Best of
No Degree? 5 Lenders That Will Refinance Student Loans
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If you have student loans but never received a degree, you have fewer options than borrowers with a degree.
on Discover's website
on Discover's website
Fixed APR
5.74-8.49%
Variable APR
4.74-7.74%
Min. Credit Score
Does Not Disclose
Pros
- No late fees.
- More flexible repayment options for struggling borrowers than other lenders.
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: Get a variable interest rate from 4.74% APR to 7.74% APR (3-Month LIBOR + 2.12% to 3-Month LIBOR + 5.12%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 5.74% APR to 8.49% APR for a 10-year repayment term or from 5.99% APR to 8.49% APR for a 20-year repayment term. 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. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.63% as of April 1, 2019. 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. The lowest listed APRs include a 0.25% rate reduction for automatic payments. Visit discover.com/student-loans/consolidation for more information, including up-to-date interest rates and APRs.
on Citizens Bank's website
on Citizens Bank's website
Fixed APR
3.89-9.99%
Variable APR
2.93-9.67%
Min. Credit Score
Does not disclose
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
- No flexible repayment options for struggling borrowers.
Qualifications
- Typical credit score of approved borrowers or co-signers: 690 or higher.
- Loan amounts: $10,000 to $500,000.
- Must have a degree: No.
Available Term Lengths
5, 10, 15 or 20 years
Disclaimer: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 1, 2019, the one-month LIBOR rate is 2.43%. Variable interest rates range from 2.93%-9.67% (2.93%-9.67% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.89%-9.99% (3.89%-9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
on RISLA's website
on RISLA's website
Fixed APR
3.49-8.14%
Min. Credit Score
680
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
Cons
- No co-signer release available.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
- 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
10 or 15 years
on Wells Fargo's website
on Wells Fargo's website
Fixed APR
5.24-9.74%
Variable APR
5.24-9.74%
Min. Credit Score
Does not disclose
Pros
- You are assigned a dedicated student loan advisor.
- More flexible repayment options for struggling borrowers than other lenders offer.
Cons
- Fewer repayment term lengths than other lenders.
- 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: 748.
- Loan amounts: $1,000 up to the total cost of attendance.
- Must have a degree: No.
Available Term Lengths
15 or 20 years
on PNC's website
on PNC's website
Fixed APR
4.39-6.59%
Variable APR
4.39-6.59%
Min. Credit Score
660
Pros
- Interest rate discount for autopay is larger than most lenders offer.
Cons
- Fewer repayment term lengths than other lenders offer.
- Co-signer release after 48 months is longer than most other lenders.
- No flexible repayment options for struggling borrowers.
Qualifications
- Typical credit score of approved borrowers or co-signers: 747.
- Loan amounts: $10,000 to $75,000.
- Must have a degree: No.
Available Term Lengths
10 or 15 years
Summary of No Degree? 5 Lenders That Will Refinance Student Loans
| Lender | Fixed APR | Variable APR | Min. Credit Score | Learn More |
|---|---|---|---|---|
Discover Student Loan Refinance Check Rate on Discover's website | 5.74-8.49% | 4.74-7.74% | Does Not Disclose | Check Rate on Discover's website |
Citizens One Student Loan Refinance Check Rate on Citizens Bank's website | 3.89-9.99% | 2.93-9.67% | Does not disclose | Check Rate on Citizens Bank's website |
RISLA Student Loan Refinance Check Rate on RISLA's website | 3.49-8.14% | N/A | 680 | Check Rate on RISLA's website |
Wells Fargo Student Loan Refinance Check Rate on Wells Fargo's website | 5.24-9.74% | 5.24-9.74% | Does not disclose | Check Rate on Wells Fargo's website |
PNC Student Loan Refinance Check Rate on PNC's website | 4.39-6.59% | 4.39-6.59% | 660 | Check Rate on PNC's website |
| Lender | Fixed APR | Variable APR | Min. Credit Score | Learn More |
|---|---|---|---|---|
Discover Student Loan Refinance Check Rate on Discover's website | 5.74-8.49% | 4.74-7.74% | Does Not Disclose | Check Rate on Discover's website |
Citizens One Student Loan Refinance Check Rate on Citizens Bank's website | 3.89-9.99% | 2.93-9.67% | Does not disclose | Check Rate on Citizens Bank's website |
RISLA Student Loan Refinance Check Rate on RISLA's website | 3.49-8.14% | N/A | 680 | Check Rate on RISLA's website |
Wells Fargo Student Loan Refinance Check Rate on Wells Fargo's website | 5.24-9.74% | 5.24-9.74% | Does not disclose | Check Rate on Wells Fargo's website |
PNC Student Loan Refinance Check Rate on PNC's website | 4.39-6.59% | 4.39-6.59% | 660 | Check Rate on PNC's website |
How refinancing can save you money
Refinancing can save you money by replacing your current debt with a new, lower-rate loan through a private lender.
For example, refinancing $30,000 in student debt from an annual percentage rate of 8% to 5% could drop a monthly payment from $364 to $318 and reduce interest paid by $3,500. Or you could keep payments the same as before and be debt-free 20 months sooner.
You can refinance both federal and private student loans.
If you have federal loans, there's a downside to refinancing with a private lender: You forfeit your rights to federal loan repayment options, such as income-driven repayment and public service loan forgiveness.
Qualifying for refinancing
Although some refinancing lenders don’t require you to have a degree, you still need to meet certain qualifications.
You usually have to have attended a school that offers federal student aid, known as a Title IV school, even if you didn’t graduate.
Lenders will assess your credit score, which will have to be in the high 600s or higher. They’ll also want to make sure you have a stable financial history and a healthy income. Borrowers with higher incomes have an easier time getting approved for refinancing and tend to get the best interest rates.
If you don’t meet these qualifications, you’ll need a co-signer who does. Consider lenders that offer a co-signer release, which allows your co-signer to get off the hook for your debt after a certain period of on-time payments.
If you don’t qualify for refinancing
If you can’t qualify for refinancing and are having trouble making payments on federal loans, apply for an income-driven repayment plan. These plans cap payments at a percentage of your income and extend repayment length.
To enroll in an income-driven plan, you may need to first consolidate your federal loans into one new federal direct loan. Consolidation won’t lower your interest rate like refinancing does. However, it could lower payment amounts by extending the repayment term.
If you have private loans that you can’t refinance, contact your lender to see what repayment options are available to struggling borrowers. You may be able to renegotiate the terms of your loan or lower payments for a period of time. Lenders also usually offer hardship forbearance, which halts payments on loans temporarily while interest continues to build.
Last updated on May 29, 2019
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