Student loan refinancing can lower your interest rate and monthly payment, but it means giving up federal protections like income-driven repayment and forgiveness. We compared top lenders and recommend SoFi for its broad eligibility and member perks, and Earnest for flexible repayment terms.
If you're carrying student debt at 6%, 7%, or even 8% APR, refinancing to a lower rate can save thousands over the life of the loan. The idea is simple: a private lender pays off your existing loans and issues you a new one at a lower interest rate. But there's a catch you need to understand before you apply.
The big warning: refinancing federal student loans with a private lender means you permanently lose access to income-driven repayment plans, Public Service Loan Forgiveness, and the current payment pause / interest waiver. Only refinance if you're confident in your income and don't plan to use those federal benefits.2
With that out of the way, here are the lenders we recommend.
SoFi consistently ranks as the top student loan refinancing lender across major review sites.1 It offers both fixed and variable rates, with no fees for origination, application, or prepayment. What sets SoFi apart is its accessibility: unlike many lenders that require a bachelor's degree, SoFi also accepts applicants with associate degrees.1 That opens the door for a much wider pool of borrowers.
Beyond the loan itself, SoFi members get access to career coaching, financial planning, and networking events — perks that add real value if you're early in your career. You can also earn a 0.25% autopay discount on your rate.
Best for: borrowers who want a well-rounded lender with strong member benefits and broad degree eligibility.
Earnest stands out for giving you control over exactly how you repay. You can choose loan terms from 5 to 20 years, and even customize your monthly payment amount within that range.1 That's rare in the industry.
Earnest also offers a unique "skip one payment per year" option — you can defer a single payment annually without penalty, which is a helpful safety net if your cash flow gets tight.1 Like SoFi, Earnest offers an autopay discount (0.25%) and has no origination or prepayment fees.
Best for: borrowers who want to tailor their repayment timeline and value flexibility over a rigid monthly schedule.
| Feature | SoFi | Earnest |
|---|---|---|
| Fixed APR range | 3.99% – 9.99% | 4.05% – 9.24% |
| Variable APR range | 5.99% – 9.99% | 5.24% – 9.24% |
| Loan terms | 5, 7, 10, 15, 20 years | 5 – 20 years (customizable) |
| Autopay discount | 0.25% | 0.25% |
| Co-signer release | After 24 on-time payments | After 24 on-time payments |
| Degree requirement | Associate degree or higher | Bachelor's degree or higher |
| Unique perk | Career coaching & networking | Skip one payment per year |
Fixed rates stay the same for the life of the loan — predictable, safe. Variable rates start lower but can rise over time as the market changes. If you plan to pay off the loan quickly (3–5 years), a variable rate might save you money. For longer terms, fixed is usually the smarter choice.2
Student loan refinancing isn't right for everyone — don't trade federal protections for a lower rate unless you're sure you won't need them. But if you have stable income, good credit, and high-rate debt, refinancing with SoFi or Earnest can save you real money. Compare your personalized rates (a soft credit check won't hurt your score) and see which offer fits your situation.
Disclosure: AskBuy earns a commission if you click through and apply for a loan through our links. This doesn't affect our recommendations — we only feature lenders we believe offer genuine value based on independent research.
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