Refinancing pharmacy school loans is a money-saving strategy for pharmacists who work in the private sector and have good credit and a relatively low debt-to-income ratio.
Summary of Best Pharmacy School Student Loan Refinance Lenders of January 2020
Refinancing pharmacy school loans
Refinancing is one strategy for repaying pharmacy school loans. Unlike doctors and dentists, pharmacists don’t have the option to refinance student loans during residency. Once you’re employed full time, consider refinancing pharmacy school loans if you have:
- Good credit. You need a score at least in the high 600s to qualify.
- Private pharmacy school loans.
- Federal student loans, and you don’t plan on using income-driven repayment.
- Federal student loans, and you’re working in the private sector.
In addition to credit score, lenders also look at your debt-to-income ratio, or your total monthly financial obligations compared to your income. The required debt-to-income ratio for student loan refinancing varies by lender but is generally 50% or less. The lower, the better.
Depending on the lender, and your housing payments and other debts, your debt-to-income ratio could be too high if you have the average pharmacist student loan debt — $166,528 — and the average pharmacist salary, $126,120. In that case, ask lenders if they’re still willing to work with you. If not, you may need to pay down some debt or increase your income before applying to refinance.
Last updated on October 15, 2019
To recap our selections...
NerdWallet's Best Pharmacy School Student Loan Refinance Lenders of January 2020
- CommonBond Student Loan Refinance
- SoFi Student Loan Refinance
- Earnest Student Loan Refinance
- Splash Financial Student Loan Refinance
- Education Loan Finance Student Loan Refinance
- Discover Student Loan Refinance
- LendKey Student Loan Refinance
- Laurel Road Student Loan Refinance
- PenFed Student Loan Refinance
- Citizens One Student Loan Refinance