Best Student Loan Refinance Companies 2023
Best Student Loan Refinance

In this article, we’ll talk about the best student loan refinance companies in 2023.
It can be pretty hard to pay off student loan debt. First of all, the interest rate on student loans is comparatively higher on student loans. But, some companies can pay off the student loan, and in exchange for that, you will have to pay off a new loan that is estimated mostly based on your credit score.

Remember that these loans require a good credit score. The higher the credit score, the more favorable it is to take the new loan. Unfortunately, if you have less credit score, you may receive a new loan with a rate of annual interest that may be more than your current student loan – which ultimately does not make any sense.

Here is a list of some good companies you can consider to refinance your student loan debt, their basic introduction, and most importantly, their PROS & CONS.

Best Student Loan Refinance Companies List2023

  • SoFi
  • Discover
  • Credible
  • Rhode Island Student Loan Authority
  • MEFA

Now let’s discuss these best student loan refinance companies in detail.


SoFi is one of the most prominent players in this industry. SoFi has flexible terms to repay your educational loan. The repayment period varies from 5 years to even 20 years at maximum.

The interest rate here varies from about 3 % per annum to about 8 % per annum. The best part about SoFI is that they require no origination fees. They will never request you to pay any application fees also. No pre-payment is necessary.

SoFi can also be your choice because it provides absolutely free access to career coaching and advice for better financial planning. SoFi also has a solid customer base. As per their data, more than 375K students have chosen their platform to refinance their educational loans.

To apply for a loan, you must first qualify in their online application process. Once you qualify online, you can only go for further application submission – i.e., complete application submission. This makes the process faster, and it won’t waste your time because you will get to know whether you are eligible or not without submitting the full application.

Pros of SoFi

  • Good customer base
  • The flexible loan repayment interval
  • Flexible interest rate

Cons of SoFi

  • The minimum borrowing amount is $5000

Discover: Best Student Loan Refinance Company

Discover is one of those student loans refinance options that allows you to refinance the exact amount of loan you would need in your college or university as the maximum amount of refinancing is equal to the cost of attendance for the case of it.

Like SoFI, Discover also has a flexible interest rate ranging from about 4 % to about 8% (though the APR can vary from 5 % to about 9.49%). But there are chances that if you have a cosigner with a good credit history and currently have a good credit score, the annual interest rate can decrease – all based on your cosigner’s credit history.

Discover charges 0 application fees, and there are no fees for origination also. If you have enabled their auto-debit reward option, you can also get an additional 0.25% off on the interest rate.

[Point to note: If the main borrower, unfortunately, passes away or becomes permanently disabled, Discover also tends to forgive loans in these cases]
The Point where Discover lacks is probably its terms of loan repayment. Unlike SoFi, they offer only two periods to refinance your loan, i.e., ten years / 20 years.

Pros of Discover

  • No origination fees or late fees
  • Flexible interest rate
  • Special forgiveness in case of selected mishaps with the main borrower

Cons of Discover

  • Only two terms are available to refinance your loan

Credible – Student Loan Refinance

Out of all the student loan refinance options we are talking about today, Credible probably has the lowest annual interest rate.

Now, Credible is different from all the above companies mentioned in the list, and the simple reason is that Credible is not an individual company. Credible is a tech-based company that provides a platform to find lenders with whom you can refinance your student loan.

The biggest problem with all the aforementioned online student loan refinancing options is that you can’t directly compare the annual payment rate and fees associated with the platforms at once – that requires an extra effort. But, with Credible, you can screen several lenders at once and thus can get a better opportunity to find a better lender.

Now we are going to discuss a well-known lender from Credible:

Rhode Island Student Loan Authority

Rhode Island Student Loan Authority is one of the well-known lenders from The annual interest rate of the Rhode Island Student Loan Authority is fixed at 4.29% to about 7 percent. There is no variable APR in it.
It is a nonprofit institution that provides services for people throughout the country. The loan terms vary from 5 – 15 years – there are three terms: 5 years, ten years & 15 years.

But, the minimum loan amount is even greater in this case – $7500 though the maximum credit limit is greater in this case also – $250,000. The borrowing student also won’t be required to have any academic degree to be eligible to receive the loan.

The foremost problem with Rhode Island Student Loan Authority is that they do not provide any cosigner release policy, which is probably why people seem to avoid the company.

Pros of Rhode Island Student Loan Authority

  • Flexible loan terms
  • Maximum loan amount of up to $250,000

Cons of Rhode Island Student Loan Authority

  • No cosigner release policy
  • The minimum loan amount is $7500

MEFA Student Loan Refinance

If you currently don’t have any academic degree but still looking for a student loan refinancing option, you can go with MEFA. MEFA also doesn’t have a complicated fee structure. There are almost negligible hidden fees & no late fees too.
It has a fixed annual payment rate of 4.5% – 7.20%. There are three loan terms – 7 years, ten years & 15 years.

The minimum amount of credit is $10,000, and there is no maximum credit limit. One of the most important criteria to be eligible to borrow/consolidate a student loan in MEFA is to have at least $24000 of income. MEFA does not provide cosigner release.

Pros of MEFA

  • Three loan payment terms
  • No academic degree is required to borrowing
  • No maximum credit limit of loan

Cons of MEFA

  • No-signer can’t be released
  • The minimum loan period is seven long years for even a small loan


So, that’s all about the best student loan refinance companies. We hope to provide you with the basic knowledge about the most popular student loan refinancing & consolidation companies.

Needless to say, the thing we all be looking for in this list is the name of the company that provides student loan refinance service with the lowest interest rate.

In this list, we have also included the name of a ‘marketplace’ from which you can select your wishful lender by comparing their APR, loan periods, and other necessary details.

Thanks for reading this blog. If you think we are missing something in the article that needs to be included, you can leave a comment, and we’ll update the article based on what everyone is saying.

I am a well-skilled experience Stock Marketer and Investor. I have good knowledge of the stock market and investment. I have completed Bachelors in Finance And Investment from the University of Virginia (US).

By Sunil Kumar

I am a well-skilled experience Stock Marketer and Investor. I have good knowledge of the stock market and investment. I have completed Bachelors in Finance And Investment from the University of Virginia (US).

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