Am I eligible to refinance my student loans?

Private Student Loan Consolidation

Private Student Loan FAQs

Student Loan Consolidation with Private Student Loan Refinancing

A private refinance loan can combine existing federal student loans and/or private student loans into a new, single loan. Offered by banks, credit unions, and other financial institutions, a private refinance loan can reduce the pressure on your budget, making it easier to manage your education debt.

Benefits of Private Student Loan Refinancing

  • Cut the monthly payments on your student loans 
  • Streamline repayment by replacing multiple loans with a single loan
  • Qualify for a lower interest rate if credit score has improved
  • Release the cosigner from current loans by qualifying for a refinance loan without a cosigner
  • Pay off loans early with no prepayment penalties

Before you decide to refinance your federal student loans into a private refinance loan, be sure to consider this drawback: You may be giving up some federal student loan benefits that are important to you.

Monthly Payment Relief

One of the key benefits of refinancing your private student loans is payment relief. When you combine all of your student or parent loans into one refinance loan, your lender may extend your repayment term, which usually reduces your monthly payment. (Note that increasing the repayment term may increase the total interest paid over the life of the loan.)

With a lower monthly payment, you’ll have more money available to cover living expenses and pay off higher interest rate debt. When it becomes more affordable, you can make larger payments to pay off your refinance loan faster and save money on interest.

Impact of Extended Repayment Term

This table shows the monthly payment reduction resulting from refinancing federal and/or private student loans into a 5% fixed rate private refinance loan.

Loan Amount Monthly Payment Before Refinancing Monthly Payment After Refinancing
(25-Year Term)
Monthly Payment Reduction Increase in Total Payments
$10,000 $79.08 $58.46 $20.62 $3,303.60
$30,000 $237.24 $175.38 $61.86 $9,910.80
$50,000 $395.40 $292.30 $103.10 $16,518.00
$75,000 $593.10 $438.44 $154.66 $24,774.00
$100,000 $790.79 $584.59 $206.20 $33,034.80

Impact of Lower Interest Rate

This table shows the monthly payment reduction resulting from refinancing a 6.84% Federal Parent PLUS loan into a 5% fixed-rate private refinance loan.

Loan Amount Monthly Payment Before Refinancing (Parent PLUS Loan, 6.84%, 10-Year term) Monthly Payment After Refinancing
(Private Refinance Loan, 5%, 10-Year Term))
Monthly Payment Reduction Amount You Save Over the Life of the Loan
$10,000 $115.29 $106.07 $9.22 $1,106.40
$30,000 $345.86 $318.20 $27.66 $3,319.20
$50,000 $576.43 $530.33 $46.10 $5,532.00
$75,000 $864.64 $795.49 $69.15 $8,298.00
$100,000 $1,152.86 $1,060.66 $92.20 $11,064.00

More Information

To learn more about private refinance loans, review answers to frequently asked questions about private student loan refinancing.

Learn More About Student Loan Refinancing

Private Student Loan Refinancing Interest Rates

Private Student Loan Refinancing Interest Rates

The interest rate on a private refinance loan is determined by the borrower's or cosigner's credit rating. See the impact of different rates on payments.

Federal Student Loan Consolidation Interest Rates

Federal Student Loan Consolidation Interest Rates

When you consolidate your federal student loans, your interest rate will be roughly the same as your current loans. See an example of the rate calculation.

Pros and Cons of Refinancing Parent Loans

The Pros and Cons of Refinancing Parent PLUS Loans

Many parents take out student loans to pay for a child's college education. Learn about the pros & cons of refinancing Parent PLUS Loans & private loans.

How Student Loan Consolidation Works

How Student Loan Consolidation and Refinancing Works

Wondering what the first steps are in consolidating or refinancing your student loans? Check out these step-by-step instructions on how to get started.

Lending Partners

Interest Rates
  • Fixed as low as 3.25% APR
  • Variable as low as 2.72% APR
Max. Loan Limits Up to $300K
Min. Loan Amount $7,500 Degree Req. Must hold at least a bachelor's degree Repayment Terms 5, 8, 12, or 15  years.
Interest Rates
  • Fixed as low as 3.99% APR1
  • Variable as low as 4.24% APR1
Max. Loan Limits
  • $150K - Undergraduate or Graduate degrees
  • Higher limits may apply for specific fields of study
Min. Loan Amount $5,000 Degree Req. Students with loans from eligible schools may apply. Repayment Terms 10 - 20 years
Interest Rates
  • Fixed rates starting at 3.39% APR
  • Variable rates starting at 2.8% APR
  • Lowest APRs reflect autopay and loyalty discounts where available.
Max. Loan Limits No Maximum
Min. Loan Amount $7,500 No degree required to refinance Repayment Terms 5, 7, 10, 12, 15, 20, +more
Interest Rates
  • Fixed as low as 3.60% APR
  • Variable as low as 2.55% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits $225K
Min. Loan Amount $5,000 Degree Req. Required completion of degree Repayment Terms 5, 10, 15, 20, 25 years
Interest Rates
  • Fixed rate range 3.25% – 7.78%1
  • No origination fees
  • No prepayment fees
Max. Loan Limits
  • Consolidate and refinance up to $300,000
Min. Loan Amount $5,0003 Reset Refinance Loan available to both parent and student borrowers. Repayment terms 5 – 20 years
Interest Rates
  • Fixed as low as 3.20% APR
  • Variable as low as 2.14% APR
  • Hybrid loan rates as low as 3.79% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits Up to $500K
Min. Loan Amount $10,000 Degree Req. Required completion of one of the following degrees at a qualified school:
  • MBA
  • JD
  • MD
  • Engineering
Repayment Terms 5, 10, 15, 20 years
Interest Rates
  • Fixed as low as 3.45% APR
  • Variable as low as 2.05% APR
  • Rates above include auto pay discount
Max. Loan Limits
  • $500K
  • Minimum qualifying credit score is 660 with an eligible cosigner
Min. Loan Amount $5,000 Degree required. Must have graduated from an eligible school. Repayment Terms: 5, 10,15, or 20 years
Interest Rates
  • Fixed from 3.49% - 8.36%
  • Variable from 2.01% - 8.88%
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits
  • $125K - Undergraduate
  • $250K - Graduate
  • $300K - Medical, Dental, Veterinary
Min. Loan Amount $5,000 Degree Req. Graduated from a LendKey eligible school Repayment Terms 5, 7, 10, 15, and 20 years
Interest Rates
  • Fixed as low as 3.37% APR
  • Variable as low as 2.35% APR
  • Lowest APRs offered include an auto-pay discount
Max. Loan Limits No Maximum
Min. Loan Amount $10,000 Degree Req. Required completion of degree Repayment Terms 5, 7, 10, 15, 20 years
Interest Rates
  • Fixed as low as 3.74% APR
  • Variable as low as 4.00% APR
  • Rates above include 0.25% auto-debit discount
Max. Loan Limits
  • $120K
  • Minimum qualifying credit score is 660 with an eligible cosigner
Min. Loan Amount $10,000 Degree required. Must have graduated from an eligible school. Repayment Terms 5, 10, or 15 years
Interest Rates
  • Fixed rate range: 3.54% – 6.24% APR1
  • Variable as low as 2.74% – 6.24% APR1
  • No application or prepayment fees
Max. Loan Limits
  • Consolidate and refinance up to $300,0003
Min. Loan Amount $5,0003 Degree required. Must have graduated from a public or private, not-for-profit, degree granting institution. Repayment terms 5 – 15 years2
Interest Rates
  • Fixed rates starting at 3.29% APR1
  • Variable rates starting at 2.39% APR1
  • No application fees or prepayment penalties
No Max. Loan Limits  
Min. Loan Amount $15,000 Must have earned a bachelor's degree from an approved post-secondary institution and program of study. Repayment terms 5 – 20 years2
Interest Rates
  • Fixed rate range: 3.44% – 7.19% APR1
  • Variable as low as 2.80% – 6.61% APR1,2
  • No application, origination, or prepayment fees
Max. Loan Limits
  • Consolidate and refinance up to $250,0003
Min. Loan Amount $5,0003 Eligibility Requirements Must be a U.S. citizen or eligible non-citizen. Must not have defaulted on any private or government student loan. Repayment terms 5, 10, 15 & 20 years2
Am I eligible to refinance my student loans?