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4 Best MBA Student Loan Refinance Options of July 2024

When refinancing MBA student loans, choose the lender that saves you the most money.

Last updated on June 26, 2024
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked

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Best MBA Student Loan Refinance Options

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
SoFi Parent PLUS Refinancing

SoFi Parent PLUS Refinancing

Check rate
on SoFi's website
on SoFi's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Extra features

650

5.24-9.99%

6.24-9.99%

Earnest Student Loan Refinance

Earnest Student Loan Refinance

Check rate
on Earnest's website
on Earnest's website
5.0
/5
Best for Fast payoff

650

4.99-9.74%

5.89-9.74%

Check rate
on Earnest's website
on Earnest's website

Our pick for

Extra features

SoFi can help grow your professional network with in-person member events. Other benefits, such as virtual career coaching, may be of use if you got an MBA to change careers.

SoFi Parent PLUS Refinancing
Check rate
on SoFi's website
on SoFi's website
SoFi Parent PLUS Refinancing

SoFi Parent PLUS Refinancing

4.5
Min. credit score

650

Fixed APR

5.24-9.99%

Variable APR

6.24-9.99%

Key factsBest for borrowers who want plenty of benefits with their refinanced student loan.
Pros
  • You can refinance parent PLUS loans from the parent’s name to the student’s.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 700+.
  • Loan amounts: $5,000, up to your total outstanding loan balance.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFixed 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.
Read Full Review

Our pick for

Fast payoff

Lenders offering features like bi-weekly and greater-than-minimum autopay payments, as well as automatically adding extra payments to interest or principal balances can help borrowers pay off their loans faster. 

Earnest Student Loan Refinance
Check rate
on Earnest's website
on Earnest's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

Min. credit score

650

Fixed APR

4.99-9.74%

Variable APR

5.89-9.74%

Key factsBest for borrowers who want to customize their repayment schedule to pay off debt fast.
Pros
  • Customizable payments and loan terms.
  • Option to skip one payment every 12 months.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Loans aren't available in Nevada.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 760.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: No, but must be within six months of graduation and have income or a job.
Available Term Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.24% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% APR to 9.99% 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.
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-13.99%

Variable APR

6.99-13.99%

Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
Pros
  • You can choose any loan term between 5 and 20 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Mid-700s.
  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 6/14/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

6.34-8.29%

Variable APR

N/A

Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
  • Co-signer release available after 24 months.
Cons
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers: 748.
  • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years

Our pick for

Refinancing before graduation

RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

6.34-8.29%

Variable APR

N/A

Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
  • Co-signer release available after 24 months.
Cons
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers: 748.
  • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years

How much could student loan refinancing save MBAs?

On average, an MBA program costs $232,985 in the U.S. Depending on how much you borrow to pay for an MBA, your savings from refinancing could be substantial.

Let's use $66,740 in MBA student loans as an example. Fewer schools are reporting average student debt numbers, so it's harder to nail down — but this aligns with the most recent data from the National Center for Education Statistics.

If you repaid $66,740 on the standard, 10-year repayment plan with an interest rate of 7%, you'd pay $92,989 overall. Reducing the interest rate to 5% would drop that total to $84,946 — a savings of roughly $8,000.

The amount you save depends on your loan's terms, like the interest rate offered and term length. The lower your interest rate and the shorter your loan term, the less money you'll pay in interest.

Plug your info into a student loan refinance calculator to determine how much you could save.

» MORE: How to pay off $100,000+ in student loans

Should you refinance MBA student loans?

If you paid for your MBA with private student loans, there’s little downside to refinancing. Consider refinancing whenever you qualify for a better rate. That may be while you’re in business school, after you graduate or both. Refinance lenders typically don’t charge fees, so it's OK to refinance as often as you need to and you'll begin saving money immediately.

Here are some additional questions that can help you decide if an MBA student loan refinance makes sense for you:

  • What type of rate do you have? Most student loan refinance lenders let you choose a fixed or variable interest rate; some offer hybrid rates as well. If you originally went for a private MBA loan with a variable rate to keep costs down, you may want to lock in a fixed rate via refinancing to avoid future increases. Or if interest rates fall — and you’re confident in your earning power — you could refinance to a lower variable rate and pay off your debt faster.

  • Do you have federal student loans? Before you refinance federal student loans make sure you won't need benefits like income-driven repayment and Public Service Loan Forgiveness. You can’t get those back after refinancing. If you have a mix of federal and private loans, you can always refinance just the private loans to keep federal loan protections.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Last updated on June 26, 2024

To recap our selections...

NerdWallet's Best MBA Student Loan Refinance Options of July 2024

  • SoFi Parent PLUS Refinancing: Best for Extra features
  • Earnest Student Loan Refinance: Best for Fast payoff
  • College Ave Student Loan Refinance: Best for Fast payoff
  • RISLA Student Loan Refinance: Best for Fast payoff + Refinancing before graduation

Frequently asked questions

  • Multiple lenders offer student loan refinancing. When looking to refinance your MBA student loans, compare different lenders’ offers to find the loan that costs you the least in the long run.

  • Savings depend on your current loan’s terms. But if you refinanced the average MBA student debt of $66,740 from 7% to 5%, you would save roughly $8,000 over the course of a 10-year term.

  • Consider refinancing your business school loans if they’re already private loans or if you have federal loans but don’t need benefits like income-driven repayment and Public Service Loan Forgiveness.

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