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3 Best Dental School Loan Refinance Lenders of April 2024

Dentists who have good credit and won't use federal loan benefits are prime candidates for student loan refinancing.

Cecilia Clark
By
Last updated on August 21, 2023
Edited by
✅ Fact checked and reviewed
Des Toups
Edited by
✅ Fact checked and reviewed

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Best Dental School Loan Refinance Lenders

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
Best for Refinancing during residency

650

5.24-9.99%

6.24-9.99%

Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Check rate
on Laurel Road's website
on Laurel Road's website
5.0
/5
Best for Refinancing during residency + Refinancing after residency

660

5.44-9.75%

5.49-9.95%

Check rate
on Laurel Road's website
on Laurel Road's website
ISL Refinance Loan

ISL Refinance Loan

Read review
5.0
/5
Best for Refinancing after residency

660

6.81-11.83%

N/A

Our pick for

Refinancing during residency

Refinancing can save you money while you’re earning less as a resident, but your balance may increase by the time your residency ends.

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

SoFi Parent PLUS Refinancing

5.0
Min. credit score

650

Fixed APR

5.24-9.99%

Variable APR

6.24-9.99%

Key facts

Minimum payment during residency: $100/month.

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.
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
Laurel Road Student Loan Refinance
Check rate
on Laurel Road's website
on Laurel Road's website
Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Min. credit score

660

Fixed APR

5.44-9.75%

Variable APR

5.49-9.95%

Key facts

Minimum payment during residency: $100/month.

Pros
  • You can refinance parent PLUS loans in your name.
  • Refinancing available for medical and dental residents.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Payment postponement isn’t available if borrowers return to school.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 up to your total outstanding loan balance.
  • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFull Laurel Road Disclaimers. Rates as of 3/18/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

Our pick for

Refinancing after residency

ISL Refinance Loan

ISL Refinance Loan

Min. credit score

660

Fixed APR

6.81-11.83%

Variable APR

N/A

Key facts

ISL Education Lending offers a $500 bonus to refinance dental school loans.

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 Lengths5, 7, 10, 15 or 20
Laurel Road Student Loan Refinance
Check rate
on Laurel Road's website
on Laurel Road's website
Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Min. credit score

660

Fixed APR

5.44-9.75%

Variable APR

5.49-9.95%

Key facts

Laurel Road offers a 0.25 percentage point interest rate discount for American Dental Association members, on top of special pricing to dentists. The latter is not a set interest rate discount, but rates may be lower than what the lender advertises.

Pros
  • You can refinance parent PLUS loans in your name.
  • Refinancing available for medical and dental residents.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • Payment postponement isn’t available if borrowers return to school.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 up to your total outstanding loan balance.
  • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFull Laurel Road Disclaimers. Rates as of 3/18/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

Should you refinance dental school loans?

The best reason to refinance dental school loans is to save money. When you refinance, your loans are replaced with a new loan with new terms, which typically include a lower interest rate. There are no origination or hidden fees.

Say you refinance $304,824 — the average dental school debt for the class of 2020 — from a 7% APR to a 5% APR. You’d save about $306 a month and more than $36,736 over 10 years.

Saving that much interest probably sounds pretty good. But refinancing won't be the right dental school loan repayment option for everyone.

If you have federal loans, refinancing will cost you benefits like income-driven repayment plans and Public Service Loan Forgiveness. You may want or need these options, depending on your career goals. For example, if you plan to work for a nonprofit that provides dental care to those in need, you'll probably want to pursue PSLF.

But federal benefits could also be important in less obvious situations. Say you want your own dental practice, for instance. An income-driven plan could cost you the least each month, giving you the financial flexibility needed to open or purchase a practice, as well as to manage start-up or operational expenses.

These aren't issues with private loans, as they lack similar repayment benefits. If you already have private dental school loans, refinancing makes sense whenever you can qualify for a better rate. Refinancing also makes sense if your primary repayment goal is to save on interest, pay off loans fast or both.

When to refinance dental school loans

If you’re doing a dental residency and want to refinance at some point, you generally have two choices: refinance during residency, or refinance after residency.

Refinancing during your residency

  • If your residency program offers a stipend: You can consider refinancing during residency. Two student loan refinance lenders — SoFi and Laurel Road — allow you to refinance as a resident and pay as little as $100 a month during your training. Alternatively, if you have federal student loans, enter an income-driven repayment plan during residency and refinance afterwards, when your income is higher.

  • If your residency program charges tuition: Refinancing during residency may not be an option. With SoFi, dentists must prove that they’re not taking on additional debt to cover residency tuition. You may be able to defer dental school loan payments during residency, but interest will still accrue. Revisit refinancing once you’re employed.

Keep in mind that your loan balance will likely increase during residency. Whether you’re on income-driven repayment or paying $100 per month after refinancing, your payments likely won’t cover the interest as it accrues.

Refinancing dental school loans after residency

Dental school loan refinancing once you're practicing is a smart move if you have:

  • Good credit. You need a score at least in the high 600s to qualify.

  • Strong income. Dentistry is one of the highest-paying professions.

  • Private dental school loans. If you refinanced during your residency, you can refinance again.

  • Clear career goals. Consider refinancing federal loans if you don’t plan on needing income-driven repayment or working in the public sector.

How to refinance dental school loans

Compare refinance lenders to find the one that’ll offer you the lowest rate, and look for special deals for dentists. For example, members of the American Dental Association get a 0.25% interest rate discount for refinancing through Laurel Road, while members of the American Association of Orthodontists can get the same amount off by refinancing with SoFi.

Also, pay attention to lenders’ loan limits. A few lenders will refinance as much student debt as you have, a couple refinance up to $500,000 and others will refinance up to $300,000. But some lenders have loan limits that may be too low for the average dentist.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 29 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 August 21, 2023

To recap our selections...

NerdWallet's Best Dental School Loan Refinance Lenders of April 2024

  • SoFi Parent PLUS Refinancing: Best for Refinancing during residency
  • Laurel Road Student Loan Refinance: Best for Refinancing during residency + Refinancing after residency
  • ISL Refinance Loan: Best for Refinancing after residency

Frequently asked questions

  • You can refinance dental school loans during residency, if you're doing one, or afterward. Only two lenders — SoFi and Laurel Road — offer student loan refinancing to residents.

  • Savings depend on your current loan terms. But refinancing $304,824 — the average dental school debt for the class of 2020 — from a 7% APR to a 5% APR, you’d save about $306 a month and more than $36,736 over 10 years.

  • Dentists should check a student loan refinance lender’s loan limits. While some will refinance all your debt, others may limit you to $300,000 or $500,000, which may not be enough for some dentists.

  • Refinancing dental school loans to a lower interest rate or shorter repayment term can help you pay them off faster. Don’t refinance if you need federal loan benefits, like income-driven repayment.

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