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Compare Student Loan Refinance Rates

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Today’s Rates Starting From 4.49% APR1

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We’re here to simplify student loan refinancing.

How Purefy Works: Our Rate Comparison Process

Join the 300,000 people and counting who have compared student loan refinance rates with Purefy.


Complete Form – 2 Minutes

Fill out basic details about your student loan situation.

Choose your refinance goal

Select your lender


Compare Rates – 15 Seconds

See real, pre-qualified rates from a variety of nationwide lenders tailored to you.


Submit Application – 15 Minutes

Select your favorite combination of rate, term, and monthly payment, then head straight to our lender partner to apply.

Submit your application

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Purefy is 100% free to use and will never charge you a fee.

Actual Prequalified Rates

See today’s real-time rates that you’re prequalified for without any teasers or bait-and-switch.

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How Student Loan Refinancing Saves People Money

$16,736 in Savings

An Industrial Engineer from University of Central Florida reduced her lifetime interest by $16,736 from $38,396 to $21,660

Interest Rate Cut in Half

A University of Cincinnati graduate saved over 3% on his interest rate by refinancing from 6.24% to 2.99%


$130 Lower Monthly Payment

A Surgeon from Rosalind Franklin University of Medicine and Science lowered her monthly payment from $483 to $353, saving $130 each month

1% Lower Rate With Cosigner

A Registered Nurse from West Coast University saved 1% on his rate and over $5k in interest by refinancing with a cosigner

See How Much You Can Save

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Student loan refinancing combines your current loans into a single loan with a new rate and term. See how much you can save by entering your loan information below, or by getting quotes from multiple lenders using Purefy’s rate comparison tool.

Step 1: Enter Current Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
Current Monthly Payment
The total amount of your monthly student loan bill.
Add Multiple Loans to Calculate

Step 2: Enter New Loan Information

New Interest Rate
Your updated interest rate after refinancing student loans.
The length of time you have to repay your student loan debt in full.

Add Multiple Loans

Insert additional loan

Step 3: See How Much You Can Save


Lifetime Interest


New Monthly



Current Loan New Loan Savings
Rate 6.7% 4.2% 2.5%
Lifetime Interest $37,520 $22,210 $15,310
Monthly Payment $1,146 $1,018 $128

Like what you see? Check your actual prequalified rates from the industry’s top lenders in just 2 minutes or less.

FAQ: Student Loan Refinancing, Rate, & Comparison Basics

Student loan refinancing is a process where you take out a new loan through a private lender for the amount of your current debt. You then use the new refinanced loan — which has a different interest rate, monthly payment, and length of repayment than your old loans — to pay off your remaining college debt.

Save Money

When you refinance, you may qualify for a lower interest rate. With a lower rate, more of your payment goes toward the loan principal rather than interest, allowing you to save a significant amount of money over the life of your new loan.

Lower Your Monthly Payment

Refinancing allows you to lengthen your repayment term, in addition to potentially lowering your interest rate. Either way, you could be eligible for a lower monthly payment, freeing up more money in your budget to pursue other financial goals.

Pay Off Your Debt Faster

With more of your loan payment going toward the principal rather than interest, refinancing can help you pay off your debt ahead of schedule. You’ll save money while getting out of debt much more quickly.

Shortening your repayment term will also get you out of debt faster. This method will increase your monthly payment, but you’ll also save money in the long run by reducing the amount of time for interest to accrue.

Get One Easy Payment

Did you take out more than just one student loan? Or maybe you have a mix of both federal and private student loans? Juggling multiple loans, servicers, monthly payments, and due dates can be complicated.

Refinancing can help streamline things for you by consolidating your student loans together. After refinancing, you will have just one loan to manage through one lender, and one easy monthly payment going forward.

Lose Access to Income-Driven Repayment Plans

Income-driven repayment (IDR) plans extend your repayment term and cap your monthly payments at a percentage of your discretionary income — dramatically reducing your payments. However, once you refinance your loans, you can no longer qualify for IDR plans.

If you’re in a low-paying field or your income fluctuates from year-to-year, refinancing may not be a smart option compared to keeping your federal loans with an IDR plan.

Lose Chance to Enter Loans into Deferment or Forbearance

With federal loans, you can enter into deferment or forbearance if you experience a financial hardship like an illness or job loss. Under these programs, you can postpone making payments without entering into default which gives you time to get back on your feet.

Once you refinance, you will lose out on this federal benefit, although many private lenders do offer some degree of protection. If you work in a volatile field or have recurring health issues, it could be wise to maintain the option of placing your loans into deferment or forbearance if needed.

Lose Ability to Qualify for Federal Student Loan Forgiveness

Some federal student loans are eligible for loan forgiveness programs such as Public Service Loan Forgiveness. But after refinancing, you can no longer qualify for loan forgiveness.

If you work for a non-profit organization or government agency and plan to do so for the next ten years, it may be a smart financial decision to pursue loan forgiveness rather than student loan refinancing.

Are you considering refinancing your student loans? Its important to shop around to get the best loan available. By using Purefy’s rate comparison tool, you can compare options from a variety of lenders in one place with one simple form.

The tool also allows you to calculate how your current loans compare to your refinancing options.

When comparing student loan refinance offers, make sure to review more than just the rates. Look at other features each lender offers, including deferment and forbearance terms, and autopay discounts.

With this holistic approach, you can ensure that you’ll apply for the best loan for your unique needs with the lowest possible interest rate — allowing you to save the most money in the long term.

If you’re thinking of refinancing student loans, use Purefy’s rate comparison tool to view rates and terms from the best lenders convenient form.

Simply share a few details about yourself and your debt, and you’ll be able to shop around without needing to visit each individual lender’s website and fill out multiple cumbersome applications.

It’s an easy way to compare lenders and find the best student loan refinance option. You’ll be presented with real, prequalified rates from a selection of quality, vetted lenders. These rates are based on your credit score and borrower profile — no teaser rates to worry about. Plus, comparing rates with Purefy has no impact on your credit score.

You can make an informed decision by comparing rates, terms, and monthly payments all in one easy, sortable chart. You can also try adding a cosigner, to see if you can qualify for an even lower rate.

If you like what you see and select a lender, you will be taken to their specific loan application. It takes just seconds to find your rates, and a student loan refinance loan application generally takes less than 15 minutes to complete.

If you’re looking for ways to simplify your student loan repayment strategy or pay off your debt more quickly, you may be considering student loan refinancing or consolidation.

Neither option is inherently better, so it’s important to know your needs and goals before pursuing one.

Consolidation is usually best for people who don’t have a stable income or have low income, and who may need access to an income-driven repayment plan. It can also be a smart option to consider if you already have low interest rates and just want to combine multiple payments into one.

On the other hand, refinancing student loans is typically a better choice if you have high interest rates or want more flexibility with payments and don’t need federal loan benefits. Refinancing tends to be a smart decision if you have a strong credit history and steady income (or if you can find a co-signer with those attributes) for the best possible rates.

If you want to refinance student loans but aren’t eligible on your own or with a co-signer, work on boosting your credit and income to improve your chances of qualifying.

Student loan refinancing is an effective way to manage your debt, save money, reduce your payment, and streamline your loans. However, refinancing has some significant drawbacks you should consider before applying for a loan.

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

Your credit score is a numeric value, ranging from 300 to 850, which is determined by your credit history. Your score is calculated using various factors, such as payment history, length of credit history, amounts owed, types of credit, and applications for new credit. 

Refinancing companies require a good credit score (generally in the 650-700 range) to qualify and an excellent credit score to get the best rates. If you are unsure what your credit score is, you can see if you qualify to refinance student loans using our free Compare Rates tool — with no impact on your credit score.

If you’re specifically looking to refinance student loans in order to reduce your interest rate, there are many factors that lenders will consider when deciding which rate to offer you.

Private student lenders use a risk-based pricing model to decide which interest rate and other terms to give you. This means that if you’re considered a risky borrower, you’ll be offered a higher interest rate versus someone who’s viewed as a lower risk.

Some of the factors that lenders use to determine your interest rate include:

  • Your credit score
  • Information on your credit report
  • Your income and employment status
  • How much total debt you have

In other words, simply having a high credit score may not be enough. For example, if your credit history is limited or you have a high debt-to-income ratio (a large percentage of your monthly gross income goes toward debt payments), it could lead to a higher interest rate than you expected.


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