If you’re facing repayment on your private student loans, you may need to know about monthly payment options; especially if your budget is tight. Or if you’re shopping for an in-school loan and want to understand the types of repayment plans lenders offer, we have the insights to help you.
Private student loan repayment options
There are six primary repayment options available when it comes to private student loans. These include:
- Immediate repayment (full principal and interest)
- Interest only
- Partial payments
- Deferred repayment
- Graduated repayment
- Student loan refinancing
Depending on where you are in your student loan journey (i.e. still in school vs. in repayment) you will have different repayment options to choose from. For example, interest only payments are common while you’re still in school, but may not be available from most lenders during the repayment period unless you are approved for some type of hardship deferment. And it’s also important to note that not all lenders offer multiple repayment plans.
Federal vs. Private Student Loan Repayment Options
While this article focuses on private student loan repayment options, it’s worth mentioning there is a difference between federal and private loan plans. If you have federal student loans, you may be eligible for a number of repayment plans that take your income into consideration, or that allow you to extend your repayment term based on your loan balance.
Making payments on student loans while in school
Private student loan lenders give you the option (ok, strongly encourage you) to make payments while in school. Unlike a subsidized federal loan where payments are automatically deferred and the interest is paid by the government, private loans are not automatically deferred and interest is charged throughout the life of the loan. This includes the moment the loan is disbursed, as well as the entire time you’re in school, during the grace period, and during repayment. But lenders realize that most students are not in a situation to take on repayment while they’re in school. So they give you a number of options up front.
Immediate Repayment
Immediate repayment means you would start repaying both the principal and interest on your loan every month while you’re in school. It basically means you just enter repayment right away. The benefit to this, assuming you can afford this option, is you’d end up paying your loan off much faster and would save a considerable amount of money in interest fees over the life of the loan.
Interest Only Payments
A common choice among students, interest only payments mean you just pay the amount of interest that accrues on your loan every month. You would not be making a dent on your principal balance, but this option does mean you would avoid unpaid interest from being added on top of your outstanding principal balance. If that were to happen, your starting loan amount in repayment would be higher, and you’d essentially be paying interest on top of interest.
Flat Payment (or partial payments)
Lenders may offer to schedule a low, fixed monthly payment while you are in school. Some lenders may even talk about a partial payment. Whatever the name, know this. Any payment that is less than a regular monthly payment of principal and interest is not going to reduce the actual loan balance. It will simply help you stay up-to-date with the interest that continues to accumulate. And it can certainly help you avoid having too much interest added (capitalized) on top of your outstanding principal balance at the start of repayment, thereby increasing the overall cost of the loan. But even if your lender does not place you on a partial payment plan or flat payment plan, you can elect to send money whenever you are able. You may want to consider doing so if you come into extra cash throughout the year, such as a tax refund or birthday or holiday cash.
Deferred Repayment
If you are unable to make any payments while in school, no worries. You will be given the option of simply postponing payments altogether. Your lender would place your loan(s) in a deferred status and bill you for regular monthly payments after you graduate and complete your grace period. Make sure you read the terms and conditions with this option. Your lender could have certain conditions you must meet (i.e., at least half-time enrollment) in order to maintain your loan deferment.
Private Student Loan Repayment After Graduation
Depending on the repayment option you choose, the repayment of your private student loans typically begins after graduation and following a grace period, usually 6 months. Your lender will most often place your loans on a standard repayment plan to put you on a path of fully repaying your loan within 10 years, sometimes longer depending on your balance.
Some lenders offer modified repayment terms. But you usually must request this in writing. Here are some common examples:
Graduated Repayment
Lenders like Sallie Mae offer a Graduated Repayment Period that lets you pay a lower monthly payment for a year. The amount of the payment usually equals the interest. You can request this after your graduation or grace period ends. The benefit here is you’d be allowed time to get your bearings after you finish school, which may include landing a job, possibly relocating, and earning a regular salary while juggling other obligations. After the year is over, you would begin making payments of principal and interest.
Refinance My Student Loans
Since repayment plans and loan terms vary by lender, and since interest rates change over time, you may want to consider refinancing your student loans. This can be a very effective way to manage your repayment by restructuring your loans. Refinancing allows you to combine multiple loans together (including both federal and private student loans), or you can refinance a single loan. Reasons you may want to consider refinancing as part of your repayment strategy include:
- Qualifying for a lower interest rate – You could save money in the long run by paying less interest on your loan, potentially thousands of dollars.
- Reducing your monthly payment – By extending your repayment term, you could lower your monthly payment amount. Depending on your outstanding balance (and in some cases your career field), you may be able to extend your term to 25 years. And there are no prepayment penalties, so you can always accelerate your repayment later in order shave time—and money—off the clock.
- Releasing a cosigner – Thank God for mom or dad, or some other equally saintly person who helped you pay for your higher education! But it is doubtful they want to be on the hook as a cosigner for the rest of their lives. Refinancing results of paying off your underlying loan(s) that may have been cosigned. And once that happens, your cosigner is basically released from their obligations. But know this. 1) You will need to qualify for the refinance on your own merit. This is a credit-based loan. 2) There are some lenders that also offer parent loan refinancing where the parent’s loan can be transferred to the student.
Compare Top Refinance Lenders
Earnest Student Loan Refinancing
New-fashioned loans for the next generation.
Earnest is a technology company using cutting-edge data science, smarter design, and software automation to rebuild financial services.
With a mission to empower people with the financial capital they need to live better lives, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company uses data and technology to understand every applicant's unique financial story and offer the lowest possible rates.
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 qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 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%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
*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. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.
The information provided on this page is updated as of 04/30/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Earnest loans are serviced by Earnest Operations LLC with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Choose your own monthly payment
- No fees of any kind and exceptional customer service for the life of your loan
- Check your rate in under 2 minutes
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 qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.50% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 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%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
*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. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.
The information provided on this page is updated as of 04/30/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Earnest loans are serviced by Earnest Operations LLC with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Actual prequalified rates from multiple lenders in 3 minutes.
- Checking rates on Credible is free and will not impact your credit score.
- Refinance federal, private and ParentPLUS loans.
- You could lower your interest rate or reduce your monthly payment.
- Refinance $5,000 up to the full balance
Student Loan Refinancing Rate and Terms Disclosure:
The lenders on the Credible.com platform offer fixed rates ranging from 3.85% - 12.10% (3.85% - 12.10% APR). Variable interest rates offered by the lenders on Credible.com range from 4.70% - 13.44% (4.70% - 13.44% APR). Variable rates will fluctuate over the term of the borrower's loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.
- Actual prequalified rates from multiple lenders in 3 minutes.
- Checking rates on Credible is free and will not impact your credit score.
- You could lower your interest rate or reduce your monthly payment.
Student Loan Refinancing Rate and Terms Disclosure:
The lenders on the Credible.com platform offer fixed rates ranging from 3.85% - 12.10% (3.85% - 12.10% APR). Variable interest rates offered by the lenders on Credible.com range from 4.70% - 13.44% (4.70% - 13.44% APR). Variable rates will fluctuate over the term of the borrower's loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.
Splash Financial Refinance Loan
Splash Financial negotiates with credit unions and banks to provide low refinancing rates to student loan borrowers.Splash is a student loan refinance company that negotiates with credit unions and banks to provide market-leading rates. Our sole focus is helping graduates save money through student loan refinancing – it’s the only product we offer!
The Splash Financial Refinance Loan Offers the Following:
- Rates as low as 4.74%1 Variable APR and 4.96%1 Fixed APR
- See your rates in 3 minutes without affecting your credit score2
- No pre-payment penalties, origination, or application fees
- Minimum loan amounts starting at $5,000 and no loan maximums
- Special terms for Medical and Dental Residents and Fellows
Minimum Eligibility Requirements
- Graduates with an associate, bachelor’s or graduate degree
- Parents who took out educational loans to finance their child’s education are also eligible if the child has graduated
- Borrower must be a U.S. citizen or permanent resident
- 650+ FICO
- <50% Monthly Debt-to-Income Ratio
Loan Limits
Minimum Loan Amount: $5,000
Annual loan maximum: No Maximum
1The rates displayed may include a 0.25% autopay discount.
2To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
- Minimum loan amounts starting at $5,000 and no loan maximums
- No pre-payment penalties, origination, or application fees
- See rates in 3 minutes without affecting your credit score2
1The rates displayed may include a 0.25% autopay discount.
2To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
ELFI Student Loan Refinance
ELFI is a nationwide student loan debt consolidation and refinancing program offered by Tennessee based SouthEast Bank. Offering among the lowest rates in the industry coupled with award winning customer service, it is designed to assist borrowers through consolidating and refinancing education loans to lower your cost of education and/or makes repayment very simple.
ELFI – backed by the strength of SouthEast Bank – combines the benefits of traditional education loan financing with the superior products, service, and support found in the private market.
1Average savings calculations are based on information provided by SouthEast Bank/ ELFI customers who refinanced their student loans between 01/03/23 and 03/01/23. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.
2Rates accurate as of 01/01/25. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through ELFI, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary ELFI institution. ELFI Parent Loans are limited to a maximum of the 10-year term.
- Our customers have reported that they are saving an average of $278 every month or will see an average of $20,774 in total savings after refinancing their student loans with ELFI.1
- Prequalify in as little as two minutes
1Average savings calculations are based on information provided by SouthEast Bank/ ELFI customers who refinanced their student loans between 01/03/23 and 03/01/23. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.
2Rates accurate as of 01/01/25. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through ELFI, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary ELFI institution. ELFI Parent Loans are limited to a maximum of the 10-year term.
College Ave Student Loans Refi was created to help graduates refinance existing student loans so they can repay their loans easily while reducing the total cost and/or monthly payment.
- No application or origination fees
- Variable rate range: 6.99% – 13.99% APR1
- Fixed rate range: 6.99% – 13.99% APR1
- Choose how long you take to repay the loan
Eligibility
- You (and your cosigner, if applicable) must be a U.S. Citizen or permanent resident.
- Must have graduated from a public or private, not-for-profit, degree granting institution
- Consolidate and refinance up to $300,0003
- All loans are subject to individual approval and adherence to underwriting guidelines.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loans
- Variable rate range: 6.99% – 13.99% APR1
- Fixed rate range: 6.99% – 13.99% APR1
- No application or prepayment fees
- Apply in 3 minutes or less for instant credit decision
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
LendKey connects borrowers to over 300 community lenders through a quick and easy online application process. Within 2 minutes, the borrower can see multiple offers with no impact to their credit score. See how much you could be saving by checking your rates today.
- 2-Minute rate check with no impact on your credit score
- No origination fees, application fees or prepayment penalties
- Network of 300+ community lenders = higher chances for approval and lower rates
- Available for private & federal, undergraduate & grad school student loans
- 0.25% interest rate reduction with automatic payments
- One of the largest unemployment protections offers in market; up to 18 months
- Cosigner release available after 12 months of on-time payments
- Dedicated customer care team
- Must be a U.S. Citizen or Permanent Resident
- Minimum loan amount: $5,000
- Maximum loan amount: $125,000 for undergraduate degrees, $250,000 for graduate degrees and select medical degrees (MD, DO, DDM, DDS, VMD, DVM)
- Must have graduated with at least an associate degree from one of our lenders’ eligible institutions
- Minimum annual income: $36,000
- Open to all US states excluding: Rhode Island, West Virginia, Maine, Nevada, North Dakota
1Terms and Conditions Apply
Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
2Conditional Offers
In the event that you would like to move forward with any of the conditional offers, you will be required to complete an application with the lender on this website, at which point a hard credit inquiry will be conducted (which may affect your credit score).
3Intentionally Omitted
4AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 5 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
As of 03/07/2025 student loan refinancing rates range from 4.89% to 9.44% Fixed APR with AutoPay.
5Important Notice Regarding the Refinancing Of Your Federal Student Loans
Please be aware that you may potentially lose certain benefits associated with your federal student loans by refinancing such federal loans with a private student loan consolidation. These benefits may include favorable repayment options, loan and fixed interest rates, extended loan terms, and loan forgiveness. We strongly advise that you seek professional advice and examine our benefits and options before refinancing your federal loans. It is important to us that you are comfortable with potentially forfeiting benefits that may not be offered through our consolidation loan.
6Promotional Bonuses
If you were offered a bonus in connection with a promotional offer, your application must be initiated through this page immediately following the email, direct mail or banner advertisement in which the offer was presented. The offered promotional bonus will be provided within six weeks of loan disbursement. You must have a PayPal account in order to receive the bonus. The bonus is non-transferable and no other reward will be substituted. All borrowers entitled to a bonus will have an account automatically created for them on LendKey’s referral platform. Bonuses must be claimed within 90 days of notification of account creation or they will expire.
*Acorns® Member Bonus: $50 deposited into new borrower’s Acorns account within 8 weeks of loan funding. Not redeemable for cash and non-transferable.
*ChangEd Bonus: $100 will appear in the borrower's ChangEd account within 90 days of loan funding. Not redeemable for cash and non-transferable.
*Collective Rate members get 1% of refinanced loan balance back as a welcome bonus
* LendKey Email invitation offer: Please refer to the terms contained within the email.
*Mint user bonus of $100: Offer available as of May 19th, 2022 to Mint users who refinanced using the Mint mobile or web link.
*For members of NYU Alumni Association, AARN, Employees of the City of Austin, TX, Montefiore Medical System, and the Massachusetts College of Pharmacy, a bonus will be awarded within 8 weeks of loan funding. The bonus will be $100 for loan balances of under $100,000, and $300 for loan balances over $100,000. This offer is non-transferable.
*For members of NYU Alumni Association, residents of Maine, Nevada, North Dakota, Rhode Island, or West Virginia are not eligible.
*Tuition.io Bonus: 1% of refinanced loan balance will be awarded within 8 weeks of loan funding via PayPal. You must have a PayPal account in order to receive the award.
*Unifimoney: 1% cashback bonus will be deposited directly into the user’s Unifimoney account within 6-8 weeks of loan funding. You must have a Unifimoney account in good standing to receive the bonus. Application must be initiated through the link via the Unifimoney app.
7Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.8Calculator
The calculator provides estimates based on the information provided and is for illustrative purposes only. Actual estimated payments can only be determined after you apply and provide all necessary documentation for review. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding your specific financial situation.
- 2-Minute rate check with no impact on your credit score
- 0.25 rate reductions when enrolled in automatic payments
- All loans serviced by LendKey, no handoffs to other lenders
1Terms and Conditions Apply
Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
2Conditional Offers
In the event that you would like to move forward with any of the conditional offers, you will be required to complete an application with the lender on this website, at which point a hard credit inquiry will be conducted (which may affect your credit score).
3Intentionally Omitted
4AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 5 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
As of 03/07/2025 student loan refinancing rates range from 4.89% to 9.44% Fixed APR with AutoPay.
5Important Notice Regarding the Refinancing Of Your Federal Student Loans
Please be aware that you may potentially lose certain benefits associated with your federal student loans by refinancing such federal loans with a private student loan consolidation. These benefits may include favorable repayment options, loan and fixed interest rates, extended loan terms, and loan forgiveness. We strongly advise that you seek professional advice and examine our benefits and options before refinancing your federal loans. It is important to us that you are comfortable with potentially forfeiting benefits that may not be offered through our consolidation loan.
6Promotional Bonuses
If you were offered a bonus in connection with a promotional offer, your application must be initiated through this page immediately following the email, direct mail or banner advertisement in which the offer was presented. The offered promotional bonus will be provided within six weeks of loan disbursement. You must have a PayPal account in order to receive the bonus. The bonus is non-transferable and no other reward will be substituted. All borrowers entitled to a bonus will have an account automatically created for them on LendKey’s referral platform. Bonuses must be claimed within 90 days of notification of account creation or they will expire.
*Acorns® Member Bonus: $50 deposited into new borrower’s Acorns account within 8 weeks of loan funding. Not redeemable for cash and non-transferable.
*ChangEd Bonus: $100 will appear in the borrower's ChangEd account within 90 days of loan funding. Not redeemable for cash and non-transferable.
*Collective Rate members get 1% of refinanced loan balance back as a welcome bonus
* LendKey Email invitation offer: Please refer to the terms contained within the email.
*Mint user bonus of $100: Offer available as of May 19th, 2022 to Mint users who refinanced using the Mint mobile or web link.
*For members of NYU Alumni Association, AARN, Employees of the City of Austin, TX, Montefiore Medical System, and the Massachusetts College of Pharmacy, a bonus will be awarded within 8 weeks of loan funding. The bonus will be $100 for loan balances of under $100,000, and $300 for loan balances over $100,000. This offer is non-transferable.
*For members of NYU Alumni Association, residents of Maine, Nevada, North Dakota, Rhode Island, or West Virginia are not eligible.
*Tuition.io Bonus: 1% of refinanced loan balance will be awarded within 8 weeks of loan funding via PayPal. You must have a PayPal account in order to receive the award.
*Unifimoney: 1% cashback bonus will be deposited directly into the user’s Unifimoney account within 6-8 weeks of loan funding. You must have a Unifimoney account in good standing to receive the bonus. Application must be initiated through the link via the Unifimoney app.
7Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.8Calculator
The calculator provides estimates based on the information provided and is for illustrative purposes only. Actual estimated payments can only be determined after you apply and provide all necessary documentation for review. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding your specific financial situation.
Private Student Loans Income Based Repayment
Unfortunately, there really aren’t any income-based repayment plans for private student loans. These exist under the federal student loan program, but they are not generally available for private loans. However, if you are having challenges in repaying your loan, it’s best to contact your lender to explain your situation and explore options such as those explained above or in the next section.
Private Student Loan Deferment
If you encounter a hardship, private student loan deferment may be an option. This means you can ask your lender for a temporary postponement of payments where monthly obligations could be waived for a short period of time, such as 3 or 6 months. Some lenders may offer a forbearance, but it’s practically the same thing. Regardless of the lender calls it, a deferment or forbearance gives you time to get back on your feet. Some lenders may still require that you make interest payments each month, others may allow you to postpone both interest and principal. If you’re not in a position to pay the interest during this time, it will be added to your principal balance at the end of the deferment resulting in not only a higher balance, but often a higher monthly payment.
Can I Deduct Private Student Loan Interest?
Yes, you may be able to deduct the amount you paid on private student loan interest on your tax returns. Most private student loans are eligible for the student loan interest deduction, which allows you to deduct up to $2,500 in interest on federal and private student loans each year on your tax filings. Of course, this is subject to income limits.
Other Ways to Save Money on Student Loans
Most lenders offer auto-debit discounts, such as a 0.25% or 0.50% interest rate if you agree to have your monthly payments automatically deducted from a bank account. You’ll want to sign up for this service at the start of repayment, if possible, to take advantage of what could be sizeable savings over time.
Private Student Loan Relief
During the COVID-19 pandemic, most lenders chose to help borrowers with some form of private student loan relief. What this means is they offer a temporary forbearance (sometimes called an emergency forbearance or hardship deferment) to give you a break on your regular student loan payments. This does not mean lenders are waiving interest or automatically postponing payments as part of the CARES Act, the way the federal government has done on federal student loan loans owned by the U.S. Department of Education (ED).
For those impacted by COVID-19, private student loan lenders began offering temporary relief—anywhere from 30 days to 12 months—from regularly scheduled monthly payments. Because this is discretionary, policies and programs will vary by lender. If you are still having difficulty making your private student loan payments due to impacts from COVID, you should contact your lender.
Learn more tips strategies for paying off private student loans.
What to Read Next