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Standout Pharmacy School Student Loan Refinance Options of April 2024

Refinancing pharmacy school loans can be a money-saving strategy for pharmacists who work in the private sector.

Refinancing pharmacy school loans can make sense if you're working full-time, have good credit and a relatively low debt-to-income ratio. But don't refinance federal loans if you're interested in Public Service Loan Forgiveness or income-driven repayment — refinanced loans aren't eligible for those programs.

Our picks for student loan refinancing for pharmacists are below, as well as information that can help you decide whether refinancing is right for you.

Standout Pharmacy School Student Loan Refinance Options From Our Partners

Earnest Student Loan Refinance
Check rate

on Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating 
Earnest Student Loan Refinance

Min. credit score

650

Fixed APR

5.19-9.74%

Variable APR

5.99-9.74%
Check rate

on Earnest's website

Variable APR

5.99-9.74%

Key facts

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

Pros

  • 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.

Cons

  • Loans aren't available in Nevada.

Qualifications

  • 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.

Available Term Lengths

5 to 20 years

Disclaimer

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.24% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

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Can you refinance pharmacy school loans?

You can refinance federal and private pharmacy school loans, but only with a private lender. When you refinance, a private lender will pay off your existing debt and issue you a new loan — ideally with a lower interest rate.

Reducing your interest rate can make a five-figure difference when you have six-figure pharmacy school debt. For instance, refinancing $179,514 — the average pharmacist student loan debt among the class of 2020 — from a 7% APR to a 5% APR would save $180 a month and more than $21,600 total, assuming a 10-year loan term.

Should you refinance pharmacy school loans?

Refinancing is one strategy for repaying pharmacy school loans. You should consider this option in the following instances:

  • You’re employed full time. Unlike doctors and dentists, pharmacists don’t have the option to refinance pharmacy student loans during a one-year or two-year post-graduate residency.

  • You have good credit. You'll need a score at least in the high 600s to qualify. But generally, the higher your score, the lower the rate you'll get.

  • You have private student loans. There's little downside to refinancing private student loans you took out for pharmacy school. If you can qualify for a lower interest rate, you can start saving money immediately.

  • You have federal loans, but work in the private sector. If you don't work for a nonprofit or in the public sector, you may want need to hang onto federal student loan benefits like Public Service Loan Forgiveness and income-driven payment plans.

Refinance lenders will also look at your debt-to-income ratio, or your total monthly financial obligations compared to your income. The required debt-to-income ratio for student loan refinancing varies by lender but is generally 50% or less.

Your debt-to-income ratio could be too high if you have the average pharmacist student loan debt of $179,514 and the average pharmacist salary, $125,510. But lenders still may be willing to work with you if you have steady employment and an otherwise strong financial situation. If not, you may need to pay down some debt or increase your income before applying to refinance.

To recap our selections...

NerdWallet's Standout Pharmacy School Student Loan Refinance Options of April 2024