How to Refinance Graduate Student Loans

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Graduate students often end up with more student loan debt compared to undergraduates. If you have high interest rates on your graduate student loans, they could be especially difficult to manage.

However, if you refinance graduate student loans, you might be able to lower your interest rate and save money on your loans, which could help you pay them off faster.

Here’s what you should know about refinancing graduate student loans:

• 11 lenders for refinancing graduate student loans
• How to refinance graduate student loans
• Frequently asked questions about refinancing graduate student loans

11 lenders for refinancing graduate student loans

Graduate school can be an expensive investment. For recent graduates, the average grad school debt was $84,300, and the average student loan payment for borrowers on the standard repayment plan was $723 — higher than the overall average payment of $393.

If you have a high interest rate or steep monthly payment on your graduate student loans, you might be able to reduce one or both by refinancing — which could save you money in the long run.

Here are Credible’s partner lenders that offer refinancing for graduate student loans:

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan amounts	Min. credit score	Cosigners allowed
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.4%+	5.0%+	$10,000 up to $250,000 (depending on degree)	720	Yes
Fixed APR: 4.4%+ Variable APR: 5.0%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.39%+1	6.49%+1	$10,000 to $500,000 (depending on degree and loan type)	Does not disclose	Yes
Fixed APR: 5.39%+1 Variable APR: 6.49%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99%+2	5.99%+2	$5,000 to $300,000 (depending on degree type)	Does not disclose	Yes
Fixed APR: 5.99%+2 Variable APR: 5.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.16%+5	7.71%+5	$7,500 to $200,000	700	Yes
Fixed APR: 7.16%+5 Variable APR: 7.71%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.08%+3	4.78%+3	$10,000 to $250,000	680	Yes
Fixed APR: 5.08%+3 Variable APR: 4.78%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.61%+4	7.6%+4	$5,000 - $250,000	670	Yes
Fixed APR: 5.61%+4 Variable APR: 7.6%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.94%+ 7	N/A	Up to $300,000	670	Yes
Fixed APR: 6.94%+ 7 Variable APR: N/A Min. credit score: 670 Loan amount: Up to $300,000 Loan terms (years): 5, 7, 10, 15, 20 Time to fund: Usually one business day Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Max. undergraduate loan balance: $300,000 Max. graduate balance: $300,000 Offers Parent PLUS loans: Yes Min. income: None
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.49%+	5.02%+	Up to $300,000	700	Yes
Fixed APR: 4.49%+ Variable APR: 5.02%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.5%+	N/A	$10,000 up to the total amount of qualified education debt	670	Yes
Fixed APR: 5.5%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.79%+	N/A	$7,500 up to $250,000 (depending on highest degree earned)	680	Yes
Fixed APR: 5.79%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures  | 8Nelnet Bank Disclosures

Brazos: Best for Texas residents

If you’re a resident of Texas, Brazos might be a good option for refinancing your graduate student loans. With Brazos, you can refinance $10,000 up to $250,000 (depending on your degree).

It also offers a wide range of term lengths to choose from — five, seven, 10, 15, or 20 years.

Citizens: Best for existing customers of Citizens

With Citizensk, you can refinance up to $500,000 in graduate student loans.

If you already have a Citizens account, refinancing with them could be a good option, as you might qualify for a 0.25% loyalty rate discount. You could also score another 0.25% rate discount if you sign up for automatic payments.

Find Out: 4 Banks for Student Loan Refinancing

College Ave: Best for custom term lengths

Most lenders just offer a few term length options for you to choose from, but not College Ave — you can choose from 16 different term lengths ranging from five to 20 years.

Keep in mind that choosing a shorter term will save you on interest charges while selecting a longer term will generally get you a lower monthly payment (though you’ll pay more in interest over time).

ELFI: Best for large loan balances

Education Loan Finance (ELFI) offers graduate student loan refinancing for balances starting at $10,000 with no maximum. This could make it a good choice if you have a large student loan balance, such as from a medical or law degree.

INvestEd: Best for borrowers who didn’t finish their degrees

INvestEd is one of the few lenders that doesn’t require you to have finished your degree to be eligible for refinancing.

It also offers up to 24 months of forbearance over the life of your loan, which could be very helpful if you run into financial hardship.

ISL Education Lending: Best for borrowers who want to refinance while still in school

If you want to refinance during your undergraduate or graduate studies, ISL Education Lending might be a good option. You can refinance $5,000 to $300,000 — though keep in mind that different limits apply to borrowers who are still in school as well as California residents.

ISL Education Lending also offers graduated repayment plans, which could be helpful if you expect your income to increase in the future.

MEFA: Best for borrowers who might need a modified payment plan

With MEFA, you can refinance $10,000 up to your total amount of qualified education debt.

Plus, if you refinance with MEFA and run into unexpected financial difficulties, you can apply for a modified payment plan and make either reduced or interest-only payments for up to 48 months.

PenFed: Best for spouses refinancing loans together

PenFed is one of the only lenders that allows spouses to refinance their student loans together, which could be helpful for partners who want to combine their debt.

You can refinance $7,500 to $300,000 with PenFed.

RISLA: Best for people who need income-based repayment

Unlike with federal student loans, private student loan repayment help is at the discretion of the lender. And in most cases, help offered by private lenders is only temporary deferment or forbearance.

However, if you refinance with RISLA and face financial hardship, you’ll have the option to sign up for Income-Based Repayment (IBR) — similar to the federal repayment program. This will cap your payment at 15% of your discretionary income.

If you make on-time payments for 25 years under IBR, RISLA will forgive your remaining balance.

Learn More: Private Student Loan Consolidation

How to refinance graduate student loans

If you’ve decided to refinance student loans, follow these five steps:

1. Check your credit. It’s a good idea to make sure your credit report doesn’t have any errors. If you find incorrect information, you can dispute it with the credit bureaus to potentially give a boost to your credit score.
2. Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for you. Consider not only rates but also repayment terms and any fees charged by the lender.
3. Choose your loan option. After comparing lenders, choose the loan option that best suits your needs and goals — for example, a lower rate or extended repayment term.
4. Fill out the application. You’ll need to complete a full application and submit any required documentation, such as pay stubs or student loan statements. The lender will also do a hard pull of your credit to determine your creditworthiness.
5. Manage your payments. If you’re approved, the lender will have you sign for the loan. Be sure to continue making payments on your old loan until everything is processed. After this, you’ll begin paying on your new loan. You might also consider signing up for automatic payments — depending on the lender, you could get an autopay rate discount.

Refinancing might get you a lower interest rate, which could help you save money over the life of your loans — freeing up your budget for other financial goals. You can use our calculator below to see how much you can save by refinancing your student loans.

Find out: Cost to Refinance Student Loans: Fees & Discounts Explained

Frequently asked questions about refinancing graduate student loans

Here are answers to several commonly asked questions about graduate student loan refinancing.

Can you refinance graduate student loans?

Yes, you can refinance graduate student loans — both federal and private — as long as you meet the lender’s eligibility criteria.

Just keep in mind that if you refinance federal student loans, you’ll lose your federal benefits and protections, including access to income-driven repayment and student loan forgiveness programs.

When should you refinance graduate student loans?

Ultimately, it depends on your unique circumstances to decide when to refinance graduate student loans. But here are a few circumstances when it might be a good idea:

• You can get a reduced interest rate.
• You want to get a lower student loan payment.
• You want to pay off your loan sooner.
• You want to combine multiple student loans.
• You’re unhappy with your current servicer or lender.
• Your income and credit are good.

Keep in mind that refinancing might help you pay off your graduate student loans faster. You can estimate how long it’ll take to pay off your student loan debt using the calculator below. Use the slider to see how increasing your payments can change the payoff date.

Which graduate student loans can you refinance?

You can generally refinance any graduate student loans whether they’re federal or private. Some lenders, such as SoFi, also offer special refinance programs for specific degrees, such as medicine or dentistry.

Can you refinance other student loans while in graduate school?

You can, but it’s usually best to wait to refinance undergraduate loans until after you’re earning an income and can make the payments.

You might also be able to defer your federal or private student loans while you’re attending graduate school — check with your servicer or lender to see if this is an option for you.

Is there a downside to refinancing student loans?

Yes, there are some potential downsides to refinancing:

• Could lower your credit score: Refinancing might cause a temporary dip in your credit score, as the lender will need to perform a hard credit check to review your credit. However, this impact is typically only temporary, and your credit will likely bounce back up after a few months.
• Might lead to more interest charges: If you refinance for a longer term length, you could pay more in interest over time. It’s usually a good idea to choose the shortest term length you can afford.
• Will lose federal benefits: Refinancing federal student loans will cost you your federal protections, such as access to alternative repayment plans and loan forgiveness options.

Be sure to carefully consider whether student loan refinancing is right for you. If you decide to refinance, research and compare as many lenders as you can to find a loan that fits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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