8 Lenders That Will Refinance Student Loans for Borrowers With No Degree

Key facts

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 Lengths

5, 7, 10, 15 or 20

Key facts

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, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, DC.

• 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 Lengths

10, 15 or 20 years

Key facts

Pros

• More flexible repayment options for struggling borrowers than other lenders.

• No late fees.

• You can refinance without a degree.

Cons

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

• No option to make greater-than-minimum payments via autopay.

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.

• Loan amounts: $5,001 minimum, maximum $150,000 for undergraduate and graduate programs, $250,000 for professional degree programs.

• Must have a degree: No.

Available Term Lengths

5 to 20 years

Key facts

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: Consolidate up to the aggregate amount of your education loan debt. Maximum limit of $150,000 applies.

Available Term Lengths

10 or 20 years

Disclaimer

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 0.125% as of October 1, 2021. 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 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.

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You can refinance parent PLUS loans in your name.

• Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.

Cons

• Estate is still responsible for loans refinanced by parents if the borrower dies.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Loan amounts: $10,000 to $500,000.

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.24%-8.90% (2.24%-8.90% APR). Fixed interest rates range from 2.39%-9.15% (2.39%-9.15% APR).

Key facts

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 Lengths

5, 10 or 15 years

Key facts

Pros

• No late fees.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• No formal deferment/forbearance options.

• No co-signer release.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Loan amounts: $10,000 minimum.

• Must have a degree: No.

Available Term Lengths

7, 10 or 15 years.

Key facts

Pros

• Interest rate discount for autopay is larger than most lenders offer.

• Borrowers can refinance without a degree.

Cons

• No flexible repayment options for struggling borrowers.

• 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: Does not disclose.

• Loan amounts: $10,000 to $75,000.

• Must have a degree: No.

Available Term Lengths

5, 10 or 15 years.