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

If you have student loans but never received a degree, you have fewer options than borrowers with a degree.

Summary of Lenders That Will Refinance Student Loans for Borrowers With No Degree

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Wells Fargo Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	5.24 - 9.74%	5.24 - 9.74%	Does not disclose	See my rates on NerdWallet's secure website
Citizens One Student Loan Refinance NerdWallet rating Check Rate on Citizens Bank's website	3.45 - 9.02%	2.15 - 8.88%	Does not disclose	Check Rate on Citizens Bank's website
Discover Student Loan Refinance NerdWallet rating Check Rate on Discover's website	3.99 - 6.99%	3.99 - 7.24%	Does not disclose	Check Rate on Discover's website
RISLA Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	3.49 - 8.14%	N/A	680	See my rates on NerdWallet's secure website
PNC Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	4.39 - 6.59%	4.39 - 6.59%	660	See my rates on NerdWallet's secure website

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Wells Fargo Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	5.24 - 9.74%	5.24 - 9.74%	Does not disclose	See my rates on NerdWallet's secure website
Citizens One Student Loan Refinance NerdWallet rating Check Rate on Citizens Bank's website	3.45 - 9.02%	2.15 - 8.88%	Does not disclose	Check Rate on Citizens Bank's website
Discover Student Loan Refinance NerdWallet rating Check Rate on Discover's website	3.99 - 6.99%	3.99 - 7.24%	Does not disclose	Check Rate on Discover's website
RISLA Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	3.49 - 8.14%	N/A	680	See my rates on NerdWallet's secure website
PNC Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	4.39 - 6.59%	4.39 - 6.59%	660	See my rates on NerdWallet's secure website

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Wells Fargo Student Loan Refinance

5.0

NerdWallet rating

Fixed APR

5.24 - 9.74%

Variable APR

5.24 - 9.74%

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website

Variable APR

5.24 - 9.74%

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

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Check Rate

on Citizens Bank's website

Citizens One Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.45 - 9.02%

Variable APR

2.15 - 8.88%

Min. Credit Score

Does not disclose

Check Rate

on Citizens Bank's website

Variable APR

2.15 - 8.88%

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

Education Refinance Loan Rate Disclosure: 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 February 1, 2020, the one-month LIBOR rate is 1.66%. Variable interest rates range from 2.15%- 8.88% (2.15%-8.88% 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%-9.02% (3.45% - 9.02% 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.

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Check Rate

on Discover's website

Discover Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.99 - 6.99%

Variable APR

3.99 - 7.24%

Min. Credit Score

Does not disclose

Check Rate

on Discover's website

Variable APR

3.99 - 7.24%

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 3.99% APR to 7.24% 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 2.00% as of January 1, 2020. 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.

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RISLA Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.49 - 8.14%

Variable APR

N/A

Min. Credit Score

680

See my rates

on NerdWallet's secure website

Variable APR

N/A

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

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PNC Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

4.39 - 6.59%

Variable APR

4.39 - 6.59%

Min. Credit Score

660

See my rates

on NerdWallet's secure website

Variable APR

4.39 - 6.59%

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

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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 December 13, 2019

To recap our selections...

Best of

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

Summary of Lenders That Will Refinance Student Loans for Borrowers With No Degree

Wells Fargo Student Loan Refinance

Citizens One Student Loan Refinance

Discover Student Loan Refinance

RISLA Student Loan Refinance

PNC Student Loan Refinance

How refinancing can save you money

Qualifying for refinancing

If you don’t qualify for refinancing

NerdWallet's Lenders That Will Refinance Student Loans for Borrowers With No Degree

Further reading.

Student Loan Consolidation vs. Refinancing

When to Refinance Student Loans

What Happens to Student Loans When You Drop Out