There are two ways to transfer responsibility for your cosigned private student loans to your child: through cosigner release or student loan refinance. This article will deal with both topics but primarily focuses on student loan refinance.
Shifting Who’s Responsible for Paying the Loan
Ultimately, the goal of getting your name removed from a cosigned loan is to shift who is responsible for paying the loan…from you to your son or daughter. And this means legally, not just a verbal commitment that has been made. If you’re looking to free up some cash flow, reduce your debt-to-income ratio, put more money into your retirement, or simply pay other debt, transferring responsibility for private loans can be a wise move.
Cosigner Release Option
For a private student loan that you cosigned with your child, there may be a cosigner release option available. This means after making a set number of on-time payments, your son or daughter can demonstrate their own creditworthiness and proof of sufficient income. In doing so, the lender can then remove you from the loan and shift responsibility entirely to your child.
Ask your lender(s) about their policy since the qualification period may vary from one lender to another. If cosigner release is unavailable, or if you’re looking for a way to transfer the loan sooner than the waiting period allows, student loan refinance is a good solution.
Student Loan Refinance
You’re probably already familiar with student loan refinancing and the fact that it allows you to combine multiple loans from multiple lenders. Cosigned private loans are one of the types of loans that can be included. If your son or daughter can qualify for a refinance loan on their own, this can be a good way for you to be released as the cosigner.
Here are the other advantages of student loan refinancing:
- Lower interest rate
- Longer repayment term with lower monthly payments
- Convenience; fewer loan servicers to pay each month
- Ability to combine private and federal student loans together, including Parent PLUS Loans (Note: your son or daughter would simply list your PLUS Loan(s) on the application and provide your name as the borrower.)
Compare Top Refinance Lenders
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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, possess a Permanent Resident Card (10-year non-conditional or 2-year conditional), be a Deferred Action for Childhood Arrivals (DACA) Recipient, be an Asylee, or hold an H-1B visa with a U.S. Citizen cosigner, 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 will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.74% APR to 10.24% (4.49% - 9.99% .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% to 10.24% (5.88% - 9.99% .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 a month, but there is no limit on the amount that the rate could increase at one time. 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 require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
*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.
Earnest Loan Cost Example: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. Your actual repayment terms may vary.
The information provided on this page is updated as of 11/21/2025. 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, possess a Permanent Resident Card (10-year non-conditional or 2-year conditional), be a Deferred Action for Childhood Arrivals (DACA) Recipient, be an Asylee, or hold an H-1B visa with a U.S. Citizen cosigner, 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 will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.74% APR to 10.24% (4.49% - 9.99% .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% to 10.24% (5.88% - 9.99% .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 a month, but there is no limit on the amount that the rate could increase at one time. 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 require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
*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.
Earnest Loan Cost Example: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $101.46) and a 10.74% APR would result in a total estimated payment amount of $24,350.40. Your actual repayment terms may vary.
The information provided on this page is updated as of 11/21/2025. 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 4.49% - 10.30% (4.49% - 10.30% APR). Variable interest rates offered by the lenders on Credible.com range from 4.39% - 11.41% (4.39% - 11.41% 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 4.49% - 10.30% (4.49% - 10.30% APR). Variable interest rates offered by the lenders on Credible.com range from 4.39% - 11.41% (4.39% - 11.41% 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.
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 10/01/25. 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 10/01/25. 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.
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.
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 11/17/2025 student loan refinancing rates range from 4.39% to 9.34% 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 11/17/2025 student loan refinancing rates range from 4.39% to 9.34% 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.
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.
Private Student Loans
Student loan refinance is another type of private student loan; one that combines different education debt under one roof. Just like in-school private loans, a refinanced loan is based on creditworthiness. This is important to note because you’ll want to get an understanding of your child’s ability to qualify for the loan.
When completing the application, your son or daughter can include the in-school, cosigned private student loans you helped them borrow. And some lenders will also permit a child to assume non-cosigned education debt you borrowed on their behalf, such as Federal Parent PLUS Loans.
Federal Student Loans
The only type of federal student loan that can be cosigned is a Parent PLUS Loan. Unfortunately, the federal PLUS Loan does not offer cosigner release. This is true regardless of how many on-time payments have been made, or whether your cosigner can assume the debt on their own.
Parent Plus Loans
If you had a cosigner (also known as an endorser) on your Parent PLUS Loan, there are two options for cosigner release.
- Student loan refinancing with a private lender. (Some lenders allow you to transfer your debt to your child through refinancing. Your son or daughter would simply list your Parent PLUS Loan on their refinance application.)
- A federal Direct Consolidation Loan
Federal Consolidation Loans
Similar to refinance, federal consolidation loans allow you to combine multiple loans together. However, this is limited to federal loans, including Parent PLUS Loans with an endorser. Consolidation can release the endorser (cosigner) from the loan because the underlying loan will be paid in full once consolidated. But the consolidation would be in your name. The government does not allow your child to assume your PLUS Loans in a federal consolidation under their name, even though you’ve borrowed the loan on their behalf.
Of course, this does not address cosigned private student loans, but it is something to consider if you’re looking to release a cosigner from federal PLUS loans outside of refinancing.
- Refinancing is the only option that allows you to combine cosigned private loans with Parent PLUS Loans (along with others), thereby removing a cosigner or removing yourself as the cosigner
- Federal consolidation loans are eligible to be included in a refinanced loan
Public Service Loan Forgiveness (PSLF) Program
Before including a cosigned Parent PLUS Loan in a student loan refinance, you should know that benefits and protections such as PSLF would be forfeited. Once your federal loans are paid in full and the debt is restructured with a private lender, all federal assistance programs are lost. This not only includes loan forgiveness, but also deferment and forbearance eligibility, along with Income Driven Repayment (IDR) plans.
Income Driven Repayment (IDR) Plans
Some unique benefits provided in the federal student loan program include Income Driven Repayment plans (or IDR). You may have also heard about the newer Repayment Assistance Plan (RAP) which is available if you’ve borrowed new loans on or after July 1, 2026. Essentially, these alternative payment plans give you an opportunity to adjust your monthly payments to something more affordable based on a percentage of your income. Some plans even take your family size into consideration.
If you’re looking to transfer a Parent PLUS Loan (cosigned or not) to your child, know that you would be sacrificing income-driven repayment plans in the process. Refinanced student loans do not offer comparable repayment arrangements.
You may find that some lenders give you a choice regarding the length of repayment (i.e. 7 years, 10 years, 15, years, etc.). But income-based payment amounts are not offered.
Good Credit Scores
Having a good credit score is essential when applying for student loan refinancing. Lenders require a strong FICO® Score (in the ‘good’ to ‘very good’ range or higher). And a cosigner, such as a spouse, can be added. Cosigners can also help with getting a lower interest rate.
Credit History
When it comes to transferring a cosigned private student loan, there are a couple of things to note regarding credit history.
- After the loan has been transferred to your son or daughter through the refinance, your credit profile will show the loan as paid in full. The specific impact to your credit score will depend on several factors, but typically individuals can expect to see some improvement in their overall score due to reduced overall debt.
- If your son or daughter does not already have a clear understanding of their credit history before applying for a student loan refinance, encourage them to go to annualcreditreport.com for a free copy of their credit history. It’s a good idea to ensure the report is accurate and does not contain any fraudulent activity.
Loan Servicer
Throughout the application process, continue to make regularly scheduled payments to your loan servicer. They will send written confirmation once the loan has been paid in full.
Interest Rate
You can find competitive interest rates for student loan refinancing starting around 4.47%. And some lenders may offer the choice between a fixed or variable rate.
If you choose to consolidate your Parent PLUS Loans in the federal program, the interest rate would be a weighted average of all the underlying loans, rounded up to the nearest one eighth percent.
Loan Term for Refinancing
The loan term will depend on the total overall balance being refinanced. The higher the balance, the longer the repayment term; although there is no prepayment penalty for refinanced student loans.
Shorter Repayment Terms
A shorter repayment term will save money in total interest paid over the life of the loan. Of course, payments can be accelerated at your own discretion, as well.
Reduce Your Monthly Payments
A primary motivation for transferring parent loans is to reduce your monthly payments. Again, refinancing and cosigner release are the only two options to remove your obligation for cosigned private loans, whereas federal consolidation allows you to remove a cosigner (endorser).
