10 Best Pharmacy School Loan Refinance Options of April 2023
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 strong 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
| Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0/5 Best for Customized repayment schedules | 680 | 4.96-8.99% | 4.99-8.94% | Check rateon Earnest's websiteon Earnest's website | |
4.0/5 Best for Low income refinancing | 660 | 4.49-10.68% | 4.76-7.86% | Check rateon LendKey's websiteon LendKey's website | |
5.0/5 Best for Overall | 660 | 4.49-8.70% | 4.74-8.60% | Check rateon Laurel Road's websiteon Laurel Road's website | |
 Education Loan Finance Student Loan Refinance Check rateon Education Loan Finance's websiteon Education Loan Finance's website | 4.5/5 Best for Customer service | 680 | 5.08-8.04% | 4.53-8.24% | Check rateon Education Loan Finance's websiteon Education Loan Finance's website |
5.0/5 Best for Extra benefits | 650 | 4.99-8.99% | 5.38-9.19% | Check rateon SoFi's websiteon SoFi's website |
Earnest Student Loan Refinance
680
4.96-8.99%
4.99-8.94%
- 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.
- You can’t apply with a co-signer.
- Loans aren't available in Nevada.
- 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.
LendKey Student Loan Refinance
660
4.49-10.68%
4.76-7.86%
- 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.
- 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.
- 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.
Laurel Road Student Loan Refinance
660
4.49-8.70%
4.74-8.60%
- You can refinance parent PLUS loans in your name.
- Refinancing available for medical and dental residents.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Payment postponement isn’t available if borrowers return to school.
- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $5,000 up to your total outstanding loan balance.
- Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
Education Loan Finance Student Loan Refinance
680
5.08-8.04%
4.53-8.24%
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
- 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.
- 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.
SoFi Student Loan Refinance
650
4.99-8.99%
5.38-9.19%
- 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.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
- 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.
College Ave Student Loan Refinance
Mid-600s
5.99-11.99%
5.99-11.99%
- You can choose any loan term between 5 and 15 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
- Typical credit score of approved borrowers or co-signers: Mid-700s.
- Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
- Must have a degree: Yes, an associate degree or higher.
Discover Student Loan Refinance
Does not disclose
N/A
N/A
- No late fees.
- More flexible repayment options for struggling borrowers than other lenders.
- Can refinance without a degree.
- Only two 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.
- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Must have a degree: No.
- Loan amounts: Consolidate up to the aggregate amount of your education loan debt. Maximum limit of $150,000 applies.
Advantage Education Loan Student Loan Refinance
Does not disclose
4.24-7.52%
N/A
- 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.
- Loans aren’t available in Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, D.C.
- You cannot postpone repayment if you re-enroll in school.
- 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.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You can refinance without a degree.
- You can refinance while in school or during a medical residency.
- Interest rates vary by refi product.
- Typical credit score of approved borrowers or co-signers: Approximately 750.
- Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)
- Must have a degree: No.
RISLA Student Loan Refinance
680
5.29-7.74%
N/A
- Income-based repayment plan available, with forgiveness after 25 years.
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
- 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.
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 strong 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 not 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.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 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 March 1, 2023
NerdWallet's Best Pharmacy School Loan Refinance Options of April 2023
- Earnest Student Loan Refinance: Best for Customized repayment schedules
- LendKey Student Loan Refinance: Best for Low income refinancing
- Laurel Road Student Loan Refinance: Best for Overall
- Education Loan Finance Student Loan Refinance: Best for Customer service
- SoFi Student Loan Refinance: Best for Extra benefits
- College Ave Student Loan Refinance: Best for Overall
- Discover Student Loan Refinance: Best for Wiggle room with payments
- Advantage Education Loan Student Loan Refinance: Best for Overall
- ISL Refinance Loan: Best for Overall
- RISLA Student Loan Refinance: Best for Overall
