6 Best Parent PLUS Loan Refinance Lenders of July 2026
You can refinance parent PLUS loans with a private lender to lower your interest rate. Depending on the lender, you can refinance the loan in your own name or transfer the loan to your child.
Refinancing a parent PLUS loan may save you money, if you can qualify for a lower interest rate with a private lender. When you refinance, a private lender pays off your existing parent PLUS loan and issues a different loan with a new rate and terms. Some lenders have refinancing rates that start below parent PLUS loan rates in the past several years, but the rate you receive depends on your credit and the lender.
You can also use parent PLUS loan refinancing as a way to transfer the debt to your child.
Not all private lenders will refinance parent PLUS loans. Below are our top-rated lenders that say they offer this option, as well as information to help you decide if refinancing makes sense for you.
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Why trust NerdWallet
- 17 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 41 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Parent PLUS Loan Refinance Lenders
Lender | NerdWallet editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | 650 | 3.94-9.99% | 5.88-9.99% | Check Rate on Earnest's website | |
4.5 /5 | 650 | 3.99-9.99% | 5.74-9.99% | Check Rate on SoFi®'s website | |
4.0 /5 | 680 | 4.29-8.44% | 4.74-8.24% | Check Rate on ELFI's website | |
3.5 /5 | Does not disclose | 5.73-10.29% | 6.01-11.29% | Read Review on NerdWallet | |
3.0 /5 | Does not disclose | 6.20-8.99% | N/A | Read Review on NerdWallet | |
5.0 /5 | Mid-600s | 6.99-13.99% | 6.99-13.99% | Read Review on NerdWallet |
Our pick for
refinancing parent PLUS loans
2026 Best Student Loan Refinancing
Overall
- Typical credit score of approved borrowers or co-signers: 760.
- Loan amounts: $5,000 to $550,000.
- Must have a degree: No, but must be within six months of graduation and have income or a job.
- Customizable payments and loan terms.
- Eligible borrowers can skip one payment every 12 months.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Won’t allow you to transfer parent loans to your name.
- Typical credit score of approved borrowers or co-signers: 700+.
- Loan amounts: $5,000, up to your total outstanding loan balance.
- Must have a degree: Yes, an associate degree or higher.
- You can refinance parent PLUS loans from the parent’s name to the student’s.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No co-signer release available.
- Loan size minimum is higher than most lenders.
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: $10,000 with no maximum.
- Must have a degree: Yes, must have earned a bachelor’s degree or higher.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Assigns a dedicated student loan advisor.
- Charges a late payment fee, whereas some competitors do not.
- The minimum loan amount is higher than many other lenders require.
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: Need a minimum student loan balance of $10,000 in order to refinance, and a maximum loan amount of $300,000 for a bachelor's degree, $500,000 for a graduate degree and $750,000 for a professional degree.
- Must have a degree: Must have a bachelor’s degree or higher to be eligible.
- Citizens Bank offers refinancing loan terms between five and 20 years.
- Applicants can learn their rate in just a few minutes with no hard credit pull.
- Co-signers are allowed but not required.
- Extra payments are applied to the principal balance, which can help borrowers pay down their loan faster than if extra payments were applied to the interest.
- International and Deferred Action for Childhood Arrivals (DACA) students can qualify with a citizen or resident co-signer.
- In order to refinance a loan, applicants must earn at least $24,000 in income.
- Late fees are charged for payments made after 15 days of the due date.
- Typical credit score of approved borrowers: Does not disclose.
- Loan amounts: Loan minimum is $10,000 with no maximum.
- Must have a degree: Degree not required.
- No late fees.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No hardship forbearance.
- No co-signer release.
- International and Deferred Action for Childhood Arrivals (DACA) students do not qualify for refinancing.
- Loans are not discharged if the primary borrower dies.
- Typical credit score of approved borrowers: Upper 700s.
- Loan amounts: $5,000 to $500,000.
- Must have a degree: Yes, must have graduated with at least an associate degree from an eligible school or program.
- Offers customized loan terms of 5 to 20 years, or any year in between.
- Allows borrowers to pre-qualify with a soft credit check.
- Offers automatic bi-weekly and greater-than-minimum payments.
- Has a 0.25-percentage-point rate discount with automatic payments.
- No application, origination or prepayment fees.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- Doesn’t offer loans to borrowers with a bankruptcy history.
Why refinance a parent PLUS loan?
Consider refinancing your parent PLUS loan if you think you can get a lower interest rate with a new loan through a private lender. If you can reduce your rate, refinancing early in the parent PLUS loan repayment term — even before your parent PLUS loan deferment is over — can save you the most money.
Parent PLUS loans also carry an origination fee deducted from every disbursement; most private lenders don't charge one, so refinancing can cut that cost too.
Refinancing could also be the right option if your goal is to move your parent PLUS loan to your child's name.
Refinancing a parent PLUS loan in your name or a student's name
You have two options for refinancing a Parent PLUS loan: keeping the student loan in your name or transferring it to your child. Depending on which one you choose, the refinance lender pays off the existing parent PLUS loan and issues a new loan in either you or your child's name.
Refinancing parent PLUS loans in your name
If your primary goal is to lower your interest rate and keep the parent PLUS loan in your name, consider whether it's likely you can lower your payment enough to make refinancing worthwhile. Here are the steps to refinancing a parent PLUS loan in your name.
Compare refinance lenders. Shopping around is the best way to ensure you get the lowest interest rate possible. Many lenders allow you to pre-qualify using a soft credit inquiry. That way you can get an idea of the rate you will qualify for, without affecting your credit score.
Estimate your savings. Use a student loan refinance calculator to see how much you could save by lowering your parent PLUS loan rate. You will need your current loan rate and your refinance loan rate.
Apply. Choose the lender where you want to apply. Lenders will do a hard credit check before finalizing your new rate. If you’re approved, the lender will pay off your loans and you’ll make payments to the new lender. The loan will still be your responsibility to repay, not your child’s.
Refinancing parent PLUS loans to a student
A growing number of private lenders allow you to refinance a parent PLUS loan to your child, effectively transferring responsibility for the loan.
You may want to transfer parent PLUS loans to your child via refinancing in the following instances:
Your child can qualify for a lower rate.
You want to switch the repayment responsibility to your child.
You can't pay parent PLUS loans, but your child can.
How to refinance a parent PLUS loan to your child
The process and requirements for your child to refinance parent PLUS loans in their name are the same as if they were refinancing their own student loans with a private lender. To qualify, they’ll need good credit, a strong history of making loan payments and enough income to afford payments, or a co-signer who meets those qualifications.
You can't transfer parent PLUS loans to your child through the federal government. Even if your child makes payments on your PLUS loan, you’re still ultimately responsible for the debt and would face the consequences of delinquency and default if payments aren't made. You can only transfer this type of loan to your child through a private lender.
What is consolidation of parent PLUS loans?
Consolidating federal student loans is different from refinancing. Consolidation is done through the federal government. It won’t lower your interest rate, but it can simplify by combining multiple federal loans into one Direct Consolidation Loan with a single, monthly payment.
Refinancing on the other hand is done through private lenders. Private lenders sometimes say they will consolidate student loans, but they are really refering to refinancing multiple loans into one.
You can apply for federal consolidation on the Federal Student Aid website.
When shouldn't I refinance parent PLUS loans?
At one point, consolidating parent PLUS loans created a path to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF). The common advice then was to avoid refinancing with a private lender if you needed to keep access to IDR and PSLF. Private lenders don't typically offer these options.
That advice recently changed. On July 1, 2026 — as part of the Department of Education's overhaul of student loan repayment — any access to IDR and PSLF was permanently eliminated for parent PLUS loan borrowers who didn't consolidate their loans before that date.
That means the potential loss of IDR or PSLF is no longer part of the decision-making process for anyone thinking of refinancing their parent PLUS loans. However, it's still worth considering the possible loss of another federal loan entitlement — loan discharge if you or the child you borrowed for dies. Parent PLUS loans offer discharge as a safety net; some private lenders and loans do not. If you do move forward with refinancing your parent PLUS loans, ask about discharge policies when deciding among private lenders.
Last updated on July 23, 2026
Frequently asked questions
What are my options for repaying parent PLUS loans?
Following the Department of Education's overhaul of student loan repayment options on July 1, 2026, parent PLUS borrowers permanently lost access to income-driven repayment and Public Service Loan Forgiveness (unless they consolidated their loans prior to that date). Existing parent PLUS borrowers who don't take out new loans can still use the legacy standard, extended or graduated repayment plans. Those who take out a new parent PLUS loan — or consolidate — on or after July 1, 2026, are limited to the new Tiered Standard Repayment Plan. Parent PLUS borrowers may also consider refinancing with a private lender for more repayment options.
Can I transfer my parent loans to my child?
Refinancing through a private lender is the only way to transfer parent PLUS loans to your child. He or she will need good credit — typically a FICO score in the mid-600s or higher — and a stable income to qualify.
How do federal PLUS loans and private refinance loans compare?
Prior to an overhaul of the federal student loan repayment landscape in 2026, parent PLUS loans had a path to income-driven repament and Public Service Loan Forgiveness, options that private loans lacked. That is no longer the case. Federal loans do offer discharge if the borrower or student die, which is something some private lenders don't offer. But some private refinance lenders may offer better interest rates and no origination fees when compared to federal loans.
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NerdWallet's Best Parent PLUS Loan Refinance Lenders of July 2026
- Earnest: Best for refinancing parent PLUS loans, Fixed APR: 3.94-9.99%
- SoFi®: Best for refinancing parent PLUS loans, Fixed APR: 3.99-9.99%
- ELFI: Best for refinancing parent PLUS loans, Fixed APR: 4.29-8.44%
- Citizens: Best for refinancing parent PLUS loans, Fixed APR: 5.73-10.29%
- MEFA: Best for refinancing parent PLUS loans, Fixed APR: 6.20-8.99%
- College Ave: Best for refinancing parent PLUS loans, Fixed APR: 6.99-13.99%