4 Easy Options to Get Parent PLUS Loans Under Control in 2018

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Most student loan articles focus on struggling college graduates who can’t repay their debt.

But what about their parents? We hardly ever hear about the moms and dads who are stuck repaying Parent PLUS Loans for children who obtained undergraduate degrees.

Parent PLUS loan debt currently stands at about $77.8 billion. Since the standard Parent PLUS repayment term is 10 years, millions of parents could spend a decade attempting to repay what they’ve borrowed. Repayment could even be extended to 30 years when loans are consolidated, or if the loan balance tops $30,000 in federal student loans. Even worse, these types of loans have the highest interest rates among all federal student loans. For the 2017-18 school year, the rate is 7.0%, and older Parent PLUS loans could have rates above 7%.

So what can parents do to ease the strain on their finances? Here are four ways to get your Parent PLUS debt under control this year.

1. Income-Contingent Parent PLUS Loan repayment plan

Pros: Lowers monthly payments and offers Parent PLUS loan forgiveness after 25 years.

Cons: Likely increases total interest charges. Requires paying a higher percentage of income than other income-driven repayment plans.

The federal government offers four types of income-driven repayment plans, but Parent PLUS loans are only eligible for one: Income-Contingent Repayment (ICR).

ICR caps monthly student loan payments at 20 percent of the borrower’s discretionary income. Keep in mind that discretionary income is usually less than gross income earned.

Parents generally have to pay a larger chunk of their discretionary income with this plan, but these payments can still be less than the other options. This is helpful if you hope to free up some extra cash flow each month.

One advantage of ICR is that you’ll be eligible for Parent PLUS loan forgiveness after you make payments for 25 years. However, spreading out Parent PLUS loan repayment over such a long period can cost you more in interest overall. Plus, you might also be subject to additional taxes on the amount forgiven.

To qualify for ICR, your Parent PLUS loan needs to be consolidated first by the Department of Education into a Direct Consolidation Loan. This is the standard federal student loan consolidation option. To apply for a Direct Consolidation loan, you should contact your student loan servicer. There are nine federal loan servicer:

2. Parent PLUS Loan consolidation and refinancing

Pros: Could decrease high interest rates on Parent PLUS Loans.

Cons: Requires borrowers to qualify based on credit and income. Borrowers could also lose some flexibility afforded by federal student loans.

Parent PLUS Loan refinancing has the potential to work especially well for some borrowers. In general, parents of college students have more established credit histories than graduates in their 20s. If you’re a parent with a high credit score, then you have a better chance of approval for student loan refinancing.

Lenders that refinance Parent PLUS loans like to see steady income and employment history as well, which will increase your odds of being approved. Want to get a sense of whether you might qualify to refinance? Take our refinancing eligibility quiz!

Private student loans don’t have all of the same repayment options that federal student loans do. While you can change federal student loan repayment plans at any time, this isn’t the case with private student loans. Once you complete refinancing, your only other option is to refinance again if you want to change your repayment terms.

You need to determine whether a lower monthly payment and the interest savings are worth giving up some of the federal protections. Many parents choose to refinance Parent PLUS loans to improve their finances so they can rescue their retirement.

Refinancing Parent PLUS loans includes another option: refinancing your Parent PLUS loans into your child’s name. With this option, your child becomes responsible for their debt, and you no longer need to make payments. It can take the pressure off you, especially if you have been struggling with Parent PLUS loan repayment.

Refinancing to a child’s name is currently offered by lenders such as SoFi, Laurel Road, and CommonBond.

3. Public Service Loan Forgiveness (PSLF)

Pros: Eligible for Parent PLUS loan forgiveness after 10 years.

Cons: Limited to certain career fields.

Public Service Loan Forgiveness (PSLF) is a federal program available to certain public service employees, such as those in government and nonprofits fields. This program forgives all federal student loan debt after 120 qualifying payments (typically 10 years).

Many graduates on track to take advantage of Public Service Loan Forgiveness do so with income-driven repayment plans. Just keep in mind that most of these plans aren’t available for Parent PLUS loans. Instead, you’ll likely need to consolidate your loan with the federal government and use Income-Contingent Repayment.

Before you shoot for PSLF, make sure you qualify. All of the rules that apply to other federal student loans typically apply to Parent PLUS loans as well.

As with any loan for which you plan to take advantage of loan forgiveness, make sure that your strategy is a smart one. It’s possible that you might not have much or any debt left to forgive after the repayment period. This can do more harm than good if you pay a bunch of extra interest yet receive nothing in return.

4. Standard Parent PLUS Loan repayment

Pros: Keeps the total loan cost down via repayment over 10 years.

Cons: Could be less affordable due to higher monthly payments.

If you’re paying off a Parent PLUS loan, you’ll automatically be enrolled in the Standard Repayment Plan. There’s nothing wrong with this option, as long as you can afford to make the monthly payments. Stay on track, and you’ll have the loans paid off in 10 years.

The problems with standard Parent PLUS loan repayment only surface if you can’t afford to make payments. In such cases, consider pursuing another repayment option instead of risking default.

It’s worth noting that graduated repayment and extended repayment options are also available. However, these often aren’t preferable to the other options listed here. They generally add more time and interest to your overall repayment. You can get a lower monthly payment now, but the added interest costs are generally high.

Take control of your Parent PLUS loans

No matter which repayment method you choose, all student loans are eligible for a student loan interest tax deduction of up to $2,500. However, since this deduction is subject to several rules (including income caps), consider consulting with a tax professional to make sure you qualify.

Overall, the best option for you will depend on your situation. But the right choice is typically the one that allows you to pay off your student loans as quickly as possible — with the lowest cost.

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SoFi Disclosures

  1. Student loan Refinance:Fixed rates from 3.899% APR to 7.804% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.64% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
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Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 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% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

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LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

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Laurel Road Disclosures

Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.

Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.

Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

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CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.
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Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable 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 October 1, 2018, the one-month LIBOR rate is 2.22%. Variable interest rates range from 2.72%-8.32% (2.72%-8.32% 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 cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, 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 Bank 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.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.
Variable APR
Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. Learn more
2.47% – 6.99%2.47% – 5.87%2.47% – 8.03%2.95% – 6.37%2.48% – 6.25%2.72% – 8.32%
Fixed APR
A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount. Learn more
3.90% – 7.80%3.89% – 6.32%3.49% – 8.72%3.50% – 7.02%3.20% – 6.25%3.75% – 8.69%
Terms
"Term" refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term. Learn more
5, 7, 10, 15, 205 to 205, 7, 10, 15, 205, 7, 10, 15, 205, 7, 10, 15, 205, 10, 15, 20
Soft Credit Check
A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score. This is unlike a "hard" credit check, which may impact an applicant's credit.
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ELIGIBILITY REQUIREMENTS

Transfer Parent PLUS From Parent to Child/Graduate
Many parents take out "Parent PLUS" loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent's name into the name of the child/graduate.
Refi Parent PLUS Loans
Indicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans.
Eligible Degrees
Our partners refinance student loans from both undergraduate and graduate degrees.
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Eligible Loans
Our partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment.
Private & FederalPrivate & FederalPrivate & FederalPrivate & FederalPrivate & FederalPrivate & Federal
Min. Credit Score
This is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower's credit profile to determine eligibility. Learn more
Good or Excellent score needed650680660660680
Min. Annual Income
The minimum annual income a lender is will consider for borrower eligibility.
No minNo min$24,000
per year
No minNo min$24,000
per year
No Cosigner Required
If checked, this lender does not require that the applicant have a cosigner to apply.
Ability to Apply With a Cosigner
Applicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan.
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ELIGIBILITY REQUIREMENTS CONTINUED

Cosigner Release Offered (Existing Loans)
If the applicant's initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and "release" the original cosigner(s).
Cosigner Release Offered (Refinanced Loans)
If the applicant chooses to add a cosigner to the refinanced loan, the applicant may have the option to "release" that cosigner from the refinanced loan at a later date.
Borrower Can Be Delinquent on Current Student Loans
If the borrower's student loans are currently delinquent (but not in default), they may or may not be eligible to refinance.
Borrower Can Apply While Still Enrolled in School
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Borrower Must Currently Be Employed
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Yes(or signed job offer)Yes(or signed job offer)YesYes(or signed job offer)Yes(or signed job offer)Yes
Minimum GPA Required
Our partners currently refinace student loans regardless of a borrower's graduate or undergraduate GPA.
No minNo minNo minNo minNo minNo min
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REFINANCING PRODUCT INFORMATION

Min. Lending Amount
The minimum student loan balance a borrower must currently have to refinance with the lender.
$5k$5k$5k$5k$5k$10k
Max. Lending Amount
The maximum student loan balance a borrower must currently have to refinance with the lender.
No MaxNo Max$125k Undergrad
$250k Graduate
$300k Medical
No Max$500k$90k undergrad
$350k grad
Auto-Pay Interest Rate Reduction
Lenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above.
Yes0.25%Yes0.25%Yes0.25%Yes0.25%Yes0.25%Yes0.25%
Average Savings
The average amount borrowers have saved by refinancing with this lender. Unless indicated otherwise, values shown are over the lifetime of the loan. See each lender's website with more details on how this figure is calculated.
Varies$30,939$192/month$20,200$24,046$212/month
Unemployment Protection/Benefits
If a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
(up to 12 months)
(up to 12 months)
(up to 18 months)
(up to 12 months)
(up to 24 months)
(up to 12 months)
Interest-Only Payment Option
Some lenders may allow you to make interest-only payments for a period of time during your repayment period.
(up to 4 years)
Discharge Due to Death
Some lenders may discharge the student loan upon the death of the borrower.
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REFINANCING PRODUCT INFORMATION CONTINUED

Origination Fees
Origination fees are added expenses that lenders may charge for granting a new loan.
NoneNoneNoneNoneNoneNone
Prepayment Penalty
Prepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date.
NoneNoneNoneNoneNoneNone
State Residency
Some lenders may not refinance student loans for residents of certain states.
AnyAny except AL, DE, KY, MS, NV, RIAny except ME, ND, NV, RI, WVAnyAny except ID, LA, MS, NV, SD or VTAny
Previously Defaulted (Now Rehabilitated) Loans Eligible
Indicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing.
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ADDITIONAL INFORMATION

Avg. Time to Check Rate
An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower's credit score.
< 3 minutes< 3 minutes< 3 minutes< 3 minutes< 3 minutes< 3 minutes
Avg. Time to Apply
An estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application.
< 10 minutes< 10 minutes< 10 minutes< 5 minutes< 10 minutes< 20 minutes
Apply on Mobile Device
Indicates whether or not a lender accepts applications from a mobile device.
Interest Is Tax Deductible
Indicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met). Learn more
Personal Reference Required
Some lenders may require a personal reference in order to apply for student loan refinancing.
NoNoNoNoNoNo
Year Established
The year the student loan refinancing company was established.
201120132007200620111828 / 2014for refi student loans
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* Average savings based on lender specific calculations. Please visit their site for more information.


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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Lender APR Range Loan Types Terms Eligible Degrees Eligible Loans More Info
2.47% – 7.80% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate
Private & Federal Visit SoFi
2.47% – 6.32% Variable & Fixed 5 to 20 Undergrad
& Graduate
Private & Federal Visit Earnest
2.47% – 8.72% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate
Private & Federal Visit Lendkey Apply by phone:Start Application:
1-877-304-9306
2.95% – 7.02% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate
Private & Federal Visit Laurel Road
2.48% – 6.25% Variable & Fixed 5, 7, 10, 15, 20 Undergrad
& Graduate
Private & Federal Visit CommonBond
2.72% – 8.69% Variable & Fixed 5, 10, 15, 20 Undergrad
& Graduate
Private & Federal Visit Citizens Apply by phone:Start Application:
1-877-573-4829