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Refinance with Confidence

Snowball helps you understand if refinancing makes sense for your situation and gives you tips on getting the best rate

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Interest rate lowered to 4.5 and chart showing old interest and new interest
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Snowball’s Top Picks for Refinancing

At Snowball we are committed to being honest and transparent. We will not allow advertisers to influence our opinion of offers that appear on our site. We do receive compensation from some partners whose offers appear here. It is this compensation which enables us to provide you with free services. We also may not cover all offers in the market. We are firm believers that if we wouldn’t recommend an offer to a close friend or family, we wouldn’t recommend it on Snowball either. Updated as of 06/08/2023. (1) Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. (2) Some of these lenders do a soft pull on your credit, while others may give you an estimate based on verifying your identity. (3) Includes autopay and loyalty discounts when applicable.

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Lender

Rates

Snowball Snowball Wealth Logo Recommends

At Snowball we are committed to being honest and transparent. We will not allow advertisers to influence our opinion of offers that appear on our site. We do receive compensation from some partners whose offers appear here. It is this compensation which enables us to provide you with free services. We also may not cover all offers in the market. We are firm believers that if we wouldn’t recommend an offer to a close friend or family, we wouldn’t recommend it on Snowball either. Updated as of 06/08/2023. (1) Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. (2) Some of these lenders do a soft pull on your credit, while others may give you an estimate based on verifying your identity. (3) Includes autopay and loyalty discounts when applicable.

How to refinance in 3 steps

5-10 Minutes

Evaluate

Is refinancing for you?

See how much you could save with our calculator

Schedule a free 15min consult with a refinancing expert

Discover ways to improve your application for a better rate

5-10 minutes

Compare

Evaluate lenders and check rates

Evaluate Snowball recommended lenders

With recommended lenders, you can check rates without affecting your credit score

Pick the best lender for you based on rates and other benefits

A few days

Apply

Apply for a loan and wait for approval

Upload your documents

Once you close, make sure to celebrate!

You can refinance again if rates go down

Answers to your frequently asked questions

What is refinancing?

The first step is to understand the student loan refinancing process, and whether it makes sense for you.

  • When you refinance student loans, your old loans are paid off and combined into one, single loan with a new lender.
  • Your new loan will have a new interest rate, length of repayment (e.g., 10 years), and terms (e.g., deferment during grad school.
  • You might consider refinancing if you want to lower your interest rate, decrease your monthly payments, or switch from a fixed rate to a variable rate loan.

Yes, and it’s often beneficial to do so if your interest rate is high, your monthly payments are unmanageable, or you have less favorable terms (e.g., no deferment during grad school).

Yes, but it might not make sense if you are taking advantage of the COVID-19 relief, public service loan forgiveness, income-based repayment plans, or deferment and forbearance.

Pros and cons of refinancing

Whether or not you should refinance your student loans depends entirely on your financial situation and on the type of loans you have.

By refinancing, you can take advantage of these options:

  • Lowering your interest rate. You’ll be paying less interest month to month, which can add to large savings.
  • Simplifying your monthly payments to a lender of your choice with one payment amount
  • Lowering your monthly payment by choosing a longer term
  • Changing from a variable to a fixed interest rate, so your interest will not change
  • Having a more flexible lender if you go back to school or need to stop payments

You may not want to refinance because of these potential disadvantages:

  • If you have federal loans, you will lose federal repayment protections, including the ability to stop payments if you can’t afford them for a longer period of time
  • You lose the flexibility to change your payment plan, particularly if you can’t afford your payments
  • If you are on a loan forgiveness program, you will no longer be eligible for the program

How much you will save on refinancing will depend on a number of factors including your current interest rate, your specific loans, and what offer you can get with refinancing lenders. You can check out our recommendation to see what refinancing could look like for you.

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