The Ultimate Guide to Current Student Loan Refinance Rates πŸŽ“πŸ’°


Greetings, dear reader! If you are one of the millions of students across the United States burdened by student loan debt, you are not alone. According to recent statistics, the average student loan debt for 2021 graduates was over $38,000! But there is hope! One option to consider is refinancing your student loans. In this comprehensive guide, we will explore everything you need to know about current student loan refinance rates.

What is Student Loan Refinancing?

Student loan refinancing is the process of taking out a new loan to pay off all your existing student loans. The new loan comes with new terms and a new interest rate. Refinancing can be a smart financial move if you can secure a lower interest rate or better loan terms.

Why Refinance Your Student Loans?

There are several reasons why you should consider refinancing your student loans:

  1. You can secure a lower interest rate, which can save you thousands of dollars in interest charges over the life of your loan.
  2. You can change your loan terms, such as the length of the repayment period or the type of interest rate.
  3. You can simplify your monthly payments by consolidating multiple loans into one.

What are the Current Student Loan Refinance Rates?

The rates for refinancing student loans vary depending on several factors, such as your credit score, income, and the lender you choose. However, here are the current average rates:

Fixed Rate
Variable Rate
2.99% – 6.94%
2.25% – 6.65%
2.59% – 7.10%
2.15% – 7.10%
Laurel Road
2.55% – 5.85%
1.89% – 5.90%


1. Should I refinance my federal student loans?

Refinancing federal student loans can be risky because you lose access to federal borrower benefits, such as income-driven repayment plans, loan forgiveness programs, and deferment or forbearance options. However, if you have high-interest federal loans and a strong credit score, refinancing with a private lender may save you money.

2. How do I qualify for student loan refinancing?

To qualify for student loan refinancing, you typically need:

  • A credit score of 650 or higher
  • A steady income and employment history
  • A debt-to-income ratio of less than 50%

3. Can I refinance my student loans more than once?

Yes, you can refinance your student loans multiple times, but it may not always be beneficial. Each time you refinance, you will have to pay fees and undergo a credit check. Additionally, if you stretch out your repayment period, you may end up paying more in interest charges over time.

4. Can I refinance only some of my student loans?

Yes, you can refinance only some of your student loans if you want to keep certain federal borrower benefits or if you have private loans with high interest rates. However, it may not always make sense to refinance only a portion of your loans.

5. What are the pros and cons of variable versus fixed interest rates?

A variable interest rate can start lower than a fixed rate but can fluctuate over time, making it difficult to budget. A fixed interest rate remains the same for the life of the loan, providing stability but potentially costing more in interest charges. The best option depends on your financial situation and risk tolerance.

6. Can I refinance my student loans if I have bad credit?

It may be challenging to qualify for student loan refinancing with bad credit, but it is not impossible. You may need a cosigner with good credit, or you may have to work on improving your credit score before applying.

7. Is it smart to refinance my student loans?

Refinancing your student loans can be a smart financial move if you can secure a lower interest rate or better loan terms. However, it may not be the best option for everyone. It depends on your individual financial situation and goals.

Current Student Loan Refinance Rates:

Factors that Affect Refinance Rates:

Several factors can affect the student loan refinance rates you are offered:

  • Credit score: A higher credit score typically qualifies you for lower rates.
  • Income and debt-to-income ratio: A steady income and a low debt-to-income ratio can also help you qualify for lower rates.
  • Type of interest rate: Fixed rates are typically higher than variable rates but provide more stability over time.
  • Length of the repayment period: A shorter repayment period can lead to lower rates but higher monthly payments.
  • Type of loan: Private loans may have higher rates than federal loans but can offer more flexibility and borrower benefits.

Current Refinance Rates by Lender:


SoFi is a popular online lender that offers student loan refinancing options. Here are their current rates:

Loan Type
Fixed Rate
Variable Rate
2.99% – 4.94%
2.25% – 4.65%
2.99% – 6.19%
2.25% – 5.59%
2.99% – 6.19%
2.25% – 5.59%


CommonBond is a lender that focuses on refinancing student loans for graduate students. Here are their current rates:

Loan Type
Fixed Rate
Variable Rate
2.59% – 6.74%
2.15% – 6.46%

Laurel Road:

Laurel Road is a lender that offers refinancing options for both federal and private student loans. Here are their current rates:

Loan Type
Fixed Rate
Variable Rate
2.55% – 5.85%
1.89% – 5.90%
2.55% – 5.85%
1.89% – 5.90%


Phew! That was a deep dive into current student loan refinance rates. By now, you should have a good understanding of what refinancing is, why it might be a good option for you, and the current rates available from top lenders. Remember, the best way to determine if refinancing is right for you is to do your research, carefully consider your financial goals, and consult with a trusted financial advisor.

Ready to Get Started?

If you’re ready to explore refinancing your student loans, we recommend checking out the lenders we mentioned in this article. Be sure to compare rates and terms, read reviews from other borrowers, and check your eligibility before applying. Good luck!

Closing Disclaimer:

The information contained in this article is for educational purposes only and should not be construed as financial advice. Before making any financial decisions, you should consult with a qualified financial advisor. The information presented in this article is accurate as of the time of publication, but rates and terms may change over time. Please check with individual lenders for the most up-to-date information.