search facebook-square linkedin-square twitter envelope android-arrow-forward

Financing one’s higher education is a struggle for many as the average student debt for the graduating class of 2014 exceeded $30,000. Even if you didn’t finish college though, you’re not necessarily stuck with your potentially high interest student loans.

If you would like to lower your interest rates or change your repayment terms, refinancing student loans may be a great option for you. As long as you can prove to a lender that you are a low risk candidate of defaulting on your loans, you will likely receive a refinancing offer.

Some lenders don’t require you to have a college degree in order to refinance your loans. An example is Citizens Bank:

Loan Term (years)Degree Required? 
citizensFixed: 3.50%+¹
Variable: 2.75%+¹
5, 10, 15, 20¹NoFind Your Rate

All APRs reflect autopay and loyalty discounts where available

1Citizens Bank Disclosures

Key factors to consider when trying to refinance student loans without a college degree

  1. Debt to income: This is usually assessed as a ratio of your monthly debt to your monthly income, to help prove to a lender that you have the capital available to repay your loan each month. Minimizing this ratio will help you receive a better offer from a lender.
  2. Credit profile: Your credit profile is very important to lenders. This provides a context for lenders to understand whether or not you will have good payment history over the life of your loan. Credit scores above 640 have the best chance to receive competitive offers from refinancing lenders. The better your credit score, the likely better the interest rate. However, adding a cosigner is a great way to add credibility to your profile in order to receive the best offer possible.
  3. Work History: Lenders will often review your work history to assess your risk as a borrower. For graduates without degrees, lenders may require a more substantial work history to receive a refinancing offer. Employment for at least one to two years post exiting from your degree program will make you an ideal candidate.

Is refinancing worth your time?

It can be! The refinancing market has opened up with a variety of lenders on the market willing refinance your loans at a lower interest rate, even if you didn’t graduate. As competition in the market increases, lending institutions are pressured to find new ways to attract customers, and one way is by streamlining and making the process as simple as possible.

Is there a disadvantage to not having a degree?

Some lenders do require a college degree or a degree from a qualifying institution to be eligible for refinancing. Therefore, if you only contact one student loan refinancing lender, you may not be eligible and end your search prematurely. One resource to consider is Credible. We’ve created an easy way for people with student debt to check the refinancing rates they would receive from multiple lenders (just like you check flights on Kayak). It’s a simple and quick process which could potentially save you a lot of money in the long run or reduce your monthly payments.

With Credible, you can compare offers from a variety of vetted lenders, without having to share any sensitive information, or incurring a hard credit pull.

Check Your Rates Now

Credible is a multi-lender marketplace that allows borrowers to request competitive loan offers from vetted lenders, without affecting their credit scores.

Further Reading

We encourage you to provide honest and thorough feedback about your experience (not the experiences you’ve heard from other people), the good as well as the bad. But, we also want you to follow these content guidelines. The comments or responses that Credible posts under its official account are not provided, reviewed or endorsed by any of the financial institutions unless specifically stated otherwise in the response. Please keep in mind that the financial institution has no obligation to monitor any comments, questions or reviews you post and is therefore not responsible for ensuring your posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *