Best Student Loan Refinance Marketplaces 2021

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Best Student Loan Refinance MarketplacesStudent loan refinancing is the process of paying off existing student loans (one or many) using a new loan from a private lender. With a refinance, you can consolidate federal and private student loans with lower interest rates and new terms.

Some marketplaces like LendKey will connect you with local banks and credit unions for refinancing and will retain the servicing of your new loan. Other marketplaces like Credible do not service loans but offer more financing options with private lenders.

Benefits of using a student loan marketplace

When using a student loan refinancing marketplace, there is no need to visit multiple websites and complete multiple applications. You can find the best rate and terms from multiple lenders in one platform.

Completing one application and getting multiple offers is a key differentiator when using a student loan refinance marketplace. It saves you time and can significantly raise the chances of finding better terms to pay off your student loans faster and save money.

Additionally, these marketplaces perform a soft credit inquiry (will not impact your score) in determining if you prequalify. You can use different marketplaces to shop around.

How to use a student loan marketplace

Get started by checking your rate. After prequalification, you’ll get rate offers from lenders. Review the offers, select one, and complete the application which will include a hard credit inquiry. As an added benefit, these marketplaces offer customer support throughout the application process.

When you refinance a student loan in one of these marketplaces, you are getting a new loan with a private lender, not a loan with the marketplace. The lender decides the rate, term, and the features and benefits of the loan.

After selecting a lender offer, do your homework to make sure you’re comfortable with the terms of your refinance.

Best Student Loan Refinance Marketplaces

To find the best lender for your situation, always compare rates and terms from multiple lenders. And specifically look at the interest rate, length of repayment, fees, and any special repayment options each lender might offer like deferment or forbearance.


All around the best marketplace with a simple prequalification process that takes 2 minutes. Get offers from 10 lending partners that are vetted by Credible to give you the best and most trusted offers.

Check your rate with Credible today without impacting your credit score, click here.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5 – 20 year

Read my Credible review.


The best marketplace if you want to have your student loans with a community bank or credit union. The great thing about LendKey is that it services the loans so you have a cohesive experience from start to finish.

Check your rate with LendKey today without impacting your credit score, click here.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5 – 20 year

Read my LendKey review.

Splash Financial

The best marketplace to find offers from banks and credit unions especially for those with student loans from medical degrees. You can see if you prequalify in under 5 minutes.

Check your rate with Splash today without impacting your credit score, click here.

  • No application fee
  • Loan offers with no prepayment fees or origination fees
  • Refinance federal, private, and Parent PLUS student loans
  • Terms: 5, 7, 8, 10, 12, 15 or 20 years

Read my Splash review.

Frequently Asked Questions

Why should I refinance student loans?

You can lower your interest rate and save thousands in total interest cost. Refinancing student loans can help you pay your loans faster by simplifying multiple payments into one payment, reducing monthly payments, lock in a fixed rate, and remove a cosigner on a private loan.

Read more: Can you save thousands of dollars with student loan refinancing?

When should I refinance?

The best time to refinance your student loans is typically after graduation once you’ve landed a job and established strong credit. You’ll need a history of earning and credit usage to meet a lender’s underwriting guideline.

How do I refinance my student loans?

Refinancing your student loans can help you pay it off faster by adjusting your interest rate and repayment terms. You can refinance both federal and student loans together through a private lender.

To qualify for student loan refinance, lenders look at a number of factors including your credit and earnings history, credit report, the school you graduated from, your degree, and the size of the loan you want to refinance.

In some instances, a cosigner can be added to an application to increase the chances of approval and to get a better rate.

Read more: Ultimate Guide to Student Loan Refinancing

How much does it cost to refinance student loans?

The marketplaces work with partner lenders who do not charge prepayment penalties, loan application fees, or origination fees.

What’s the difference between refinancing and consolidation?

Student loan refinancing allows you to combine both federal and private loans into one new loan with a private lender. You would choose to refinance to get better rates and terms for your loans. With student loan consolidation, you combine multiple federal loans into one single payment through Direct Consolidation program offered by the federal government.

Consolidating federal student loans maintains all benefits such as deferments, income-driven repayment, and loan forgiveness.

Refinancing both federal and private student loans together removes all federal benefits of refinanced federal loans. The new loan is with a private lender, not the US Department of Education. Refinancing both loans can be beneficial by lowering interest rates that can save you thousands. Some private lenders may offer various repayment options or forbearance benefits.

What types of loans are eligible for refinancing?

Most, if not all, of your federal student loan, can be refinanced into a private loan. You can also refinance private loans from banks, credit unions, and schools. In some instances, you’re able to refinance loans taken by parents that were used to pay for your college education.

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