October ETF Flows HighlightsUS exchange-traded fund inflows surpassed $187.9 billion in October.Large-cap US stocks ended October in the red, but smaller stocks held their own and limited the market’s drawdown.Emerging markets had their second worst month of performance this year, with iShares Core MSCI Emerging Markets ETF IEMG dropping 8.5% in October.Large semiconductor stocks dragged on ETF returns across global Morningstar Categories.Roundhill Memory ETF DRAM had its third consecutive month of outflows, losing $2.1 billion.Low-risk bond ETFs continue to attract billions of dollars of inflows across municipal, short-duration, and investment-grade ETFs.Global bonds had a strong October after lackluster performance in September and softened the blow of poor-performing global stocks. The table below shows returns for a sample of ETFs that serve as proxies for major asset classes. A blended 60/40 global portfolio lost 0.21% last month.Stock Market SummaryUS large-cap stocks lagged their small- and mid-cap peers in October. IShares Core S&P Small-Cap ETF IJR and iShares Core S&P Mid-Cap ETF IJH ended the month up 3.1% and 1.9%, respectively, while iShares Core S&P 500 ETF IVV lost 0.87%.The stocks that had led the market’s artificial intelligence boom were the same stocks that detracted from large-cap stocks’ performance. Specifically, Nvidia NVDA, Alphabet GOOGL, Meta Platforms META, Micron MU, and Advanced Micro Devices AMD were each down between 10% and 20% in October. Intel INTC was iShares Core S&P 500 ETF’s single worst-performing stock in October, which ended the month down 45.3%. It was a poor month for technology on the surface, but the majority of the decline occurred at the very end of the month. Nearly every stock related to the AI trade sold off on Oct. 30 following disappointing earnings and broader AI growth concerns.The AI selloff hit international markets earlier in the month. Emerging markets in particular struggled as iShares Core MSCI Emerging Markets ETF IEMG ended the month down 8.5%. South Korean stocks Samsung Electronics 005930 and SK Hynix 000660 were each down 21.8% and 28.9%, respectively, just two weeks into October. The drop came from increasing competition in memory technology and concerns surrounding foreign investment.Factor ETFs tell a similar story, with iShares MSCI USA Momentum Factor ETF MTUM dropping 10.4% in October. The ETF is filled with the same semiconductor stocks that hurt iShares Core S&P 500 ETF but is substantially more concentrated. Momentum ETFs invest heavily in stocks that have performed well in the recent past, hoping that they will continue to perform well in the near future. This works well for the ETF when stocks rise, as it generally captures more upside than non-factor-focused peers. However, the ETF feels much more of the downside when volatility spikes and popular stocks fall out of favor. Bond Market SummaryFederal Reserve Chair Kevin Warsh held interest rates steady in October despite inflation still running above the Fed’s target rate of 2%. Warsh has one more opportunity to hike interest rates in December as he continues to stand firm on the 2% inflation target. Energy costs have been the greatest contributor to high inflation. IShares 0-3 Month Treasury ETF SGOV continues to collect billions in assets month after month, attracting more than $4.5 billion in October. The only bond ETF to record a higher inflow in October was iShares National Muni Bond ETF MUB, which had $6.1 billion in inflows, its highest ever in its history. Municipal bonds have shot up in popularity as investors seek their historically attractive yields and favorable tax treatment.The muni national intermediate Morningstar Category had the fourth-highest inflow in October across all Morningstar categories. IShares National Muni Bond ETF accounted for nearly half the category’s inflow alone.Bond ETF flows have favored shorter duration and higher credit quality in the second half of 2026. The trend continued through October as investors wait to see what is to come for interest rates and inflation.Selective With Tech ExposureETFs targeting semiconductors, memory, and stocks surrounding AI all broadly moved in the same direction over the first half of 2026. They collected large inflows as the stocks they held shot up in value. Today, we see a different story. For the third consecutive month, Roundhill Memory ETF DRAM saw outflows. The ETF launched earlier this year in April and set records as the fastest-growing ETF. It quickly climbed past $10 billion in assets. Unfortunately for many investors, the historic growth was largely over after just two to three months. The ETF peaked on June 22 and hasn’t been able to recover as two of its largest holdings, Samsung and SK Hynix, have floundered.Despite the volatility surrounding concentrated technology strategies, the large-growth category attracted the second-highest level of inflows in October. Large growth ETFs attracted $16 billion. Invesco Nasdaq 100 ETF QQQM leads the category in flows, accounting for roughly one-fourth of the entire category’s inflow. Growth Across Active and Passive ETF ManagersETF asset managers continue to grow, despite managing very different types of ETFs. The largest of the bunch—Vanguard, iShares, State Street, Invesco, and Charles Schwab—all target roughly the same types of ETFs. They compete in low-cost, index-tracking, broad-market ETFs. Some of these providers have single ETFs larger than other active managers’ entire ETF lineup. Namely, Vanguard S&P 500 ETF VOO has over $1 trillion in assets under management and Invesco QQQ Trust QQQ holds $410.7 billion.When you look beyond the five largest ETF providers, the narrative shifts. J.P. Morgan, Dimensional, First Trust, Fidelity, and Capital Group devote a significantly larger share of their assets to active strategies aimed at outperforming passive peers. Within the active ETF landscape, however, these firms differentiate themselves through the type of active approaches they take.Capital Group leans on a fundamental approach to active management where portfolio managers use discretion to buy or sell holdings to outperform. In contrast, Dimensional’s ETFs are built around systematic rules and research. They don’t track an index, and portfolio managers are constrained by the rules of a given strategy. They seek to capture a desired market with active tilts that they believe will lead to outperformance.Despite the different approaches, all of these ETF providers have found success with positive year-to-date and monthly flows.
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IRS bills retired couple abroad over $7,000 a year
Retiring abroad may offer a change of scenery, but it does not necessarily mean escaping U.S. taxes. For American retirees who move overseas, the IRS can remain part of their financial lives.
Citizens generally owe taxes on worldwide income regardless of where they live, according to IRS Publication 54. Traditional IRA withdrawals, taxable Social Security benefits, and other retirement income may still be subject to federal income tax overseas.
A 24/7 Wall Street analysis illustrates the potential cost. A retired couple, both 68, withdrawing $80,000 annually from traditional IRAs and receiving $38,856 in Social Security benefits, could owe roughly $7,367 in federal income taxes.
The reason? A commonly misunderstood tax exclusion.
Also read: Fidelity’s 4 Roth strategies could save your family a fortune in taxes
The Foreign Earned Income Exclusion does not shield retirement checks
The first relief most expat retirees hear about is the Foreign Earned Income Exclusion (FEIE) under Internal Revenue Code Section 911, which lets qualifying taxpayers abroad exclude up to $132,900 in foreign wages for the 2026 tax year, the IRS Form 2555 instructions showed.
The exclusion sounds broad enough to cover a retirement check, but the statute draws a hard boundary.
Under 26 U.S.C. § 911(b)(1)(B), foreign earned income does not include amounts received as a pension or annuity.
Social Security benefits are separately excluded because the statute defines foreign earned income under § 911(b)(1)(A) as compensation for personal services actually performed, which Social Security benefits are not.
For the couple in the 24/7 Wall Street analysis, the $80,000 in individual retirement account withdrawals and all $38,856 in Social Security deposits fall outside the FEIE’s definition of foreign earned income.
Why 85% of Social Security benefits get taxed abroad
Section 86 of the Internal Revenue Code amplifies the bill by taxing Social Security benefits using a formula called provisional income, which adds half of benefits to adjusted gross income, as confirmed by IRS Publication 915.
For joint filers, the Social Security Amendments of 1983 created the first threshold of $ 32,000, and the Omnibus Budget Reconciliation Act of 1993 added the second threshold of $44,000, according to the Social Security Administration.
Neither figure has been adjusted for inflation since. Because those thresholds remain fixed while benefits rise with annual cost-of-living adjustments, the share of households paying tax on Social Security has expanded every year.
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For this couple, provisional income reaches $99,428, clearing both thresholds and exposing 85% of benefits to taxation, roughly $33,028 of the $38,856, pushing adjusted gross income to $113,028, the analysis calculated.
After applying $47,500 in combined deductions, including the 2026 joint standard deduction of $32,200, two $1,650 add-ons for filers over 65, and two $6,000 senior deductions under the One Big Beautiful Bill Act, taxable income falls to $65,528.
The first $24,800 is taxed at 10%, and the remaining amount at 12%, resulting in a federal tax bill of $7,367.
Outdated Social Security tax thresholds expose more retirees to taxation, leaving couples paying taxes on up to 85% of their benefits.Asia-Pacific Images Studio / Getty Images
Foreign reporting penalties can outpace the income tax bill
The income tax bill represents only one layer of the cost when retirees move overseas. Foreign bank account reporting requirements have penalties beyond the tax owed, and the most commonly missed form is the Report of Foreign Bank and Financial Accounts (FBAR).
Foreign reporting requirements for expat retirees
FBAR (FinCEN Form 114): Required when foreign financial accounts exceed $10,000 at any point during the year. Non-willful failure to file now carries a $16,536 maximum per annual report under the Bank Secrecy Act and the Supreme Court’s 2023 Bittner ruling.
Form 8938 (FATCA): Required for taxpayers living abroad when specified foreign financial assets exceed $200,000 on the last day of the year or $300,000 at any point for single filers, and $400,000 on the last day or $600,000 at any point for joint filers, the IRS showed.
Filing deadline extension: Citizens abroad receive an automatic two-month extension to June 15, but interest on unpaid tax runs from the regular April 15 deadline, the IRS confirmed.
Nathalie Goldstein, Co-Founder and CEO of MyExpatTaxes, noted that expat retirees tend to treat the income tax bill as the full obligation, discovering the reporting requirements only after missing a deadline.
<strong>A lot of expats are surprised to learn that filing and paying are two separate things. Even if your US tax bill ends up at zero, the IRS may still expect a return,</strong>
Three modest local accounts in a European country can cross the $10,000 aggregate threshold without a retiree realizing it, 24/7 Wall St. noted.
How expat retirees can reduce their cross-border tax exposure
Mike Wallace, Chief Executive Officer of Greenback Expat Tax Services, recommended that retirees review the applicable tax treaty before relocating.
This is because roughly 68 countries, along with approximately 30 Social Security totalization agreements, can assign Social Security taxation to a single jurisdiction.
Canada and the United Kingdom, for example, tax Social Security only in the country of residence, eliminating the U.S. obligation.
Retirees in high-tax countries can file Form 1116 to claim the Foreign Tax Credit, which offsets U.S. tax dollar for dollar, the IRS confirmed.
With the IRS sharing foreign account data across 110 countries under the Foreign Account Tax Compliance Act, the Treasury Department, Greenback Expat Tax Services, and MyExpatTaxes recommend a structured pre-move tax review once retirement income crosses borders.
Related: IRS applies 3 tax breaks to just 1 account
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Best Student Loan Refinance Companies of November 2026
Key Takeaways
Earnest claims the best overall title with its flexible repayment options; you can choose your monthly bill amount and create a term around it. Other top companies include SoFi and RISLA.
Borrowers with federal undergraduate loans will have a hard time beating their interest rate on the private market. But federal graduate loans, federal parent loans and private loans carry higher interest rates and offer a better shot at savings.
When you refinance federal loans, you lose access to certain repayment terms and benefits, including potential forgiveness. Although there is a lot of anxiety regarding changes to the federal loan system, borrowers with federal debt should not make any knee-jerk decisions to refinance.
Methodology: Our team has been covering student loans for more than a decade. We independently analyzed and vetted student loan refinance products, focusing on eligibility, perks, interest rates and fees, to determine which lenders stand out.
Refinancing student loans can help some borrowers pay off debt faster or lower their monthly bills to free up cash for other priorities. The move doesn’t make sense for everyone, but it can be a smart strategy for some — particularly if your credit score and financial profile have improved since you took out your loans.
If you’re looking for more information on in-school loans to pay for college, see our picks for best student loans.
Our picks for the top student loan refinance companies
The following companies are listed in alphabetical order.
Earnest – Best Overall
ELFI – Best for Parents
Lendkey – Best for Offers from Community Banks and Credit Unions
SoFi® – Best for Member Perks
RISLA – Best for Borrower Protections
Pros
Customizable payments
Ability to set up autopay for biweekly payments
Offers in-school refinancing for students in their within six months of graduation
Nine-month grace period and option to skip one payment per year
Cons
Cosigner release only available for certain loans
Not available in Mississippi
HIGHLIGHTS
Minimum income requirements
Does not disclose
Minimum credit score
650 (600 if you have a creditworthy cosigner)
Loan amount
$5,000 up to $550,000 in most states
Loan terms
Customizable between 5 and 20 years
Fees
No origination or application fees. No late fees
Fixed interest rate
4.65% – 9.99%(includes 0.25% autopay discount)
Earnest is our top overall pick thanks in large part to its customizable payments, which allow borrowers to pick the monthly payment that fits their budget, and set their repayment term based on that amount — even if it results in an uncommon number like 7.5 years. The result is more than 180 ways to customize your loan, the lender says. The repayment flexibilities don’t stop there, either. Earnest also allows borrowers to skip one payment every 12 months, and there’s a lengthy nine-month grace period after graduation.
Earnest doesn’t charge late fees (or any fees at all, really) and consistently offers low starting interest rates, especially if you set up autopay. And it is transparent about what it offers for borrowers struggling to make their payments: You can make interest-only payments for up to 24 months over the life of the loan or request a financial hardship forbearance for up to 12 months. There’s also a nine-month payment grace period after graduation.
Read full Earnest student loan refinance review>>
Pros
Allows parents to transfer PLUS loans into student’s name.
Excellent customer service
Low maximum APY compared to other refinancing lenders
Cons
No rate discounts or cosigner release
Higher credit score requirement than some lenders
Fewer repayment term options for parent refinance loans
Requires a bachelor’s degree or higher
HIGHLIGHTS
Minimum income
$35,000
Minimum credit score
680
Loan amounts
Minimum of $10,000. Maximum varies based on eligibility.
Loan terms
5, 7, 10, 15 or 20 years for students. 5 or 10 years for parents.
Fees
No application or origination fees. Late fee of up to $50.
Fixed interest rate
4.49% – 9.19%
Most lenders allow parents to refinance federal parent PLUS loans, but many require parents to stay on as the primary borrower. ELFI doesn’t; parents can refinance a PLUS loan in their name or refinance as a way to transfer the loan to their student (assuming the student meets the lender’s credit eligibility). ELFI only offers two repayment terms for parents (compared to five for student borrowers who are refinancing), but we still chose them at the top choice for parents as other lenders also tend to limit the number of terms available for parent refinance loans. ELFI’s starting APR is slightly higher than some winners on our list, but it also has a lower maximum interest rate than most lenders.
ELFI sets up all customers with a one-on-one session with a student loan advisor. With nearly 2,300 reviews, the company has a 4.9 rating (out of 5 stars) on Trustpilot — the highest of any lender Money looked at. It also boasts an average monthly savings of $334 for its refinancing customers.
Worth noting: You have to have a minimum loan of $10,000 to qualify. Medical residency and bar study loans aren’t eligible for refinancing with ELFI. Neither are international student loans made outside the U.S.
Pros
Low minimum refinancing amount
Associate degrees are eligible to refinance
Partners with hundreds of banks and credit unions
Can refinance while still in school
Has a referral rewards program
Cons
Does not refinance parent PLUS loans
No ability to choose a specific lender
Some credit unions may require you to become a member before borrowing
Requires a bachelor’s degree
HIGHLIGHTS
Minimum income
Does not disclose (though “steady employment or job offer” is required)
Minimum credit score
Does not disclose
Loan amounts
$5,000 – $125,000 (undergraduate debt) or $250,000 (graduate debt)
Loan terms
5, 7, 10, 15 or 20 years
Fees
No application or origination fees. Late fees depend on individual lenders
Fixed interest rate
3.98% – 9.24% APR (with autopay discount)
LendKey is a platform that connects you with a network of smaller banks and credit unions. LendKey isn’t a direct lender, but we chose to include it in our list as it can help you quickly expand your search for a solid refinance offer and it offers access to a group of lenders many borrowers wouldn’t find on their own. Plus, while a separate financial institution finances the loan (and determines eligibility), LendKey services the loan, so borrowers deal directly with the company through repayment.
LendKey has a quick, easy online application, allows for refinancing on balances as low as $5,000, and offers competitive interest rates. But you will have to use the check rates tool (it’s a soft inquiry, so it won’t hurt your credit) to see which of LendKey’s partners you’re eligible for — and even then, LendKey simply presents you with the available terms and interest rates. You cannot browse offers from various lenders.
Pros
Income-based payment option
Up to 24 months of forbearance for financial hardships
In-school refinancing available
Offers internship and nursing rewards programs
Cons
Only offers fixed-rate loans
Maximum loan term is 15 years
Cosigner release not available in all states
Some perks reserved for Rhode Island residents
HIGHLIGHTS
Minimum income requirements
$40,000
Minimum credit score
Not disclosed
Loan amount
$1,500 minimum. The maximum depends on the type of loan: $200,000 (undergrad or parent loans), $250,000 (most graduate degrees), $350,000 (some professional degree programs)
Loan terms
5, 10 or 15 years
Fees
None
Fixed interest rate
3.99% – 8.74% APR (with 0.25% autopay discount)
RISLA is a nonprofit lender that stands out from other loan companies because of its borrower protection programs, including an income-based repayment option. Under this program, monthly payments will never exceed 15% of the borrower’s (or cosigner’s) discretionary income. And if there is still a loan balance after 25 years on the repayment plan, RISLA will forgive the remainder. These are valuable perks since typically only federal student loans have income-based payment and forgiveness options.
RISLA also offers a cosigner release, military service benefits, a very low minimum loan amount and a six-month grace period after leaving school, and there’s an economic hardship forbearance option of up to 24 months to help borrowers experiencing financial hardship, unemployment or disability.
Pros
Members get rate discounts, awards and perks
Available for associate degrees
Special payment plans for medical residency
Deep experience in student loan refinancing
Cons
Bar exam loans for lawyers aren’t eligible for refinancing
CFPB complaints have been trending upward over the last year
HIGHLIGHTS
Minimum income requirements
Does not disclose
Minimum credit score
650
Loan amount
$5,000 up to total balance
Loan terms
5, 7, 10, 15 or 20 years
Fees
No application, pre-payment or late fees
Fixed interest rate
4.49% – 10.99% with all discounts
SoFi® was the first company to offer refinancing for federal and private students back in 2012, and it remains a top lender in the space today. To date, it has issued more than 550,000 student loans.
The lender stands out for its variety of membership perks. Anyone with a SoFi product (banking and investment services, personal loans, mortgage loans, credit and student loans) gets access to financial coaching, estate planning, discounts, networking events and more.
SoFi gets relatively high marks from customers, with 4.3 out of 5 stars on Trustpilot, and they lender’s SmartStart loan option allows borrowers to ease into repayment on their refinanced loan, with nine months of partial payments before full principal and interest payments are due. There are also specific refinancing programs for medical students, medical residents, law students, MBA students, and parents.
Read full SoFi student loan refinance review>>
Other Companies We Considered
The companies reviewed below didn’t make it into our top picks, but they may offer competitive student loan refinance interest rates and loan terms that may suit some borrowers.
MPower Financing
MPower Financing is a great option for borrowers who are not U.S. citizens or permanent residents, as the public benefit corporation specializes in financing higher education for international students. MPOWER will allow borrowers to refinance loans originated in several countries, including Australia, Austria, Brazil, the Dominican Republic, Germany, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Switzerland, Spain, the U.K. and the U.S. The lender has also reached its funding capacity for 2026 and has paused originations for the time being. New borrowers can apply to join the waitlist only.
Read full MPower student loan refinance review>>
Citizens Bank
Citizens Bank has strict eligibility requirements. Borrowers need good to excellent credit to qualify, and the refinanced loan minimum is $10,000 — higher than other lenders require. Citizens Bank does have forbearance programs, but the lender says decisions are made on a case-by-case basis rather than having set requirements or durations. Citizens Bank also has higher starting fixed interest rates than others on our list (nearly 6%), though it does offer several discounts, including a loyalty discount and an autopay discount.
For more information, check out our full review of Citizens Bank’s refinancing options.
What to to know before refinancing your student debt
Students and parents may be able to save money by refinancing, especially during periods of low interest rates. But refinancing isn’t a smart move for every borrower, so before taking that step, consider the implications of refinancing and if the outcome will be beneficial to your particular financial situation. For example, federal borrowers may score a lower interest rate but lose financial protections that could be crucial down the road.
How does refinancing student loans work?
When you refinance your student loan you are replacing your current loan with a new loan and new terms from a private lender. Generally, borrowers refinance student loans to extend their repayment period (and therefore lower monthly payments), obtain a lower interest rate so they’ll pay less over the life of the loan or consolidate multiple student loans into one single payment. Some loan borrowers may find terms that achieve all three at once.
You can only refinance student loans through a private lender, not the federal government. Experts caution people with federal loans to think very carefully about their situation before refinancing, because they’ll be giving up federal benefits that come with government loans such as student loan forgiveness programs and income-driven repayment plans. If your student loan is from a private lender, there’s little downside to looking for better terms. You can refinance private student loans with your current lender or choose a different lender.
Student loan refinancing vs. Student loan consolidation
One of the benefits of refinancing through a private student loan lender is that borrowers can consolidate multiple loans into one and have a single monthly payment under one servicer. But this benefit is not limited to private lenders. Students with eligible federal loans can consolidate their debt with a Direct Consolidation Loan, though there are pros and cons with that process as well. The right choice depends on the types of loans you have, and the rate and terms you’re eligible for.
Should you refinance your student loans?
Refinancing your debt — whether federal or private student loans — may save you money if you have high interest rates and a large monthly payment. But there are some real downsides to consider for borrowers with federal loans.
Refinancing a federal loan means converting it to a private lender. You’ll lose valuable benefits and protections, such as income-based loan repayment plans, Public Service Loan Forgiveness and interest subsidies. And the process cannot be reversed. For many federal borrowers, enrolling in an income-driven repayment plan, like the new Repayment Assistance Plan (RAP),will be a better option, as those plans can reduce your monthly payment and offer loan forgiveness on any balance left over after a certain number of years.
If you have a private student loan, there’s no real downside to refinancing to get better terms. But you will need a good credit score and stable income (or a creditworthy cosigner) to qualify for refinancing. When weighing whether it makes sense for you, remember that lenders’ lowest rates are reserved for borrowers with the strongest credit.
What to consider when refinancing a student loan
Before refinancing your loans, consider the following:
Federal student loans
With federal student loans, refinancing can help you secure a lower interest rate and possibly reduce your monthly payment. But federal loan refinancing can be risky because your federal loans will be transferred to a private lender. As a result, you’ll no longer be eligible for borrower protections like federal income-driven repayment, Public Service Loan Forgiveness or Total and Permanent Disability Discharge.
Private student loans
When you refinance private student loans, the loans are switched to a new loan servicer. Private loan rates, policies and customer service varies by lender, so be sure to shop around and compare a few options before applying to refinance. You should also look at each lender’s hardship options in case you ever can’t make your payments.
Steps to refinance your student loans
Refinancing student loans can be an excellent way to save money or accelerate your repayment, and it’s easier to do than you may think:
1. Check your credit
Student loan refinance lenders generally require borrowers to have a credit score in the mid-600s or higher, though higher scores will qualify you for the best interest rates. Check your credit to see where you stand. If your credit is less-than-perfect or you have a high debt-to-income ratio, you may not even qualify for a loan unless you add a cosigner to your application.
Not all refinancing companies offer cosigner releases, so review the lender’s loan terms to see if a cosigner release is possible. You should also check what’s required for a cosigner release, as some lenders have very lengthy waiting periods.
2. Consider the types of loans you have
If you have a mix of federal and private loans, remember that you don’t have to refinance all of your debt. Although you can refinance private student loans and federal loans, you can opt to only refinance your private loans or your loans with the highest rates.
3. Shop for the best rate
Each lender has its own credit and income requirements, so you may qualify for better rates with some lenders over others. Shop around and request quotes from multiple companies to find the best deal. Many lenders have tools that allow you to view prequalified rates without affecting your credit score, and using a marketplace like Credible or Splash Financial can help you get several quotes at once.
Rates range based on your credit and loan term; the lowest rates are usually for the shorter repayment periods, such as five or seven years.
4. Research lender’s financial hardship relief options
Not all refinancing lenders offer financial relief programs if you lose your job or become ill. And not all lenders will discharge your loans in cases of death or permanent disability. Carefully review the lender’s forbearance, deferment and forgiveness policies so you know under what circumstances the lender will pause or forgive your loans.
5. Fill out your loan application
Student loan refinancing companies allow you to apply online. You’ll need to provide your current loan statements, student loan account numbers and employment information. You’ll also need to consent to a hard credit inquiry.
6. Sign your loan approval and start making monthly payments
Once you’re approved, the lender will send you a loan agreement to review and sign. After that, the lender will work with your current loan servicers to pay off your student loans. Continue making your usual monthly payments until you receive confirmation that your loans have been paid in full; otherwise, you risk late payment fees and damage to your credit report.
How to refinance student loans with bad credit
If you have poor credit or no credit history, you will need a cosigner with a high credit score and steady source of income to qualify for a loan. (Most lenders require a minimum credit score around 650, but your cosigner will need a very good or excellent score to qualify for the best rates) Some lenders will allow you to apply for a cosigner release if you meet its requirements and make a specific number of payments on time, but not all lenders offer that option.
If you don’t have a cosigner to apply with, you’ll have to improve your credit before applying to refinance.
Latest student loan repayment news
The Repayment Assistance Plan (RAP), which is the new income-based student loan repayment option for federal student loans, came online July 1, 2026. Monthly payments under the plan range from 1% to 10% of a borrower’s adjusted gross income. RAP will eventually replace all of the existing income-driven options. Some borrowers have until the summer of 2028 to decide whether they want to switch to RAP. But borrowers in the now-defunct Saving on a Valuable Education (SAVE) plan have to act more immediately. The Education Department has said they have 90 days to switch after receiving a notification from their servicers. Many borrowers have reported getting 30-day extensions. Still, for the first wave of borrowers, that deadline is here. SAVE borrowers who don’t switch to a new plan will be automatically placed in the standard plan. That will likely be a painful budget adjustment: Recent research from JP Morgan found that SAVE borrowers who are placed into the standard plan could see their payments rise to 12% of their take-home pay, up from about 3%.
In other news, the U.S. Department of Education recently extended the sign up period for a new discount that would allow federal student loan borrowers to reduce their interest rate by one percentage point. They simply need to set up autopay for their monthly loan payments before the end of 2026. The discount is available through mid-2028.
Best Student Loan Refinance Companies FAQ
What happens when you refinance student loans?
Refinancing involves taking out a new loan, ideally one with better terms, to pay off your existing debt(s). With federal loans, you’ll have to leave the federal loan program and take out a private loan to refinance your debt, while refinancing private loans usually means switching lenders. Most borrowers look for a lower interest rate when refinancing.
How often can you refinance student loans?
There is no limit to how often you can refinance your loans. Some borrowers may find that they can qualify for lower rates later as the economy changes and their credit scores improve, so it can make sense to shop around once a year to see what loan options are available.
How to refinance student loans with bad credit?
If you have poor credit or no credit history, you will need a cosigner with a high credit score and steady source of income to qualify for a loan. Some lenders will allow you to apply for a cosigner release if you meet its annual income requirements and make a specific number of payments on time, but not all lenders offer that option.
Who has the best student loan refinance rates?
As of October 2026, you can find the lowest student loan refinance annual percentage rates (APRs) through LendKey, SoFi, Splash and RISLA, which offer fixed rate loans starting under 4%. However, other lenders may offer a lower rate for your specific situation, so it’s always smart to shop around.
Is it ever a good idea to refinance student loans?
It can be a good idea to refinance your student loans if you can get a lower interest rate or reduce your monthly payment. Be careful about refinancing federal student loans, though, as doing so will mean losing the unique benefits these loans come with, like Public Student Loan Forgiveness and income-based repayment plans.
Best student loan refinance methodology: How we picked our winners
We evaluated lenders on more than 20 factors, focusing on eligibility, costs, loan terms and borrower protections. Here’s a breakdown:
Variety of loans eligible
In addition to the standard bachelor’s and graduate degree offerings, we prioritized refinance companies that accepted parent loans, debt from associate degrees and loans from students who are still enrolled.
Flexible repayment options
We compared the variety of repayment term lengths, favoring lenders with four or more term options. Since the length of your term influences your interest rate and monthly payment, multiple repayment options are critical to helping borrowers get the right fit. We also considered whether lenders offered cosigner releases and how long a borrower had to wait before applying.
Competitive interest rates, low fees and reputation
We focused on lenders that balanced low starting rates for the most credit-worthy borrowers with still reasonable rates for borrowers with fair credit. In this case, we primarily looked for lenders with rates starting around 4% and maxing out below 10%, though we did make some exceptions. Most refinance companies do not charge origination or application fees, but we awarded extra points to lenders that also eliminated late or insufficient fund fees. Finally, we reviewed customer review sites including the Better Business Bureau and Trust Pilot to see which companies are known for good service.
We favored companies with flexible payback policies, such as cosigner release and financial hardship relief options for qualified applicants. We also looked for financial institutions that offered refinance loans without charging origination fees or late fees.
Borrower protections
One of the biggest downsides to refinancing federal student loans is that you lose access to extensive forbearance and deferment options, and so it’s critical for borrowers to research what their options would be should they struggle with payments in the future. These policies vary from lender to lender. We favored lenders with transparent forbearance policies on their websites and options to defer payments for up to a year, at a minimum.
Summary of Money’s Best Student Loan Refinance Companies of November 2026
Earnest – Best Overall
ELFI – Best for Parents
LendKey – Best for Offers from Community Banks and Credit Unions
SoFi® – Best for Member Perks
RISLA – Best for Borrower Protections
Estate Planning for Business Owners: The Checklist That Keeps Your Company Alive Without You
Estate planning for business owners means putting the legal documents and instructions in place so your company keeps running, and your family stays protected, if you die or can’t work. At minimum that’s a will, usually a revocable living trust that holds your ownership interest, a durable power of attorney that covers business decisions, up-to-date beneficiary designations, and company documents that let a successor step in. Then you add the piece most plans skip: a continuity file that tells someone exactly how to keep the lights on next Monday.
Here’s a scenario I’ve heard from business owners more than once, and it never gets easier to hear. A founder ends up in the hospital for six weeks. Nothing dramatic about the business itself. Healthy revenue, a small team, loyal clients. But payroll is due Friday, and the founder is the only signer on the business bank account. The spouse has no login to the payroll software, no idea which card pays for the hosting, and the bank politely explains that it can’t talk to her without proper authority.
The team starts asking questions. A big client wants to renew and nobody can sign. Within a few weeks, a profitable company starts to wobble, not because the market changed, but because one person held every key.
That’s what this is really about. Not paperwork. It’s about making sure the thing you built and the people who depend on you aren’t left guessing. If you run a business, your estate plan isn’t just about who gets what. It’s an operating manual for the worst week of your family’s life.
This quick explainer breaks down the difference between a will and a living trust, which is the first decision on the checklist below:
Why Business Owners Need a Different Kind of Estate Plan
A basic estate plan for an employee is mostly about a house, some savings, a retirement account and guardians for the kids. A business owner has all of that plus an asset that has to be operated, not just transferred.
Your company has customers, staff, vendors, a bank, tax deadlines and contracts that keep moving whether you’re available or not. That creates three problems an ordinary plan doesn’t solve:
Authority: who can legally sign, pay, hire and make decisions while you’re incapacitated or after you’re gone.
Ownership: who ends up owning your shares or membership interest, and whether your company documents even allow it.
Knowledge: where everything is, how it works and who to call. This is the one that sinks companies fastest.
Get those three right and you’ve handled most of what matters.
Living Trust vs Will: Which One Should Hold Your Business?
A will says who gets your assets when you die. But a will generally has to go through probate, a court process that can take months, cost real money and become part of the public record. During that time, someone may need court approval to act. For a business that needs decisions every week, that’s a long time to sit in limbo.
A revocable living trust works differently. You transfer assets, including your business interest, into the trust while you’re alive. You stay in full control as trustee. If you become incapacitated or die, your chosen successor trustee steps in without waiting on a court.
Question
Will
Revocable living trust
Avoids probate?
No, assets in your name generally go through probate
Yes, for assets properly titled in the trust
Helps if you’re incapacitated?
No, a will only works at death
Yes, a successor trustee can manage trust assets
Private?
Usually becomes public in probate
Generally stays private
Upfront cost and effort
Lower
Higher, and you must fund it
Names guardians for minor kids?
Yes
No, you still need a will for this
For most business owners I’d look hard at both together: a revocable living trust to hold the business and major assets, plus a “pour-over” will that catches anything left outside the trust and names guardians for your children.
One warning I’d put in bold if I could: an unfunded trust controls nothing. Signing the trust isn’t enough. Your shares or membership interest actually have to be assigned to the trust, and your company records should show it. I’ve heard of beautifully drafted trusts that never got a single asset moved into them.
The Estate Planning Checklist for Business Owners
Here’s the checklist I’d work through with an estate attorney. Rules differ by state, so treat this as your agenda for that meeting, not a do-it-yourself kit.
Will (including a pour-over will). Names your executor, catches assets outside the trust, and names guardians for minor children.
Revocable living trust, funded. Assign your business interest and major assets into it. Name a successor trustee who understands business, or split the roles so a business-savvy trustee handles the company and a family trustee handles everything else.
Durable financial power of attorney. “Durable” means it stays valid if you’re incapacitated. Make sure it specifically lets your agent act for the business: vote your shares, sign contracts, access business accounts and deal with taxes. A generic form may not be enough.
Healthcare directive and HIPAA release. So the people you trust can talk to your doctors and make medical decisions if you can’t.
Beneficiary designations. Retirement accounts, life insurance and transfer-on-death accounts pass by beneficiary form, not by your will. An ex-spouse still listed on a policy will generally still get paid. Check every one.
Company documents that allow a handoff. Your operating agreement, bylaws or shareholder agreement should allow ownership by your trust, let a successor trustee step in with real management authority, define incapacity the same way your power of attorney does, and name who runs things in the meantime. If you have co-owners, a funded buy-sell agreement should spell out who buys your stake and at what price.
Liquidity. Families often need cash fast to cover payroll, debts and expenses while the business stabilizes. That’s where key person insurance for the company and personal term life insurance for your family come in.
A business continuity file. The practical instructions that turn all of the above into action. More on this below.
If your company is an S corporation, raise one more point with your attorney: only certain kinds of trusts can hold S corporation stock, and the rules change after the owner dies. Getting this wrong can cost the company its S status.
Build the Continuity File Most Plans Forget
Legal documents give someone permission to act. A continuity file tells them how. This is the part estate attorneys often don’t produce, and it’s the part your family will actually reach for first.
Keep it short, keep it current and store it somewhere your successor can reach. Here’s what I’d put in it:
Who has authority on day one, and copies or locations of your trust, power of attorney and company documents.
Bank and payment accounts: which bank, which accounts, who else can sign, and what auto-pays from where.
Payroll and tax: payroll provider, pay dates, sales tax and payroll tax deadlines, and your CPA’s contact details.
Digital access: set up emergency access in your password manager rather than writing passwords on paper. Include domains, hosting, email admin, ad accounts and payment processors.
Key relationships: top clients, critical vendors, your attorney, CPA, insurance agent and banker.
The first 30 days: a plain-English note on what must happen, what can wait, and who on the team can be trusted to run what.
Here’s the test I like: could a smart, trusted person who has never logged into your business run it for 30 days using only this file? If the answer is no, the file isn’t done.
Insurance and Cash: Keeping the Company Funded During a Transition
Even a perfect plan needs money behind it. Revenue can dip when the founder disappears, clients get nervous, and your family still has a mortgage. Insurance is usually what buys time.
Think about it in two layers. The company can own a policy on you, so it has cash to recruit a replacement, reassure lenders and cover a revenue dip. And your family needs its own coverage. For most founders with a mortgage or young kids, term life insurance is the simplest, cheapest way to replace income during the years people depend on you most. Don’t forget disability coverage too, because you’re more likely to face a long stretch of not being able to work than most people assume.
What About Estate Tax in 2026?
Good news for most founders: under the 2025 tax law, the federal estate and gift tax basic exclusion is $15 million per person for 2026, according to the IRS estate and gift tax update. A married couple can effectively shield up to $30 million with proper planning, and the amount is indexed for inflation starting in 2027. Above the exclusion, the top rate is 40%.
So for most business owners, the federal estate tax isn’t the real threat. The real threats are probate delays, frozen accounts, unclear ownership and a team with no direction. Two caveats, though. Some states have their own estate or inheritance taxes with much lower thresholds. And a successful exit can push your net worth up quickly, so revisit your plan when your company’s value jumps.
The Mistakes I See Most Often
Treating it as a one-time task. Review your plan after a marriage, divorce, new child, new co-owner, funding round, move to a new state or sale of the business.
Leaving the trust unfunded. Signed but empty is nearly as bad as not having one.
Using a generic power of attorney that doesn’t clearly cover business decisions.
Ignoring the company documents. Your trust can own the shares and still have no authority if the operating agreement or bylaws don’t allow it.
Keeping everything in your head. No continuity file means even a great legal plan stalls on day one.
Old beneficiary forms that send money to the wrong person.
The business owners who get this right aren’t obsessed with worst-case scenarios. They just believe the people they love, and the people who work for them, deserve a clear plan. Spend a few hours with an estate attorney and a weekend on your continuity file. It’s one of the most generous things you’ll ever do for your family and your team.
Estate Planning for Business Owners FAQs
What estate planning documents does a business owner need?
At minimum: a will, usually a revocable living trust holding your business interest, a durable financial power of attorney with business powers, a healthcare directive, current beneficiary designations and company documents that allow a successor to take control.
Should a business owner use a living trust or a will?
Many use both. A funded revocable living trust can avoid probate and lets a successor trustee manage the business if you’re incapacitated. A pour-over will catches assets left outside the trust and names guardians for minor children.
Can a revocable trust own my business?
Often, yes. You assign your shares or membership interest to the trust and update company records. Check your operating agreement or bylaws first, and if your company is an S corporation, confirm the trust qualifies to hold S corporation stock.
What happens to my business if I become incapacitated without a plan?
Your family may need a court to appoint a guardian or conservator before anyone can legally act for you. That can take months, while payroll, contracts and bank accounts sit frozen. A durable power of attorney and funded trust help prevent this.
What is the federal estate tax exemption in 2026?
The federal basic exclusion amount is $15 million per person for 2026, and a married couple can effectively shield up to $30 million with proper planning. It’s indexed for inflation after 2026. Some states have lower estate or inheritance tax thresholds.
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1031 Exchange Rules: How Real Estate Investors Keep Growing Without Paying the Tax Bill
The 1031 exchange rules let you sell an investment or business property and defer the capital gains tax by rolling the proceeds into another “like-kind” property. You must identify the replacement property in writing within 45 days of selling, close on it within 180 days (or by your tax return due date, if that comes first), and keep your hands off the cash by using a qualified intermediary. Since 2018 it only works for real property, any cash or debt relief you keep (called “boot”) is taxable, and you report the swap on IRS Form 8824.
Here’s a moment I’ve watched investors walk into more than once. They’ve owned a rental for ten years. The neighborhood took off. They sign the sale contract, feel great for about a day, and then their accountant sends a one-line email with an estimate of the tax bill. Depreciation recapture, federal capital gains, the 3.8% net investment income tax, state tax on top. Suddenly a chunk of the equity they spent a decade building is headed somewhere other than their next deal.
And the worst part? Some of them could have kept every dollar of that equity working. They just found out about the 1031 exchange rules a week after closing, when it was already too late.
A 1031 exchange isn’t a loophole. It’s written right into Section 1031 of the tax code, and it’s one of the main ways serious real estate investors scale from one property to ten without handing a big slice of every sale to the IRS along the way. But it is unforgiving. Miss one deadline by a day or let the sale money touch your bank account, and the whole thing collapses into a normal, fully taxable sale.
This short explainer from BiggerPockets is a good primer on what a 1031 exchange is and when it makes sense:
What a 1031 Exchange Actually Does
When you sell a property for more than your adjusted basis, you have a taxable gain. Normally you pay tax on it the year you sell. Section 1031 says that if you exchange real property held for business or investment for other like-kind real property you will also hold for business or investment, you don’t recognize the gain right now. It rolls into the new property.
Two words matter in that sentence: defer and investment.
Defer, not erase. Your old basis carries into the new property. If you eventually sell for cash, the deferred gain comes due. The tax is postponed, not forgiven.
Investment or business use only. Your primary home doesn’t qualify (that has its own exclusion under Section 121). Neither does property you hold primarily for sale, like a flip. A rental, a small office building, a warehouse, or raw land you hold for investment can qualify.
The IRS lays out the basics on its like-kind exchanges real estate tax tips page, and it’s worth reading once yourself before you talk to anyone selling you a service.
What Counts as “Like-Kind” Real Estate
This is where a lot of investors are pleasantly surprised. Like-kind is much broader than it sounds. For real estate, it means the same nature or character, not the same type of building. Generally, real property is like-kind to other real property whether it’s improved or unimproved.
That means you can usually exchange:
A single-family rental for a small apartment building
A duplex for a commercial retail space
Raw land for a rental property
One property for two or three smaller ones (or several for one bigger one)
What you can’t do is exchange U.S. property for property outside the United States. And since the Tax Cuts and Jobs Act, exchanges of equipment, vehicles, artwork, collectibles and other personal or intangible property no longer qualify. If someone pitches you a 1031 on a car fleet or a piece of art in 2026, walk away.
I like to think about this the way investors think about the BRRRR method: you buy, improve, rent and refinance to pull equity out and keep growing. The 1031 is the other half of that machine. It lets you move equity forward without paying a toll every time you trade up.
The Two Deadlines That Make or Break Your Exchange
Most exchanges today are “deferred” exchanges. You sell first, then buy later. That’s where the clock starts, and it runs on calendar days, weekends and holidays included.
Rule
Deadline
What you must do
Identification period
45 days after you transfer the property you sold
Identify replacement property in a signed, written document delivered to your qualified intermediary or another permitted party
Exchange period
180 days after the sale, or your tax return due date (with extensions) for that year, whichever is earlier
Receive (close on) the replacement property
The two periods run at the same time. Day 45 is inside the 180, not before it. Generally, these deadlines don’t get extended because your lender was slow or the seller backed out. The main exception is IRS relief for federally declared disasters.
The sneaky trap is the tax return due date. If you sell in, say, November, 180 days lands after April 15. If you file your return on time without an extension, your exchange period can end on the day you file. The fix is simple: talk to your CPA about filing an extension so you get the full 180 days.
The Identification Rules: 3 Properties or 200%
You can’t just write “something in Phoenix” on a napkin. The IRS wants a clear description, like a street address or legal description. And there’s a limit to how many properties you can name. Per IRS Publication 544, you can generally identify either:
The 3-property rule: up to three properties of any value, or
The 200% rule: any number of properties, as long as their combined fair market value isn’t more than double the value of what you sold.
If you go over both limits, there’s a fallback (often called the 95% rule): you’re only safe if you actually acquire at least 95% of the total value of everything you identified. In practice, that’s very hard to pull off, so treat the first two rules as the real rules.
Here’s what I’d do: start shopping for the replacement before you list the property you’re selling. Investors who wait until the sale closes to start looking end up panic-identifying on day 44, and panic is expensive.
Why You Need a Qualified Intermediary
The whole idea behind a 1031 is that you never receive the sale proceeds. If the money lands in your account, even for a day, you’ve generally got constructive receipt and the gain is taxable.
That’s why a qualified intermediary, or QI, sits in the middle. The QI is a safe harbor the IRS recognizes: they hold the proceeds from your sale and use them to buy the replacement property for you. In the real world, almost every deferred exchange uses one, and you need them in place before you close the sale. You can’t bring one in after the money has hit your account.
A few things investors miss:
Not just anyone can be your QI. Your own agent, such as your attorney, accountant, real estate broker or employee in the past two years, and certain related people are generally “disqualified persons.”
Ask where your money sits. QIs aren’t regulated the same way banks are in every state. Ask whether funds are held in segregated accounts, whether they carry a fidelity bond and errors and omissions coverage, and how long they’ve been doing exchanges.
Read the exchange agreement. It should restrict your access to the funds until the exchange is complete. That restriction is the point.
My rule: pick your QI with the same care you’d pick a bank to hold your house down payment. Because that’s exactly what they’re doing.
Boot: The Part of the Deal That Gets Taxed
“Boot” is anything you receive in the exchange that isn’t like-kind property. Under the Form 8824 instructions, gain is recognized to the extent of the cash and other non-like-kind property you get. The two most common kinds are:
Cash boot: you sell for $700,000 and buy for $650,000, and the leftover $50,000 comes back to you. That $50,000 is generally taxable.
Mortgage boot: your old loan was $300,000 and your new loan is only $250,000. That $50,000 of debt relief generally counts as boot, unless you offset it by adding your own cash to the purchase.
The practical rule most advisors give: to defer all of the gain, buy a replacement of equal or greater value, reinvest all of your net equity, and replace the debt you paid off with new debt or fresh cash.
A Simple Example With Real Numbers
This is a clearly labeled teaching example, not tax advice. An investor bought a rental for $400,000 ten years ago and took $120,000 of depreciation, so the adjusted basis is $280,000. They sell for $700,000 (ignoring closing costs to keep it simple), for a $420,000 gain.
Item
Sell and pay tax
Full 1031 exchange
Unrecaptured depreciation ($120,000, taxed up to 25%)
Up to $30,000
Deferred
Remaining gain ($300,000 at 15% to 20%)
$45,000 to $60,000
Deferred
Net investment income tax (3.8%, if it applies)
About $16,000
Deferred
Rough federal tax before state tax
About $91,000 to $106,000
$0 now
That’s roughly $91,000 to $106,000 that either goes to the government this year or goes into the down payment on the next property. Your real numbers depend on your bracket, your state and your closing costs, so run them with a CPA. But you can see why investors who learn this early tend to build bigger portfolios.
The Traps That Kill Exchanges
Touching the money. If proceeds go to you or your account, the exchange is generally blown.
Bringing in the QI too late. The exchange agreement must be in place before the sale closes.
Swapping into your home. Your primary residence isn’t investment property. Converting a replacement rental into your home later has its own rules and timelines, so plan it with your CPA first.
Calling a flip an investment. Property held primarily for sale doesn’t qualify.
Related-party deals. Exchanges with family members or related entities have special rules, including a two-year holding requirement, and Form 8824 must be filed for the two years after.
Title mismatch. Generally, the same taxpayer that sold must buy. If an LLC you own sold, the replacement usually needs to be acquired by that same taxpayer.
Forgetting Form 8824. You report the exchange on Form 8824 with your return for the year you sold. Skipping it invites questions you don’t want.
The Long Game: Swap, Grow, Repeat
Some investors chain exchanges for decades. They start with house hacking a duplex, turn it into a rental when they move out, then trade up into bigger buildings one exchange at a time. Because each exchange carries the deferred gain forward, more of their equity keeps compounding.
There’s also an estate angle that comes up a lot. Under current law, heirs generally receive inherited property with a basis stepped up to its value at death, which can wipe out the deferred gain. That’s why you’ll hear the phrase “swap till you drop.” It’s a real strategy, but it needs a CPA and an estate attorney, not a podcast.
The investors I see win with 1031 exchanges aren’t the smartest people in the room. They’re the most organized. They line up the QI before they list, they shop before they sell, they know their day 45 and day 180 on the calendar, and they never let the money touch their hands. Do those four things and you keep your equity working for you instead of the tax bill.
1031 Exchange Rules FAQs
What are the 45-day and 180-day rules in a 1031 exchange?
You must identify replacement property in writing within 45 days of selling your old property, and close on it within 180 days of the sale or by your tax return due date with extensions, whichever comes first. Both periods run at the same time.
Do I need a qualified intermediary for a 1031 exchange?
For a deferred exchange, effectively yes. A qualified intermediary holds your sale proceeds so you never have constructive receipt of the cash. Engage them before the sale closes. Your own attorney, accountant, broker or related parties generally can’t serve.
What is boot in a 1031 exchange?
Boot is anything you receive that isn’t like-kind property, such as leftover cash or a reduction in your mortgage debt. Boot is generally taxable up to the amount of your gain, while the rest of the gain can still be deferred.
Can I do a 1031 exchange on my primary residence?
No. A 1031 exchange only applies to real property held for business or investment. Your main home may qualify for the separate Section 121 home sale exclusion instead. Property held primarily for resale, like a flip, also doesn’t qualify.
What IRS form do I file for a 1031 exchange?
You report a like-kind exchange on IRS Form 8824 with your tax return for the year you transferred the property you gave up. Related-party exchanges also require Form 8824 for the two years following the exchange.
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Here’s Where Voters Are Rejecting Data Centers At The Ballot (Full List)
Dozens of municipalities across at least seven states are voting on data center bans or moratoriums on Tuesday, after public backlash to the facilities grew rapidly over the past year.