7 Best Pharmacy School Student Loan Refinance Lenders of July 2020

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.

Reducing your interest rate can make a five-figure difference when you have six-figure pharmacy school debt. For instance, refinancing $172,329 — the average pharmacist student loan debt in 2019 — from a 7% APR to a 5% APR would save $173 a month and more than $20,700 total, assuming a 10-year loan term.

Pharmacists can consider refinancing once they're employed full time. 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.

Summary of Best Pharmacy School Student Loan Refinance Lenders of July 2020

Lender	NerdWallet Rating	Fixed APR	Variable APR	Min. Credit Score	Learn More
SoFi Student Loan Refinance Check Rate on SoFi's website	5.0 /5 Best for Extra benefits	3.20 - 6.44%	2.99 - 6.44%	Does not disclose	Check Rate on SoFi's website
CommonBond Student Loan Refinance Check Rate on CommonBond's website	5.0 /5 Best for Repayment flexibility	3.19 - 6.43%	3.20 - 6.08%	680	Check Rate on CommonBond's website
Earnest Student Loan Refinance Check Rate on Earnest's website	5.0 /5 Best for Customized repayment schedules	3.19 - 6.43%	1.99 - 6.43%	650	Check Rate on Earnest's website
Education Loan Finance Student Loan Refinance Check Rate on Education Loan Finance's website	5.0 /5 Best for Customer service	3.19 - 6.69%	2.39 - 6.01%	680	Check Rate on Education Loan Finance's website
Discover Student Loan Refinance Check Rate on Discover's website	4.5 /5 Best for Wiggle room with payments	3.99 - 7.74%	2.37 - 6.12%	Does not disclose	Check Rate on Discover's website
LendKey Student Loan Refinance Check Rate on LendKey's website	4.5 /5 Best for Low income refinancing	3.19 - 7.75%	2.63 - 5.25%	660	Check Rate on LendKey's website
PenFed Student Loan Refinance Check Rate on Purefy's website	5.0 /5 Best for Spousal consolidation	3.23 - 5.53%	2.18 - 5.54%	670	Check Rate on Purefy's website

Check Rate

on SoFi's website

SoFi Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.20 - 6.44%

Variable APR

2.99 - 6.44%

Min. Credit Score

Does not disclose

Check Rate

on SoFi's website

Variable APR

2.99 - 6.44%

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 3.20% APR to 6.44% APR (with AutoPay). Variable rates from 2.99% APR to 6.44% 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 2.99% APR assumes current 1 month LIBOR rate of 0.18% 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. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, 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 SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may 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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Check Rate

on CommonBond's website

CommonBond Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.19 - 6.43%

Variable APR

3.20 - 6.08%

Min. Credit Score

680

Check Rate

on CommonBond's website

Variable APR

3.20 - 6.08%

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, at least a bachelor's degree.

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 Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.19 - 6.43%

Variable APR

1.99 - 6.43%

Min. Credit Score

650

Check Rate

on Earnest's website

Variable APR

1.99 - 6.43%

Key facts

Best 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

You can’t apply with a co-signer.
Loans aren't available in Delaware, Kentucky and 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 Lengths

5 to 20 years

Disclaimer

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility

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Education Loan Finance Student Loan Refinance

Check Rate

on Education Loan Finance's website

Education Loan Finance Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.19 - 6.69%

Variable APR

2.39 - 6.01%

Min. Credit Score

680

Check Rate

on Education Loan Finance's website

Variable APR

2.39 - 6.01%

Key facts

Best for borrowers who value good customer service.

Pros

You are assigned a personal 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: $15,000 up to your total outstanding loan balance.
Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Subject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/

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Check Rate

on Discover's website

Discover Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.99 - 7.74%

Variable APR

2.37 - 6.12%

Min. Credit Score

Does not disclose

Check Rate

on Discover's website

Variable APR

2.37 - 6.12%

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 APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. 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. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 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. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.

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Check Rate

on LendKey's website

LendKey Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.19 - 7.75%

Variable APR

2.63 - 5.25%

Min. Credit Score

660

Check Rate

on LendKey's website

Variable APR

2.63 - 5.25%

Key facts

Best for borrowers who prefer to work with a community bank or credit union, rather than a big bank.

Pros

Forbearance of 18 months for 15- and 20-year loan terms is longer than many 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 Maine, Nevada, North Dakota, Rhode Island or West Virginia.
No payment postponement available if borrowers return to school or serve in the military.

Qualifications

Typical credit score of approved borrowers or co-signers: 751.
Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
Must have a degree: Yes, at least an associate degree.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

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Check Rate

on Purefy's website

PenFed Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

3.23 - 5.53%

Variable APR

2.18 - 5.54%

Min. Credit Score

670

Check Rate

on Purefy's website

Variable APR

2.18 - 5.54%

Key facts

Best for married couples who want to refinance their student loans into a single one.

Pros

Married couples can refinance student loans into a single loan.
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

Estate is still responsible for the loan if the borrower dies.

Qualifications

Typical credit score of approved borrowers or co-signers: 773.
Loan amounts: $7,500 to $300,000.
Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as June 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.23% APR to 5.53% APR and Variable Rates range from 2.18% APR to 5.54% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

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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 June 24, 2020

To recap our selections...

NerdWallet's Best Pharmacy School Student Loan Refinance Lenders of July 2020

SoFi Student Loan Refinance: Best for Extra benefits

CommonBond Student Loan Refinance: Best for Repayment flexibility

Earnest Student Loan Refinance: Best for Customized repayment schedules

Education Loan Finance Student Loan Refinance: Best for Customer service

Discover Student Loan Refinance: Best for Wiggle room with payments

LendKey Student Loan Refinance: Best for Low income refinancing

PenFed Student Loan Refinance: Best for Spousal consolidation