6 Best MBA Student Loan Refinance Options of October 2021

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You can refinance without a degree.

• You can refinance while in school or during a medical residency.

Cons

• Interest rates vary by refi product.

Qualifications

• Typical credit score of approved borrowers or co-signers: Approximately 750.

• Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20

Key facts

Pros

• International students can apply with a co-signer who is a qualified U.S. citizen or permanent resident.

• You can see if you'll qualify and what rate you'll get without a hard credit check.

Cons

• Below-average customer support compared with other lenders.

• Doesn't allow biweekly payments via auto-pay.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Loan amounts: $5,000 - $225,000.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years. 25-year terms available for variable-rate loans

Disclaimer

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Key facts

Pros

• Married couples can refinance student loans into a single loan.

• You can refinance parent PLUS loans in your name.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• Estate is still responsible for the loan if the borrower dies.

Qualifications

• Typical credit score of approved borrowers or co-signers: 773.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as of June 1, 2021. 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 2.89% APR - 5.08% APR. Fixed 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. Such changes will only apply to applications taken after the effective date of change.

Key facts

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

• You can’t apply with a co-signer.

• Loans aren't available in Kentucky and 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 Lengths

5 to 20 years

Disclaimer

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

Key facts

Pros

• You can choose any loan term between five 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 Lengths

5 to 20 years

Disclaimer

College Ave Student Loans products are made available through either Firstrust 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. The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.2. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. 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 10/21/2021. 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.

Key facts

Pros

• You can refinance parent PLUS loans in your name.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Additional perks like career planning, job search assistance and entrepreneurship support available.

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 Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Fixed rates from 2.49% APR to 6.94% APR (with autopay). Variable rates from 1.99% APR to 6.59% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.