Can i refinance my student loan with the same lender

Q: How many times can I refinance my student loans?

Theres no limit on how many times you can refinance a student loan. And because many lenders do not charge prepayment penalties or origination fees, there is often no extra cost associated with student loan refinancing. Some borrowers might refinance more than once to take advantage of low interest rates.

Q: Can you refinance student loans that have already been refinanced?

You can refinance your student loans as often as youd like. It can make sense to refinance multiple times — especially when your finances improve or private lenders decrease their rates. Refinancing typically doesnt carry any origination fees or other costs, and student loans dont come with prepayment fees.

Earnest offers several unique features, including the option to make automatic payments twice a month to accelerate repayment and the choice of any repayment term between five and 20 years⁴. It also offers a solid range of hardship repayment options beyond the standard 12 months of forbearance, such as the ability to skip⁵ one monthly bill every year.

Table of Contents Show

How many times can I refinance my student loans?
Why is it hard to refinance student loans?
Can you refinance student loans that have already been refinanced?
Can I refinance my personal loan with the same lender?

Borrowers cannot apply with a co-signer, so you must be able to meet the credit requirements on your own. Earnest did not disclose the amount of time before unpaid loans go into default.

Extra Details

Loan terms: Choose any term between five and 20 years³. Your options may depend on your financial profile.

Loan amounts available: $5,000 ($10,000 for California residents) to $500,000

Eligibility: Borrowers must have completed a degree at an eligible nonprofit school and have a minimum credit score of 650. They must also meet other criteria, including having savings of at least two months’ worth of expenses, on-time payment history and no bankruptcies.

Forbearance options: Up to 12 months of forbearance available (after making three consecutive, timely payments toward the loan). Counted towards the forbearance limit, borrowers can also skip one payment every 12 months⁵ (after making six consecutive, timely payments) and get an interest rate and/or term modification in the event of long-term financial hardship.

Co-signer release policy: None

Borrowers with an associate’s degree can refinance
Wide variety of repayment terms and allows the ability to customize loan terms
No late fees

No option to apply with a co-signer
Maximum loan term is longer than 15 years

¹Terms and conditions apply. To qualify for this Earnest Bonus offer: 1) you must not currently be an Earnest client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Forbes Advisor link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed.

²Student Loan Refinance Interest Rate Disclosure: Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.64% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 4.24% APR to 8.54% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

³Auto Pay Disclosure: You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

⁴Student Loan Refinance Loan Cost Examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.

⁵Skip A Payment Disclosure: Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

Loan Eligibility Criteria: Your debt is from paying for education at a Title IV accredited school. The debt is from your education or your child’s. The debt you’re refinancing is for a completed degree or one that will be completed at the end of this semester. You are currently the primary borrower on the student loans you would like to refinance, and you will remain the primary borrower after refinancing. You must reside in the District of Columbia or one of the 47 states Earnest Operations LLC is authorized to lend in (all but Delaware, Kentucky, and Nevada). This is strictly a student loan refinance product. There is no opportunity to borrow more than your outstanding qualifying student loan amount. You must be the age of majority in your state or older at the time you apply, as well as be a United States citizen or Permanent Resident Alien without conditions. Refinancing is subject to credit qualifications. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

You may lose benefits associated with your underlying federal and/or private loans if you refinance such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options. If you file for bankruptcy, you may still be required to pay back this loan.

Lender Identification: Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.

Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

How many times can I refinance my student loans?

There's no limit on how many times you can refinance a student loan. And because many lenders do not charge prepayment penalties or origination fees, there is often no extra cost associated with student loan refinancing. Some borrowers might refinance more than once to take advantage of low interest rates.

Why is it hard to refinance student loans?

Lenders want to ensure that you have sufficient monthly income to pay off student loans. If you have a regular paycheck coming each month, that will give lenders confidence in your ability to make monthly student loan payments. If you don't have stable monthly income, it may be harder to refinance student loans.

Can you refinance student loans that have already been refinanced?

You can refinance your student loans as often as you'd like. It can make sense to refinance multiple times — especially when your finances improve or private lenders decrease their rates. Refinancing typically doesn't carry any origination fees or other costs, and student loans don't come with prepayment fees.

Can I refinance my personal loan with the same lender?

Yes, many lenders offer the option to refinance a personal loan with the same bank — but it's best to check in with your lender to be sure. As personal loans can be used to fund any need, you can also refinance a personal loan as often as you like.