6 International Student Loan Refinancing Options for 2020

To refinance international student loans you must build U.S. credit, get a co-signer or qualify for a niche loan.

Refinancing international student loans is more difficult for visa holders working in the U.S. who don’t have a credit history. There are private lenders that will refinance student loans, but you’ll have to do one of the following:

Build your U.S. credit history.
Have an eligible co-signer.
Qualify for a niche loan for international working graduates.

Refinancing means a lender will pay off your existing student loans with a new single loan at a lower interest rate. It can help you save money immediately and over time.

Below you'll find lenders that refinance international borrowers, plus more information about the refinancing strategies available to noncitizens who have built U.S. credit history, have a U.S. co-signer or have graduated and are working in the U.S. These lenders will only refinance student loans that were originally borrowed with a co-signer from U.S.-based lenders or from niche lenders for international students studying in the U.S.

Build your U.S. credit history.
Have an eligible co-signer.
Qualify for a niche loan for international working graduates.

Refinancing means a lender will pay off your existing student loans with a new single loan at a lower interest rate. It can help you save money immediately and over time.

Summary of International Student Loan Refinancing Options for 2020

Lender	NerdWallet Rating	Fixed APR	Variable APR	Min. Credit Score	Learn More
Prodigy Student Loan Refinance See my rates on NerdWallet's secure website	4.5 /5	N/A	6.56 - 8.65%	N/A	See my rates on NerdWallet's secure website
SoFi Student Loan Refinance See my rates on NerdWallet's secure website	5.0 /5	3.49 - 6.67%	3.21 - 6.67%	Does not disclose	See my rates on NerdWallet's secure website
CommonBond Student Loan Refinance See my rates on NerdWallet's secure website	5.0 /5	3.21 - 6.45%	3.49 - 5.64%	680	See my rates on NerdWallet's secure website
Discover Student Loan Refinance Check Rate on Discover's website	4.5 /5	3.74 - 6.49%	2.99 - 6.24%	Does not disclose	Check Rate on Discover's website
Citizens One Student Loan Refinance See my rates on NerdWallet's secure website	4.5 /5	3.49 - 8.63%	2.72 - 8.38%	Does not disclose	See my rates on NerdWallet's secure website
U-Fi From Nelnet Student Loan Refinance See my rates on NerdWallet's secure website	5.0 /5	3.75 - 7.13%	3.50 - 7.10%	680	See my rates on NerdWallet's secure website

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Prodigy Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

N/A

Variable APR

6.56 - 8.65%

Min. Credit Score

N/A

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Variable APR

6.56 - 8.65%

Key facts

Prodigy does not require a U.S. credit history or co-signer; you'll need a high income and a graduate degree to qualify.

Pros

The only lender that offers non-co-signed student loan refinancing for international graduates.
No late fees.
No co-signer or U.S. credit history needed.

Cons

No fixed interest rates.
No formal deferment/forbearance options.
Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin.

Qualifications

Typical credit score of approved borrowers or co-signers: No credit history requirements.
Loan amounts: $15,000 to $350,000.
Must have a degree: Yes.

Available Term Lengths

7, 10, 15 or 20 years

Disclaimer

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SoFi Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.49 - 6.67%

Variable APR

3.21 - 6.67%

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website

Variable APR

3.21 - 6.67%

Key facts

Best for borrowers who want plenty of benefits with their refinanced student loan.

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 3.49% APR to 6.67% APR (with AutoPay). Variable rates from 3.21% APR to 6.67% 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 3.21% APR assumes current 1 month LIBOR rate of 0.45% plus 2.82% 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. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

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CommonBond Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.21 - 6.45%

Variable APR

3.49 - 5.64%

Min. Credit Score

680

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on NerdWallet's secure website

Variable APR

3.49 - 5.64%

Key facts

Best for borrowers who have a bachelor's degree and value repayment flexibility.

Pros

Forbearance of 24 months is longer than many lenders offer.
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

Loans aren’t available in Mississippi and Nevada.

Qualifications

Typical credit score of approved borrowers or co-signers: Did not disclose.
Loan amounts: $5,000 to $500,000.
Must have a degree: Yes.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

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 0.72% effective March 10, 2020.

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Check Rate

on Discover's website

Discover Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.74 - 6.49%

Variable APR

2.99 - 6.24%

Min. Credit Score

Does not disclose

Check Rate

on Discover's website

Variable APR

2.99 - 6.24%

Key facts

Best for borrowers who may need wiggle room on payments, or those who didn't graduate.

Pros

No late fees.
More flexible repayment options for struggling borrowers than other lenders.
Can refinance without a degree.

Cons

Only 10- and 20-year repayment terms available.
No co-signer release available.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

Typical credit score of approved borrowers or co-signers: Did not disclose.
Must have a degree: No.
Loan amounts: $5,000 to $150,000.

Available Term Lengths

10 or 20 years

Disclaimer

Lowest rates shown are available for the most creditworthy applicants. Get a variable interest rate from 2.99% APR to 6.24% APR (3-Month LIBOR + 1.99% to 3-Month LIBOR + 5.24%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 3.74% APR to 6.49% APR for a 10-year repayment term or from 3.74% APR to 6.49% APR for a 20-year repayment term. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 1.00% as of April 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. The lowest listed APRs include a 0.25% rate reduction for automatic payments. Visit discover.com/student-loans/consolidation for more information, including up-to-date interest rates and APRs.

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Citizens One Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.49 - 8.63%

Variable APR

2.72 - 8.38%

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website

Variable APR

2.72 - 8.38%

Key facts

Best for existing Citizens Bank customers or borrowers who didn't graduate or aren't U.S. citizens.

Pros

You can see if you’ll qualify and what rate you’ll get without a hard credit check.
You can refinance parent PLUS loans in your name.
Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.

Cons

No flexible repayment options for struggling borrowers.

Qualifications

Typical credit score of approved borrowers or co-signers: Does not disclose.
Loan amounts: $10,000 to $500,000.
Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.72%-8.38% (2.72%-8.38% APR).Fixed interest rates range from 3.49%-8.63%(3.49%-8.63% APR).

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U-Fi From Nelnet Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.75 - 7.13%

Variable APR

3.50 - 7.10%

Min. Credit Score

680

See my rates

on NerdWallet's secure website

Variable APR

3.50 - 7.10%

Key facts

Best for borrowers who may need wiggle room on payments, or those who didn't graduate.

Pros

No option to temporarily pause payments through forbearance.
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.
Loans aren’t available in Vermont.

Qualifications

Typical credit score of approved borrowers or co-signers: Did not disclose.
Loan amounts: $5,000 - $300,000.
Must have a degree: No.

Available Term Lengths

5, 10, 15 or 20 years

Disclaimer

The minimum rates include a .25% ACH deduction available to borrowers who enroll in auto-debit.

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3 ways to refinance international student loans

Building a U.S. credit history

U.S. credit bureaus don't take into consideration credit history from other countries, so you’ll have to start from scratch. But as you live and work in the U.S. you can grow your credit profile.

Start building U.S. credit history. If you attended college in the U.S. and have student loans in repayment with a U.S. lender, you may already have some credit built. You can find out an existing credit history for free from one of the three major credit reporting bureaus — TransUnion, Experian or Equifax.

If you don't have a history or you want to continue building credit, apply for a credit card. Typically, credit lenders will want you to have a permanent address, a taxpayer ID number, income and a bank account. You might have to start with a secured credit card, which requires a cash security deposit.

» MORE: How international students and immigrant workers can get a credit card

Once you have a line of credit established, make payments each month, on-time and in full. Over time, you can build enough credit history to get your loans approved for refinancing by private lenders. Refinancing lenders look for borrowers with credit in at least the high 600s, a history of on-time loan payments and an income that is high enough to pay off the debt.

Refinancing if you have a visa

Some lenders may allow you to refinance, even if you have a working visa, as long as you have a co-signer who can meet credit history, income and payment history qualifications. Your co-signer will have to be a U.S. citizen or permanent resident, as well.

Applying for a niche refinancing loan

If you don't have U.S. credit history or a qualifying co-signer, your only option to refinance is with Prodigy Finance. It is the only private lender that offers student loan refinancing to international working graduates in the U.S. Prodigy’s loan doesn't require a U.S. credit history or a Social Security number, but to qualify you’ll need a high income — the average approved income among borrowers is $139,140 — and a graduate degree.

Last updated on May 18, 2020

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