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If you have student loans but never received a degree, you still have options to refinance.
Last updated on May 1, 2023
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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.
Why trust NerdWallet
- 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.
NerdWallet's student loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, The New York Times, The Washington Post, Nasdaq, MSN, ABC News, MarketWatch and many other national and regional media outlets. They also have appeared on NerdWallet's “Smart Money” podcast, as well as local TV and radio.
Why trust NerdWallet
- 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.
NerdWallet's student loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, The New York Times, The Washington Post, Nasdaq, MSN, ABC News, MarketWatch and many other national and regional media outlets. They also have appeared on NerdWallet's “Smart Money” podcast, as well as local TV and radio.
Lenders That Will Refinance Student Loans for Borrowers With No Degree
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
Earnest Student Loan Refinance Check rateon Earnest's website on Earnest's website COMPARE RATESon Sparrow’s website on Sparrow’s website | 5.0 /5 Best for Borrowers still in school who have a job offer | 650 | 4.89-9.74% | 5.89-9.74% | Check rateon Earnest's website on Earnest's website COMPARE RATESon Sparrow’s website on Sparrow’s website |
Advantage Education Loan Student Loan Refinance Read review | 5.0 /5 Best for Borrowers who want extra forbearance | 670 | 5.95-9.99% | N/A | Read review |
RISLA Student Loan Refinance Read review | 5.0 /5 Best for Income-based repayment | 680 | 6.34-8.29% | N/A | Read review |
Our pick for
Borrowers still in school who have a job offer
on Earnest's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
Earnest Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
650
Fixed APR
4.89-9.74%
Variable APR
5.89-9.74%
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 Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.14% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% 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.
Read Full Review
Our pick for
Borrowers who want extra forbearance
Read review
Advantage Education Loan Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
670
Fixed APR
5.95-9.99%
Variable APR
N/A
Key factsBest for borrowers who didn’t graduate.
Pros
- 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.
Cons
- 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.
Qualifications
- 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.
Available Term Lengths10, 15 or 20 years
Read Full Review
Our pick for
Income-based repayment
Read review
RISLA Student Loan Refinance
5.0
NerdWallet rating
Min. credit score
680
Fixed APR
6.34-8.29%
Variable APR
N/A
Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- 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 Lengths5, 10 or 15 years
Read Full Review
Our pick for
Borrowers who want to chose from multiple repayment terms
COMPARE RATESon Sparrow’s website
on Sparrow’s website
EDvestinU Student Loan Refinance
4.5
NerdWallet rating
Min. credit score
700
Fixed APR
7.41-11.03%
Variable APR
7.52-9.27%
Key facts
Best for students who don’t have a degree and are seeking multiple repayment terms.
Pros
- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- You cannot refinance parent PLUS loans in your name.
- Maximum loan amount is lower than most lenders offer.
Qualifications
- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
Available Term Lengths5, 10, 15 or 20 years
DisclaimerAPR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursem*nt with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.
Read Full Review
Our pick for
International borrowers
Check rateon MPOWER's website
on MPOWER's website
COMPARE RATESon Sparrow’s website
on Sparrow’s website
MPOWER Student Loan Refinance
4.0
NerdWallet rating
Min. credit score
None
Fixed APR
11.74-11.99%
Variable APR
N/A
Key factsBest for international borrowers working in the United States.
Pros
- DACA and international students can qualify.
- Can refinance an international student loan.
- You can refinance your parent's loan in your name.
Cons
- Only one loan term available.
- Few options for struggling borrowers.
Qualifications
- Typical credit score of approved borrowers or co-signers: Unavailable.
- Minimum income: None.
- Loan amounts: $2,001 to $100,00.
Available Term Lengths10
Read Full Review
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 6% could drop a monthly payment from $364 to $333 and reduce interest paid by $3,711. Or you could keep payments the same as before and be debt-free 13 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 26 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
- Advantage Education Loan Student Loan Refinance: Best for Borrowers who want extra forbearance
- RISLA Student Loan Refinance: Best for Income-based repayment
- EDvestinU Student Loan Refinance: Best for Borrowers who want to chose from multiple repayment terms
- MPOWER Student Loan Refinance: Best for International borrowers
Further reading
Should I Refinance My Student Loans?
By Cecilia Clark
7 Best Lenders to Refinance Student Loans With a Co-Signer
By Cecilia Clark
Should You Refinance Part of Your Student Loans?
By Ryan Lane
