9 Best Student Loan Refinancing Options Available Right Now

7. Citizens Bank - Traditional Banking Stability with Modern Refinancing Solutions

Citizens Bank brings the stability and resources of a major national bank to the student loan refinancing market, offering borrowers the security of working with an established financial institution while providing competitive rates and modern digital conveniences. As one of the largest banks in the United States, Citizens Bank has the financial strength and regulatory oversight that many borrowers find reassuring when making significant financial decisions. The bank offers variable rates starting at 5.04% APR and fixed rates from 5.89% APR, with flexible repayment terms from 5 to 20 years. Citizens Bank's refinancing program includes several attractive features, such as a 0.25% interest rate reduction for enrolling in automatic payments and additional rate discounts for existing bank customers. The application process is entirely online, with most borrowers receiving approval decisions within minutes and funding typically completed within two weeks. Citizens Bank also offers a unique multi-year approval feature for students still in school, allowing them to lock in rates for future refinancing once they graduate. The bank's extensive branch network provides borrowers with the option for in-person support when needed, combining digital convenience with traditional banking accessibility.

## Section 9: ELFI (Education Loan Finance) - Specialized Focus on Graduate and Professional Students

Education Loan Finance (ELFI) specializes exclusively in refinancing loans for graduate and professional school students, offering tailored solutions for borrowers with advanced degrees who often face unique financial challenges and opportunities. ELFI's focused approach allows them to understand the specific needs of graduate students, including those in medical school, law school, MBA programs, and other professional degree programs. The company offers competitive variable rates starting at 4.96% APR and fixed rates from 5.28% APR, with terms ranging from 5 to 20 years. ELFI's underwriting process considers the enhanced earning potential that typically comes with advanced degrees, making them more likely to approve borrowers who might face challenges with traditional lenders. The platform provides several unique features, including the ability to refinance loans while still in school, residency and fellowship deferment options for medical professionals, and bar exam deferment for law school graduates. ELFI also offers a cash bonus of up to $500 for qualifying borrowers and has no application fees, origination fees, or prepayment penalties. Their customer service team includes specialists who understand the unique career paths and financial challenges faced by graduate and professional degree holders.