The Easy Way To Find the Best Student Loan Refinance


Student loan refinancing has become very popular, and with good reason. With the right lender, qualified borrowers can get a lower rate on their student loans. You can also pick the repayment term of your choosing, which provides a lot of flexibility. The bottom line is that student loan refinancing can be a powerful tool to help you pay off your loans sooner, save money, and/or reduce your monthly payment.

But how do you know which is the best student loan refinance for you? Using Purefy’s rate comparison tool, all you need to do is answer a few simple questions, and you can compare your actual rate offers from multiple lenders. Your interest rates, monthly payments, and total savings from each of the student loan refinancing options will be presented to you with total transparency. No “teaser” rates, no guessing—just a quick and easy way to find the best student loan refinance.

Student loan refinance - interest rates, terms, and eligibility

Lender Eligibility Fixed
Terms Minimum
college ave student loans U.S. Citizen
or Permanent Resident
3.54% - 8.24% APR1 2.74% - 7.49% APR1 5-20 years $65,000 Min: $10,000
Max: $300,000
(depends on degree type)
earnest student loans U.S. Citizen
or Permanent Resident
living in an eligible state
3.47 - 7.59% APR2 2.27% - 6.89% APR2 5-20 years No minimum Min: $5,000
Max: $500,000
invested indiana student loans Indiana resident,
or non-resident graduate
of an Indiana school.
U.S. Citizen
or Permanent Residents only
3.69% - 7.44% APR3 3.04% - 6.68% APR3 5, 10, or 15 years $40,000 Min: $5,000
Max: $200,000
penfed student loan refinancing U.S. Citizen 3.48% - 6.03% APR4 2.74% - 7.48% APR4 5, 8, 12, or 15 years $42,000
($25,000 with a
qualified cosigner)
Min: $7,500
Max: $300,000

Which is the best lender for you?

Use our rate comparison tool to find out

Choosing the best student loan refinance company: highlights and key decision factors

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.


  • 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 47 states Earnest lends in (all but Delaware, 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


  • Applicants must be a resident of Indiana or must have graduated from an eligible Indiana school
  • Cosigner release available after making 48 consecutive on-time payments
  • Loan forgiveness if borrower dies or is totally and permanently disabled
  • Up to 36 months of in-school deferment if enrolled at least half-time at an eligible institution for the purpose of obtaining a graduate degree
  • Active duty military deferment
  • Up to 24 months of temporary hardship deferment

InvestEd student loan refinance review


  • 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

Why you should consider refinancing student loans

The main reason that people refinance is to get a lower interest rate, more favorable repayment term, or both. If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce your monthly payment and the total interest you pay, all else being equal.

You also get to choose a new repayment term when you refinance student loans—by choosing a shorter term, you can pay off your loans sooner, which saves a lot in interest costs. A longer term could be selected if your priority is to keep your monthly payment as low as possible.

Lastly, another big benefit of refinancing student loans is that you get to consolidate student loans – all your existing loans that you include will be turned into one new loan, with one monthly payment. If you hate the hassle of keeping track of multiple payments, potentially at multiple loan servicers, this is a great way to simplify your finances.

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 refinance just the ones with higher interest. Keep in mind, though, your federal student loans come with valuable benefits that you will lose if you refinance, such as access to Income-Driven Repayment plans, forbearance, and 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, which is different from refinancing. You apply for this student loan consolidation with the federal government, and all of your federal student loans will be 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, while this will help simplify your finances, you are unlikely to save any money with this type of federal student loan consolidation.

How to choose the best student loan refinance

Most people who are looking for the best student loan refinance will choose the company offering the best interest rate on their preferred repayment term. 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 need a parent to cosign on your loan 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 student loans.

How to apply for a student loan refinance

Once you have compared rates and selected the 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.

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. Information advertised valid as of 08/01/2019. Variable interest rates may increase after consummation.

2Earnest Rate Disclosure:

Earnest's fixed rate loan rates range from 3.47% APR (with autopay) to 7.59% APR (with autopay). Variable rate loan rates range from 2.27% APR (with autopay) to 6.89% 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 between 0.31% and 4.96% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of August 14 2019 and are subject to change based on market conditions and borrower eligibility.

3INvestEd Rate Disclosure:

Loan terms available are 5 years/60 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments, or 20 years/240 monthly payments. Rates are dependent on credit score, length of term and debt-to-income ratio. Fixed interest rates range from 3.69% to 7.44% (3.69% - 7.44% APR). Fixed APR examples are based on interest rates for July 1 – December 31, 2019. Variable interest rates range from 3.04% to 6.68% (3.04% - 6.68% APR). Variable APR examples are based on the quarterly interest rates effective August 1 - October 31, 2019. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. The Index is defined as the daily average of the three-month London Interbank Offered Rate (LIBOR) (currency in U.S. dollars) that was published on the Wall Street Journal website (or any generally recognized successor method or means of publication) on each business day during the following periods: December 21st through March 20th, March 21st through June 20th, June 21st through September 20th; and September 21st through December 20th. The daily average of the three-month LIBOR index for the period June 21st - September 20th, 2019 is 2.543%. Variable interest rates are subject to increase after consummation. The maximum variable interest rate is 18.00%. All loans are subject to approval. Please note: Rates, terms, and conditions are subject to change.

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 3.48% to 6.03% APR [low to high range]. Variable interest rates range from 2.74% to 7.48% 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 September 1, 2019, the one-month LIBOR rate is 2.12%. Variable interest rates range from 2.74% - 7.48% (2.74% - 7.48% 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. 



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 co-signer [if applicable]. If applying with a co-signer, we use the higher credit score between the borrower and the co-signer for approval purposes. All loans are subject to credit approval.

Purefy Student Loan Refinance Program 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.