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10 Best Pharmacy School Loan Refinance Options of December 2023
Refinancing pharmacy school loans can be a money-saving strategy for pharmacists who work in the private sector.
Sep 20, 2023
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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 |
|---|---|---|---|---|---|
 LendKey Student Loan Refinance Check rateon LendKey's website on LendKey's website COMPARE RATESon Credible’s website on Credible’s website | 4.0 /5 | 660 | 7.11-11.18% | N/A | Check rateon LendKey's website on LendKey's website COMPARE RATESon Credible’s website on Credible’s website |
5.0 /5 | None | 5.24-9.99% | 6.24-9.99% | Check rateon SoFi's website on SoFi's website | |
5.0 /5 | 650 | 5.44-9.99% | 5.97-9.99% | Check rateon Earnest's website on Earnest's website |
Check rateon LendKey's website
on LendKey's website
COMPARE RATESon Credible’s website
on Credible’s website
LendKey Student Loan Refinance
Min. credit score
660
Fixed APR
7.11-11.18%
Variable APR
N/A
Key factsBest 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 Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Check rateon SoFi's website
on SoFi's website
SoFi Parent PLUS Refinancing
Min. credit score
None
Fixed APR
5.24-9.99%
Variable APR
6.24-9.99%
Key factsBest 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 Lengths5, 7, 10, 15 or 20 years
DisclaimerNotice: SoFi’s Refinance Loan is a private student loan. Understand that when you refinance federal loans, you forfeit all flexible federal repayment options that are or may become available to federal student loan borrowers. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.Notice: Though SoFi offers an Unemployment Protection Program and career services, SoFi’s Refinance loan is a private loan. Understand that when you refinance federal loans, you forfeit certain flexible repayment options that are or may become available. If you expect to incur financial hardship that would affect your ability to repay, you should consider federal consolidation loan options.*NOTICE: If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/08/2023 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
Check rateon Earnest's website
on Earnest's website
Earnest Student Loan Refinance
Min. credit score
650
Fixed APR
5.44-9.99%
Variable APR
5.97-9.99%
Key factsBest 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
- Loans aren't available in 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 Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.97% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Check rateon Education Loan Finance's website
on Education Loan Finance's website
COMPARE RATESon Credible’s website
on Credible’s website
Education Loan Finance Student Loan Refinance
Min. credit score
680
Fixed APR
5.48-8.94%
Variable APR
5.28-8.99%
Key factsBest for borrowers who value good customer service.
Pros
- You are assigned a student 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: $10,000 up to your total outstanding loan balance.
- Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Check rateon Laurel Road's website
on Laurel Road's website
Laurel Road Student Loan Refinance
Min. credit score
660
Fixed APR
5.74-10.99%
Variable APR
5.49-10.89%
Key factsBest for borrowers who want to refinance during their medical or dental residency.
Pros
- 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.
Cons
- Payment postponement isn’t available if borrowers return to school.
Qualifications
- 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.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerFull Laurel Road Disclaimers. Rates as of 10/18/23, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2022 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of
KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.
Check rateon College Ave's website
on College Ave's website
COMPARE RATESon Credible’s website
on Credible’s website
College Ave Student Loan Refinance
Min. credit score
Mid-600s
Fixed APR
6.99-11.99%
Variable APR
6.99-11.99%
Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
Pros
- 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.
Cons
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- 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.
Available Term Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 12/1/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Discover Student Loan Refinance
Min. credit score
Varies
Fixed APR
5.99-9.99%
Variable APR
7.62-11.62%
Key factsBest 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 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.
Qualifications
- 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.
Available Term LengthsVisit Lender Website
DisclaimerLowest APRs are available for the most creditworthy applicants who are approved and choose a shorter repayment term, and include an Auto Debit Reward. If you are approved, you may receive a lower rate if you add a creditworthy cosigner. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 5.50% as of October 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.
Advantage Education Loan Student Loan Refinance
Min. credit score
Does not disclose
Fixed APR
4.95-7.74%
Variable APR
N/A
Key factsBest for borrowers who didn’t graduate.
Pros
- 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.
Cons
- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications
- 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.
Available Term Lengths10, 15 or 20 years
COMPARE RATESon Credible’s website
on Credible’s website
Key factsBest for saving on interest before graduation and borrowers who didn’t finish school.
Pros
- 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.
Cons
- Interest rates vary by refi product.
Qualifications
- 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.
Available Term Lengths5, 7, 10, 15 or 20
COMPARE RATESon Credible’s website
on Credible’s website
RISLA Student Loan Refinance
Min. credit score
680
Fixed APR
5.79-8.24%
Variable APR
N/A
Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
Cons
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
Qualifications
- 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.
Available Term Lengths5, 10 or 15 years
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 September 20, 2023
NerdWallet's Best Pharmacy School Loan Refinance Options of December 2023
- LendKey Student Loan Refinance: Best for Low income refinancing
- SoFi Parent PLUS Refinancing: Best for Extra benefits
- Earnest Student Loan Refinance: Best for Customized repayment schedules
- Education Loan Finance Student Loan Refinance: Best for Customer service
- Laurel Road Student Loan Refinance: Best for Overall
- 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
