Private Loan Refinance

Private loan refinance can reduce your monthly payment by combining multiple Federal and private student loans into one loan and getting a new loan structure. Borrowers with strong credit (credit scores >680) and co-signers will have the highest chance of approval. Depending on the loans you refinance, you can often save on interest costs by obtaining a lower rate.

Private loan refinance application requirements

Strong credit, good income and a co-signer are the biggest factors to get approved for student loan refinance loans. Lenders will require basic personal information, social security number, date of birth, employer information and current income. Similar information may also be required for a co-signer (if you have one). You should also gather details of your existing student loan debt, like amount borrowed and the name of your lender, and details of other outstanding debt such as credit cards, auto loans and mortgages. Be sure to increase your chances of approval by applying with a co-signer.

Process & timeline

You can apply for student refinance loans online using each lender’s unique electronic process. It can take 30-60 days to finalize a loan, so remember to make any student loan payments that are due in the meantime.

Get started now with the market’s leading providers

College Ave Student Refinance Loan
  • Competitive fixed and variable rates
  • Apply in 3 minutes or less
  • Flexible term choice – Choose how long you take to pay back
  • No application or origination fees
  • Refinance amounts as low as $5,000 (federal & private)
Purefy Student Refinance Loan
  • Purefy aims to provide complete transparency to the borrower. We provide your estimated rate before you apply–no need to fill out a profile, provide your SSN, or pull your credit.
  • We offer unique terms (5, 8 and 12 years) that can allow for better interest savings.
  • Each borrower gets a personal loan expert to ensure their process is smooth and easy.
  • Purefy has superb customer service and no application, origination, or prepayment fees.
DRB Student Loan Refinancing
  • DRB customers have saved $20,000+ over the life of their loans on average
  • Free to apply with no obligation to accept
  • Fixed and variable rates starting as low as 4.17%, 5 to 20 year terms available
  • Zero origination, disbursement, or prepayment penalties
  • Loan forgiveness in event of death or permanent disability
Earnest Student Loan Refinancing
  • Clients have saved an average of $17,936 by refinancing with Earnest
  • Rate assessment based on your future potential and full financial profile, not just your FICO score
  • Lower rates starting at 2.13% variable APR, with personalized terms anywhere between 5-20 years
  • Flexibility to pick your exact monthly payment or switch between fixed and variable rates
  • No fees for origination, prepayment, or loan disbursement
Citizens Bank
Citizens Bank Federal and Private Student Loan Refinancing
  • Citizens Bank customers have saved an average of $147/month
  • No application, origination, or disbursement fees
  • Fixed and variable rate options available
  • Potential to save up to 0.50 percentage points off your interest rate with available discounts
SoFi Student Loan Refinancing
  • The average SoFi member saves around $14K when they refinance with us
  • Variable rates as low as 1.9% and fixed rates as low as 3.5% with auto pay
  • No origination or prepayment fees
  • Unemployment benefits
  • 5, 7, 10, 15, and 20 year terms
LendKey Private Student Loan Consolidation
  • Simplify your finances with one easy monthly payment
  • Lower payment and competitive rate possible with extended repayment term
  • Cosigner release available for creditworthy borrowers after 12 consecutive on-time principal & interest payments
  • Interest-only repayment option available for first 4 years followed by 11 years of principal and interest repayment

How refinance compares to normal repayment


  • Lower monthly payments
  • One payment and one point of contact
  • Possibility of cosigner release after successful repayment period
  • Borrower benefit opportunities like interest rate reductions
  • Chance for repayment plan options
  • No prepayment penalties


  • Total cost increases if repayment period is extended
  • Hard to qualify for, due to more stringent credit requirements
  • A cosigner with good credit history may still be required
  • Loss of borrower benefits on individual loans (if you had any)
  • It may be difficult to find a lower interest rate than your existing loans