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Lenders that will refinance student loans without a degree

Rhys Subitch Kellye Guinan
Written by
Rhys Subitch,
Edited by
Kellye Guinan
Published on December 05, 2024 | 2 min read

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Key takeaways

  • Not all private lenders are willing to refinance for students who did not graduate.
  • Research your options to compare where you may be eligible to borrow.
  • If you have a positive and established credit history, you may be able to qualify independently for competitive rates.
  • Remember that if you are refinancing public student loans with a private borrower, you may gain some benefits but lose some repayment protections.

Pursuing a degree requires some students to take out several thousand dollars in student loans yearly. And even if they don’t graduate, this debt must be repaid.

With student loan refinancing, which combines student loans into a new loan with a new lender, borrowers can alleviate some of their financial stress. Often, people choose to refinance when current rates are lower to help lower the monthly payments. Although a degree is a requirement for refinancing with most lenders, a few have made an exception.

5 lenders that will refinance student loans for borrowers with no degree

If you’re exploring refinancing opportunities, compare a few different lenders to evaluate where you qualify for a loan and what interest rates and terms are available. The lenders outlined do not require a degree to refinance your private or federal school loans, so they’re good places to start your search.

Citizens Bank

  • As long as you’ve made at least 12 consecutive payments on your student loans, and you have at least $10,000 in eligible loans to refinance, you might qualify for a Citizens Bank refinance loan.

    Citizens Bank has relatively low rates and five available term options. However, there are some downsides. You can’t release a cosigner until you’ve made 36 payments on your new loan, and the $10,000 minimum loan is fairly high.

  • Green circle with a checkmark inside

    Pros

    • Both fixed and variable interest rate options
    • Up to 20-year terms available
    • Prequalify without a hard credit check
    Red circle with an X inside

    Cons

    • Amount limits may be too low to refinance total balances
    • Eligibility criteria not transparent
    • No app available for payment management

PNC

  • While you might not need a degree to refinance your student loans with PNC, you’ll need to have at least $10,000 in student loans and 24 months of consecutive payments before you can qualify for refinancing. A history of steady employment and income are also required.

    PNC has a generous 0.5 percent discount for setting up autopay. However, borrowers without a degree are subject to high interest rates and a loan maximum of $25,000.

  • Green circle with a checkmark inside

    Pros

    • Autopay rate discount of 0.5% available
    • Cosigner release after 12 consecutive on-time payments
    • App available for account management
    Red circle with an X inside

    Cons

    • Eligibility requirements not transparent
    • Limited customer support hours
    • High maximum APR

MEFA

  • MEFA refinance loans require you to have made at least six consecutive on-time payments on the loans you want to refinance, but it doesn’t require a degree. This means that you might qualify for refinancing sooner than with other lenders.

    Rates are low, and you can find out if you prequalify without a hard credit check. You’ll need at least $10,000 in eligible loans to qualify for refinancing with MEFA. Repayment options are also limited to just three choices, and the maximum term is 15 years.

  • Green circle with a checkmark inside

    Pros

    • Low maximum APR
    • No origination fees
    • Clear eligibility requirements
    Red circle with an X inside

    Cons

    • Higher minimum amount required
    • Weekday customer service only
    • Limited repayment options

Earnest

  • Earnest only requires a minimum refinance amount of $5,000, though the account must be in good standing. Earnest also considers the borrower’s last date of school attendance, which can be no less than six years ago.

    Loans are customizable, so approved borrowers have the freedom to choose their repayment term, payment amount and payment schedule. Fixed-rate refinancing starts at under 4 percent, including an autopay discount.

  • Green circle with a checkmark inside

    Pros

    • Low minimum amount required
    • Options available for international and DACA students
    • Low starting APR
    Red circle with an X inside

    Cons

    • Lower maximum term than competitors
    • Maximum APR not specified
    • Weekday customer service only

INvestEd

  • Borrowers with $5,000 to $250,000 in student loans qualify for refinancing with INvestEd. Terms range from five to 20 years, and borrowers can opt for a variable- or fixed-rate loan. INvestEd also offers multiple deferment options that allow borrowers to temporarily pause payments.

    If borrowers apply with a cosigner, they can apply for cosigner release after 48 consecutive on-time payments have been made.

  • Green circle with a checkmark inside

    Pros

    • Several forbearance options
    • Can refinance while still enrolled
    • Low minimum amount required
    Red circle with an X inside

    Cons

    • Only available to Indiana residents
    • No prequalification available
    • Long cosigner release

Other ways to repay your student loans

Refinancing is one way to pay back your student loans, but it’s not always the best option for everyone. An income-driven repayment plan, debt repayment strategy or federal consolidation may make more sense, depending on your financial circumstances.

  • Income-driven repayment plans: Available for federal student loans, income-driven repayment plans base your monthly payments on your income and household size — so if you aren’t working right now, your payments can be as low as $0 a month. The remaining balance on your loans is forgiven after 20 or 25 years, depending on the plan you choose.
  • Debt avalanche method: If you have several student loans, the debt avalanche method can help you organize your debt. You’ll make regular payments on all your loans but put any extra money toward the loan with the highest interest rate. Once that loan is paid off, you move on to the loan with the next-highest interest rate. This strategy may reduce the amount you end up paying in interest on your loans.
  • Federal loan consolidation: If you have only federal loans, consider getting a Direct Consolidation Loan. Like refinancing, this combines all of your loans into one manageable payment, but it won’t cause you to lose access to federal benefits. You won’t save money through this method, but it could be worth it if you don’t want to risk switching to a private lender.

Bottom line

The lack of a degree may impact your earning potential, but repaying student loans may have an even longer-lasting effect on your net income. If you refinance, you may be able to manage debts more easily, with a single monthly payment and — potentially — a lower interest rate.

Written by
Rhys Subitch Arrow Right Icon
Editor, Personal Loans, Auto Loans, and Debt
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.