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5 the Best Lenders to Refinance Student Loans 2023

Susan Kelly

Oct 27, 2023

Refinancing allows you to consolidate many loans into one with a new, potentially cheaper interest rate based on your creditworthiness. You can save money if you qualify for a better rate. Federal student loans cannot be refinanced through the federal government, and if you refinance them through a private lender, you will no longer be eligible for federal aid.

Evaluating different refinancing offers from various institutions, such as banks and credit unions, is recommended before deciding on one. There are several situations where a bank is a suitable fit for refinancing student loans. The interest rate you pay on a loan may be lower if you have other accounts with the financial institution.

The most reliable refinancing businesses for student loans provide low-interest rates, flexible repayment options, broad qualifying standards, and helpful customer support. Although there are many options for getting a student loan, not all will allow you to refinance if you have a co-signer. Find the top loan companies that will allow you to co-signer below.

5 Best Student Loan Refinance Lenders

Although refinancing student loans might help you save money, deciding whether or not to do so can be challenging. Make sure your debts qualify for refinancing, and your financing option is a good fit before moving further. The greatest loan companies that allow co-signers are listed below.

Laurel Road

Refinancing loans from Laurel Road offers students flexible repayment options at rock-bottom rates. Signing up for a checking account with the firm entitles you to an interest rate discount in addition to the normal autopay discount. In addition, Laurel Road lets seniors restructure their student debts as early as the fall semester.

Although Laurel Road does refinance many student loan programs, many associate degree programs are not. The associate's degree must be in a healthcare-related profession for the borrower to be eligible for refinancing.


CommonBond, started by three Wharton MBAs looking to improve the student loan system, prefers to work with borrowers with exceptional to good credit. Both undergraduate and graduate loans require a co-signer, who can be freed from the loan after two years of regular payments made in whole and on schedule.

In most cases, rates will be cheaper than those the federal government offers if parents are willing to co-sign. You can make interest-only payments while in school and put off making principal payments until six months after graduation (at which time interest will accrue).

Fixed $25 payments can be made now to save more over the life of the loan, and immediate payment of the full loan balance is also an option. A credit score of 660 to 700 is recommended, though not required. Money can be borrowed between $5,000 and $500,000.


While the company initially focused on education financing, SoFi currently provides various credit options. By entering into their SoFi account, borrowers may add a co-signers name and email address to their refinancing loan.

The application process will proceed when SoFi extends an invitation to the co-signer. Discounted rates and professional development resources are just two of the many perks members of SoFi enjoy. In addition, there are no costs associated with making a late payment.

Underwriter permission is required; however, after 24 months of on-time payments of principal and interest, a co-signer can be freed from their obligation to the loan. SoFi may not be the greatest option if you need to refinance fast because adding a co-signer to your loan application might delay the process by a week or more.

PNC Bank

You may want to look at PNC Bank's student loan refinancing program if you don't have a lot of debt, don't have a degree, or aren't likely to qualify for the best interest rates on the market. When compared to other leading refinancing lenders, PNC Bank's lowest interest rates for student loans are less than stellar.

However, it has a pretty modest interest rate cap. Setting up automatic payments can save you half a percent of your interest rate. The autopay discount is not exceptional, but most lenders only provide 0.25%.

The lender doesn't publish strict requirements for acceptance. Still, if you need a co-signer to get authorized, you may get them released from their responsibility after making 48 consecutive on-time payments and passing a credit check.


The Rhode Island State Student Loan Authority (RISLA) is a government agency that does not seek financial gain. Despite the name, it serves customers in all 50 states by providing private student loans and refinancing options for existing student loans.

RISLA provides greater protections for its borrowers than the average refinancing company, such as an income-based repayment plan. This scheme caps monthly payments at 15% of discretionary income for both the borrower and co-signer.

After 25 years of the repayment plan, RISLA will cancel any remaining amount. Rhode Island nurses may qualify for an interest-free loan for up to four years if they work in the state. Borrowers will begin their new repayment period thirty days after receiving their money. The minimum yearly income for RISLA loan eligibility is $40,000.

It is greater than the requirements set by some other lenders. There is no required credit score, but the lender will run a credit report and accept co-signers just in case. The only method to get rid of a co-signer is to renegotiate the loan, as there is no co-signer release.


Student loan refinancing should be done cautiously despite the potential benefits (lower interest rate, longer payback period). There are crucial payment and forbearance choices available only for federal student loans that would be lost if you refinance with a private lender.

If you want to refinance, shop for the best rate several financial institutions offer. You may be able to negotiate a better rate on your student loan refinancing if you already have a working connection with the bank.

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