4 Best MBA Student Loan Refinance Options
When refinancing MBA student loans, choose the lender that saves you the most money.
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Business school graduates can be ideal candidates for student loan refinancing. MBAs often earn high incomes and work in the private sector, so they would be OK refinancing federal loans and losing benefits like income-driven repayment and Public Service Loan Forgiveness.
The best MBA student loan refinance lender is the one that saves you the most money. But if multiple options offer similar savings, look for loans with features that tie into your repayment or professional goals.
Here are our picks for the best lenders for MBA student loan refinancing, as well as tips on how to decide if this strategy is right for you.
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- 35+ student loans lenders reviewed and rated by our team of experts.
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Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best MBA Student Loan Refinance Options
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
 SoFi Parent PLUS Refinancing See Offers on SoFi®'s website COMPARE RATES on Credible’s website | 4.5 /5 | 650 | 4.49-9.99% | 5.99-9.99% | See Offers on SoFi®'s website COMPARE RATES on Credible’s website |
Earnest Student Loan Refinance See Offers on Earnest's website COMPARE RATES on Credible’s website | 4.5 /5 | 665 | 4.25-10.49% | 5.88-10.49% | See Offers on Earnest's website COMPARE RATES on Credible’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
650
4.49-9.99%
5.99-9.99%
- 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
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
665
4.25-10.49%
5.88-10.49%
- 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 yearsDisclaimerActual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.50% APR to 10.74% APR (4.25% - 10.49% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.74% APR (5.88% - 10.49% with .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 a month, but there is no limit on the amount that the rate could increase at one time. 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 require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
College Ave Student Loan Refinance
Mid-600s
6.99-13.99%
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 yearsDisclaimerCollege 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. (1)All rates 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. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)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. Information advertised valid as of 10/08/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
RISLA Student Loan Refinance
680
3.99-8.74%
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
680
3.99-8.74%
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.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on January 21, 2025
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.
NerdWallet's Best MBA Student Loan Refinance Options
- 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
