Student loan refinance rates have held steady going into the New Year. As of January 1, 2026, student loan refinance lenders are offering fixed rates as low as 3.99% APR and variable rates starting as low as 4.03% APR, depending on credit profile, loan type, income, and repayment term.
For borrowers with private student loans especially, refinancing to lower your interest rate can save you thousands of dollars over the life of the loan.
💰 Today's Best Student Loan Refinance Rates At a Glance
Here are the best student loan refinance rates today:
Lender | Fixed APR | Variable APR |
|---|---|---|
3.99% - 10.35% | 3.59% - 10.72% | |
4.29% - 8.44% | 4.74% - 8.24% | |
4.39% - 9.24% | 4.14% - 9.19% | |
3.99% - 10.24% | 4.74% - 10.24% | |
4.24% - 13.25% | 5.00% - 12.49% |
1. Credible - Credible is a marketplace of student loan lenders that has some options you may not be able to find anywhere else. You can also get up to a $1,000 gift card bonus if you refinance through their platform. You can get rates as low as 3.99% APR. Read our full Credible review.
2. ELFI - ELFI is one of the oldest student loan lenders, and offers comeptitve rates, along with a bonus offer of up to $599 if you refinance a student loan with them. You can get rates as low as 4.74% APR. Read our full ELFI Student Loans Review.
3. LendKey - LendKey is a private lender that pools money from community banks and credit unions to offer lower rate student loans. They are also offering up to a $750 bonus if you refinance a student loan. You can get rates as low as 4.19% APR. Read our full LendKey review.
4. Splash - Splash Financial is a marketplace filled with banks and credit unions looking to help people refinance their student loans. They are offering up to $500 if you refinance a student loan. You can get rates as low as 4.24% APR. Read our full Splash review.
5. Student Choice - Student Choice is a service that works with a huge network of credit unions nationwide to match you with low cost student loans offered by credit unions. They currently have some of the lowest fixed rate student loans on the market. You can get rates as low as 4.24% APR. Read our full Student Choice Student Loans review.
Why Should You Refinance Your Student Loan?
Refinancing replaces one or more existing loans with a new private loan — ideally at a lower interest rate.
Borrowers typically refinance to:
- Reduce their monthly payments
- Lower their overall interest cost
- Combine multiple loans into one
- Shorten or extend repayment terms
Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as income-driven repayment or forgiveness. Remember, refinancing a federal loan will cause you to lose federal benefits like student loan forgiveness!
For example, refinancing a $60,000 loan from 7.50% to 5.50% over 10 years saves roughly $7,000 in interest.
Fixed vs. Variable Rates: Which Should You Choose?
There's a lot of uncertainty that borrowers don't like with variable rates, which can make sense, but in a declining rate environment, it also opens the potential for future savings. Here's what to know:
- Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years.
- Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly.
Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.
What To Know Before Refinancing
Before refinancing your student loans, make sure you understand exactly what you're signing up for.
- Loss of federal benefits: Once refinanced, federal loans are no longer eligible for PSLF, IBR, or other income-driven plans.
- Cosigner options: A creditworthy cosigner can unlock lower rates. Check if the lender offers cosigner release after a set number of on-time payments.
- Term flexibility: Many lenders allow terms from 5 to 20 years; shorter terms usually mean lower rates.
- Autopay discounts: Most lenders offer a 0.25% rate reduction when you enroll in automatic payments.
- Fees: The best refinance lenders charge no origination fees or prepayment penalties.
How We Track And Verify Student Loan Rates
At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets.
We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.
Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly.
FAQs
Can you refinance federal student loans?
Yes, but doing so converts them into private loans, meaning you’ll lose access to forgiveness and income-driven plans.
How often can you refinance?
There’s no limit - you can refinance multiple times as long as you qualify for better terms.
Does refinancing hurt your credit?
A small, temporary drop in your credit score may occur after the hard inquiry, but steady payments improve your score over time.
Do refinance rates change daily?
Yes, lenders adjust rates frequently based on market conditions and Treasury yields.
Is there a best time to refinance?
The best time is when your credit and income qualify you for significantly better rates than your current loans.
Splash Financial
See disclaimers at: https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of October 23, 2025. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Autopay Discount. Rates listed include a 0.25% autopay discount.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).
Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
Bonus Disclosure. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.
Editor: Colin Graves Reviewed by: Richelle Hawley
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.