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 variable rates as low as 3.63% APR. Read our full Credible review.

2. Earnest - Earnest is one of the best known online student loan lenders and they have been offering consistently competitive rates for years. Right now, you can get the lowest fixed rate APR at 3.94%. Read our full Earnest student loans review.

3. ELFI - ELFI is one of the oldest student loan lenders, and offers competitive 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 4.29% APR. Read our full ELFI Student Loans Review.

4. 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 4.14% APR. Read our full LendKey review.

5. Splash - Splash is a student loan marketplace as well that offers some lenders that Credible doesn't.They have a fixed rate offer starting at 3.99% APR. Furthermore, you can up to a $500 bonus if you refinance with Splash. Read our full Splash Student Loans review.

You can find a full list of the best student loan refinance lenders here >>

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.

Federal Student Aid has quietly changed the rules for Public Service Loan Forgiveness. As of July 1, 2026, every qualifying PSLF payment must be made "on time" (on or before the due date) no matter which repayment plan you're on. That may sound standard, but previously there was a cushion of a 15-day grace period.

It's important to note that the regulations themselves haven't changed. The change shows up only in updated language on the PSLF page of the Federal Student Aid site stating that payments must be on time.

There was also no real discussion during the negotiated rulemaking that finalized the new repayment plans beyond a single comment in the draft rules.

We knew Repayment Assistance Plan (RAP) payments had to be on time (that requirement was written into law) but nothing signaled the same rule would apply to every other repayment plan.

Why This Matters

PSLF eliminates the remaining federal loan balance for public service workers after 120 qualifying payments. For years, a payment that landed a few days past the due date still counted as long as it fell inside the grace window. Under the new rules, a late payment is simply a payment that doesn't count toward your 120. Borrowers who assumed a short delay was harmless now have less room for error.

The change is not retroactive. These rules took effect July 1, 2026, and any late payments you made before that date will still count. Lump-sum payment rules also haven't changed, so those continue to qualify.

Open Questions

Because the rule changed through website language rather than amended regulations, it could be challenged as it's not clear the proper procedures were followed. The Department of Education has already been dealing with lawsuits over other PSLF rule changes.

RAP is the exception, since its on-time requirement is set in federal law.

But a big open question remains: how autopay is treated when a due date falls on a weekend or holiday and the payment isn't pulled until the next business day. That should be counted as on time, but confirmation is still pending.

To avoid any risk here, borrowers should setup their autopay to go through 5 days before their due date.

How This Connects

The College Investor has consistently updated the list of PSLF requirements borrowers must meet after the SAVE plan's end, including our PSLF Strategy in 2026 and how the Repayment Assistance Plan works. This on-time rule is one more reason to track every payment closely.

If you have autopay setup, confirm each payment posts on or before the due date (we recommend 5 days), and run through the PSLF checklist. Also watch for any legal challenges to the rule the Department made without changing the underlying regulations.

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Moody's Ratings revised Brown University's outlook to negative from stable on July 2, warning that weak operating performance could persist for several years as expenses and financial aid commitments rise faster than revenue.

The agency affirmed Brown's Aa1 issuer and revenue bond ratings (its second-highest grade) but said the university must show progress toward an EBIDA margin of around 10% by fiscal 2028 or face downward rating pressure.

A negative outlook at an Ivy League school with $8.8 billion in cash and investments shows that even the wealthiest universities aren't immune to budget strain. Rating actions like this raise borrowing costs at the margin and signal to families, donors, and bondholders that a school's finances are moving in the wrong direction.

By The Numbers

• $1.7 billion: Brown's outstanding debt as of June 30, 2025
• $8.8 billion: Total cash and investments for fiscal 2025
• $1.5 billion: Operating revenue in fiscal 2025
• 11,468: Full-time equivalent students in fall 2025
• 10%: The EBIDA margin Moody's wants to see by fiscal 2028

The Details

Moody's affirmed Brown's short-term ratings too, including the P-1 on its $325 million in combined commercial paper programs and the VMIG 1 on its variable rate demand bonds. The agency credited Brown's stellar student demand, exceptional fundraising, and above-average net tuition revenue per student.

The offsetting problems: high leverage, a debt structure with several large bullet maturities, and operating margins that were already thin before new spending commitments hit the budget. Moody's said that combination constrains Brown's ability to borrow more unless operating results improve significantly.

What could trigger a downgrade:

• Failure to make consistent progress toward double-digit EBIDA margins by fiscal 2028
• Additional borrowing on top of already high leverage
• Slower growth in wealth and liquidity than Aa1-rated peers

How This Connects

Brown's budget squeeze fits a pattern we've been tracking across wealthy private universities. The endowment tax expansion enacted in July 2025 raised costs for elite schools with large per-student endowments — one of several changes in the One Big Beautiful Bill that hit higher education.

And as we noted in our June 5 College Report, Harvard is wrestling with a structural deficit of its own.

For families evaluating colleges, credit ratings from Moody's and S&P are a useful early-warning tool for a school's financial health, alongside enrollment trends, program cuts, and deferred maintenance.

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When families map out how to pay for college, the conversation usually starts with federal loans and then jumps straight to the big national private lenders. Credit unions rarely come up in student loan conversations. That’s a miss, because for many borrowers, they can offer lower rates, simpler borrowing experience, and personalized service that many large national lenders can’t match.

In partnership with Student Choice, let’s dive into why a credit union might make the most sense to help you pay for college this year. Check out Student Choice here >>

Rates That Hold Up Against The Big Lenders

Let’s start with the numbers, since that’s what most people care about. For the 2026-27 school year, federal student loans carry fixed rates of 6.52% for undergraduates, 8.07% for graduate students, and 9.07% for Parent and Grad PLUS loans — and PLUS loans add a roughly 4.2% origination fee on top of that.

Private student loans from credit unions, through a network like Student Choice, currently run as low as 2.99% APR. 

Over a standard 10-year repayment term, that rate gap alone can mean paying roughly $2,056 more in interest on a $10,000 loan, about $5,141 more on a $25,000 loan, and about $20,562 more on a $100,000 loan, before factoring in any origination fees.

For families filling the gap after federal aid, a credit union loan often beats a Parent PLUS loan on both rate and fees — worth checking before you sign anything.

A Loan That Doesn't Make You Start Over Every Year

One of the biggest frustrations with traditional private student loans is that you must apply for a new loan every academic year. That means another application, another approval decision, a new rate, and another round of paperwork – all while you’re already juggling classes, financial aid, and tuition deadlines. 

Many credit unions offer something different: an education line of credit You get approved once for a borrowing limit that can be used over multiple years of school*. Draw from it as needed without a brand-new application and approval cycle every fall. Unlike taking out one large loan upfront, an education line of credit lets you borrow only the amount you actually need each semester. If your costs change because of scholarships, grants, or living arrangements, you simply borrow less helping reduce unnecessary interest over time.

We covered how that works in a previous article, but the short version is that it spares you the annual paperwork scramble and gives you a known borrowing ceiling to plan around. Lines are still subject to annual review and satisfactory academic progress, so it’s not unconditional, but it removes most of the friction of borrowing year after year. 

Service Built Around Members, Not Shareholders

Credit unions are member-owned nonprofits, not investor-driven banks. Because of this, their goal isn’t maximizing profit for shareholders. Instead, they provide value to members through lower rates and fewer fees. It also often means you can reach a real person when a payment question comes up — something co-borrowers paying tuition for more than one child notice quickly.

You also don’t have to be a member to apply. With most credit union student loans, you can apply first and join once you’re approved, so membership eligibility isn’t a barrier to getting a quote.

See for yourself at Student Choice.

Easy To Compare, Easy To Refinance Later

The old knock on credit unions was that you’d have to track down each one individually. That’s no longer the case. Student Choice lets you answer a few questions about where you live, work, and go to school, then compare real rates from several credit unions at once — like how you’d shop with a national lender, but with member-owned institutions. 

Bottom Line

Credit unions won’t be the right answer for everyone, and you should always max out federal aid first, since those loans carry protections private loans can’t match. 

But once you’ve hit federal limits, used up all your scholarships, and you’re comparing private options, a credit union deserves a place at the top of your comparison list. Between competitive rates, the flexibility of an education line of credit you don’t have to reapply for, and personalized service built around members. Many families discover it’s one of the simplest and smartest ways to pay for college.

You can compare credit union rates through Student Choice to see what you’d qualify for. 

The high school class of 2026 completed the FAFSA at a record 59.1% rate through June 26, according to the National College Attainment Network (NCAN). That shatters the previous June 30 record of 54.4%, set by the class of 2018, by nearly five percentage points.

The milestone caps a remarkable two-year recovery from the botched FAFSA rollout, and it suggests the simplified form is finally delivering on its promise.

Why It Matters

FAFSA completion is one of the strongest predictors of whether a high school senior enrolls in college. More than 200,000 additional seniors completed the form this cycle compared to the class of 2025 (a 9% increase) meaning hundreds of thousands more students are positioned to receive Pell Grants, federal loans, and state financial aid this fall.

By The Numbers

• 59.1%: Class of 2026 completion rate through June 26
• 54.4%: Previous record, set by the class of 2018
• 53.8%: Class of 2025 rate through the same date
• 46%: Class of 2024 rate during the troubled Simplified FAFSA rollout year
• 200,000+: Additional seniors completing the form versus last year

Tennessee led all states at 72.7%, followed by Illinois (71.6%), Texas (69.3%), New Jersey (67.5%), and Mississippi (66.3%). Alaska posted the largest year-over-year gain at 20.7%, with New Mexico, Florida, Montana, and Arizona rounding out the top five gainers.

What's Driving The Improvements

NCAN points to three factors:

1. The 2026-27 FAFSA opened early on September 24, after two straight cycles that launched late in December — giving families two extra months.

2. The Office of Federal Student Aid also streamlined the process itself, including instant identity verification for most users with a Social Security number, replacing a multi-day wait. And this is the third year under the new form, so counselors and college access groups have built familiarity with the process.

3. Universal FAFSA policies are also showing up in the results. Nine states now require or expect FAFSA completion for high school graduation, and those states account for three of the top five and six of the top 10 completion rates.

"FAFSA simplification shows what is possible when bipartisan policy, tireless advocacy and sustained practice improvements align," said Kim Cook, NCAN's CEO, in a statement. 

How This Connects

The record confirms a trend we've been tracking all year. In May, the class of 2026 had already set an all-time completion record at 54.7% with two months still left before the June 30 benchmark.

And the gains go beyond completion counts: a GAO report found FAFSA simplification added 1.9 million students to Pell Grant eligibility rolls.

The simpler form isn't just getting more students to finish — it's qualifying more of them for financial aid.

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