Best Student Loan Refinance Companies of May 2025

Refinancing student loans can be a smart financial move for many borrowers looking to save money and pay off their debt faster. With the Federal Reserve cutting interest rates, now may be a good time to explore refinancing options. While interest rates are not as low as they were in previous years, there are still opportunities to secure better terms.

What to know about student loan refinance

• Refinancing involves replacing existing student loans with a new loan that offers a lower interest rate, lower monthly payment, or both.
• Refinancing federal loans turns them into private loans, leading to the loss of exclusive benefits and repayment terms. It’s essential for borrowers with federal loans to carefully weigh the pros and cons before refinancing.
• Industry insights and a comprehensive guide on when to refinance student loans can be found here.
  

  How we picked our winners
  

  Our editorial team, with years of experience covering student loans and refinancing, independently analyzed and vetted student loan refinance products. We focused on eligibility, perks, interest rates, and fees to identify the standout lenders. You can find our methodology here.

  Our top picks for the best student loan refinance companies of May 2025
  

• RISLA – Best for Borrower Protections
• Credible – Best Student Loan Marketplace
• Earnest – Best for Flexible Repayment Terms
• MPOWER Financing – Best for International and DACA Students
• SoFi – Best for Member Benefits
• Laurel Road – Best for Medical Professionals

  RISLA is known for its borrower protection programs, including income-based repayment options and economic hardship forbearance. On the other hand, Credible stands out as a top student loan marketplace, offering borrowers the ability to compare multiple offers with a soft credit check.

  Earnest offers customizable payment options, allowing borrowers to tailor their repayment plans to suit their budget. MPOWER Financing caters to international students, offering refinancing options for borrowers from various countries.

  SoFi provides a range of membership perks, including financial coaching and special payment plans for medical residents. Laurel Road specializes in student loan refinancing for healthcare professionals, offering lower rates and residency program payment plans.

  Other Companies We Considered
  

• Splash Financial: Competitive rates and an easy application process but lacks added incentives.
• Navy Federal Credit Union: Exclusive to military members and their families, limiting eligibility.
• Citizens Bank: Strict eligibility requirements and higher minimum loan amounts compared to other lenders.
  

  What to know before refinancing your student debt
  

  Refinancing can help save money, especially during low-interest rate periods. However, it’s crucial to consider the implications of refinancing, especially for federal borrowers who may lose valuable benefits. Understanding the difference between refinancing and loan consolidation is also essential.

  Steps to refinance your student loans
  

  1. Check your credit score
  2. Consider your loan types
  3. Shop for the best rate
  4. Research lender’s financial relief options
  5. Fill out your loan application
  6. Sign your loan agreement and start making monthly payments
     

     How we chose the Best Student Loan Refinance Companies
     

• Loan refinance selection: We looked for companies offering a full range of refinance options, including Parent PLUS loans.
• Payment options and fees: Favored lenders with flexible repayment policies and no origination or late fees.
• Customer experience: Evaluated each company for customer complaints and regulatory actions.
  

  Summary of Money’s best student loan refinance companies of 2025
  

• RISLA – Best for Borrower Protections
• Credible – Best Student Loan Marketplace
• Earnest – Best for Flexible Repayment Terms
• MPOWER Financing – Best for International and DACA Students
• SoFi – Best for Member Benefits
• Laurel Road – Best for Medical Professionals

  Andrea Agostini Ferrer and Gabriella Cruz-Martinez contributed to previous versions of this story.