Best MBA Student Loan Refinancing Lenders Of April 2024

SoFi allows borrowers with an associate’s degree to refinance, which opens up eligibility to a wider range of applicants. (We believe the ability to refinance without a bachelor’s degree is an important feature of a refinance loan; seven of the 10 lenders on our list offer it.) Also, it’s one of four lenders on our list that does not place a limit on the amount you can refinance. It’s possible to refinance up to the total balance of your loans, which is helpful for those with a lot of debt from professional degrees.

SoFi’s rates aren’t as low as some other lenders’, and it doesn’t offer co-signer release, which is unusual among our top picks. But as a SoFi customer, you’ll get access to benefits like a 0.125% interest rate discount on certain additional SoFi products.

Loan terms: 5, 7, 10, 15 and 20 years.

Loan amounts available: $5,000 up to total balance of eligible loans.

Eligibility: Associate’s or bachelor’s degree required. Minimum credit score of 650. Does not disclose income requirements.

Forbearance options: A forbearance program is available for borrowers experiencing other types of economic hardship, such as medical expenses. Borrowers can take up to 12 months total forbearance.

Co-signer release policy: Available after 24 payments.

*Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20- year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.

College Ave offers a solid all-around private loan product with a few unique features. Borrowers can choose an eight-year term, which is in addition to the typical five-, 10- and 15-year terms many lenders provide. Borrowers can also access an extended six-month grace period beyond the initial payment-free six months allowed after separating from school.

Loan terms: 5, 8, 10, 15 and 20 years

Loan amounts available: $1,000 up to 100% of the school-certified cost of attendance.

Eligibility: Applicants must have a minimum credit score in the mid-600s.

Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments

Co-signer release policy: Available after 24 payments

*Borrowers with a co-signer who choose the shortest repayment term available and who make full monthly payments while in school qualify for the lowest rates.

1 – College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

2 – All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

3 – Cover up to 100% of your cost of attendance as certified by your school and less any other financial aid you might receive. Minimum $1,000.

Rhode Island Student Loan Authority, or RISLA, is a Rhode Island-based nonprofit that refinances loans for customers across the country. It stands apart for its income-based repayment program, which limits payments to 15% of income for a 25-year period if borrowers can’t afford their payments. That’s an extremely rare perk in the student loan refinance market, as is its 24-month forbearance period. RISLA did not receive a perfect score because it doesn’t provide a co-signer release policy and it charges late fees.

RISLA only offers fixed interest rates.

Loan terms: 5, 10 and 15 years

Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower).

Eligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. Most undergraduate students will need a co-signer to qualify.

Forbearance options: Forbearance available for up to 24 months.

Co-signer release policy: Available after 24 months of payments. Periods during which borrowers use income-based repayment do not qualify.

Citizens Bank is one of a few lenders that doesn’t require borrowers to have graduated in order to refinance. It also offers co-signer release after 36 loan payments.

The high end of Citizens Bank student loan refinancing rates is quite high compared with other lenders on our list. But borrowers can qualify for an interest rate discount of up to 0.50% if they have an existing account with the bank. (Refinancing is available nationwide, but checking and savings accounts are only available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.)

Loan terms: 5, 7, 10, 15 and 20 years

Loan amounts available: $10,000 to $300,000 (for those with a bachelor’s degrees or less) or $500,000 (for those with a graduate degree)

Eligibility: No degree required. Borrowers with no degree or an associate’s degree must show that they have made 12 on-time payments after leaving school in order to refinance. Minimum income $24,000 for borrower and co-signer combined.

Forbearance options: Three months of forbearance available at a time up to an undisclosed limit. Borrowers experiencing a long-term financial hardship can participate in a loan modification program for up to 12 months.

Co-signer release policy: Available after 36 on-time payments

Laurel Road, an online-only lender acquired by KeyBank in 2019, offers some perks specific to borrowers who work in health care.

Graduate students and those pursuing bachelor’s degrees in health professions (and, if pursuing an associate’s degree, those in certain health care specialties) can refinance as early as their final semester of school if they have an employment offer. Undergraduates in other fields can refinance after 12 months of employment.

Borrowers also can release their co-signers after 36 monthly payments, and graduates can refinance federal PLUS loans in their own names that their parents took out.

Loan terms: 5, 7, 10, 15 and 20 years

Loan amounts available: $5,000 minimum; no maximum, except for associate’s degree graduates, who can refinance up to $50,000.

Eligibility: Must have a degree from an eligible institution. Associate’s degree graduates can refinance if they work in certain health care fields. Laurel Road does not disclose credit score or income requirements.

Forbearance options: Up to 12 months of forbearance available, in three-month increments

Co-signer release policy: After 36 consecutive, on-time payments

The Massachusetts Educational Financing Authority, known as MEFA, is a nonprofit, state-based agency that offers student loan refinancing to customers across the country. It does not require borrowers to have a degree, so those who did not graduate can refinance. It also doesn’t charge fees, including late fees.

While MEFA does not advertise a specific forbearance limit, the agency says it will work with borrowers to modify their payment plans if necessary due to financial hardship. Since the fixed and variable rates offered are currently the same, your best bet is to pick a fixed-rate loan so you know it won’t increase in the future.

Loan terms: 7, 10 and 15 years

Loan amounts available: $1,500 up to school’s certified cost of attendance less aid.

Eligibility: No degree required. Minimum FICO score of 670 and minimum income of $24,000 for each loan applicant.

Forbearance options: No specific policy except in the case of natural disasters or other extenuating circumstances. Loan modification program available on a case-by-case basis to borrowers who need long-term help.

Co-signer release policy: None

Education Loan Finance (known as ELFI) offers a student loan refinance product specifically for parents. The student on whose behalf you borrowed must have graduated from a participating school. Qualifying students also have the option to refinance parent loans as part of their own refinance application.

Parents can refinance no less than $10,000, which is a higher limit than other lenders require. But ELFI’s rates are comparatively low, and the company limits parent refinance loan terms to 10 years, which can help borrowers ensure they get the most interest savings possible.

Loan terms: 5, 7, 10, 15, or 20 years

Loan amounts available: $10,000 minimum; no limit for borrowers that meet the highest eligibility requirements.

Eligibility: The student must have earned a bachelor’s degree from an eligible school. The primary refinance borrower must have a credit score of 680 or higher and an annual income of at least $35,000 per year.

Forbearance options: Up to 12 months of forbearance available