Student Loan Refinance
Fewer loans, one clearer payment
Combine federal and private student loans into a single Summit loan. Fixed and variable options, no origination fee, and cosigner release after 24 consecutive on-time payments.
What refinancing at Summit gives you
Refinancing replaces your existing loans with one new loan at one rate. It is worth doing when that rate is lower and the protections you give up do not apply to you.
Federal and private together
Most lenders make you keep the two worlds separate. Summit will refinance both into a single balance with a single servicer.
Fixed or variable
Fixed from 5.24% APR if you want certainty. Variable from 4.74% APR if you plan to pay the balance down quickly and can absorb movement.
Cosigner release at 24 payments
After 24 consecutive on-time payments, apply to release your cosigner. If you qualify on your own, they come off the note entirely.
No origination or prepayment fees
Nothing is deducted at closing and nothing is charged if you clear the balance ahead of schedule.
Terms from 5 to 20 years
A shorter term costs less overall; a longer one lowers the monthly figure. You can also make extra principal payments at any time.
Autopay discount
Set up automatic payments from any checking account and take 0.25% off your rate for as long as autopay stays active.
Refinance rates and terms
Rates shown include the 0.25% autopay discount. Refinance amounts run from $5,000 to $250,000.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
How the refinance runs
Expect two to three weeks from application to the moment your old servicers report a zero balance.
Check your rate
A soft pull shows fixed and variable offers across every term in about two minutes, with no effect on your score.
Send us your loans
Upload a payoff statement for each loan you want included. You can refinance all of them or only the higher-rate ones.
Verify and sign
We confirm income and enrollment history, then send the note for electronic signature.
We pay off the old servicers
Summit disburses directly. Keep paying your old loans until each one confirms a zero balance, then your single Summit payment begins.
Common questions
What do I give up by refinancing federal loans?
Federal protections do not transfer. That includes income-driven repayment, federal deferment and forbearance, and eligibility for Public Service Loan Forgiveness. If you rely on any of those, keep those loans federal.
Can I refinance only some of my loans?
Yes, and many members should. A common approach is refinancing high-rate private loans while leaving federal loans alone so their protections stay intact.
How does cosigner release work?
After 24 consecutive on-time payments, submit a release request. If your income and credit support the loan on their own, we remove the cosigner and the loan continues unchanged in every other respect.
Do I need to have graduated?
A completed degree from an accredited institution is required for the standard program. Members who left school without finishing can still apply with a qualified cosigner.
Should I pick fixed or variable?
Choose variable only if you expect to retire the balance in a few years and could absorb a higher payment if rates rise. For a 10-year or longer horizon, fixed is the safer choice.
Is there a minimum balance to refinance?
$5,000. The maximum is $250,000 across all loans included, and there is no fee at any amount.
See what one payment would cost
Compare fixed and variable offers across every term with a soft credit pull that leaves your score untouched.