6 Best MBA Student Loan Refinance Options of April 2020

If you’re enrolled in business school at least half-time, you can refinance with Earnest in your last semester before graduation. Part-time students — likely those in an evening MBA program — must wait until receiving their degrees.

5 to 20 years

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility

PenFed offers short loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay, helping borrowers repay loans faster.

5, 8, 12 or 15 years

Rates and offers current as March 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rate range from 2.23% APR to 6.97%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

Prodigy refinancing caters specifically to international graduate students, including MBAs. You don’t need a U.S. credit history or co-signer to qualify, but must be working and have a graduate degree.

7, 10, 15 or 20 years

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

5, 7, 10, 15 or 20 years

Fixed rates from 4.25% APR to 8.774% APR (with AutoPay). Variable rates from 3.5% APR to 8.7% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 3.5% APR assumes current 1 month LIBOR rate of 1.62% plus 0.94% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

CommonBond makes a donation to Pencils of Promise for each loan it issues. It also regularly takes a few borrowers to help the nonprofit with its work in Ghana.

5, 7, 10, 15 or 20 years

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍ All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.67% effective February 10, 2020.

Splash is one of the few lenders that lets spouses refinance student loans together (PenFed does as well). If you’re married and your spouse also has debt, refinancing together based on your post-MBA finances could save you both money.

5, 7, 8, 10, 12, 15 and 20 years

FIXED APR Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.48% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.56% per year for a 5-year term, 3.00% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.65% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 3.80% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.48% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount using the lowest APR for each application term listed above. All student loan rates used in calculating the examples are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. VARIABLE RATE Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.58% (without autopay) to 8.28% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of February 27, 2020, the one-month LIBOR rate is 0.96%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 1.58% per year to 7.19% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.41% per year to 4.44% per year for a 8-year term, 4.25% per year to 7.42% per year for a 10-year term, 3.19% per year to 5.08% per year for a 12-year term, 3.96% per year to 7.56% per year for a 15-year term, 4.75% per year to 8.11% per year for a 20-year term, or 6.32% per year to 8.28% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate. The following Variable Rate examples are based on a $10,000 loan amount. Repayment examples are for illustrative purposes only. All student loan rates below are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties.