/student-loans
Best Student Loan Refinance Rates — June 2026
Federal student loan rates are set annually by formula (10-yr Treasury auction + statutory margin). Private and refi APRs are sourced from lender disclosures. Federal figures reflect the 2025–26 academic year per studentaid.gov.
Student Loans · Federal + private + refi● LIVE FEED
| Lender | APR | Status | ||
|---|---|---|---|---|
SoFi Refinance · fixed · No fees. Member benefits included. | 4.49–9.99% APR | Top Refi | ||
Earnest Refinance · fixed · Custom term lengths. Skip-a-payment available. | 4.39–9.74% APR | Lowest Refi | ||
Federal Direct PLUS Federal · PLUS · fixed · 4.23% fee · 2025-26 rate. For parents and grad students. Credit check required. | 8.94% APR | Government Backed | ||
Federal Direct Subsidized/Unsubsidized Federal · Undergrad · fixed · 1.06% fee · 2025-26 rate. No credit check. Income-driven repayment available. | 6.39% APR | Government Backed | ||
Federal Direct Unsubsidized (Grad) Federal · Grad · fixed · 1.06% fee · 2025-26 rate for graduate/professional students. | 7.94% APR | Government Backed | ||
Sallie Mae Private · fixed · Cosigner often required. Variable rates also available. | 4.50–15.49% APR | |||
College Ave Private · fixed · 5-15 year terms. Multi-year approval option. | 4.44–15.99% APR | Flexible Terms |
How we rank
Methodology · Student Loans
Listings on BankCheap are ranked by a transparent formula that weighs current rate, fees, terms, deposit/credit requirements, and institutional safety (FDIC/NCUA insurance, regulator standing). We surface hidden-gem credit unions and Treasury options alongside major banks — not just whoever pays the highest affiliate commission. Read the full methodology or see where the data comes from.
Frequently asked
Common questions
- Federal vs private student loans — which is better?
- Federal loans almost always win for undergrads: fixed rates, income-driven repayment, forbearance, and forgiveness programs. Private loans only make sense after maxing out federal aid, or for refinancing after graduation.
- Should I refinance my federal student loans?
- Refinancing federal loans into a private loan permanently gives up federal protections (income-driven repayment, PSLF, deferment). Only consider it if you have a stable high income and no plans to use those programs.
- What credit score do I need to refinance student loans?
- Most lenders require 650+ FICO, with the best rates reserved for 720+ borrowers. A creditworthy cosigner can help if your score is below the cutoff.
- Fixed or variable rate on a student loan?
- Fixed protects against rate increases — better if you'll take 7+ years to pay off. Variable typically starts lower — better if you can aggressively repay within 3–5 years.
- Are student loan interest payments tax deductible?
- Yes, up to $2,500 per year of student loan interest can be deducted (subject to income limits) — even if you don't itemize.
- What is PSLF?
- Public Service Loan Forgiveness forgives the remaining balance on federal Direct Loans after 120 qualifying monthly payments while working full-time for a government or qualifying nonprofit employer.
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