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Lenders That Will Refinance Student Loans Without a Degree

If you took out student loans but never graduated, some lenders can help you refinance student loans without a degree.

Matt Carter Matt Carter Updated September 15, 2020

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Even if you didn’t complete your degree, a growing number of lenders will refinance your student loans — as long as you’ve got the income and credit history they’re looking for. Here’s a roundup of some of the best lenders that will refinance student loans without a degree.

In this post:

  • Lenders that will refinance student loans without a degree
  • How refinancing can save you money
  • How to qualify when you don’t have a degree
  • What to do if you don’t qualify

Lenders that will refinance student loans without a degree

LenderFixed rates from (APR)
Variable rates from (APR) 
citizens2.97%+¹
1.99%+¹Get Rates
invested3.46%+42.51%+4Get Rates
mefa3.05%+3.05%+Get Rates
risla3.19%+N/AGet Rates

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

Citizens Bank

If you’ve left school and landed a job or have another steady source of income, you can apply to refinance your student loans with Citizens Bank even if you didn’t earn your degree or are not a U.S. Citizen.

If you need a cosigner to get approved, Citizens will accept applications to have your cosigner released from their obligation after you’ve made 36 monthly payments.

citizens bank student loan review

Interest Rates

  • Fixed APR: 2.97%+¹
  • Variable APR: 1.99%+¹

Loan details and eligibility

  • Loan amounts: $10,000 – $350,000 (depending on degree type)
  • Min annual income: $24,000
  • Loan terms: 5, 7, 10, 15, 20

Pros

  • Offers variable and fixed interest rates
  • Offers refinancing to borrowers who haven’t completed their degrees (so long as you have good credit and are no longer enrolled in school)
  • No prepayment or origination fees

Cons

  • No disability discharge offered

Learn More: Citizens Bank student loan refinance review
1Citizens Bank Disclosures

INvestEd

INvestEd refinances student loans for borrowers all over the country. And unlike many refinancing lenders, INvestEd doesn’t require you to have a degree to refinance your debt. It also offers multiple repayment options, so you can pick a loan term that works best for your budget.

INvestEd will accept applications to have your cosigner released from their obligation after you’ve made 48 consecutive, on-time monthly payments.

Interest Rates

  • Fixed APR: 3.46%+4
  • Variable APR: 2.51%+4

Loan details and eligibility

  • Loan amounts: $5,000 – $250,000
  • Min annual income: $36,000
  • Loan terms: 5, 10, 15, 20

Pros

  • Offers variable and fixed interest rates
  • Offers deferment and forbearance options
  • Offers autopay discount

Cons

  • Long cosigner release period (48 months)

Learn More: INvestEd student loan refinance review
4INvestEd Disclosures

Massachusetts Educational Financing Authority (MEFA)

You don’t have to live in Massachusetts or have earned a degree to get help refinancing your student loans from the Massachusetts Educational Financing Authority (MEFA) — residents from any state are welcome to apply.

If you do need to apply with a cosigner, keep in mind they’ll be along for the ride until you pay off your loan. MEFA does not offer cosigner release.

Interest Rates

  • Fixed APR: 3.05%+
  • Variable APR: 3.05%+

Loan details and eligibility

  • Loan minimum: $10,000 (no max)
  • Min credit score: 670
  • Loan terms: 7, 10, 15

Pros

  • Offers variable and fixed interest rates
  • Offers refinancing to borrowers who haven’t completed their degrees
  • No prepayment or origination fees

Cons

  • Doesn’t offer any discounts (such as autopay discounts)
  • They don’t have a cosigner release available
  • No forbearance or deferment options

Learn More: MEFA student loan refinance review

Rhode Island Student Loan Authority (RISLA)

RISLA is another state student loan authority that provides refinancing to borrowers nationwide, even if you have no degree.

If you need a cosigner to refinance, you can apply to have them released from their obligation after you’ve made 24 consecutive on-time payments. RISLA is also one of the few lenders that offers income-based repayment to borrowers who experience unexpected financial hardship.

Interest Rates

  • Fixed APR: 3.19%+

Loan details and eligibility

  • Loan amounts: $7,500 – $250,000 (depends on degree type)
  • Min credit score: 350
  • Loan terms: 5, 8, 12, 15

Pros

  • Offers refinancing to borrowers who haven’t completed their degrees
  • Low minimum credit score
  • No prepayment or origination fees

Cons

  • No cosigner release option available

Learn More: RISLA student loan refinance review

Learn More: How Long Will It Take to Pay Back My Student Loans?

How refinancing can save you money

Refinancing student loans is a lot like refinancing a mortgage or auto loan. Refinancing can help you:

  • Save money: Typically, refinancing can secure you a lower interest rate, which could save you thousands in interest.
  • Lower your monthly payment: If you’re mainly interested in lowering your monthly payment, you can refinance your student loans into a single loan with a longer repayment term. Just keep in mind that spreading out your payments over a longer period of time may mean that you end up paying more interest.

A few refinancing tips:

  • There are no prepayment penalties when paying off student loan debt, so you can refinance them as often as it makes financial sense.
  • You don’t have to refinance all your loans — consider the interest rate when deciding which student loans to pay off first.
  • A student loan payoff calculator can help you estimate your savings.

Learn More: Can You Refinance Federal Student Loans?

How to qualify when you don’t have a degree

If you want to refinance your student loans without a degree, the first step is to find lenders who will work with you. Some lenders require that borrowers have a degree because that reduces the odds that they’ll default on their loans.

But a growing number of lenders will help you refinance student loan debt without a degree — as long as you can meet the rest of their underwriting standards.

You might think your credit score is the most important factor in getting approved. But the most common reason why borrowers are turned down for refinancing is that their debt-to-income ratio is too high. Your debt-to-income ratio is how much of your monthly paycheck goes to paying off all of your existing obligations.

What to do if you don’t qualify

Just because one lender says no, that doesn’t mean you can’t qualify for refinancing. But if you want to increase your chances of qualifying, there are a couple ways to do this.

If you’re carrying balances on your credit cards, you can often improve your odds of getting approved by paying them down. Paying down existing debt improves your debt-to-income ratio, and can also boost your credit score. If you get a raise at work, that can also be a good time to look into refinancing, since it will improve your debt-to-income ratio.

 
The companies above are some of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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