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5 Best Banks to Refinance and Consolidate Student Loans in 2020 Save Money Now

Top Lenders to Consolidate and Refinance Parent PLUS Loans

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Melanie Lockert

Updated on June 4, 2020
June 4, 2020June 4, 2020Parent LoansFeatured1489Melanie Lockert
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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Currently, there are 3.6 million parent PLUS loan borrowers with a total of $96.1 billion in debt. The relatively high interest rate of a PLUS loan makes it difficult to manage for many parent borrowers. Fortunately, you could find relief by applying to refinance parent PLUS loans to a lower rate.

Parent PLUS borrowers tend to be attractive candidates for refinancing because they often have a longer credit history and stable employment. Alternatively, you can refinance the parent PLUS loan in the student’s name if you want to rid yourself of responsibility for the debt.

Whatever your goals, here is our vetted list of top lenders to refinance parent PLUS loans, based on their offering competitive interest rates along with other benefits outlined below.

Top 8 lenders to refinance parent PLUS loans

By refinancing your parent PLUS loan with the following lenders, you could lower your interest rate, adjust your monthly payment and restructure your debt in a way that works for your budget.

  1. Earnest
  2. SoFi
  3. Laurel Road
  4. CommonBond
  5. College Ave
  6. Splash Financial
  7. Citizens Bank
  8. PenFed Credit Union

1. Earnest

Earnest takes a unique approach to refinancing Parent PLUS Loans. Instead of just looking at your credit score, Earnest considers others factors, like the value of your bank accounts and investments. If your credit is less than stellar, this comprehensive approach could help you qualify. That said, you will need a minimum credit score of 650.

Details:

  • Refinances both private and federal undergraduate or graduate student loans
  • Offers rates starting at 2.39% APR variable (with autopay) and 6.43% APR fixed (with autopay)
  • Lets you pick any monthly payment and term between 5 and 20 years
  • Provides the option to make biweekly or monthly payments
  • Doesn’t have set income requirements — Earnest looks at thousands of data points to evaluate financial responsibility and deliver the lowest possible rate
  • Offers a commitment-free two-minute rate check that doesn’t impact your credit score
  • Never passes you off to a third party. Their on-site team is your customer service partner for the life of your loan
  • Allows you to change your loan as your life and needs change. Refinance your loan for free, change payment dates or skip a payment once a year and make it up later
  • Has forbearance or deferment options that pause your monthly payments if you run into financial hardship or go back to school
  • Doesn’t charge origination fees, application fees or prepayment fees
  • Requires that you’re currently employed or have sufficient income
  • Requires you to be a U.S. citizen or permanent resident
  • Important Disclosures

LEARN MORE ABOUT EARNEST

2. SoFi

SoFi offers student loan refinancing for parent PLUS loans, as well as for undergraduate and graduate student loans. This lender offers some unique perks and support for borrowers.

Details:

  • Offers refinancing and consolidation of private and federal student loans
  • Is available for both undergraduate and graduate school student loans
  • Offers 3.21% to 6.67% APR (with autopay) variable rates
  • Offers 3.49% to 6.67% APR (with autopay) fixed rates
  • Provides 5, 7, 10, 15 and 20-year repayment terms
  • Doesn’t charge origination fees or prepayment penalties
  • Has unemployment protection – pauses loan payments while you search for a new job
  • Provides career support – complimentary coaching for SoFi members
  • Offers a free call with a financial planner to discuss your financial situation
  • Holds networking events for members, such as local dinners and happy hours
  • Important Disclosures

LEARN MORE ABOUT SOFI

3. Laurel Road

Laurel Road offers refinancing for parent PLUS loans, as well as for undergraduate, graduate and medical school loans.

Details:

  • Offers refinancing and consolidation of private and federal student loans
  • Has the option for parents to refinance Parent PLUS loans in their own name (based on the parent’s eligibility) or their child’s name (based on the child’s eligibility).
  • Offers 1.99% to 6.65% (with autopay) variable rates
  • Offers 3.50% to 7.02% (with autopay) fixed rates
  • Provides 5, 7, 10, 15, 20 year repayment terms
  • Caps variable rates at 9% for 5-10 year terms. For greater than 10 year term, maximum rate cap is 10% APR
  • Doesn’t charge an origination fee or prepayment penalty
  • Gives a 0.25% interest rate reduction for setting up automatic payments
  • Important Disclosures

LEARN MORE ABOUT LAUREL ROAD

4. CommonBond

Do you want your refinancing with a side of philanthropy? CommonBond might be the best option for you. Through its partner Pencils of Promise, CommonBond donates money for schools, technology and teachers in Ghana. This socially-minded lender also takes a unique approach to interest rates, offering fixed, variable and hybrid rates, which involve a fixed rate for the first five years of loan repayment and a variable rate for the remaining term.

Details:

  • Offers refinancing and consolidation of private and federal student loans
  • Is available for undergraduate, graduate and Parent PLUS student loans
  • Offers 3.21% to 6.69% APR variable rate refinancing (with autopay)
  • Has 3.21% to 6.45% APR fixed rate refinancing (with autopay)
  • Also offers hybrid rate refinancing — check their site for details
  • Provides 5, 7, 10, 15 or 20-year repayment terms
  • Gives a 0.25% interest rate reduction with automatic payments
  • Allows for forbearance if you run into financial hardship
  • Provides access to CommonBond Community – Borrowers are connected to events in their cities, networking opportunities, and lifestyle perks
  • Doesn’t charge any application or origination fees
  • Important Disclosures

LEARN MORE ABOUT COMMONBOND

5. College Ave

College Ave offers student loan refinancing for loans starting at $5,000.

Details:

  • Offers refinancing and consolidation of private and federal student loans
  • Has variable rates of 3.89% to 9.24% (with autopay) and fixed rates of 9.24% to 9.24% (with autopay)
  • Provides flexible terms — College Ave offers 16 different repayment term options.
  • Takes as little as one minute to apply and get an instant credit prequalification
  • Doesn’t charge origination fees or prepayment penalties
  • Important Disclosures

LEARN MORE ABOUT COLLEGE AVE

6. Splash Financial

Online company Splash Financial offers one product — student loan refinancing — to help parents and graduates save money on their student loans. It partners with banks and credit unions to bring you low-rate loans.

Details:

  • Offers refinancing and consolidation of private and federal student loans
  • Has variable rates of 1.99% to 7.10% and fixed rates of 2.88% to 7.27%
  • Offers loan terms between 5 and 25 years
  • Offers an instant online rate quote where you can pre-qualify for a loan
  • Doesn’t charge origination fees or prepayment penalties

LEARN MORE ABOUT SPLASH FINANCIAL

7. Citizens Bank

According to Citizens Bank, parents who refinance with them could save up to 3.49% on their interest rate.

  • Offers student loan refinancing designed specifically for parent borrowers
  • Requires a minimum refinance amount of $10,000 and maximum of $300,000 for loans borrowed for bachelor’s degree programs and of $500,000 for loans borrowed for graduate degrees.
  • Provides variable rates at 2.72% – 8.38% and fixed rates of 3.49% – 8.63%
  • Offers loan terms of 5, 7, 10, 15 or 20 years
  • Has loyalty and interest rate discounts of up to 0.50%
  • Allows you to check your rate online with no impact on your credit score

LEARN MORE ABOUT CITIZENS BANK

8. PenFed Credit Union

PenFed Credit Union serves members of the military and employees of the Department of Defense and Department of Homeland Security. But even if you’re not affiliated with the military, you might qualify for membership in PenFed Credit Union. Members can apply to refinance parent loans for better rates.

  • Offers variable rates starting at 2.17% and fixed rates starting at 3.23%
  • Allows you to apply online in less than 15 minutes
  • Doesn’t charge application or origination fees

LEARN MORE ABOUT PENFED CREDIT UNION

Shop around before you refinance parent PLUS loans

Refinancing often makes sense for Parent PLUS loan borrowers, who may have a higher chance of getting approved because of their credit history and employment status, which could mean thousands of dollars in savings.

Some borrowers also choose to refinance parent PLUS loans in the student’s name to transfer responsibility for the debt. Whichever approach you choose, refinancing parent PLUS loans could lead to major savings on your debt.

Before choosing a refinancing offer, check your rates with a few lenders. By shopping around, you can find the best possible rate on your refinanced parent PLUS loan.

Rebecca Safier and Christy Rakoczy contributed to this report.

 

OUR TOP 5 PICKS FOR STUDENT LOAN REFINANCING

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

TOP PICKSView Disclosures

Laurel Road Disclosures

Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

ANNUAL PERCENTAGE RATE (“APR”)
This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

FEE INFORMATION

There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.

LOAN AMOUNT

For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.

ELIGIBILITY & ELIGIBLE LOANS

Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.

All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.

For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.

INTEREST RATES

The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.

DISBURSEMENT OPTIONS

The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.

POSTPONING OR REDUCING PAYMENTS

After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.

We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.

If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of March 4, 2020 and is subject to change.

View Disclosures

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.49% APR to 6.67% APR (with AutoPay). Variable rates from 3.21% APR to 6.67% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 3.21% APR assumes current 1 month LIBOR rate of 0.45% plus 2.82% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 
View Disclosures

Splash Financial Disclosures

Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.

The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.

You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.

Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount using the lowest APR for each application term listed above. All student loan rates used in calculating the examples are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.88% per year for a 5-year term would be $179.15. The monthly payment for a sample $10,000 loan with an APR of 3.40% for a 7-year term would be $134.17. The monthly payment for a sample $10,000 loan with an APR of 3.45% for a 8-year term would be $119.35. The monthly payment for a sample $10,000 with an APR of 3.89% for a 10-year term would be $100.72. The monthly payment for a sample $10,000 with an APR of 4.18% for a 12-year term would be $88.43. The monthly payment for a sample $10,000 loan with an APR of 4.20% for a 15-year term would be $74.98. The monthly payment for a sample $10,000 loan with an APR of 4.51% for a 20-year term would be from $63.32.

Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate. The following Variable Rate examples are based on a $10,000 loan amount. Repayment examples are for illustrative purposes only. All student loan rates below are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.01% per year for a 5-year term would be $175.32. The monthly payment for a sample $10,000 loan with an APR of 4.00% for a 7-year term would be $136.69. The monthly payment for a sample $10,000 loan with an APR of 2.09% for a 8-year term would be $113.21. The monthly payment for a sample $10,000 with an APR of 4.25% for a 10-year term would be $102.44. The monthly payment for a sample $10,000 with an APR of 2.67% for a 12-year term would be $81.24. The monthly payment for a sample $10,000 loan with an APR of 3.44% for a 15-year term would be $71.19. The monthly payment for a sample $10,000 loan with an APR of 4.75% for a 20-year term would be from $64.62. The monthly payment for a sample $10,000 loan with an APR of 5.14% for a 25-year term would be from $59.28.

 

View Disclosures

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.20% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 2.39% APR (with Auto Pay) to 6.43% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of June 3, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 6/03/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

View Disclosures

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.8100000000000002% effective April 10, 2020.

Variable APR
Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. Learn more
1.99% – 6.65%3.21% – 6.67%1.99% – 7.10%2.39% – 6.43%3.21% – 6.69%
Fixed APR
A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount. Learn more
3.50% – 7.02%3.49% – 6.67%2.88% – 7.27%3.20% – 6.43%3.21% – 6.45%
Terms
"Term" refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term. Learn more
5, 7, 10, 15, 20
Years		5, 7, 10, 15, 20
Years		5 to 25
Years		5 to 20
Years		5, 7, 10, 15, 20
Years
Soft Credit Check
A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score. This is unlike a "hard" credit check, which may impact an applicant's credit.
Visit Laurel RoadVisit SoFiVisit SplashVisit EarnestVisit CommonBond

ELIGIBILITY REQUIREMENTS

Transfer Parent PLUS From Parent to Child/Graduate
Many parents take out "Parent PLUS" loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent's name into the name of the child/graduate.
Refi Parent PLUS Loans
Indicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans.
Eligible Degrees
Our partners refinance student loans from both undergraduate and graduate degrees.
Undergrad
& Graduate		Undergrad
& Graduate		Undergrad
& Graduate		Undergrad
& Graduate		Undergrad
& Graduate
Eligible Loans
Our partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment.
Private & FederalPrivate & FederalPrivate & FederalPrivate & FederalPrivate & Federal
Min. Credit Score
This is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower's credit profile to determine eligibility. Learn more
660Good or Excellent score needed700 for solo applicants, 660 with a cosigner.650660
Min. Annual Income
The minimum annual income a lender is will consider for borrower eligibility.
No minNo minNoneNo minNo min
No Cosigner Required
If checked, this lender does not require that the applicant have a cosigner to apply.
Ability to Apply With a Cosigner
Applicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan.
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ELIGIBILITY REQUIREMENTS CONTINUED

Cosigner Release Offered (Existing Loans)
If the applicant's initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and "release" the original cosigner(s).
Cosigner Release Offered (Refinanced Loans)
If the applicant chooses to add a cosigner to the refinanced loan, the applicant may have the option to "release" that cosigner from the refinanced loan at a later date.
Borrower Can Be Delinquent on Current Student Loans
If the borrower's student loans are currently delinquent (but not in default), they may or may not be eligible to refinance.
Borrower Can Apply While Still Enrolled in School
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Borrower Must Currently Be Employed
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Yes(or signed job offer)(or signed job offer)Yes(or signed job offer)Yes(or signed job offer)Yes(or signed job offer)
Minimum GPA Required
Our partners currently refinace student loans regardless of a borrower's graduate or undergraduate GPA.
No minNo minNo minNo minNo min
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REFINANCING PRODUCT INFORMATION

Min. Lending Amount
The minimum student loan balance a borrower must currently have to refinance with the lender.
$5k$5k$5k$5k$5k
Max. Lending Amount
The maximum student loan balance a borrower must currently have to refinance with the lender.
$300000No MaxNoneNo Max$500k
Auto-Pay Interest Rate Reduction
Lenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above.
Yes0.25%Yes0.25%Yes0.25% for the medical resident/fellow product.Yes0.25%Yes0.25%
Unemployment Protection/Benefits
If a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
(up to 12 months)
(up to 12 months)
up to 1 year
(up to 12 months)
(up to 24 months)
Interest-Only Payment Option
Some lenders may allow you to make interest-only payments for a period of time during your repayment period.
Yes, for Resident/Fellow product. No – General refi product.
Discharge Due to Death
Some lenders may discharge the student loan upon the death of the borrower.
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REFINANCING PRODUCT INFORMATION CONTINUED

Origination Fees
Origination fees are added expenses that lenders may charge for granting a new loan.
NoneNoneNoneNoneNone
Prepayment Penalty
Prepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date.
NoneNoneNoneNoneNone
State Residency
Some lenders may not refinance student loans for residents of certain states.
AnyAnyAnyAny except AL, DE, KY, MS, NV, RIAny except ID, LA, MS, NV, SD or VT
Previously Defaulted (Now Rehabilitated) Loans Eligible
Indicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing.
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ADDITIONAL INFORMATION

Avg. Time to Check Rate
An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower's credit score.
< 3 minutes< 3 minutes2 minutes< 3 minutes< 3 minutes
Avg. Time to Apply
An estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application.
< 5 minutes< 10 minutes10 - 15 minutes< 10 minutes< 10 minutes
Apply on Mobile Device
Indicates whether or not a lender accepts applications from a mobile device.
Interest Is Tax Deductible
Indicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met). Learn more
Personal Reference Required
Some lenders may require a personal reference in order to apply for student loan refinancing.
NoNoNoNoNo
Year Established
The year the student loan refinancing company was established.
20062011201420132011
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Our Top 5 Picks for Student Loan Refinancing

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Lender APR Range Loan Types Terms Eligible Degrees Eligible Loans More Info
1.99% – 7.02% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate		 Private & Federal

Visit Laurel Road
3.21% – 6.67% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate		 Private & Federal

Visit SoFi
1.99% – 7.27% Variable & Fixed 5 to 25 Undergrad
& Graduate		 Private & Federal

Visit Splash
2.39% – 6.43% Variable & Fixed 5 to 20 Undergrad
& Graduate		 Private & Federal

Visit Earnest
3.21% – 6.69% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate		 Private & Federal

Visit CommonBond

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