5 Best Pharmacy School Loan Refinance Options of May 2022
Refinancing pharmacy school loans can be a money-saving strategy for pharmacists who work in the private sector.
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Refinancing pharmacy school loans can make sense if you're working full-time, have good credit and a relatively low debt-to-income ratio. But don't refinance federal loans if you're interested in Public Service Loan Forgiveness or income-driven repayment — refinanced loans aren't eligible for those programs.
Our picks for student loan refinancing for pharmacists are below, as well as information that can help you decide whether refinancing is right for you.
Refinancing pharmacy school loans can make sense if you're working full-time, have good credit and a relatively low debt-to-income ratio. But don't refinance federal loans if you're interested in Public Service Loan Forgiveness or income-driven repayment — refinanced loans aren't eligible for those programs.
Our picks for student loan refinancing for pharmacists are below, as well as information that can help you decide whether refinancing is right for you.
Best Pharmacy School Loan Refinance Options From Our Partners
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn More |
---|---|---|---|---|---|
Earnest Student Loan Refinance Check rate on Earnest's website | Best for Customized repayment schedules | 650 | 2.74- | 1.74- | Check rate on Earnest's website |
LendKey Student Loan Refinance Check rate on LendKey's website | Best for Low income refinancing | 660 | 2.69- | 2.05- | Check rate on LendKey's website |
![]() SoFi Student Loan Refinance Check rate on SoFi's website | Best for Extra benefits | 650 | 3.49- | 1.74- | Check rate on SoFi's website |
PenFed Student Loan Refinance Check rate on Purefy's website | Best for Spousal consolidation | 670 | 4.49- | N/A | Check rate on Purefy's website |
Education Loan Finance Student Loan Refinance Check rate on Education Loan Finance's website | Best for Customer service | 680 | 2.73- | 1.86- | Check rate on Education Loan Finance's website |
on Earnest's website
Earnest Student Loan Refinance
Min. credit score
650Fixed APR
2.74-Variable APR
1.74-on Earnest's website
on LendKey's website
LendKey Student Loan Refinance
Min. credit score
660Fixed APR
2.69-Variable APR
2.05-on LendKey's website

on SoFi's website
SoFi Student Loan Refinance

Min. credit score
650Fixed APR
3.49-Variable APR
1.74-on SoFi's website
on Purefy's website
PenFed Student Loan Refinance
Min. credit score
670Fixed APR
4.49-Variable APR
N/Aon Purefy's website
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance
Min. credit score
680Fixed APR
2.73-Variable APR
1.86-on Education Loan Finance's website
Can you refinance pharmacy school loans?
You can refinance federal and private pharmacy school loans, but only with a private lender. When you refinance, a private lender will pay off your existing debt and issue you a new loan — ideally with a lower interest rate.
Reducing your interest rate can make a five-figure difference when you have six-figure pharmacy school debt. For instance, refinancing $179,514 — the average pharmacist student loan debt among the class of 2020 — from a 7% APR to a 5% APR would save $180 a month and more than $21,600 total, assuming a 10-year loan term.
Should you refinance pharmacy school loans?
Refinancing is one strategy for repaying pharmacy school loans. You should consider this option in the following instances:
You’re employed full time. Unlike doctors and dentists, pharmacists don’t have the option to refinance pharmacy student loans during a one-year or two-year post-graduate residency.
You have good credit. You'll need a score at least in the high 600s to qualify. But generally, the higher your score, the lower the rate you'll get.
You have private student loans. There's little downside to refinancing private student loans you took out for pharmacy school. If you can qualify for a lower interest rate, you can start saving money immediately.
You have federal loans, but work in the private sector. If you don't work for a nonprofit or in the public sector, you may want need to hang onto federal student loan benefits like Public Service Loan Forgiveness and income-driven payment plans.
Refinance lenders will 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.
Your debt-to-income ratio could be too high if you have the average pharmacist student loan debt of $179,514 and the average pharmacist salary, $125,510. But lenders still may be willing to work with you if you have steady employment and an otherwise strong financial situation. If not, you may need to pay down some debt or increase your income before applying to refinance.
Last updated on March 15, 2021
To recap our selections...
NerdWallet's Best Pharmacy School Loan Refinance Options of May 2022
- Earnest Student Loan Refinance: Best for Customized repayment schedules
- LendKey Student Loan Refinance: Best for Low income refinancing
- SoFi Student Loan Refinance: Best for Extra benefits
- PenFed Student Loan Refinance: Best for Spousal consolidation
- Education Loan Finance Student Loan Refinance: Best for Customer service