Best Student Loan Refinancing Companies in 2016

The class of 2016 graduates have the most debt in U.S. history. More than 41 million Americans owe more $1.2 trillion in student debt. Even worse, over a quarter of student loans are delinquent. (Source) The state of student debt is grim. But what can you do to save money on your student loans?

You can save thousands of dollars by refinancing your student debt for a new loan with lower interest rates and better terms. The problem is that most graduates hate banks. Seventy one percent of millennials would rather go to the dentist than listen to what banks are saying. (Source) So we are keeping things simple.

To save you time, SuperMoney has reviewed the best online student loan refinancing companies. We have also partnered with LendKey, a student loan refinancing marketplace that connects borrowers with more than 300 credit unions and community banks.

Best student loan refinancing companies

Fill out one form and LendKey LendKey can match you with the credit union or community bank with the lowest-cost refinancing loan available. Once you have a list of candidates, use SuperMoney’s student loan comparison database to check expert and consumer reviews of each lender.

1. SoFi

Best Student Loans SoFi
SoFi is the largest lender in the student loan refinancing sector. It has helped more than 190,000 borrowers finance more than $15 billion in student loans since it was launched in 2011 by four Stanford MBA students. According to SoFi, borrowers save an average of $17,210 over the life of their refinance loans.


  • Consolidates both federal and private loans
  • Low interest rates
  • Low loan minimum ($5,000)
  • No origination fees
  • Easy application process
  • Career coaching for borrowers
  • Unemployment protection

  • Stringent credit requirements
  • Not available to students who didn’t graduate
Apply Now

2. Upstart

Upstart Loans - Best Student Loan Companies

Instead of only focusing on your credit score and history, Upstart considers your education, area of study and job history when determining rates and eligibility. Upstart has originated over 40,000 loans since it was founded by ex-Googlers in 2012.


  • No prepayment penalty fees
  • Fast application process
  • Considers borrowers with limited credit and employment history
  • Low minimum amount
  • Considers students who didn’t graduate
  • Career coaching for borrowers
  • Includes credit card debt

  • Rates range from 4.89% to 29.99% APR
  • Maximum of $200,000 for student loan refinances
Apply Now

3. CommonBond

Best Student Loans Common Bond
CommonBond is a New York-based company that was founded by three Wharton MBAs in 2011. It has low interest rates and flexible loan terms. Its hybrid loan combines the benefits of fixed- and variable-rate loans. It’s a good choice for borrowers who want to repay their loan fast but don’t want to be tied down to a 5-year loan. According to CommonBond, the average savings of a refinance is $14,600 over the life of the loan.


  • Low rates
  • Flexible terms: fixed, variable, and hybrid
  • No origination fees
  • No prepayment penalties
  • Payments are paused if you lose your job
  • Fast and easy application process
  • No specific income requirement
  • Credit scores in the high 600s are considered
  • Loan amounts of up to $500,000

  • Only graduates considered
  • Applicants must have attended a university accredited by CommonBond
  • Must have attended a CommonBond accredited university are eligible
Apply Now


When building our top picks for best student loan refinancing companies we focused on the following features:
– Low Rates
– Origination fees
– Prepayment penalties
– Selection of loan types
– Flexible terms
– Eligibility Requirements
– Accepts federal and private loans

Who should refinance their student loans?

Borrowers who are locked in high-interest loans should consider refinancing. Let’s say you have a $100,000 student loan with a 10-year term and a 6% APR. If you refinance it for a 3% APR loan, you would save $17,352 ($144.6 a month) over the life of the loan.

The catch is, only borrowers who have good credit, stable incomes, lucrative careers, or co-signers will qualify for the best rates.

Shop around, compare, and negotiate to find the best deals available. SuperMoney’s student loan comparison engine makes it easy to compare terms and see what other borrowers think of lenders.

Compare Best Student Loans