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How Soon Can You Refinance Student Loans?

August 17, 2021 · 3 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

How Soon Can You Refinance Student Loans?

For most borrowers of college student loans, the soonest they can refinance is after graduating.

If you’re a graduate student with a good job, you might be able to refinance the loans you took out for your undergraduate degree. For others, refinancing debt with a cosigner may make sense.

Depending on your financial situation, the goal of refinancing may be to snag a lower interest rate or have lower monthly payments. If you find that refinancing one or more student loans will result in significant interest savings, every month you delay refinancing could be costing you money.

What Do Your Current Loans Look Like?

If the only time you’ve even thought about your student debt is when you took out the loans, you’ve got a little bit of homework to do and a few decisions to make.

You may want to do some digging to refresh your memory on interest rates and terms.

Contact Info for Most Federal Student Loans

The government assigns your loan to a loan servicer after it is paid out. To find your loan servicer, visit your account dashboard on studentaid.gov, find the “My Aid” section, and choose “View loan servicer details,” or call the Federal Student Aid Information Center at 800-433-3243.

Loans Not Owned by the Department of Education

If you have Federal Family Education Loan Program loans that are not held by the government, contact your servicer for details. Look for the most recent communication from the entity sending you bills.

If you have a Federal Perkins Loan that is not owned by the Education Department, contact the school where you received the loan for details. Your school may be the servicer for your loan.

If you have Health Education Assistance Loan Program loans and need to find your loan servicer, look for the most recent communication from the entity sending you bills.

Private Student Loans

If you’ve lost track of private loans, you can check your credit reports .

Consolidating vs. Refinancing Student Loans

The two words are sometimes used interchangeably, but they aren’t quite the same thing.

The Department of Education offers student loan consolidation, which allows you to combine your federal student loans into a single Direct Consolidation Loan that will have one monthly payment.

The interest rate is the weighted average of your prior loan rates, rounded up to the nearest one-eighth of one percentage point. You can’t include any private loans, so you’ll still have a separate payment for those if you have them.

If your loans are eligible for a Direct Consolidation Loan, you can apply right after you graduate , when you leave school, or when you drop below part-time enrollment.

Student loan refinancing refers to paying off current loans with a new loan from a private lender, preferably with a lower rate. You might be able to refinance private and federal student loans, ending up with one loan and one monthly payment.

You’ll want to know all your student loan repayment options—and the pros and cons of consolidating or refinancing your loans, which could make your life easier and your payments more manageable.

A refinancing calculator can come in handy when estimating savings—both monthly and over the life of your loan.

Weighing Perks and Interest Rates

Before deciding whether refinancing is right for you, it’s important to know that if you refinance your federal student loans with a private lender, those loans will no longer be eligible for programs like income-driven repayment plans and federal forbearance.

Refinancing also will take the Public Service Loan Forgiveness Program out of the equation.

But if you can get a lower interest rate, refinancing may be a good fit. Most refinancing lenders offer loan terms of five to 20 years. Shortening or elongating your loan term can affect your monthly payment and the total cost over the life of your loan.

Private lenders can have some pretty stringent criteria. Typically, you’ll need a good credit score and a history of on-time payments, a stable job and/or income—or a cosigner—and a solid debt-to-income ratio.

The Takeaway

When can you refinance student loans? As soon as you establish a financial foundation or bring a solid cosigner aboard. Should you refinance your student loans? If you can get a lower interest rate or lower your monthly payment, it might be a move worth considering.

SoFi offers student loan refinancing with a fixed or variable rate, no origination fee, and unemployment protection. A refi opens the door to SoFi membership, which entitles you to services that might help with your career and personal goals.

Look into SoFi Student Loan Refinancing in a few clicks.


SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF JANUARY 2022 DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.


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