Best Student Loan Consolidation Companies

The best student loan:  Whether you have federal, private, or both types of student loans, combining or refinancing them can help you reduce your student debt, better manage your finances, and work toward other financial goals.

Excessive student loans may impede your ability to qualify for other loans such as savings or mortgages for retirement.

This guide explains the difference between refinancing a private s. loan and consolidating a federal student loan, the advantages and disadvantages of each, and the best options for different situations.

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Best Student loan consolidation?

Student loan refinancing

The refinancing terms for your new private student loan are based on a number of factors, including your annual income, debt, employment, and credit.

You can refinance federal student loans through private lenders, but this is not always a good idea. This is because you will lose access to flexible payment options, including the federal income-based repayment plan and the SL waiver program.

Student loan consolidation

Combining your federal student loan does not change the interest earned on them or your ability to get more federal student loans. No hard credit checks are required to consolidate your federal college debt and may give you access to more flexible repayment options or waiver programs.

Instead of consolidating your college loan, you may want to consider extending your loan term and changing your repayment plan for lower monthly payments. But it will not reduce the cost of debt.

Student Loan Refinancing Company

No single student loan refinancing is suitable for every borrower. This lender is a good starting point for most people, but you should read student – loan reviews and research each company itself.

Best Student Loan Refinancing Lender

The student loan refinancing company is the one that can lower your rates. But some lenders are adept at serving certain types of customers.


Ernest is an online lender that provides private student loans to college and graduate students as well as student loan refinancing. The company was founded in 2013.

Borrowers can choose the terms of their loan to fund up to the full cost of their education.

Laurel Road

Laurel Road offers to refinance for undergraduate, graduate, and some associate degrees. In 2019, Laurel Road became part of KeyBank, which provides community and corporate banking services.

Laurel Road Student Loans are serviced through the Missouri State Higher Education Credit Authority, also known as the neighborhood, and the company is headquartered in New York City.

Splash Financial

This Financial is a student loan refinance marketplace that uses its network of banks, credit unions, and other lenders to match borrowers with refinancing options.

Splash Financial is located in Cleveland and can help U.S. citizens and permanent residents refinance federal, personal and direct plus loans. This Financial also offers a special refinancing program for physicians and dentists who have completed residency and fellowship.


SoFi is an online lender founded in 2011 by students at Stanford Business School. Originally focused on refinancing student loans, the company added personal student loans in 2019. Its student loans for undergraduates, graduates, and parents start at $ 5,000 and take no fees.

Nelnet Bank

Founded in 2020 by Nelnet t Bank – one of the largest student loan service providers in the country – Utah-based and offers student loan refinancing. This product has changed from Nelnet to U-Fi, and the private student loan will go through similar changes in the coming months. According to lenders, borrowers typically use Nelnet Bank to refinance personal loans instead of federal student loans.


Citizens were established on Rhode Island in the late 1800s. Today, it is the U.S. It is one of the largest commercial banks in New England, with branches concentrated in the Mid-Atlantic and Midwest regions.


Purefy is a student loan comparison site, and it refinances student loans and parent loans through a partnership with the Pentagon Federal Credit Union. Since then, the company has generated more than 1 billion in debt.

As a rate comparison tool, Purefy shares interest rates, terms, and eligibility requirements from specific lending partners, including Ascent, Arnest, ISL Education Lending, and College Avenue. This lender review will focus on the loan refinancing options offered by PureFi and PenFed together.


LendKey’s digital platform connects borrowers who need personal student loans or refinancing loans with credit unions and community banks. Since 2009, Lend has helped more than 120,000 people with 4 billion in loans. The company is specialized and graduate for undergraduate and graduate students Offer loans at affordable rates.

PenFed Student Loan

Penfed Credit Union refinances student and parent loans through a partnership with financial services company PureFi. Pen-Fed does not offer other types of student loans, but it does refer customers to student loans issued by Ascent Funding.

Founded in 1935, PenFed – short for Pentagon Federal Credit Union – has 2.5 million members and serves customers in all 50 states, Washington, DC, Guam, Puerto Rico, and Okinawa, Japan.

Student Loans for Instant Approval

College Ave

College Ave provides student loans exclusively. Founded in 2014 and located in Wilmington, Delaware, College Avenue provides undergraduate, graduate, and parent loans for students enrolled in all 50 states and schools affiliated with the District of Columbia College Avenue.

The advantage of College Ave is the speed, with applications that take a few minutes to complete and make instant decisions.

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