6 Lenders That Will Refinance Student Loans for Borrowers With No Degree
If you have student loans but never received a degree, you still have options to refinance.
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Several lenders will refinance student loans if you haven’t earned a degree.
If you’re making payments on time and have a good credit score and a stable job, you may find that you can refinance your loans at a lower interest rate. That could reduce your payments or allow you to pay off the loans more quickly.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Lenders That Will Refinance Student Loans for Borrowers With No Degree
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | 650 | 5.19-9.74% | 5.99-9.74% | Check rate on Earnest's website | |
5.0 /5 | 660 | 6.81-11.83% | N/A | ||
5.0 /5 | Does not disclose | 4.95-7.74% | N/A |
Our pick for
Borrowers still in school who have a job offer
Earnest Student Loan Refinance
650
5.19-9.74%
5.99-9.74%
- 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.
- Loans aren't available in Nevada.
- 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.
Our pick for
Borrowers who are still in school
- 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.
- Interest rates vary by refi product.
- 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.
Our pick for
Borrowers who want extra forbearance
Advantage Education Loan Student Loan Refinance
Does not disclose
4.95-7.74%
N/A
- 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.
- 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.
- 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.
Our pick for
Borrowers who want flexibility in repayment
Navient Student Loan Refinance
680
5.21-9.74%
5.40-9.19%
- More flexible repayment options for struggling borrowers than other lenders.
- No late fees.
- You can refinance without a degree.
- 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.
- 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.
Our pick for
Income-based repayment
RISLA Student Loan Refinance
680
5.79-8.24%
N/A
- Income-based repayment plan available, with forgiveness after 25 years.
- No co-signer release available.
- Students cannot refinance a parent PLUS loan in their name.
- 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.
Our pick for
Borrowers who want to chose from multiple repayment terms
EDvestinU Student Loan Refinance
700
7.41-11.03%
7.52-9.27%
- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You cannot refinance parent PLUS loans in your name.
- Maximum loan amount is lower than most lenders offer.
- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
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.
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 May 1, 2023
NerdWallet's Lenders That Will Refinance Student Loans for Borrowers With No Degree
- Earnest Student Loan Refinance: Best for Borrowers still in school who have a job offer
- ISL Refinance Loan: Best for Borrowers who are still in school
- Advantage Education Loan Student Loan Refinance: Best for Borrowers who want extra forbearance
- Navient Student Loan Refinance: Best for Borrowers who want flexibility in repayment
- RISLA Student Loan Refinance: Best for Income-based repayment
- EDvestinU Student Loan Refinance: Best for Borrowers who want to chose from multiple repayment terms
