Lenders That Will Refinance Student Loans for Borrowers With No Degree

Key facts

Best for existing Wells Fargo customers who want to take advantage of payment reduction options.

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

5, 7, 10, 15 or 20 years

Disclaimer

Key facts

Best for existing Citizens Bank customers or borrowers who didn't graduate or aren't U.S. citizens.

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: 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

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 October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 2.25%- 9.24% (2.25%-9.24% 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 3.45%-9.49% (3.45% - 9.49% 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 One 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.

Key facts

Best 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 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 4.24% APR to 7.49% APR (3-Month LIBOR + 1.99% to 3-Month LIBOR + 5.24%) for either a 10-year or 20-year repayment term. Or lock in a fixed interest rate from 3.99% APR to 6.99% APR for a 10-year repayment term or from 3.99% APR to 6.99% 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 2.25% as of October 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.

Key facts

Best 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.

• 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

5, 10 or 15 years

Disclaimer

Key facts

An option for borrowers who don't have a degree.

Pros

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

• Borrowers can refinance without a degree.

Cons

• Fewer repayment term lengths than other lenders offer.

• 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: 761.

• Loan amounts: $10,000 to $75,000.

• Must have a degree: No.

Available Term Lengths

10 or 15 years

Disclaimer