BEST OF
7 Best Pharmacy School Loan Refinance Options of January 2021
Refinancing pharmacy school loans can be a money-saving strategy for pharmacists who work in the private sector.
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.
Summary of Best Pharmacy School Loan Refinance Options of January 2021
Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
---|---|---|---|---|---|
Best for Extra benefits | 2.99 - 6.88% | 2.25 - 6.43% | Does not disclose | Check Rate on SoFi's website | |
Best for Repayment flexibility | 2.98 - 5.79% | 1.99 - 5.61% | 680 | Check Rate on CommonBond's website | |
Best for Customized repayment schedules | 2.98 - 5.79% | 1.99 - 5.64% | 650 | Check Rate on Earnest's website | |
Best for Customer service | 2.79 - 5.99% | 2.39 - 6.01% | 680 | Check Rate on Education Loan Finance's website | |
Best for Wiggle room with payments | 3.49 - 6.99% | 1.87 - 5.87% | Does not disclose | Check Rate on Discover's website | |
Best for Low income refinancing | 2.95 - 8.77% | 1.99 - 8.56% | 680 | Check Rate on LendKey's website | |
Best for Spousal consolidation | 2.99 - 5.15% | 2.19 - 4.49% | 670 | Check Rate on Purefy's website |

on SoFi's website
SoFi Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on SoFi's website
on CommonBond's website
CommonBond Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on CommonBond's website
on Earnest's website
Earnest Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Earnest's website
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Education Loan Finance's website

on Discover's website
Discover Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on Discover's website
on LendKey's website
LendKey Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on LendKey's website
on Purefy's website
PenFed Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Purefy'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 October 30, 2020
To recap our selections...
NerdWallet's Best Pharmacy School Loan Refinance Options of January 2021
- 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