In the private loan market, "student loan consolidation" usually means refinancing, which is replacing one or more existing loans with a new private loan (credit-based rates and terms). Federal Direct Consolidation is a separate process with different rules and is not rate-shopping in the same way.
| Lender | Fixed Rates | Variable Rates | Loan Terms | Loan Amounts | Minimum Credit Score | Autopay Discount | Apply Now |
|---|---|---|---|---|---|---|---|
| SoFi | 4.24% – 9.99% APR | 5.99% – 9.99% APR | 5, 7, 10, 15, 20 years | $5,000 – $300,000 | Not specified | 0.25% and 0.125% SoFi Plus | Apply Now |
| Additional Details: SoFi offers flexible terms and competitive rates. It also has an autopay discount of 0.25%. | |||||||
| Citizens Bank | 5.44% – 10.14% APR | 5.67% – 10.63% APR | 5, 7, 10, 15, 20 years | $10,000 – $750,000 | Not specified | 0.25% | Apply Now |
| Additional Details: Citizens Bank offers competitive fixed and variable rates. Combine loyalty and autopay discounts for up to 0.50% interest rate reduction. Quick online application process. | |||||||
| Earnest | 4.45% – 10.14% APR | 5.88% – 10.24% APR | 5 to 20 years | $5,000 – $500,000 | Not specified | Customizable repayment | Apply Now |
| Additional Details: Earnest allows you to customize your loan repayment terms based on your financial situation. | |||||||
| LendKey | 4.39% – 9.24% APR | 3.95% - 8.03% | 5 to 20 years | $5,000 – $300,000 | 660 | None specified | Apply Now |
| Additional Details: LendKey partners with banks and credit unions to offer competitive student loan refinance rates. | |||||||
| ELFI | 4.88% – 8.44% APR | 4.47% – 8.24% APR | 5, 7, 10, 15, 20 years | $10,000+ | 680 | 0.25% | Apply Now |
| Additional Details: ELFI offers low interest rates and customizable repayment options. Apply online in minutes. | |||||||
CollegeWhale.com provides independent, research-driven reviews and information on private student loan lenders. We do not have a financial investment in, nor do we operate as, a lender. Displayed APR ranges are for general informational purposes only and are not guaranteed. Actual rates, terms, and approval outcomes vary based on credit profile, cosigner strength, repayment selection, school eligibility, and market conditions. Borrowers should always verify current rates and terms directly with the lender before applying.
This table is designed to help you compare student loan refinance lenders side by side, without digging through fine print across multiple lender websites. It focuses specifically on refinancing existing student loans — not new in-school borrowing.
Displayed APR ranges are for general informational purposes only. Actual refinance rates and terms vary based on credit profile, income, loan balance, repayment selection, and market conditions.
CollegeWhale maintains a proprietary dataset — the CollegeWhale EduRate Index™ — to track student loan refinance APR ranges, term options, eligibility criteria, and lender features.
Rates and lender details are reviewed and updated using:
APR ranges shown reflect typical advertised refinance pricing and do not rely on limited-time teaser or promotional rates available only to a narrow subset of borrowers.
Our Student Loan Refinance Calculator is a powerful tool designed to help borrowers explore potential savings by refinancing their student loans. Refinancing your student loans can lead to significant savings, especially if you qualify for a lower interest rate or better terms. With our calculator, you can compare scenarios, evaluate potential lenders, and make data-driven decisions. Whether you’re looking to lower your monthly payments, secure a lower interest rate, or pay off your debt faster, this calculator provides instant results tailored to your financial situation. Simply input your loan details to see how refinancing with top lenders could reduce your costs and streamline your repayment.
Disclaimer: Our student loan calculators and rate tools are for informational purposes only. The displayed results are estimates and may not reflect the actual rates or terms available to you. For accurate and personalized results, please apply directly with the lender you are considering.
The phrase student loan consolidation is commonly used to describe two distinct processes: consolidating federal loans through the U.S. Department of Education, and consolidating loans in the private market through refinancing. While both can simplify repayment, they operate under very different rules.
Federal Direct Consolidation allows borrowers to combine multiple federal student loans into a single federal loan. The interest rate on a Direct Consolidation Loan is not negotiated or credit-based. Instead, it is calculated as the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of a percent.
| Loan Type Included | How the Rate Is Set | Credit Check Required | Rate Shopping |
|---|---|---|---|
| Federal Direct Loans | Weighted average of existing loans (rounded up) | No | No |
| FFEL / Perkins (if eligible) | Weighted average of included loans | No | No |
Federal consolidation does not lower your interest rate. Its primary purpose is repayment simplification or program eligibility, not cost reduction.
In the private market, consolidation is typically accomplished through student loan refinancing. A private lender pays off one or more existing loans and replaces them with a new loan that has credit-based pricing and terms.
The rate comparison table below focuses on private student loan consolidation through refinancing. Borrowers considering federal consolidation should evaluate program eligibility rather than rate changes.
Student loan consolidation can mean different things depending on whether your loans are federal, private, or a mix of both. The table below outlines when each consolidation approach is typically the better fit based on borrower goals and loan characteristics.
| Situation or Priority | Federal Direct Consolidation | Private Consolidation / Refinancing |
|---|---|---|
| Primary goal | Simplify repayment and preserve federal benefits | Lower interest cost or adjust repayment terms |
| Interest rate structure | Weighted average of existing federal loans (rounded up) | Credit-based rate determined by lender |
| Credit check required | No | Yes |
| Income-driven repayment eligibility | Yes | No |
| Public Service Loan Forgiveness eligibility | Preserved (if otherwise eligible) | Not available |
| Use of cosigner | Not applicable | Optional, depending on lender |
| Best fit for borrowers who… | Want federal protections and repayment flexibility, even if the interest rate does not decrease | Have strong credit or a qualified cosigner and no longer need federal repayment programs |
Important consideration: Refinancing federal student loans with a private lender permanently converts them into private debt. This removes access to federal repayment plans, deferment and forbearance options, and loan forgiveness programs. Borrowers relying on these protections should evaluate this tradeoff carefully before refinancing.
CollegeWhale provides independent, research-driven analysis of student loan consolidation and repayment strategy to help borrowers simplify payments and reduce long-term cost where possible. The information below breaks down key consolidation options, tradeoffs, and decision factors so you can make an informed choice before locking in a new loan structure.
The CollegeWhale EduRate Index™ is our proprietary dataset tracking which powers our up-to-date private student loan APR ranges, lender perks, and eligibility requirements. Rates are verified directly from lender disclosures and public filings, then standardized by CollegeWhale’s editorial team for consistency. Updates occur regularly to reflect new offers, term changes, and promotional rate adjustments. When citing this data, please attribute it to CollegeWhale.com and the CollegeWhale EduRate Index™.
* CollegeWhale.com provides unbiased reviews and information on private student loan lenders. We do not have a financial investment with any of the lending companies nor do we have a paid advertising relationship with any of the lending companies.
