earnest variable rates begin at 2.14 APR
  • Fixed rates begin at 3.38% APR
  • Clients who refinance save on average nearly $22,000 on interest


At Credible your student loan refinancing can start as low as a variable of 2.21% and a fixed APR of 3.74%. You can find out what your refinance rate is in two minutes, and you’ll be able to select the best offers from multiple top lenders. Rates start as low as 3.74% fixed APR and 2.21% variable. The average savings for a graduate refinancing their student loans is about $19,000.


  • Refinancing can start as low as a fixed APR of 3.74% and a variable of 2.21%
  • Prequalification takes minutes
  • Average savings for refinancing is $19,000

Wells Fargo

Wells Fargo offers a private consolidation loan, where you can refinance a single student loan, and potentially receive a lower monthly payment, qualify for their interest rate discounts and reduce the loan cost, choose from a variable interest rate or a competitive fixed rate, and pay no origination, application, or early repayment fees. Fixed interest rates start at 6.24% (if you have a discount) and 10.99 APR (if you don’t). You can get a customer discount of 0.25% interest reduction if you’ve had a previous loan from Wells Fargo, or an automatic payment discount of 0.25% for enrollment in the automatic payment program.


  • Private consolidation loan available
  • Fixed interest rates start at 6.24%
  • Customer discount of 0.25% interest reduction available


LendKey offers a variable APR as low as 2.09% or a fixed APR of 3.25% for refinancing a student loan. A simple online check allows you to customize, find, and refinance your loan using LendKey’s network of community banks and credit unions. Many graduates have saved more than $10,500 by refinancing their loans. If you refinance your student loan, it’s probable that you’ll see an impressive reduction in interest rates, possibly as much as a few points. You’ll also be able to combine your private student loan with your federal loan into just one advantageous payment with a reduced interest rate.


  • Variable APR as low as 2.09% or a fixed APR of 3.25%
  • Many graduates have saved more than $10,500 by refinancing
  • You’ll be able to combine private student loans with federal loans into one payment


DRB can help you to refinance or consolidate your student loan with lower interest rates than other institutions. On average, their customers save a total of $20,200+ over the lifetime of their loan. There’s no prepayment penalties and no origination fees. Online pre-qualification is available. When accepted, you’ll have the option to link your new loan to your existing bank account with automated payments, which will save you an estimated 0.25% more. Required documents for refinancing include proof of graduation, a photo ID, two recent pay stubs, and loan statements showing the payoff amounts.


  • Customers save a total of $20,200+ over the lifetime of their loan
  • Online prequalification is available
  • Refinancing documents include photo ID, 2 recent pay stubs, proof of graduation and loan statements showing the payoff amounts


Refinancing student loans can help to lower monthly payments or shorten the duration of payoffs. Here, we’ve reviewed our picks for the top five lenders for student loans. Be sure to do your own research and compare rates and terms before making your final decision. You may also want to talk to a financial expert about whether refinancing makes sense for you.