10 Best Parent PLUS Loan Refinance Lenders
You can refinance parent PLUS loans with a private lender to lower your interest rate. Depending on the lender, you can refinance the loan in your own name or transfer the loan to your child.
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Refinancing parent PLUS loans may save you money by lowering your interest rate — rates can start a few percentage points below what the government currently charges for PLUS loans. It can also get you off the hook for the loan completely by transferring the debt to your child.
But refinancing parent PLUS loans isn’t right for you if you have bad credit, struggle to make monthly loan payments or want to access federal benefits including income-driven repayment plans and student loan forgiveness programs.
Not all private lenders refinance parent PLUS loans. Below are our top-rated lenders that offer this option, as well as information to help you decide if refinancing makes sense for you.
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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 Parent PLUS Loan Refinance Lenders
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 680 | 4.88-8.44% | 4.86-8.24% | See Offers on Credible’s website | |
 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 |
4.0 /5 | 690 | 4.05-6.79% | 4.35-5.50% | See Offers on Credible’s website |
Our pick for
Transferring or refinancing parent PLUS loans
ELFI Student Loan Refinance
680
4.88-8.44%
4.86-8.24%
- Key factsBest for borrowers who value good customer service.Pros
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
Cons- Payment postponement isn’t available for borrowers who return to school.
- The minimum amount to refinance is more than many lenders require.
- No co-signer release available.
Qualifications- Typical credit score of approved borrowers or co-signers: 774.
- Loan amounts: $10,000 up to your total outstanding loan balance.
- Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 yearsDisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
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
First Tech Federal Credit Union Student Loan Refinance
Not disclosed.
8.60-18.00%
N/A
- Key factsAn option for borrowers in the technology industry or those who want to make lower monthly payments starting out.Pros
- Three repayment options: Fixed, interest-only or balloon.
- Greater-than-minimum payments allowed via autopay.
Cons- No option to temporarily pause payments through forbearance.
- No death or disability discharge.
Qualifications- Typical credit score of approved borrowers or co-signers: 660.
- Loan amounts: No minimum or maximum.
- Must have a degree: Did not disclose.
Available Term Lengths5, 7, 10 or 15 yearsDisclaimerAPR = Annual Percentage Rate. Actual rate will be determined based on the applicant’s credit history, primary State of residency, collateral financed, mileage and final loan terms. Offer is subject to normal credit qualifications, meeting First Tech Federal Credit Union’s relationship requirements and underwriting policy guidelines. Interest rate and program terms are subject to change without notice. Additional restrictions may apply.
RISLA Student Loan Refinance
680
6.34-8.29%
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
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key factsBest for borrowers who didn’t graduate.Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
Our pick for
Best for Texas residents
Brazos Student Loan Refinance
690
4.05-6.79%
4.35-5.50%
- Key facts
Best for borrowers who live in Texas.
Pros- Offers more repayment terms than many lenders.
- Offers greater-than-minimum payments via autopay.
Cons- Only available to borrowers in Texas.
- Does not offer co-signer release.
Qualifications- Typical credit score of approved borrowers: 781 for primary borrower or 794 for co-signer (and 690 for primary borrower).
- Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.
- Loan amounts: $10,000 up to $150,000 for bachelors degree holders; $250,000 for graduate or professional degree holders.
Available Term Lengths 5, 7, 10, 15, or 20 yearsDisclaimerBrazos Refinance Loan fixed rates from 4.05% APR to 6.79% APR (with Auto-Pay Discount). Variable rates from 4.35% APR to 5.50% APR (with Auto-Pay Discount). Interest rates on Brazos loans are capped at 9.90%. Lowest variable rate of 4.34% APR assumes a current Thirty-day Average Secured Overnight Financing Rate (SOFR) of % plus a 2.03% margin minus the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the Thirty-day Average SOFR 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 SOFR index increases. Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account. 2. Refinancing Federal Loans. While refinancing government loans as well as private loans may help many borrowers, federal loans have certain benefits that can help borrowers who experience financial distress. Private loans typically don’t have the same benefits. Everyone’s situation is different, so think carefully about refinancing your government loans and talk about it with a trusted advisor. 3. Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, 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 Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval. 4. Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.
Our pick for
Refinancing parent PLUS loans
PNC Student Loan Refinance
Does not disclose
6.99-16.39%
7.89-17.39%
- Key factsBest for borrowers who don’t have a degree.Pros
- Interest rate discount for autopay is larger than most lenders offer.
- Borrowers can refinance without a degree.
Cons- No flexible repayment options for struggling borrowers.
- 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: Does not disclose.
- Loan amounts: $10,000 to $75,000.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years.
Earnest Student Loan Refinance
650
4.45-10.49%
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 and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 10.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.13% APR to 10.74% APR (excludes 0.25% 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 per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. 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 contain our .25% auto pay discount from a checking or savings account.
Citizens Student Loan Refinance
Does not disclose
5.90-11.38%
6.18-12.37%
- Key factsBest 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- Estate is still responsible for loans refinanced by parents if the borrower dies.
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 Lengths5, 7, 10, 15 or 20 years
EDvestinU Student Loan Refinance
700
7.41-11.03%
7.52-9.27%
- Key factsBest for students who don’t have a degree.Pros
- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- You cannot refinance parent PLUS loans in your name.
Qualifications- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
Available Term Lengths5, 10, 15 or 20 yearsDisclaimerAPR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursement with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.
How to refinance parent PLUS loans
You have two options to refinance parent PLUS loans: keep the student loan in your name, or transfer it to your child. No matter which you choose, a refinance lender will pay off your existing parent PLUS loan and issue a new private loan with new terms.
1. Refinancing parent PLUS loans in your name
Parent PLUS loan interest rates from recent years range from 5.3% to 9.08%, depending on the year in which you borrowed. You may be able to get a lower rate by refinancing your PLUS loan if you have good credit and enough income to cover your expenses and debts. Here’s how:
Estimate your savings. Use a student loan refinance calculator to see how much you’d save by lowering your parent PLUS loan rate.
Compare refinance lenders. Shopping around is the best way to ensure you get the lowest interest rate you qualify for. The table above lists lenders that offer parent PLUS loan refinancing. Many lenders allow you to pre-qualify without harming your credit. They’ll conduct a soft credit pull to estimate your rate.
Apply. Lenders will do a hard credit check before finalizing your new rate. If you’re approved, the lender will pay off your loans and you’ll make payments to the new lender. The loan will still be your responsibility to repay, not your child’s.
2. Refinancing parent PLUS loans that transfer to your child
The government doesn’t give the option to transfer parent PLUS loans to a child. Even if your child makes payments on your PLUS loan, you’re still ultimately responsible for the debt and would face the consequences of delinquency and default if payments aren't made. However, a growing number of private lenders allow you to refinance a parent PLUS loan to your child, effectively transferring responsibility for the loan.
The process and requirements for your child to refinance parent PLUS loans in their name are the same as if they were refinancing their own student loans with a private lender. To qualify, they’ll need good credit, a strong history of making loan payments and enough income to afford payments — or a co-signer who meets those qualifications.
Should you refinance parent PLUS loans?
You should refinance parent PLUS loans in your name if you have a credit score at least in the high 600s, are comfortable giving up federal loan benefits and can qualify for a lower rate.
Refinancing doesn't make sense if you need an income-driven repayment plan, will qualify for Public Service Loan Forgiveness or want other federal loan entitlements — like loan discharge if you or the child you borrowed the loan for dies.
You may want to transfer parent PLUS loans to your child via refinancing in the following instances:
Your child can qualify for a lower rate.
You want to switch the repayment responsibility to your child.
You can't pay parent PLUS loans, but your child can.
If you decide to refinance parent PLUS loans, doing so early in the repayment term — even before your parent PLUS loan deferment is over, for example — can save you the most money.
How and when to consolidate parent PLUS loans
Federal student loan consolidation is different from refinancing. Consolidation won’t lower your interest rate, but parent PLUS loan borrowers must jump through this hoop in the following instances:
If you want to switch to the federal Income-Contingent Repayment plan.
If you want to pursue parent PLUS loan forgiveness.
Income-Contingent Repayment is the only federal income-driven repayment plan for repaying parent PLUS loans. Under the plan, your monthly payments will be capped at 20% of your discretionary income or the amount of your fixed monthly payments on a 12-year loan term, whichever is lower. Your loan term will be extended to 25 years.
Parent PLUS loans debt can be canceled by Public Service Loan Forgiveness if you make 10 years worth of on-time monthly payments while working for the government, a public school, a 501(c)(3) nonprofit or another nonprofit that provides a qualifying public service. The parent who originally took out the PLUS loan must work this job; it doesn't matter if another parent or the child works a job that would qualify for PSLF. Parent PLUS loan borrowers must also be on the Income-Contingent Repayment plan to enroll in PSLF.
You can apply for federal consolidation on the Federal Student Aid website.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 19 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 May 5, 2025
Frequently asked questions
Refinancing or sticking with the standard plan is the quickest option to repay parent loans. If you need lower payments, consider federal consolidation or the Income-Contingent Repayment plan.
Refinancing through a private lender is the only way to transfer parent PLUS loans to your child. He or she will need good credit — typically a FICO score in the high 600s — and a stable income to qualify.
If you can’t pay parent PLUS loans, consider switching repayment plans or postponing payments temporarily. You could also refinance in your child’s name, if he or she can afford the loan.
Parent PLUS loans have repayment options that private loans lack or offer lesser versions of. But private loans may offer better interest rates than federal loans and lower origination fees.
NerdWallet's Best Parent PLUS Loan Refinance Lenders
- ELFI Student Loan Refinance: Best for Transferring or refinancing parent PLUS loans
- SoFi Parent PLUS Refinancing: Best for Transferring or refinancing parent PLUS loans
- Brazos Student Loan Refinance: Best for Best for Texas residents
- PNC Student Loan Refinance: Best for Refinancing parent PLUS loans
- First Tech Federal Credit Union Student Loan Refinance: Best for Transferring or refinancing parent PLUS loans
- Earnest Student Loan Refinance: Best for Refinancing parent PLUS loans
- Citizens Student Loan Refinance: Best for Refinancing parent PLUS loans
- RISLA Student Loan Refinance: Best for Transferring or refinancing parent PLUS loans
- EDvestinU Student Loan Refinance: Best for Refinancing parent PLUS loans
- Advantage Education Loan Student Loan Refinance: Best for Transferring or refinancing parent PLUS loans
