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The terms “consolidation” and “refinancing” are often used interchangeably when it comes to student loans — but they mean something different for federal and private student loans.
- Federal student loan consolidation refers to consolidating federal loans into a Direct Consolidation Loan, which won’t change your interest rate but could extend your repayment term up to 30 years
- Private student loan refinancing — also known as private student loan consolidation — refers to paying off student loans with a new private loan that will come with a new interest rate and repayment term
You also have the option to privately refinance a federal Direct Consolidation Loan, though it’s important to consider the pros and cons before doing so.
Here’s what you should know about refinancing consolidated federal student loans:
- Can you refinance consolidated federal student loans?
- Should I refinance consolidated federal student loans?
- Requirements to refinance consolidated federal student loans
- How to refinance consolidated federal student loans
- How often can you refinance student loans?
- Consider refinancing only some of your loans
Can you refinance consolidated federal student loans?
Yes, you can refinance federal student loans that have already been consolidated. Depending on your credit, you might qualify for a lower interest rate through student loan refinancing, which could save you money on interest or even help you pay off your loan faster.
Keep in mind: While you can refinance both federal and private student loans, refinancing federal student loans will cost you federal benefits and protections — such as access to income-driven repayment plans and student loan forgiveness programs.
Additionally, you’ll no longer be eligible for the suspension of federal student loan payments and interest accrual under the CARES Act through at least Sept. 30, 2021, due to the COVID-19 pandemic.
If you decide to refinance your federal Direct Consolidation Loan, it’s important to consider as many lenders as possible. This way, you can find the right loan for you.
Here are Credible’s partner lenders that offer refinancing for both federal and private student loans:
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Loan amounts |
|---|---|---|---|---|
 Credible Rating  Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.   View details | 4.54%+ | N/A | 10, 15, 20 | $7,500 up to up to $200,000 (larger balances require special approval) |
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 2.15%+ | 1.87%+ | 5, 7, 10, 15, 20 | $10,000 up to $250,000 (depending on degree) |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.39%+<sup1 | 1.87%+1 | 5, 7, 10, 15, 20 | $10,000 to $500,000 (depending on degree and loan type) |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.99%+2 | 2.94%+2 | 5, 7, 10, 12, 15, 20 | $5,000 to $300,000 (depending on degree type) |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.16%+ | 2.11%+ | 5, 7, 10, 15, 20 | $5,000 to $500,000 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 3.91%+5 | 1.81%+5 | 5, 10, 15, 20 | $1,000 to $250,000 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.58%+3 | 2.39%+ | 5, 7, 10, 12, 15, 20 | Minimum of $15,000 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 3.47%+4 | 2.42%+ | 5, 10, 15, 20 | $5,000 – $250,000 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 2.74%+7 | N/A | 5, 7, 10, 12, 15, 20 | Up to $300,000 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 3.05%+ | 3.05%+ | 7, 10, 15 | $10,000 up to the total amount of qualified education debt |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.89%+ | N/A | 5, 8, 12, 15 | $7,500 to $300,000 |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 3.29%+ | N/A | 5, 10, 15 | $7,500 up to $250,000 (depending on highest degree earned) |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.74%+6 | 2.25%6 | 5, 7, 10, 15, 20 | $5,000 up to the full balance of your qualified education loans |
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| All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 6SoFi Disclosures |
Advantage
With Advantage, you can refinance $7,500 to $500,000 (depending on your degree and loan type) with repayment terms from 10 to 20 years.
Unlike many other lenders, Advantage also offers a graduate repayment plan that starts with low monthly payments that increase every two years — which could be helpful if you expect your income to increase over time.
3.0 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms 
Fees and Discounts Customer Experience Advantage Education Loan Student Loan Refinancing
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- Fixed APR: 4.54%+
- Variable APR: N/A
- Min. credit score: Does not disclose
- Loan amount: $7,500 up to $500,000
- Loan terms (years): 10, 15, 20
- Max. undergraduate loan balance: $250,000 – $500,000
- Time to fund: 4 months
- Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay
- Eligibility: Must be a resident of Kentucky
- Customer service: Phone
- Soft credit check: No
- Cosigner release: After 36 months
- Loan servicer: Kentucky Higher Education Student Loan Corporation
- Max. graduate loan balance: $250,000 – $500,000
- Credible Review: Advantage Education Loan review
- Offers Parent PLUS Refinancing : Yes
Pros
- Might be able to refinance up to $500,000
- Accepts fair credit scores
- Offers graduated repayment option
Cons
- Long cosigner release period (36 months)
- Limited repayment terms (only 10, 15, or 20 years)
- Must be a resident of Kentucky
Brazos
If you’re a Texas resident, Brazos might be a good option. You can refinance loan amounts from $10,000 to $400,000 (depending on your degree) with terms from five to 20 years.
4.4 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Brazos Student Loan Refinancing
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- Fixed APR: 2.15%+
- Variable APR: N/A
- Min. credit score: Does not disclose
- Loan amount: $10,000 to $400,000
- Loan terms (years): 5, 7, 10, 15, 20
- Repayment options: Military deferment, forbearance
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
- Customer service: Email, phone
- Soft credit check: Does not disclose
- Cosigner release: No
- Loan servicer: Firstmark Services
- Max. Undergraduate Loan Balance: $100,000 – $149,000
- Max. Graduate Loan Balance: $200,000 – $400,000
- Offers Parent PLUS Refinancing: Does not disclose
Pros
- Might be able to refinance up to $400,000
- 0.25% autopay discount
- No application, origination, or disbursement fees
Cons
- Only available in Texas
- Cosigner release not offered
- $60,000 minimum income requirement ($30,000 with a cosigner)
Citizens
Citizens offers refinancing on loan amounts from $10,000 to $750,000 (depending on your degree and loan type) with terms from five to 20 years.
If you already have an account with Citizens, you could get a 0.25% loyalty rate discount — plus another 0.25% off your rate if you sign up for autopay.
4.7 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Citizens Student Loan Refinancing
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- Fixed APR: 2.39%+<sup1
- Variable APR: 1.87%+1
- Min. credit score: Does not disclose
- Loan amount: $10,000 to $750,000
- Loan terms (years): 5, 7, 10, 15, 20
- Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay, loyalty
- Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 24 to 36 months
- Loan servicer: Firstmark Services
- Max. Undergraduate Loan Balance: $100,000 to $149,000
- Max. Graduate Loan Balance: Less than $150,000
- Offers Parent PLUS Refinancing: Yes
Pros
- 0.25% loyalty discount
- 0.25% autopay discount
- Degree not required
Cons
- Must have at least $10,000 in student loans to refinance
- Long cosigner release period (36 months)
- Cosigner release not available on the Education Refinance Loan for Parents
College Ave
With College Ave, you can refinance loan amounts from $5,000 to $300,000 (depending on degree type). Borrowers also have a choice from 16 repayment terms ranging from five to 20 years, which means you’ll have an easier time finding an option that will fit comfortably in your budget
4.4 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience College Ave Student Loan Refinancing
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- Fixed APR: 2.99%+2
- Variable APR: 2.94%+2
- Min. credit score: Does not disclose
- Loan amount: $5,000 to $300,000
- Loan terms (years): 5, 7, 10, 12, 15, 20
- Repayment options: Military deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: All states except for ME
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 24 to 36 months
- Loan servicer: College Ave Servicing LLC
- Max. Undergraduate Loan Balance: $100,000 to $149,000
- Max. Graduate Loan Balance: Less than $300,000
- Offers Parent PLUS Refinancing: Yes
Pros
- 0.25% autopay discount
- Variety of repayment terms offered
- Deferment and forbearance available
Cons
- Can only refinance up to $300,000, which might not be enough if you attended a more expensive program
- Not available in Maine
- Cosigner release period can range from 24 to 36 months
CommonBond
With CommonBond, you can refinance loan amounts from $5,000 to $500,000 with terms from five to 20 years.
CommonBond also offers a unique hybrid loan option that starts with a fixed rate for the first half of the loan before switching to a variable rate — this might help you save money if you plan to pay off your loan early.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience CommonBond Student Loan Refinancing
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- Fixed rate: 2.39%+<sup1
- Variable rate: 1.87%+1
- Min. credit score: 680
- Loan amount: $5,000 to $500,000
- Cosigner release: Yes
- Loan terms (years): 5, 7, 10, 15, 20
- Repayment options: Academic deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Available in all states, except MS and NV
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Loan servicer: FirstMark
- Max. undergraduate loan balance: $500,000
- Max. graduate loan balance: $500,000
- Offers Parent PLUS refinancing: Yes
- Min. income: $65,000 (for 15- and 20-year products)
Pros
- 0.25% autopay discount
- Hybrid loan option available
- Up to 24 months of forbearance over the life of the loan
Cons
- $65,000 minimum income required for 15- and 20-year loans
- Not available in Mississippi or Nevada
- Charges late fees
EDvestinU
EDvestinU offers refinancing on student loans from $2,500 to $200,000 with terms from five to 20 years. Unlike some lenders, EDvestinU doesn’t require borrowers to have graduated to be eligible for refinancing.
3.8 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience EDvestinU Student Loan Refinancing
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- Fixed APR: 3.91%+5
- Variable APR: 1.81%+5
- Min. credit score: 700
- Loan amount: $7,500 to $200,000
- Loan terms (years): 5, 10, 15, 20
- Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay
- Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
- Customer service: Email, phone
- Soft credit check: Yes
- Cosigner release: After 36 months
- Loan servicer: Granite State Management & Resources (GSM&R)
- Max. Undergraduate Loan Balance: $150,000 to $249,000
- Max. Graduate Loan Balance: $150,000 to $199,000
- Offers Parent PLUS Refinancing : Yes
Pros
- Degree not required
- 0.25% autopay discount
- No application, origination, or disbursement fees
Cons
- $30,000 to $50,000 minimum income requirement (depending on loan amount)
- Long cosigner release period (36 months)
- Can only refinance up to $200,000, which might not be enough if you attended a more expensive program
ELFI
Unlike many other lenders, Education Loan Finance (ELFI) has no maximum loan amount — you just need a minimum of $15,000 to refinance. Repayment terms range from five to 20 years (five to 10 years for parent borrowers).
4.4 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Education Loan Finance Student Loan Refinancing
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- Fixed APR: 2.58%+3
- Variable APR: 2.39%+
- Min. credit score: 680
- Loan amount: No maximum
- Loan terms (years): 5, 7, 10, 12, 15, 20
- Repayment options: Forbearance
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
- Customer service: Email, phone
- Soft credit check: Yes
- Cosigner release: No
- Loan servicer: Mohela
- Max. Undergraduate Loan Balance: No maximum
- Max. Graduate Loan Balance: No maximum
- Offers Parent PLUS Refinancing: Yes
Pros
- No maximum loan amount
- Variable-rate loans capped at 9.95% APR
- Up to 12 months of forbearance available for borrowers experiencing financial hardship
Cons
- No discounts available
- Cosigner release not offered
- Bachelor’s degree or higher required
INvestEd
INvestEd offers refinancing on loan amounts from $5,000 to $250,000 with terms from five to 20 years. Additionally, borrowers facing financial hardship could access up to 24 months of forbearance over the life of the loan (one to three months duration per forbearance period).
3.9 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms 
Fees and Discounts Customer Experience INvestEd Student Loan Refinancing
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- Fixed APR: 3.47%+4
- Variable APR: 2.42%+
- Min. credit score: 670
- Loan amount: $5,000 to $250,000
- Loan terms (years): 5, 10, 15, 20
- Repayment options: Academic deferment, military deferment, forbearance
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must be U.S. citizen or permanent resident
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: Yes
- Max undergraduate loan balance: $250,000
- Max graduate loan balance: $250,000
- Offers Parent PLUS refinancing: Yes
Pros
- 0.25% autopay discount
- Degree not required
- Up to 24 months of forbearance over the life of the loan
Cons
- Long cosigner release period (48 months)
- Charges late and returned payment fees
- Can only refinance up to $250,000, which might not be enough if you attended a more expensive program
ISL Education Lending
With ISL Education Lending, you can refinance loan amounts from $5,000 to $300,000 ($10,000 minimum for California residents) with terms from five to 20 years.
ISL Education Lending also allows borrowers to refinance while they’re still in school — though keep in mind that these borrowers will only be able to refinance $5,000 to $200,000.
4.2 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms 
Fees and Discounts Customer Experience ISL Education Lending Student Loan Refinancing
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- Fixed APR: 2.80%+
- Variable APR: N/A
- Min. credit score: 670
- Loan amount: Up to $300,000
- Loan terms (years): 5, 7, 10, 15, 20
- Time to fund: Usually one business day
- Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all 50 states
- Customer service: Email, phone
- Soft credit check: Yes
- Cosigner release: After 24 months
- Max. undergraduate loan balance: $300,000
- Max. graduate balance: $300,000
- Offers Parent PLUS loans: Yes
- Min. income: None
Pros
- Can refinance while still in school
- 0.25% autopay discount
- Offers graduated repayment option
Cons
- Rates can be higher compared to other lenders
- Longer cosigner release period than some lenders (24 months)
- Can only refinance up to $300,000 ($200,000 if you’re still in school), which might not be enough if you attended a more expensive program
MEFA
The Massachusetts Educational Financing Authority (MEFA) offers refinancing starting at $10,000 up to your total amount of qualified education debt with terms from seven to 15 years.
Keep in mind that you must have attended a public or nonprofit university to refinance with MEFA — for-profit schools aren’t eligible.
4.0 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience MEFA Student Loan Refinancing
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- Fixed APR: 3.05%+
- Variable APR: 3.05%+
- Min. credit score: 670
- Loan amount: $10,000 up to the total amount
- Loan terms (years): 7, 10, 15
- Repayment options: Military deferment, loans discharged upon death or disability
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service: Email, phone
- Soft credit check: Yes
- Cosigner release: No
- Loan servicer: AES
- Max. Undergraduate Loan Balance: No maximum
- Max. Gradaute Loan Balance: No maximum
- Offers Parent PLUS Refinancing: Yes
Pros
- No maximum loan amount
- No fees
- Degree not required
Cons
- Cosigner release not offered
- Not available to borrowers who attended for-profit schools
- No discounts offered
PenFed
With PenFed, you can refinance $7,500 to $300,000 with terms from five to 15 years. PenFed is also the only major lender that allows spouses to refinance their student loans together.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience PenFed Student Loan Refinancing
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- Fixed APR: 2.89%+
- Variable APR: N/A
- Min. credit score: 670
- Loan amount: $7,500 to $300,000
- Loan terms (years): 5, 8, 12, 15
- Repayment options: Does not disclose
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: After 12 months
- Loan servicer: PenFed
- Max. Undergraduate Loan Balance: $300,000
- Max. Graduate Loan Balance: $300,000
- Offers Parent PLUS Refinancing: Yes
Pros
- No fees
- Spouses can refinance their student loans together
- Cosigner release offered after just 12 months of consecutive, on-time payments
Cons
- No discounts offered
- $42,000 to $50,000 minimum income requirement (depending on loan amount)
- Bachelor’s degree or higher required
RISLA
Private refinanced loans generally don’t offer the benefits of federal student loans. But with Rhode Island Student Loan Authority (RISLA), borrowers facing financial hardship can sign up for an Income-Based Repayment (IBR) plan similar to the federal IBR plan.
Under this plan, your payments are capped at 15% of your discretionary income, and any remaining balance will be forgiven by RISLA after 25 years.
With RISLA, you can refinance loan amounts from $7,500 to $250,000 (depending on the highest degree you’ve earned) with terms from five to 15 years.
3.7 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience RISLA Student Loan Refinancing
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- Fixed APR: 3.29%+
- Variable APR: N/A
- Min. credit score: 680
- Loan amount: $7,500 to $250,000
- Loan terms (years): 5, 10, 15
- Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
- Customer service: Email, phone
- Soft credit check: Does not disclose
- Cosigner release: No
- Loan servicer: Rhode Island Student Loan Authority
- Max. Undergraduate Loan Balance: $150,000 – $249,000
- Max. Graduate Loan Balance: $200,000 – $249,000
- Offers Parent PLUS Refinancing: Yes
Pros
- Income-based repayment plan available
- 0.25% autopay discount
- Can defer payments up to 36 months if you return to graduate school
Cons
- Cosigner not offered
- Charges late fees
- Limited repayment terms (only 5, 10, or 15 years)
SoFi
SoFi offers student loan refinancing from $5,000 up to the full balance of your qualified education loans with terms from five to 20 years. Keep in mind that you’ll generally need very good to excellent credit to qualify with SoFi.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience SoFi Student Loan Refinancing
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- Fixed APR: 2.74%+6
- Variable APR: 2.25%6
- Min. credit score: Does not disclose
- Loan amount: $5,000 up to the full balance
- Loan terms (years): 5, 7, 10, 15, 20
- Repayment options: Academic deferment, military deferment
- Fees: None
- Discounts: Autopay, loyalty
- Eligibility: Available in all 50 states
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Cosigner release: No
- Max undergraduate loan balance: No maximum
- Max graduate loan balance: No maximum
- Offers Parent PLUS refinancing: Yes
Pros
- Might be able to refinance the full balance of your qualified education loans
- 0.25% autopay discount
- No fees
Cons
- Cosigner release not offered
- Doesn’t disclose minimum credit or income requirements
- Must have earned an associate degree or higher from a Title IV school
Learn More: How to Refinance Your Student Loans
Should I refinance consolidated federal student loans?
If you’re thinking about refinancing your consolidated federal student loans, here are a few pros and cons to consider first:
Pros
- Might get a lower interest rate: Depending on your credit, you might qualify for a lower interest rate through refinancing. This could save you money on interest and even help you pay off your loan ahead of schedule.
- Can combine federal and private loans: If you have private student loans in addition to your Direct Consolidation Loan, refinancing will let you consolidate them together into a single loan with one payment to manage.
- Can switch loan servicers: If you’ve had a poor experience with your federal student loan servicer, you can take your business elsewhere by refinancing with a private lender.
Cons
- Will lose federal benefits: If you refinance federal student loans, you’ll no longer have access to federal protections, such as income-driven repayment plans and student loan forgiveness programs. You’ll also no longer be eligible for CARES Act benefits.
- Could have higher monthly payments: Unlike Direct Consolidation Loans that can extend your repayment term up to 30 years, the maximum repayment term for private refinanced loans is 25 years (depending on the lender). If you refinance to a shorter term, your monthly payment will likely increase — though keep in mind that you’ll also save money on interest this way.
- Requires good credit: Most federal student loans — including Direct Consolidation Loans — don’t require a credit check. But to qualify for private refinancing, you’ll typically need good to excellent credit.
Check Out: When to Refinance Student Loans
Requirements to refinance consolidated federal student loans
While eligibility criteria for refinancing can vary by lender, here are a few common requirements you’ll likely come across:
- Good credit: Most lenders require borrowers to have good to excellent credit — a good credit score is usually considered to be 700 or higher. While some lenders offer student loan refinancing for bad credit, these loans usually come with higher interest rates compared to good credit loans.
- Verifiable income: Lenders want to see that you can afford to repay your refinanced loan. Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely have to provide proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. Refinancing lenders generally prefer borrowers to have a DTI ratio of 50% or less — though some lenders might require a lower ratio than this.
Tip: If you’re struggling to get approved, consider refinancing with a cosigner who is willing to share responsibility for the loan. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Keep in mind that several lenders also offer cosigner release — this usually requires you to make consecutive, on-time payments for a certain amount of time as well as meet the underwriting criteria by yourself before you can apply to remove the cosigner from the loan.
Learn More: Student Loan Consolidation vs. Student Loan Refinancing
How to refinance consolidated federal student loans
If you’re ready to refinance consolidated federal student loans, follow these four steps:
Step 1: Research and compare lenders
Be sure to compare as many student loan refinance companies as possible to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
If you want to apply with a cosigner, you can also check to see if the lender offers cosigner release and what the requirements are.
Step 2: Pick a loan option
After you’ve compared lenders, choose the loan option that works best for you. For example, if you want a shorter repayment term, you can pick a lender that offers five- or 10-year terms.
Step 3: Complete the application
Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information about the student loans you want to refinance.
Step 4: Manage your payments
If you’re approved, continue making payments on your current loans while the refinance is processed. Afterward, you could consider signing up for autopay so you won’t miss any future payments — many lenders offer rate discounts to borrowers who opt for automatic payments.
Tip: While refinancing federal loans will cost you access to federal benefits and protections, it might be worth it if you can significantly lower your interest rate and pay off your loan faster with fewer interest charges.
Ultimately, you’ll have to weigh the pros and cons to decide whether refinancing is worth it.
If you’re wondering how much you might be able to save by refinancing your student loans, use our calculator below.
Step 1. Enter your loan balance
Loan balance ? Enter the remaining amount of the loans you’d like to refinance $
Step 2. Enter current loan information
Interest rate ? Enter the average annual interest rate of the loans you’d like to refinance % Monthly payment ? Enter the monthly amount you currently pay on your loans (or enter remaining term) $ Remaining term ? Enter the amount of time left to repay your loan (or enter monthly payment) years
Step 3. Enter your new loan information to start calculating your savings
Interest rate ? Enter an estimated new interest rate. % Monthly payment ? Enter the monthly amount to pay on your new loan (or enter new loan term) $ New loan term ? Enter the amount of time you have to repay your loan (or enter monthly payment) years Lifetime Savings Increased Lifetime Cost $ New Monthly Payment $ Monthly Savings Increased Monthly Cost $
If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Check Personalized Rates
Checking rates won’t affect your credit score.
How often can you refinance student loans?
There’s no limit to how often you can refinance student loans. For example, you might decide to refinance again if you can get a lower interest rate in the future.
However, this doesn’t necessarily mean that you should refinance every chance you get. Be sure to weigh the decision carefully — especially if you’re thinking about extending your repayment term since this will mean paying more in interest and staying in debt for a longer period of time.
Check Out: Is It Worth It to Refinance Student Loans?
Consider refinancing only some of your loans
If you have multiple student loans, keep in mind that you don’t have to refinance all of them. For example, if you have a mix of federal and private student loans, you might want to refinance only the private loans so you can maintain your federal benefits and protections.
Tip: Be mindful about which federal loans you refinance. While refinancing might be a good idea if you have a federal student loan with a high interest rate, you probably don’t want to refinance a federal loan that might have qualified for loan forgiveness down the road.
Before you refinance your student loans — whether federal or private — remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple refinancing lenders in two minutes.
Find out if refinancing is right for you
- Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutes
- Won’t impact credit score – Checking rates on Credible won’t impact your credit score
- Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders
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Keep Reading: Refinancing Student Loan Debt Through Credible Can Save Thousands
About the author 
Dori Zinn
Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.
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