Skip Navigation
Edvisors Star Logo
Edvisors Logo
  • Compare Lenders
      • Compare Lenders
      • Best Private Student Loans in September 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Compare Lenders
      • Best Student Loan Refinance Companies for September 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      refinance student loans with college ave get started

      This is an advertisement.

    • Private Student Loans
    • Refinance Student Loans
  • Plan for College
      • Best Job Search Sites September 2023
      • Resumes That Get Noticed
      • High Paying Careers
      • STEM Careers
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Measuring Academic Fit: Reach, Match and Safety Schools
      • Need-Blind Admissions
      • How Long is a College Essay
      • When are College Applications Due
      • How to Write a Good College Essay
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA Deadlines for 2023-2024
      • FAFSA FAQ - Your FAFSA Questions Answered
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Most Popular Scholarships for College Students in 2023
      • Apply for Free Scholarships for College
      • College Scholarships for Kids
      • Most Prestigious Undergraduate Scholarships
      • Las mejores becas para estudiantes hispanos y latinos
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • How to Pay for College
      • Tuition Payment Plans
      • Pros and Cons: Borrowing From My 401K to Pay for College
      • Paying College Tuition with a Credit Card
      • Best Ways to Pay for College Without Financial Aid
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Financial Aid Disbursement: When and How You Will Get It
      • Should I Pay Off My Student Loans Right Now
      • How to Minimize Student Loan Debt
      • View All Articles >
      Edvisors 1000 College Scholarship

      This is an advertisement.

    • Careers
    • College Admissions
    • FAFSA
    • Scholarships
    • Paying for College
    • Student LIFE Blog
  • Student Loans
      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • FAFSA Deadlines for 2023-2024
      • FAFSA School Codes
      • FAFSA 2023-2024 Guide & Resources
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Private Student Loans in September 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • The complete guide to federal undergraduate student loans
      • What are Federal Parent PLUS Loans and How to Apply?
      • Financial Aid for Graduate School
      • Compare Subsidized and Unsubsidized Student Loans
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Student Loan Refinance Companies for September 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Should You Refinance Federal Student Loans?
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      Jar with coins labeled Student Loan Repayment next to text that reads Student Loan Repayment Relief.  Win $2,500 to pay down your student loan debt.  Enter Now.  FitBux EdvisorsThis is an advertisement
      • Sallie Mae Student Loan Review
      • College Ave Student Loan Review
      • SoFi Student Loan Review
      • Ascent Student Loan Review
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

    • FAFSA
    • Private Student Loans
    • Federal Student Loans
    • Repay Student Loans
    • Lender Reviews
  • Credit Cards
      • Petal® 2 Visa® Credit Card Review
      • SoFi Credit Card Review
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Best Credit Cards for 2023
      • Best Cash Back Credit Cards
      • Best 0% Introductory APR Credit Cards
      • Best Secured Credit Cards for 2023
      • Best Balance Transfer Credit Cards
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • How to Build Credit?
      • What Age Can You Get a Credit Card?
      • What is a Secured Credit Card?
      • What is an Unsecured Credit Card?
      Edvisors 1000 College Scholarship

      This is an advertisement.

    • Card Reviews
    • Best Credit Cards
    • Credit Card FAQs
  • Money Management
      • Best Budgeting Apps September 2023
      • Budgeting Tips
      • Budgeting for Beginners
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • Financial Goals
      • How to Save Money as a College Student
      • What is an Emergency Fund
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • How to Pay Off Debt
      • Debt Relief
      • What is a Debt Management Plan
      Edvisors 1000 College Scholarship

      This is an advertisement.

      • How to Check Your Credit Score
      • Best Credit Building Apps September 2023
      • What is Credit?
      Self Credit Builder: Build Credit. Build Savings. Build Dreams.

      Sponsored Ad

      • Investing for Beginners
      • Best Investment Apps September 2023
      • Understanding the Stock Market
      Invest in rental homes share by share.

      Sponsored Ad

      • What is Risk Management
      • How to Prevent Identity Theft
      • What is Insurance
      Info compromised in a breach? Don't compromise on identity theft protection.

      Sponsored Ad

    • Budgeting
    • Saving
    • Debt Management
    • Credit
    • Investing
    • Risk Management
  • Student LIFE Blog
Search Box Form
Want to Win $2,500 in Student Loan Repayment Relief?
Enter Here
Advertisement Disclosure
Advertisement Disclosure
×

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

×
Get Your Free Guide to Filing the FAFSA Today!

Thank you for your interest in Edvisors' 2020-2021 Guide to Filing the FAFSA.

Please complete the form below to access your free copy.

Thank you! Click here to download your free FAFSA Guide.

I am a:

×
College knowledge starts here!

Enter your email below to receive your Student Loan Handbook from Edvisors.

Please check your email for the Student Loan Handbook.

After Navigation
Home Student Loans Student Loan Refinance How to Pay Off Student Loans Fast
  • Contents
  • 1. Enroll in Automatic Payments
  • 2. Make Bi-Weekly Payments
  • 3. Make Extra Payments
  • 4. Make More than the Minimum Payment
  • 5. Make Payments While in College
  • 6. Paying Off Outstanding Interest to Avoid Capitalization
  • 7. Create a Budget
  • 8. Use a Savings App
  • 9. The Debt Snowball Method
  • 10. The Debt Avalanche Method
  • 11. Refinance Your High-Interest Student Loans
  • Compare Top Refinance Lenders
  • What to Read Next

How to Pay Off Student Loans Fast

edvisors star logo
By Edvisors Network
Updated on September 26, 2022
Email This Article
Fill out the form below to send a copy of this article to your email.
By clicking "Submit" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
A copy of this article has been sent to your email.

You have student loan debt and you want to pay it off faster. The good news is there are many actions you can take to aggressively tackle your debt and pay your student loans off quickly. Let’s start with some of the simplest things you can do to reduce your student loan debt that shouldn’t increase your financial burden.

1. Enroll in Automatic Payments

Many private student loan lenders offer an interest rate discount to borrowers who enroll in automatic payments. This discount is typically 0.25% though some lenders offer a 0.50% discount. Enrolling in automatic payments can also help you avoid late fees by accidentally missing a payment.

2. Make Bi-Weekly Payments

With this strategy you make half of your monthly payment every two weeks. By doing this, you’ll end up making an extra payment each year, because you will make 26 half payments, rather than 12 full payments. Not only will this reduce your loan balance faster, but it can also save you money on interest.

Be sure to request that your lender apply any extra payments to the loan principal, rather than the next month’s payment.

Some lenders may not allow bi-weekly automatic payments, in which case you will have to make your payments manually.

Note: Pay attention to your loan due date when making bi-weekly payments to ensure both of your payments are received on time. You need to make sure you pay your monthly payment amount in full every month.

Now let’s get into the strategies that may require you to make more of a financial sacrifice in order to pay your student loans off faster.

3. Make Extra Payments

If you want to pay off your student loans faster, the best way to do that is to make extra payments. You can make additional payments toward your loan each month on top of the payment you are required to make, or you can make extra payments sometimes, for example if you’ve received some money as a gift or a bonus at work. Be sure to request that your lender apply any extra or over payments to the principal balance on your loan.

4. Make More than the Minimum Payment

If you make all of your minimum payments on time, you will pay off your student loan in the original agreed upon timeframe between you and your lender. However, if you make more than the minimum payment, even if that amount is small, such as ten dollars, you will pay your loans off sooner. For example, if your monthly payment is $50 per month and you pay $60 per month, by the end of the year you have applied an additional $120 toward your debt. That’s nearly two and a half months’ worth of payments you have eliminated, simply by adding an additional ten dollars to your payment amount! Be sure to request that any over payment be applied to the principal balance of your loan.

5. Make Payments While in College

If your student loans don’t require you to pay while in college, that doesn’t mean you shouldn’t. Other than Direct Subsidized Loans, you are responsible for the interest that accrues on your loans while in college. You can make interest only payments which will be applied to the interest accruing on your loan.

Here's Why You Might Want to Do This

Once your loans enter repayment, the interest is capitalized (i.e., added to your loan principal balance and then you pay interest on that new increased balance). If you have paid all of the interest while in college, there is no interest to capitalize and your loan principal will reflect the amount you originally borrowed when your grace period ends.

You’re not limited to interest-only payments while in school. If you are working it is wise to make whatever payments you can toward your student loans to reduce the overall interest you will pay and your balance when your grace period ends.

6. Paying Off Outstanding Interest to Avoid Capitalization

All federal student loans come with a grace period. This is the period of time after you’ve left school (or drop below half-time enrollment) and before you must start making payments on your student loans. At this point, the interest you have been accruing on your loans has not been added to your loan balance. If possible, pay off the accrued interest during your grace period to avoid that amount being capitalized (added to your loan principal) at the end of your grace period.

Now let’s take a look at some general strategies you can employ to help you pay your student loans off faster.

7. Create a Budget

There are few things more effective at getting your finances under control than a budget. Knowing how much money you have coming in and where it is going will help you identify areas where you can cut back and apply that money to your student loans. A budget doesn’t have to be difficult to create. There are several budgeting apps available to simplify the process.

8. Use a Savings App

There are several banks out there that let you round up the amount of your purchase to the next nearest dollar and place the difference into your savings account. This is a great way to save more money that you can then apply to your student loan balance. If your bank does not offer this feature, check out an app like ChangEd. The ChangEd app allows you to round-up your daily purchases or schedule savings based off your habits.

9. The Debt Snowball Method

The debt snowball method is a strategy to help you make physical and mental progress toward your goal of being free of student loan debt. Here’s how it works.

First, list all of your student loans from smallest balance to largest balance. Once you have your debt written down, you’ll know where to start. Begin by putting all of your extra money toward your smallest debt first. Once this debt is paid, you will take the money you were applying to that debt (and any additional funds), add it to your minimum payment amount, and tackle the next highest balance student loan.

Why the Debt Snowball Works

The idea behind the debt snowball is two-fold. It gives you an outlined method for tackling your debt, and as you knock out those smaller student loans you will feel a psychological boost from having fewer and fewer debts to pay. Sticking with the debt snowball can build momentum that keeps you motivated.

10. The Debt Avalanche Method

The debt avalanche method is another strategy for how to pay off your student loans. You’ll start by listing all of your loans and their corresponding interest rates. Once you’ve done this, identify the loan with the highest interest rate. This is the loan you will pay off first. Make the largest payment you can afford on the highest interest loan, making only the minimum payments on all other loans.

Once the highest interest rate loan is paid off, move to the next highest interest rate loan on the list in the same fashion until all of your debts are gone.

Why the Debt Avalanche Works

Tackling your loans based on interest rate can help you save money overall by knocking out your highest interest rate loans first. As you eliminate loans, you will increase the payment on each subsequent loan until all of your debt is paid in full.

11. Refinance Your High-Interest Student Loans

One of the best ways to save on student loans is to reduce your interest rate. You can do this by refinancing your high-interest student loans. When it comes to private student loans and PLUS loans, you may be able to find a more competitive interest rate in the refi market. This also allows you to roll many student loans into one, reducing the number of bills you need to pay each month. Here’s what you need to know about student loan refinancing once you have located all of your student loans.

Student Loan Refinance Calculator

$
%

 

Consider Which Loans You Want to Refinance

Refinancing student loans has the potential to save you thousands. Especially if you are using the refinance to consolidate several high-interest private student loans. You can also include federal student loans in a private student loan refinance, however, there are a few things you’ll want to consider.

Should you choose to refinance your federal student loans privately, you will forfeit your eligibility for the benefits of the federal student loan program. These may include Public Service Loan Forgiveness, Income Based Repayment, and generous periods of deferment and forbearance.

You may also look into consolidating your federal student loans through the Direct Loan Consolidation Program. This will not reduce the interest rate you pay on your federal student loans, but can help you maintain some of the federal student loan benefits while reducing the number of federal student loan payments you make each month.

Compare Student Loan Refinance Lenders

Once you have all of your student loan debt gathered up, the first thing you will want to do when looking to refinance is to compare lenders. You can compare interest rates, repayment terms, and other benefits such as interest rate deductions for enrollment in automatic payments, cosigner release, and customer service.

Compare Top Refinance Lenders

Lender

College Ave Student Loans

Recommendation
Best for Student Loan Refinancing
Repayment Terms

5, 10, or 15 years2

Interest Rates

Variable as low as: 5.99% APR1

Fixed as low as: 5.99% APR1

Apply Now More Info
College Ave Student Loans

College Ave Student Loans

  • Variable rate range: 5.99% – 11.99% APR1
  • Fixed rate range: 5.99% – 11.99% 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.

Lender

Nelnet Bank Logo

Recommendation
Best for Student Loan Refinancing
Repayment Terms

Multiple terms available

Interest Rates

Variable Rates between 6.59% - 13.25% APR1

Fixed Rates between 4.49% - 9.44% APR1

Apply Now More Info
Nelnet Bank Logo

You Put in the Work. Now Reap the Rewards.

  • Variable Rates between 6.59% - 13.25% APR1
  • Fixed Rates between 4.49% - 9.44% APR1
  • No application or prepayment fees
  • Cosigner release with 24 consecutive on-time payments2

Nelnet Bank Logo

1Interest Rates

Fixed interest rates range from 4.49% APR (with auto debit discount) to 9.44% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.59% APR (with auto debit discount) to 13.25% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month SOFR as published by the Federal Reserve Bank of New York and/or the Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.32% as of January 1, 2023.

Auto Debit Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

2Cosigner Release. A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

  • The account must have been in full principal and interest repayment for at least 24 months.
  • Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made. NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.
  • The loan must be current at the time of request.
  • The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
  • The loan must not have been permanently modified from its original terms in the credit agreement.
  • The primary borrower must be a U.S. citizen or have permanent residency in the United States.
  • The primary borrower must meet the age of majority requirement in their permanent state of residency.

Requirements are subject to change. If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

3Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your eligible cosigner, must have an annual income of at least $36,000. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

Minimum loan amount: $5,000

Maximum student loan limits:

$125,000 for borrowers with an undergraduate degree.

$175,000 for borrowers with a graduate, MBA, or law degree.

$500,000 for borrowers with a graduate health professional degree.

Nelnet Bank, and any associated logos or design marks, are trademarks or service marks of Nelnet, Inc. All loan programs and terms are subject to change or may be discontinued at any time without notice. Certain restrictions and limitations may apply.

Lender

ELFI Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Repayment Terms

5 - 20 years2

Interest Rates

Variable as low as: 5.28% APR1

Fixed as low as: 5.08% APR1

Apply Now More Info
ELFI Student Loan Refinance

ELFI Student Loan Refinance

  • 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 Education Loan Finance.1
  • Variable and fixed rates starting from 5.28% APR and 5.08% APR2
  • Prequalify in as little as two minutes
  • Award winning customer service from your dedicated Student Loan Advisor who is matched to you from the moment you sign up
ELFI Student Loan Refinance

1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance 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 08/25/23. 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 Education Loan Finance, 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 Education Loan Finance institution. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.

Lender

SoFi Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Repayment Terms

5, 7, 10, 15, 20 years

Interest Rates

Variable as low as: 5.09% APR1

Fixed as low as: 4.49% APR1

Apply Now More Info
SoFi Student Loan Refinance

SoFi Student Loans

  • Rates as low as 5.09% variable and 4.49% fixed1
  • No fees or prepayment penalties
  • Unemployment protection

Private student loans lenders: SoFi Student Loan Refinancing

1Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Lender

Splash Financial Logo

Recommendation
Best for Student Loan Refinancing
Repayment Terms

5, 10, or 15, 20 years

Interest Rates

Variable as low as: 4.74% APR1

Fixed as low as: 4.96% APR1

Apply Now More Info
Splash Financial Logo

Splash Financial Refinance Loan

  • Rates as low as 4.74%1 Variable APR and 4.96%1 Fixed APR
  • 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.

Lender

refinance student loans with earnest

Recommendation
Best for Student Loan Refinancing
Repayment Terms

5, 10, 15, or 20 years

Interest Rates

Variable as low as: 5.49% APR (with Autopay)*

Fixed as low as: 4.96% APR (with Autopay)*

Apply Now More Info
refinance student loans with earnest

Earnest Student Loan Refinancing

  • Variable rates starting at 5.49% APR (including 0.25% Auto Pay discount)*
  • Fixed rates starting at 4.96% APR (including 0.25% Auto Pay discount)*
  • 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
refinance student loans with earnest

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 5.21% APR to 10.04% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.74% APR to 9.99% 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 08/10/2023. 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 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

Apply with a Creditworthy Cosigner

If you’re a recent graduate, or do not have a strong credit or employment history, you may need to apply for a student loan refinance with a creditworthy cosigner. This is someone who will share equal responsibility for the loan with you. If you fail to make the payments, your cosigner will be responsible.

If you require a cosigner to get approved for a student loan refinance, look for a lender that offers cosigner release as an option. This allows you to release the cosigner from the loan at your request after making a series of on-time payments (typically 24 to 48 months).

What to Read Next

Student Loan Refinance

Can You Consolidate Private Student Loans

Fixed vs Variable Interest Rates

Get this article in your inbox.
Email This Article
Could You Be Saving More?
Subscribe to Edvisors' Student LIFE Newsletter to receive up-to-date financial aid information and advice, explore scholarship opportunities, loan repayment options, and learn expert strategies on how to plan and pay for college.
Newsletter Form
By clicking "Subscribe" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
Thank you for subscribing to our newsletter.
We care about your privacy

This website uses cookies to offer you the most relevant marketing and targeted advertisements which in some states may be considered a sale of your personal information. You may exercise your right to opt out by clicking on deny cookies. Please accept cookies for the optimal experience. You can withdraw or modify your consent for non-essential cookies at any time by visiting Cookie Settings page.

  • About Us
  • Websites
  • Careers
  • Team
  • Testimonials

  • Blog
  • Newsletter
  • Tools and Calculators
  • Video Resources
  • Financial Terms Glossary
  • Site Map

  • Edvisors In the News
  • Press

  • Help
  • Ask the Edvisor
  • Student Aid FAQ
  • Directions

  • Advertise
  • Become an Affiliate
  • Become a Contributor
  • Link to Us

  • Terms of Use
  • Privacy
  • General Website Disclaimer
  • Accessibility Statement
  • Interest-Based Ads
  • Notice at Collection
  • Cookie Settings
  • Your Privacy Choices Your Privacy Choices Icon

Better Business Bureau logo

Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

Copyright © 1998-2023 by Edvisors Network, Inc. All rights reserved.

All other trademarks and service marks displayed on Edvisors Network, Inc. websites are the property of their respective owners.

Edvisors Network, Inc. 350 S. Rampart Blvd, Suite 200, Las Vegas, NV 89145

Copyright © 2023 by Edvisors.com. All rights reserved.