Private Loan Refinance

Private loan refinance can reduce your monthly payment by combining multiple student loans into one or getting a new loan structure.

Private loan refinance application requirements

Lenders require basic information like name, address, phone number, email, social security number, and date of birth. Employer information and income may also be requested. If applicable, similar information may be required by a co-signer (if you have one). In addition to listing details of your existing student loan debt, like amount borrowed and the name of your lender, you may be asked for details of other outstanding debt. This may include auto loans, mortgages, and credit card debt. Be sure to increase your chances of approval by applying with a cosigner.

Process & timeline

You can apply for refinance loans online using each lender’s unique electronic process. However, some may offer paper processing if you prefer the old-fashioned way. Typically it takes 45-60 days to process an application, so remember to make any student loan payments that are due in the meantime.

Get started now with the market’s leading providers

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, 10, 15, 20 YR terms
Citizens Bank
Citizens Bank Federal and Private Student Loan Refinancing
  • Citizens Bank customers have saved an average of $127/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
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