We compared the top student loan refinance lenders — SoFi, Earnest, and Achieve — to find the best options for saving on interest. SoFi wins for overall benefits, Earnest for flexible repayment, and Achieve for fair-credit borrowers. Includes a warning: refinancing federal loans means losing PSLF, IDR, and other protections.
If you're carrying student loans at 6%, 7%, or even higher, refinancing can cut your rate significantly — potentially saving thousands over the life of the loan. But there's a catch that matters more than any rate: refinancing federal student loans with a private lender means you permanently lose access to income-driven repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and other federal protections.1 If you're confident you won't need those programs, the savings can be real.
We looked at the top lenders to find the best student loan refinancing options for different borrower profiles.
| Lender | APR Range | Min. Credit Score | Standout Feature |
|---|---|---|---|
| SoFi | 3.99% – 9.99%1 | 650 (approx.) | Career coaching, unemployment protection, member perks |
| Earnest | 3.70% – 9.99%1 | 650 (approx.) | Customizable terms, skip-a-payment option |
| Achieve | Varies | 640 (approx.) | Co-borrower option, fair-credit friendly |
SoFi is the biggest name in student loan refinancing for good reason. Their APR range of 3.99% – 9.99% is competitive, but what sets them apart is the package of member benefits: career coaching, networking events, and unemployment protection that pauses payments if you lose your job.1 SoFi also doesn't require you to have a bachelor's degree to qualify, which opens the door for borrowers with associate degrees or certificate programs.2
Best for: Borrowers who want a strong combination of rate and lifestyle benefits, especially early-career professionals.
Earnest stands out for letting you customize your monthly payment by choosing both your loan term and your exact payment amount within a range. They also offer a unique "skip one payment per year" feature, which can be a lifesaver during tight months.1 Their starting APR of 3.70% is the lowest among the top lenders we reviewed.1
Best for: Borrowers with irregular income (freelancers, gig workers, or anyone who values payment flexibility).
If your credit score isn't in the 700s, Achieve (formerly Achieve Lending) is worth a look. They're more accommodating for borrowers with fair credit and offer a co-borrower option that can help you qualify for a better rate if you have a creditworthy cosigner.2 This makes them a strong alternative when the bigger lenders say no.
Best for: Borrowers with fair credit (640+) or those who need a co-borrower to improve their terms.
Your choice comes down to three questions:
The process is simpler than you might think:
Disclosure: We may earn a commission if you click through and apply for a loan through the links above. This doesn't affect our recommendations — we only feature lenders we've researched and believe offer genuine value.
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