Apply for a Student Loan Refinance Plan in Minutes

refinance student loans

Student loan refinance has become very popular with college graduates looking to save money — and for good reason. Refinancing rewards professionals that have steady income and good credit with low rates and less interest.

There are plenty of lenders out there competing for your business. With Purefy’s free tools, you can find the best interest rate and apply for a student loan refinance in minutes — without having to fill out five different forms just to compare the best refinance companies.

When you refinance student loans, you finally have a chance to:

  • Save money on interest costs with a lower rate, and have more cash for other goals
  • Pay off your loans sooner — and get rid of college debt for good
  • Choose the loan term that you want, not one you signed up for years ago
  • Select a monthly payment that works for your specific situation
  • Switch to a new lender with a modern website and real customer service

Sound complicated? That’s where Purefy comes in. We’ll help find out if refinancing and consolidating student loans can benefit you, in just a few minutes of your time — without giving away your personal info or affecting your credit score.

That’s why we built our rate comparison tool. Just answer a few simple questions, and our technology will provide you with estimated interest rates for each lender where you qualify.

Compare Student Loan Refinance Rates with No Credit Check

Purefy’s tools let you compare savings from the best lenders.

penfed credit union
college ave student loans
iowa student loan

Student loan refinance comparison – interest rates, lenders, terms, and eligibility

earnestU.S. Citizen
or Permanent Resident
living in an eligible state
2.98% – 5.49% APR21.99% – 5.34% APR25-20 yearsNo minimumMin: $5,000
Max: $500,000
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penfed credit unionU.S. Citizen2.99% – 5.15% APR42.25% – 4.61% APR45, 8, 12, or 15 years$42,000
($25,000 with a
qualified cosigner)
Min: $7,500
Max: $300,000
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iowa student loanU.S. Citizen
or Permanent Resident
3.25% – 7.78% APR3Not offered5, 7, 10, 15, or 20 yearsNo minimumMin: $5,000
Max: $300,000
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college ave student loansU.S. Citizen
or Permanent Resident
3.34% – 6.54%
3.24% – 6.04% APR15-20 years1$65,000Min: $10,000
Max: $300,000
(depends on degree type)1
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Choose the best student loan refinance company and apply

College Ave

Visit College Ave

  • Extremely flexible terms –pick any term of your choosing between 5 and 20 years
  • The maximum loan amount is $300,000 for medical, pharmacy, dental or veterinary doctorate degrees. All other degrees have a maximum loan amount of $150,000.

College Ave student loan refinance review


Visit Earnest

  • Extremely flexible terms –pick any term of your choosing between 5 and 20 years
  • You can refinance before you graduate if you are going to complete your degree this semester
  • High maximum loan limit of $500,000
  • Applicants must currently reside in the District of Columbia or one of the 48 states Earnest lends in (all but Kentucky and Nevada).
  • Earnest is not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
  • Applicants must be the primary borrower on the student loans they would like to refinance, and the loans must have been for their own education
  • Earnest does not have a cosigner option

Earnest student loan refinance review

Iowa Student Loan

Visit Iowa Student Loan

  • Loans are available nationwide — not just to Iowans
  • Borrowers with an associates degree or no degree are eligible to refinance
  • Armed forces interest reduction – qualifying active duty service members get 0.00% interest for up to 24 months
  • Offers graduated repayment plans that begin with lower payments that increase gradually during the life of the loan
  • Loan forgiveness if the borrower dies or becomes totally and permanently disabled
  • Only offers fixed-rate loans


Visit PenFed

  • Spouse couples can combine loans into once refinance loan
  • Borrowers become a member of the credit union
  • Cosigner release available after just 12 consecutive on-time payments (not eligible for couple loans)
  • No formal forbearance policy – forbearance is considered on a case by case basis should the borrower encounter a financial hardship
  • Parents can refinance loans in the child’s name, and vice versa.

PenFed student loan refinance review

Student loan refinance basics

How to choose the best student loan refinancing options

Most people who are looking for the best student loan refinance and consolidation solution will choose the company offering the best interest rate on their preferred repayment term.

Purefy’s rate comparison tool is an easy way to compare lenders and find the best student loan refinance. You will be presented with real, prequalified rates from a selection of quality, vetted lenders — all based on your specific details, credit score, and borrower profile. There are no teaser rates to worry about, and checking rates on Purefy has no impact on your credit score.

This lets you make an informed decision by comparing rates, terms, and monthly payments all in one easy, sortable chart.

By finding a solution with a lower interest rate, more of your payment goes toward the loan principal rather than interest — allowing you to save a significant amount of money.

That said, there are other things to keep in mind. Besides the different eligibility criteria and loan limits each company has, many have unique benefits, some of which may be more valuable to you than simply choosing the best student loan rates.

For example, if you’re looking to refinance student loans with a cosigner in order to qualify (or to get a better rate), you might be interested in a lender that offers a cosigner release program, so that you can remove your parents from the loan once your credit is more established. Some lenders also offer deferment options for borrowers who want to pursue graduate degrees — if this is something you plan on doing, that added flexibility may be a key decision factor in deciding where to refinance and consolidate student loans.

How to apply for a student loan refinance plan

Once you have compared rates and selected your best student loan refinance option, you will be taken to the lender’s application, which generally takes less than 15 minutes to complete.

On the application, you will have to include personal information, employment details, and information about your current student loans. It’s a good idea to get your student loan statements together before you apply, to speed up the process.

Once you apply to refinance student loans and are preapproved, the lender will ask you for documents to verify the information on your application — this usually includes an ID, paystub, and loan statements, but may include other documentation, depending on the lender’s guidelines.

When you get approval and finalize your student loan refinance, your new lender will pay off your old loans, and set up a new loan in your name with your new rate and term.

Why you should consider refinancing student loans

The main reason that people refinance is to get a lower interest rate, a more favorable repayment term, or both. But there are other great reasons to choose student loan refinancing, too.

Save More Money with a Lower Interest Rate

If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce the total interest you pay (all else being equal).

With more money in your pocket, you’ll have more available funds to take care of your other financial needs and life goals — or pay off your student loans even faster.

Not only would a lower rate save you money on interest costs, but it can also lower your monthly payment to make it more affordable.

Reduce Your Monthly Payment with a Longer Repayment Term

Obtaining a lower interest rate can decrease your monthly payments, but so could refinancing to a longer repayment term.

By selecting a longer term, you can ensure that your monthly payment is as low as possible to provide some relief to your monthly budget. Plus, you’ll have more expendable cash for other necessary expenses.

Pay Off Debt Faster with a Shorter Repayment Term

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years.

By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.

Change to Only One Monthly Payment

Another big benefit of refinancing student loans is that it consolidates your loan payments into one.

All your existing student loans that are refinanced will be consolidated into one new loan — with only one monthly payment and one loan servicer to worry about. If you hate the hassle of keeping track of multiple payments, potentially with multiple loan servicers, then student loan consolidation can be a smart way to simplify your finances.

Drop a Cosigner from Your Loan

Did you apply for a private student loan in college with a cosigner? If your credit is good enough, refinancing student loans solely in your own name releases your cosigner from their duties of being equally responsible for your monthly payments until the debt is paid in full.

Get a Variable Interest Rate

Do you currently have a fixed interest rate with your student loans? Many private lenders offer both fixed and variable rates, which can be an attractive change for some borrowers.

Unlike a fixed rate, which stays the same for the entire life of the loan, variable rates fluctuate based on the current market rates.

Variable rates tend to start out lower than fixed rates, so it can be a smart decision to gain extra savings while your rate is reduced, if you’re planning to pay off your debt in the next couple of years.

Choose a Lender with Better Service

With federal loans, you don’t get a say in who your student loan servicer is. By refinancing your loans, you’ll have the opportunity to choose a lender based on their service and benefits to make your life and money management a little easier.

Deciding to refinance federal student loans

When you apply to refinance student loans, you can choose which of your federal student loans and private student loans to include. If some of your federal loans have great rates already, you don’t have to include those — you can decide to only refinance the ones with higher interest.

But keep in mind — your federal student loans come with valuable benefits that you will lose by refinancing including:

  • Access to Income-Driven Repayment plans
  • The chance to enter into federal forbearance or deferment
  • The ability to qualify for loan forgiveness programs

It’s important to keep these in mind when considering whether to refinance your student loans.

If you don’t want to give up the federal benefits, but still want to take advantage of a student loan consolidation, your best option may be a federal Direct Consolidation Loan rather than refinancing. You apply for this student loan consolidation with the federal government, and all your federal student loans are combined into one new loan. Your interest rate will be based on the weighted average of your previous loans.

This is different from student loan refinancing, in which you can get a lower rate, if you qualify. Ultimately, a federal student loan consolidation will help simplify your finances, but is unlikely to save any money, compared to refinancing.

Getting approved for student loan refinancing

Each student loan refinance lender has basic eligibility requirements. For instance, different lenders have different citizenship requirements. While one may require both the borrower and cosigner to be U.S. Citizens, another may only require you to be a permanent resident. While comparing your refinance options, you can also compare basic requirements and see special program features for each lender.

After determining that you meet the basic eligibility requirements, you’ll want to consider if you’ll qualify for the interest rate you want. Although each lender has different methods for determining creditworthiness, below is what lenders typically look for in a student loan refinance applicant:

  • Credit Score
  • Income
  • Debt-to-income ratio
  • Employment history
  • Degree and school
  • Repayment history and negative public records

Which is the best student refinance lender for you?

Student loan refinancing is an effective way to manage your debt — helping you to save money, reduce your payment, and streamline your loans.

Refinancing is a smart choice for those with good credit, a stable income, and who don’t plan on using their federal loan benefits. By doing your homework and comparing your refinancing options, you can ensure you make the right decision for your financial needs.

And by using Purefy’s rate comparison tool, you can quickly and easily view interest rates, terms, and more from the best lenders — all in one place.

Just share a few details about yourself and your student loan debt with one simple form. You’ll then be able to shop around — without needing to visit each lender’s website while filling out multiple cumbersome applications. Simply choose your best refinancing solution, and apply.

1College Ave Rate Disclosure:

College Ave Student Loans products are made available through either Firstrust 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. College Ave Refi Education loans are not currently available to residents of Maine. The 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. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal Á Interest Repayment and 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. Information advertised valid as of 11/16/2020. Variable interest rates may increase after consummation.

2Earnest Rate Disclosure: 

Earnest’s fixed rate loan rates range from 2.98% APR (with autopay) to 5.49% APR (with autopay). Variable rate loan rates range from 1.99% APR (with autopay) to 5.34% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin to the one 0.31% and 4.96% to the one month LIBOR. The rate will not increase more than once per month LIBOR. Earnest rate ranges are current as of 11/1/2020 and are subject to change based on market conditions and borrower eligibility.

3Iowa Student Loan Rate Disclosure:

Fixed Rate Loan Terms: 5 years/60 monthly payments, 7 years/84 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments, or 20 years/240 monthly payments. Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. This rate is expressed as an APR. Fixed APRs range from 3.25% to 7.78% APR [low to high range with 0.25% auto-debit rate reduction]. Rates are subject to change without notice. Fixed rates will not change during the term. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan including a 0.25% auto-debit rate reduction. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your cosigner [if applicable]. If applying with a cosigner, we use the higher credit score between the borrower and the cosigner for approval purposes. All loans are subject to credit approval.

4PenFed Rate Disclosure:

Fixed Rate Loan Terms: 5 years/60 monthly payments, 8 years/96 monthly payments, 12 years/144 monthly payments or 15 years/180 monthly payments. Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 2.99% to 5.15% APR [low to high range]. Variable rates range from 2.25% to 4.61% APR [low to high range]. Rates are subject to change without notice. Fixed APR: Fixed rates will not change during the term. This rate is expressed as an APR. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan. Variable APR: Variable rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2020, the one-month LIBOR rate is 0.15%. Variable interest rates range from 2.25% to 4.61% (2.25% to 4.61% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

At Purefy, we do our best to keep all information, including rates, as up to date as possible. Keep in mind that each private student loan refinancing lender has different eligibility criteria. Your actual rate, payment and savings may be different based on credit history, actual interest rate(s), loan amount, and term, including your co-signer [if applicable]. If applying with a co-signer, lenders typically use the higher credit score between the borrower and the co-signer for approval purposes. All loans are subject to credit approval by the lender.

Purefy’s comparison platform is not offered or endorsed by any college or university. Purefy is not affiliated with and does not endorse any college or university listed on this website.

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

Purefy reserves the right to modify or discontinue products and benefits at any time without notice.

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