Student loan refinancing rates are starting to decline slightly in light of the federal interest rate cut. As of October 23, 2025, student loan refinancing lenders are offering fixed rates as low as 3.99% annual interest rate Variable rates start at a low level 4.47% annual interest ratedepending on your credit file, loan type, income and repayment term.
For borrowers with private student loans in particular, refinancing to lower your interest rate can save you thousands of dollars over the life of your loan.
💰 Today’s best student loan refinancing ratesAt a glance
Here are today’s best student loan refinancing rates:
|
Lender |
Fixed annual interest rate |
Variable annual interest rate |
|---|---|---|
|
reasonable |
3.99% – 10.30% |
4.34% – 11.41% |
|
Elfie |
4.88% – 8.44% |
4.74% – 8.24% |
|
LendKey |
4.49% – 9.34% |
4.47% – 8.55% |
|
splash |
4.25% – 10.24% |
4.86% – 10.24% |
|
Student choice |
4.24% – 12.99% |
5.75% – 13.24% |
1. Credible –reasonable It is a marketplace for student loan lenders that has some options that you may not be able to find anywhere else. Read our full authoritative review.
2. Elfie –ELFI is one of the oldest student loan lenders and offers competitive rates, as well as a bonus offer of up to $599 if you refinance your student loan with them. Read our full review of ELFI student loans.
3. Lindke –LendKey is a private lender that pools money from community banks and credit unions to offer student loans at low rates. They also offer a bonus of up to $750 if you refinance your student loan. Read our full LendKey review.
4. splash–Splash Financial is a marketplace full of banks and credit unions looking to help people refinance their student loans. They offer up to $500 if you refinance your student loan. Read our full Splash review.
5. Student choice– Student Choice is a service that works with a huge network of credit unions across the country to match you with low-cost student loans offered by credit unions. They currently have some of the lowest variable rate student loans on the market. Read our full review of Student Choice student loans.
You can find a complete list of the best student loan refinancing lenders here >>
Why should you refinance your student loan?
A refinance replaces one or more existing loans with a new private loan—preferably at a lower interest rate.
Borrowers typically refinance to:
- Reduce their monthly payments
- Reduce your overall interest cost
- Combine multiple loans into one
- Shortening or extending payment terms
Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as repayment or income-based forgiveness. Remember, refinancing a federal loan will result in the loss of federal benefits such as student loan forgiveness!
For example, refinance a $60,000 loan from… 7.5% to 5.5% Over 10 years saving approx $7,000 in interest.
Fixed Rates vs. Variable Rates: Which Should You Choose?
There is a lot of uncertainty that borrowers don’t like with floating rates, which may make sense, but in a low interest rate environment, it also opens up the possibility of saving in the future. Here’s what you should know:
- Fixed prices Remaining the same for the life of the loan, while providing predictable monthly payments. They’re better for borrowers who plan to repay over many years.
- Variable rates It can change with market conditions, starting at a lower rate but carrying risk if the Fed raises interest 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 are signing up for.
- Loss of federal benefits: Once federal loans are refinanced, they are no longer eligible for PSLF, IBR, or other income-driven plans.
- Designer options: A creditworthy site coordinator can unlock lower rates. Check if the lender offers a cosigner release after a set number of on-time payments.
- Term elasticity: Many lenders allow terms ranging from 5 to 20 years; Shorter terms usually mean lower rates.
- Autopay discounts: Most lenders offer a 0.25% discount when you sign up for automatic payments.
- expenses: The best refinance lenders don’t charge any origination fees or prepayment penalties.
How we track and check student loan rates
in University investorour 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 list lenders that offer loans to US citizens and permanent residents. All rates are updated regularly and represent the lowest APRs available with auto payment discounts applied.
Our coverage is independent and not affected by compensation. Although we may earn a referral fee when you open a loan through certain links, this never influences our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrowing responsibly.
Frequently asked questions
Can you refinance federal student loans?
Yes, but doing so turns them into private loans, which means you’ll lose access to forgiveness and income-based 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?
There may be a small, temporary drop in your credit score after a hard inquiry, but consistent payments improve your score over time.
Do refinancing 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 much better rates than your current loans.
Splash Finance
See disclaimer at:https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by DFPI under California Finance Law, License No. 60DBO-102545
Terms and conditions apply. Splash reserves the right to modify or discontinue products and features at any time without prior notice. Products may not be available in all states. Prices and terms are subject to change at any time before placing your order. The information you provide is an inquiry to determine whether Splash Lending Partners can make you a loan offer. To qualify, a borrower must be a US citizen or other qualifying status and meet the lender’s underwriting requirements. The lowest rates are reserved for the most highly qualified borrowers and may require an auto payment 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 the term of the loan, creditworthiness, income, and other factors. This information is current as of October 23, 2025. You should review your federal student loan interest; May offer specific benefits that a private refinance/consolidation loan may not. If you work in the public sector, the military or take advantage of an FAA relief program, such as income-based repayment or the Public Service Exemption, you may not want to refinance, because these benefits do not transfer to private refinance/consolidation loans.
Automatic payment discount. Prices listed include a 0.25% auto payment discount.
The annual percentage rate (APR) is the cost of credit that calculates the interest rate, loan amount, repayment term, and timing of payments. Fixed APR options range from 4.96% (with automatic payment) to 11.24% (without automatic payment). Variable APR options range from 4.99% (with automatic payment) to 11.14% (without automatic payment). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days prior to that calendar month, rounded to the nearest one-hundredth of one percent (0.01% or 0.0001).
Payment disclosure.Fixed loans have repayment periods ranging from 5 to 20 years. For example, a sample monthly payment of $10,000 with an annual interest rate of 5.47% for 12 years would be $94.86. Variable loans have repayment periods ranging from 5 to 25 years. For example, the monthly payment for a sample of $10,000 at an APR of 5.90% for 15 years would be $83.85.
Reward disclosure. Terms and conditions apply. Offer subject to lender approval. To receive the offer, you must: (1) refinance over $50,000, $100,000, or $200,000 in student loans depending on the channel partner offering the bonus offer (2) register and/or apply through the referral link you have been given; (3) complete a loan application from Splash Financial; (4) you have and provide a valid US address to receive the reward; (5) and meet Splash Financial’s underwriting standards. Once the conditions are met and the loan is disbursed, you will receive your welcome bonus via check to your provided address within 90-120 calendar days. Rewards not redeemed within 180 calendar days from the date they are made available to the recipient may be subject to forfeiture. Bonus amounts of $600 or more in one 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. The recipient is responsible for any applicable federal, state or local taxes associated with receiving the reward 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 Greaves
Reviewed by: Rachel Hawley
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