The best student loan refinance options for 2023

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Student loan refinancing is common, especially for people with private student loans, with an estimated 50,000 professionals doing so each month. It involves taking out a new student loan to payoff the existing debt you have, lowering your rate and overall cost.

Compare your options

There’s no one size fits all for student loan refinance – that’s why it’s important to shop around and see your options. Most of our picks allow you to see rates in less than 10 minutes with a soft credit check, so you can get customized quotes without affecting your credit score.

For medical professionals
For medical professionals, Laurel Road is currently offering a 0.25%* rate discount in addition to already low rates when you become a Juno member (free!). You must apply through to receive these benefits.
For everyone else

Our deals with Earnest and SoFi are worth comparing to see who can get you the best rates. Earnest is offering a 0.25% rate discount1 to Juno members and SoFi is offering up to a $1,000 cash back signing bonus based on the loan amount when you go through our free 2 minute registration.

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How it works


Fill out our quick simple form (2 mins)

Juno doesn’t run a credit check and is free to join
Signing up doesn’t commit you to anything
We’ll just make sure we’re showing you the best deal

Visit our partner with your link (10 mins)

We’ll provide a special URL to redeem the Juno deal
You’ll visit the lender site to get the credit check
Usually it’s an instant approval if you’re eligible

Complete the refinance (45 mins)

If you like your refinance offer, you can accept for free
Your new lender will pay off your old debt
You'll begin making payments on your new loan

How we save you money


Lenders spend so much money on marketing

In comparison, 80%+ of our members find out about us from a friend.

We pitch lenders an alternative

Give our members better deals and avoid spending thousands of dollars per customer on marketing. It saves them time and money, and we end up getting our community better rates and cash back for free.

Hosted by Nikhil from Juno

Reducing Student Loans 101 Webinar

Get smarter about how to reduce the burden of your student loan debt through refinancing. Juno's founder discusses common questions, concerns and how the process works in this recorded webinar.


Our Journey

Our founders Nikhil and Chris started Juno a few years ago when they were shopping around for loans for Harvard Business School. Since then, they’ve been immersed in the student loan industry, regularly speaking with key players nationwide and researching the market.

Every year, we make all the lenders compete to offer the best deals to our community. In the process, we pore over dozens of rate tables, and stay up all night crunching spreadsheets to map out which lenders offered the most people the best rates. Through this data analysis, we're confident that our choices are the best for the community.

Since Juno members never pay us, we charge all lenders a set fee that is agreed before the negotiations begin. That way, we can’t be swayed by a larger financial incentive. The only way to be featured on our site is to offer our community the best deal.

By the numbers


in cash back earned by our community




in loans

Hear from a member!

“I was with Sallie Mae and my interest rate was 10.75%, but I refinanced through [Juno] and not only got my rate down to almost 4%, but I also got $1000 cash.

I got paid. To save money.

So make sure as soon as you graduate and get your first paystub to refi. It's super easy and literally takes under 10 minutes, the hardest part is typing in how much you have saved in all our accounts to prove assets as well as entering your social.

Their system literally automates all the hard parts out of it. Not everyone will save as much as me because I'm kind of an extreme case.

I refinanced 170k at 10.75%V to 4.04%F, cutting my monthly payment from $2800 to $1250. This is totally free and you can still write off payments on your taxes. Hope this helps someone...

Of course, make sure you do plenty of research and ask tons of questions to the lender before you refinance any debt.

I applied for refi literally everywhere and this was the best deal by like 1.2% and was much easier to fill out the app than at other places.”

Andy Avatar

Josh C.

Georgia Institute of Technology

Who is refinancing for?

There’s little downside associated with refinance, and a large potential upside in terms of savings, and reducing your monthly payment. You're free to refinance whichever assortment of loans you choose without being forced to refinance all at once.

Note that you may lose benefits associated with your underlying federal and/or private loans if you refinance such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other determent and forbearance options common with federal loans. If you file for bankruptcy, you may still be required to pay back this loan.

That said, you should always consult a financial advisor before taking any action. This article is not intended to be financial advice, and we urge you to do your own research independently.

Can I refinance?


While we don't determine eligibility (our lending partners do) there are some basics that are usually needed.

At least $5,000 in student loan debt
No bankruptcies or defaults
Attended a Title IV-accredited non-profit school
Credit score above 650
Employed with a steady income in USD
U.S. Citizen or eligible non-resident alien

Note that while most lenders require a completed degree, one of our partners Earnest now has an option if you did not graduate. The last attending date needs to be longer than 6 years ago, and your credit needs to be above 700.

Best For Most - Earnest

Earnest is owned by one of the largest student loan servicers in America. While they operate as a separate unit, they have the backing and security of an established provider.

You may want to compare Earnest and SoFi to see who offers you the best rates and cash back combination, especially since both let you view your rates without a hard credit check.

As a Juno member, you will receive a rate that's 0.25% lower than what you'd receive if you were to go directly to Earnest. Combined with their already low rates, this can make a significant difference in the amount you repay.1

Rates: Fixed starting at 5.19%2,3 APR, Variable starting at 5.72%2,3 APR including autopay and Juno discount.

Juno Benefit: Rate reduction of 0.25%1

Check: Soft Credit Check to get rates; Hard Credit Check to refinance

Cosigner: You cannot refinance with a cosigner with Earnest at the moment

Alternative Best for Most - SoFi

SoFi is a tech driven refinance company with a large variety of fintech options available in their easy-to-use mobile app. We’ve seen them provide great rates to Juno members, and are happy to recommend SoFi as the best option for most people looking to refinance.

Juno members using SoFi for the first time receive at least $500 when they refinance their student loans through us. For folks refinancing more than $150,000, we’ll throw in some additional cash to get you a total of $1,000 in rewards.

Rates: Fixed starting at 5.24%4 APR, Variable starting at 6.24%4 APR. Includes autopay discount.

Juno Benefit: New SoFi customers going through Juno receive $500 cash back when refinancing any size loan and $1,000 for a loan above $150k when you go through Juno.

Check: Soft Credit Check to get rates; Hard Credit Check to refinance

Cosigner: You may be able to refinance with a cosigner with SoFi

Best for Medical Professionals - Laurel Road

Laurel Road5 has some perks for medical professionals that make it our choice for physicians, dentists, nurses, optometrists, and physician assistants.

As a Juno member visiting via the below link, Laurel Road will offer you a rate reduction of 0.25%*. In addition, you may be able to pay back your medical school loans at only $100 per month while in residency or fellowship.*

Juno readers must apply through to access these benefits.

Rates: Fixed starting at 5.74%* APR, Variable starting at 5.49%* APR

Juno Benefit: Rate reduction of .25%*

Check: Soft Credit Check to get rates*; Hard Credit Check to refinance

Cosigner: You may be able to refinance with a cosigner with Laurel Road

Best for Texas Residents - Brazos

As a non-profit organization, Brazos is able to deliver unusually low rates but only for Texas residents. That means you’ll need a valid ID proving your residency in order to take out a loan with them. But their rates are so low, it makes us want to move to Houston.

Juno members using Brazos for the first time receive an extra reward - .5% of their loan as a cash back signing bonus. That means if you refinance $100,000 of student debt, you’ll receive $500 to spend wherever you like. 6

Rates: Fixed starting at 4.40% APR, Variable starting at 5.07% APR. Includes autopay discount. 6

Juno Benefit: New Brazos clients receive .5% of their loan as a cash back signing bonus. That means if you refinance $100,000 of student debt, you’ll receive $500 to spend wherever you like.

Check: Soft Credit Check to get rates; Hard Credit Check to refinance

Cosigner: You may be able to refinance with a cosigner with Brazos


What happens when you refinance?

Usually after people refinance a loan, we hear “why was that so easy?” The truth is that the process is fairly straightforward.

On a basic level, you’re taking out a new loan to pay off your old loan.

Since you’re employed and are perceived as ‘less risky’, your new loan ideally has a lower interest rate, saving you money in the long run.

How to find out customized rates?

If you can answer these ten questions, you can probably go get customized rates within 5 minutes:

1. Your name
2. Email Address
3. Citizenship status
4. Degree
5. Graduation date
6. School name
7. Student loan balance
8. Income
9. Rent/mortgage payment
10. Address

Then you can use a calculator to decide if the amount you'd save is worth proceeding.

Why does the term refinance still give me the willies?

The likely culprit: home mortgage refinance – between closing costs, cash-out refinancing that involves moving other debt around, and potential loss of protections, this cousin of student loan refinance gives all refinance a bad rep.

In contrast, student loan refi through Juno doesn’t have any fees involved, and is basically a straight 1:1 refinance – that means you can only get a new loan covering the cost of your existing student debt.

That means that you can't borrow more than what you already owe. Student loan refi typically doesn’t involve collateral, unlike home mortgage refi where your house can be foreclosed on if you don't pay your mortgage bills.

As always, please consult a financial advisor for additional context.

Remember, refinancing private student loan debt typically doesn't result in the loss of protections; refinancing federal student loan debt can result in the loss of certain protections (income-driven repayment, forbearance options, etc).

You can always pick and choose what you'd like to refinance without affecting all your loans.

Is now a good time to
refinance private student loans?

Rates hit historic lows back in November 2021, and started going back up since then. Given more likely upcoming rate hikes (as of October 2023), we think now is a decent time to get in before they go up even more. Plus, don't forget that you have the option to refinance multiple times. Some of our members refinance their loans once a year if they can get a better rate.

What about Parent PLUS loans?

Yes! All of our partners allow you to refinance Parent PLUS loans. Sometimes people want to change the name of the loan holder. Depending on the partner, it may be possible to refinance the loan into your child’s name. Individual results may vary.

With Earnest, you can only refinance loans already in your name as the primary borrower. If your parent is the primary borrower, the original lender may be able to transfer the loan from the parent to you, and then Earnest can refinance in your name.

It is possible to refinance a Parent PLUS loan into your child’s name with SoFi, but your child must apply. Please contact their Customer Support to learn more.

Laurel Road does allow you to refinance a Parent PLUS directly into your name.

Got questions?

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Disclaimers: Product name, logo, brands, and other trademarks featured or referred to within Juno are the property of their respective trademark holders. Please consult a licensed financial professional before making any financial decisions. This site is not endorsed or affiliated with the U.S. Department of Education.

 Earnest Rate Reduction Offer Disclosure:  Terms and conditions apply. To qualify for this Earnest Rate Reduction offer: 1) you must not currently be an Earnest client, or have received the rate reduction in the past, 2) you must submit a completed student loan refinancing application through the designated LeverEdge Association's link; and 3) you must provide a valid email address and a valid checking account number during the application process;  This offer is not valid for current Earnest clients who refinance their existing Earnest loans.

Earnest  Loans  are  made  by  Earnest  Operations  LLC  or One American  Bank,  Member  FDIC. Earnest  Operations  LLC,  NMLS  #1204917,  535  Mission St,  Suite  1663  San  Francisco,  CA 94105.  CA Financing  Law  License  #6054788  Visit for  a  full  list  of  licensed states.  One  American  Bank,  515  S.  Minnesota  Ave,  Sioux Falls,  SD  57104.  Earnest  loans  are serviced  by  Earnest  Operations  LLC  with  support  from Navient  Solutions  LLC  (NMLS  #212430). One American  Bank  and  Earnest  LLC  and  its  subsidiaries are  not  sponsored  by  or  agencies  of the  United  States  of  America.  ©  2020  Earnest  LLC. All  rights  reserved.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.97% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

For members clicking to SoFi after July 12, 2023: Juno's additional $500 reward (for a total of $1,000) is only available for new clients of SoFi who are taking out a new refinance loan above $150,000. For members refinancing less than $150,000, your $500 bonus will come from SoFi. 

For members clicking to SoFi prior to July 12, 2023: Juno's $500 reward is only available for new clients of SoFi who are taking out a new refinance loan above $55,000 USD.  If your loan is below $55,000, you will receive $300 as the cash reward.

Terms and conditions apply. Offer is subject to lender approval. The offer is only open to new Student Loan Refi borrowers and may not be combined with other offers aside from the autopay discount. To receive the offer, you must: (1) register and apply through Join Juno; (2) fund a student loan refinance with SoFi; (3) have or apply for a SoFi Checking and Savings or have a SoFi Money account to receive the bonus; (4) and meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, your welcome bonus will be deposited into your SoFi Checking and Savings or Money account within 30 calendar days. If you do not qualify for the SoFi Checking and Savings or SoFi Money Account, SoFi will offer payment via ACH pending your completion of Form W9. 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 will 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. SoFi reserves the right to change or terminate the offer at any time with or without notice.

Notice: SoFi’s Refinance Loan is a private student loan. Understand that when you refinance federal loans, you forfeit all flexible federal repayment options that are or may become available to federal student loan borrowers. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.

Notice: Though SoFi offers an Unemployment Protection Program and career services, SoFi’s Refinance loan is a private loan. Understand that when you refinance federal loans, you forfeit certain flexible repayment options that are or may become available. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.

*NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/08/2023 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is 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). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for student loan refinancing. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
Student Loan Refinance Calculator: The estimated savings calculation is derived by taking the estimated lifetime cost or monthly payment amount of your existing student loan(s) minus the total estimated lifetime cost or monthly payment amount of a SoFi loan upon refinancing, based on the assumptions outlined below. SoFi’s savings methodology for student loan refinancing assumes that your current, non-SoFi loan(s) have 1) an interest rate of 7.100% (unless otherwise input by you); 2) an outstanding term of 10 years (unless otherwise input by you); and 3) an outstanding balance equal to your stated loan amount. The calculation also assumes that your SoFi refinance loan 1) has the rate (APR) and term you selected; 2) is paid on-time for the duration of the refinanced term with no pre-payment amounts; and 3) has the AutoPay discount, which lowers the APR of your loan by 0.25%. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors. The estimated savings amount is not representative of your current situation or qualifications and is not a commitment to lend. Though refinancing to a longer term helps to achieve monthly savings, borrowers generally pay more in total interest over the life of the loan.
Juno readers must apply through to access these benefits. Rates as of 10/19/23, rates subject to change. Terms and Conditions Apply. All products subject to credit approval.

IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult for the most current information.

Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022.

KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

You must be a new Brazos client, and visit via a Juno link in order to be eligible for the promotional cashback bonus.  In order to qualify, your loan must disburse, not be cancelled or refunded, and you must provide a valid, updated address.  

Brazos Education Lending Corporation, a Texas non-profit managed by Brazos Higher Education, is the lender on all Brazos Loans.

The Brazos Student Loan Refinance Rates displayed are based upon the repayment term selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. Brazos Student Loan Refinance Loan Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the greater of the (A) 30-day Average SOFR or the (B) forward looking term rate based on SOFR, plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 5.07% plus a 0.25% margin, minus the Auto-Pay Discount for a 60 month (5 year) repayment term. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term.

If you choose to apply for a Brazos Loan, we will request your full credit report. This credit pull may impact your credit score. The initial credit review is based on review of all of the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report. If you pass the initial credit review, you will be required to provide acceptable documentation, such as your income verification, before final loan approval.

The APR, terms, calculated payments and total loan cost amounts are estimates only. The calculator assumes that the loan amount is disbursed to the school in two equal installments five (5) months apart. Capitalized interest is calculated during this five month period at the APR shown, except for the examples for the Interest Only Repayment Option. [Please note that the APR used in all calculations assumes the AutoPay Discount is applied. If you take out a loan, the AutoPay Discount will not actually be applicable until you enter full repayment and you sign up for automated payments (see Disclaimer 3 above).] This capitalized interest is added to the amount of the loan to arrive at the estimated balance of the loan when repayment begins. Estimated payments are based upon the projected balance at repayment, including capitalized interest. Calculated monthly payments and total payments are based on the information provided by you, assume that the interest rate remains constant throughout the life of the loan, and that loans will be repaid in equal monthly installments. Please note that the interest rate will not remain constant for a variable rate loan, although it is assumed to for purposes of this calculator. This resource also assumes that you will pay continuously throughout the repayment period with no breaks for deferment, forbearance or prepayments. We cannot guarantee the accuracy or completeness of the information or the Student Loan Calculator’s applicability to your specific circumstances.
Using the Student Loan Calculator does not constitute an offer to receive a loan and does not solicit a loan offer. Any rates, terms, and calculated payments will depend on the actual months for which you are approved, the repayment option you select, the actual disbursement schedule of your loan, the length of any interim period prior to start of repayment, and your specific credit score, should you choose to apply.

When you apply for a Brazos Student Loan, the FICO score used will be the Transunion FICO Score 9, which is based on information from Transunion. When you apply for a Brazos Parent or Brazos REFI Loan, the FICO score used will be the Transunion FICO Score 8. In addition to these different FICO Score models used at Transunion, there are still other FICO score models used among and between credit reporting agencies which could result in an individual having a higher or lower credit score depending on the model utilized. FICO is a registered trademark of the Fair Isaac Corporation.

The displayed APR may include AutoPay Discount. AutoPay Discount: The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

The Brazos Refinance Loan APRs, terms, calculated payments, total interest, and total savings amounts are estimates only. Calculated monthly payments and total payments based on information provided by you and assume that the interest rates remains constant throughout the life of the loans and that the loans will be repaid in equal monthly installments. Total remaining interest on your loan is an estimate of the amount of interest you will pay in the future on your existing loan, and excludes previous interest payments. This resource also assumes that you will pay continuously throughout the repayment period with no breaks for forbearance or prepayments. We cannot guarantee the accuracy or completeness of the information or the Refinance Calculator resources' applicability to your circumstances.

The interest rate for your loan may be based, in part, on whether you have a creditworthy cosigner. Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. Your interest rate may be higher without a creditworthy cosigner.

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