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10 Lenders That Refinance Parent PLUS Loans

Refinancing your Parent PLUS Loans can help you get out of debt faster and even secure you a lower interest rate.

Kat Tretina Kat Tretina Updated June 1, 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."

When refinancing parent plus loans, you have two options:

  1. Refinance the loans in your own name
  2. Refinance the loans into your child’s name

No matter which you choose, student loan refinancing can help you — or your child — get a lower interest rate and even pay your loans off faster. Here’s everything you need to know from finding the right lender to the pros and cons of refinancing.

In this post:

  • Lenders that refinance Parent PLUS Loans
  • How to refinance your Parent PLUS Loans
  • When to refinance Parent PLUS Loans
  • What to consider before refinancing

Lenders that refinance Parent PLUS Loans

The student loan refinancing companies in the table below are Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from all of them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, and your personal information is not shared with our partner lenders unless you see an option you like.

LenderVariable rates from (APR)Fixed rates from (APR)Can transfer into child's name?
advantage education loan consolidationN/A4.54%+Yes
brazos student loan refinancing1.93%+2.70%+

No
citizens bank student loans1.99%+¹2.97%+¹No
college ave student loans3.24%+23.34%+2No
elfi student loans2.39%+32.79%+3No
invested refinancing2.51%+43.46%+4No
mefa refinancing3.05%+3.05%+No
penfed purefy student loan consolidation2.19%+2.99%+Yes
rhode island student loan authority refinancingN/A3.19%+Yes
sofi student loan refinancing2.25%+52.99%+5No
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!

Compare Now

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

More details on Advantage

Fixed rates 4.54%+
Loan amounts $7,500 up to up to $200,000
(larger balances require special approval)
Loan terms 10, 15, or 20 years
Min. credit score Does not disclose
Best if
  • You want to take over a parent PLUS loan
  • You expect your income will grow significantly

All APRs reflect autopay and loyalty discounts where available

More details on Brazos

Rates from (APR) Fixed: 2.70%+
Variable: 1.93%+
Loan amounts $10,000 up to $250,000
(depending on degree)
Loan terms 5, 7, 10, 15, 20 years
Loan types Any private or federal student loan
(including PLUS loans)
Min. credit score 690
Best if
  • You don’t need a cosigner
  • You have strong credit and income
  • You want a wide selection of repayment terms

All APRs reflect autopay and loyalty discounts where available

More details on Citizens Bank

Rates from (APR) Fixed: 2.97%+¹
Variable: 1.99%+¹
Loan amounts $10,000 to $500,000
(depending on degree and loan type)
Loan terms 5, 7, 10, 15, and 20 years
Best if
  • You want to refinance large loan balances
  • You didn’t get your degree
  • You already bank with Citizens

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures

More details on College Ave

Rates from (APR) Fixed: 3.34%+2
Variable: 3.24%+2
Loan amounts $5,000 to $300,000
(depending on degree type)
Loan terms 5 to 20 years
Best if
  • You completed your degree
  • You want to match your monthly payment to your budget
  • You’re comfortable dealing with an online lender with no branch offices

All APRs reflect autopay and loyalty discounts where available | 2College Ave Disclosures

More details on ELFI

Rates from (APR) Fixed: 2.79%+3
Variable: 2.39%+3
Loan minimum $15,000
Loan terms Student loan refinancing:
5, 7, 10, 15, and 20 years

Parent loan refinancing:
5, 7, and 10 years

Min. credit score 680
Best if
  • You need to refinance a large loan balance
  • You earned your degree
  • You took out loans for your children

All APRs reflect autopay and loyalty discounts where available | 3 ELFI Disclosures

More details on INvestEd

invested student loans
Rates from (APR) Fixed: 3.46%+4
Variable: 2.51%+4
Loan amounts $5,000 – $250,000
Loan terms 5, 10, 15, and 20 years
Best for
  • Borrowers either in Indiana or who are attending an eligible Indiana school
  • Borrowers wanting to refinance a high student loan balance

All APRs reflect autopay and loyalty discounts where available | 4INvestEd Disclosures

More details on MEFA

Rates from (APR) Fixed: 3.05%+
Variable: 3.05%+
Loan amounts $10,000 up to the total amount of qualified education debt
Loan terms 7, 10, 15 years
Min. credit score 670
Best if
  • You attended a public or nonprofit university
  • You have good credit
  • You didn’t earn a degree

All APRs reflect autopay and loyalty discounts where available

More details on PenFed

Rates from (APR) Fixed: 2.99%+
Variable: 2.19%+
Loan amounts $7,500 to $300,000
Loan terms 5, 8, 12, or 15 years
Min. credit score 670
Best if
  • You want to take over parent PLUS loans
  • You and your spouse want to refinance your loans together
  • You need a cosigner to be approved

All APRs reflect autopay and loyalty discounts where available

More details on RISLA

Fixed rates 3.19%+
Loan amounts $7,500 up to $250,000
(depending on highest degree earned)
Loan terms 5, 10, 15 years
Min. credit score 680
Best for
  • Refinancing with a safety net
  • Graduate school might be in your future

All APRs reflect autopay and loyalty discounts where available

More details on SoFi

sofi student loans
Rates from (APR) Fixed: 2.99%+5
Variable: 2.25%+5
Loan amounts $5,000 up to the full balance of your qualified education loans
Loan terms 5, 7, 10, 15, and 20 years
Best for
  • Borrowers with very good or excellent credit
  • Advanced degree holders in fields like law and medicine

All APRs reflect autopay and loyalty discounts where available | 5SoFi Disclosures

How to refinance your Parent PLUS Loans

If you’re thinking of refinancing your Parent PLUS Loans, you should know that Credible makes the process quick and easy; there’s no need to get quotes from each individual lender. Just follow these three simple steps:

  1. Fill out the form. Click on “Find My Rate,” and you’ll be prompted to enter your email address and you’ll be asked several questions about your refinancing goals, education, and outstanding loans.
  2. Compare offers. Once you’ve submitted your information, if eligible, Credible will provide you with a list of prequalified options from several different lenders. You’ll get actual quotes based on your credit score and credit history (without a hard credit check) so you can make an informed decision.
  3. Provide your loan information. Once you’ve found a refinancing loan that works for you, you just need to import your current Parent PLUS Loan information and provide a few additional details about yourself. You can get a finalized offer within one to two business days.

That’s it! You can finish the refinancing process in just a few minutes. You can quickly and easily refinance your Parent PLUS Loans and be on your way to enjoying savings.

Compare Rates Now.

When to refinance Parent PLUS Loans

Refinancing your Parent PLUS Loans can make a lot of sense, especially in the following three situations:

  1. You want to save money overall. If you have good credit and a stable income, you might qualify for a much lower rate when you refinance. Estimate how much you can save with our student loan refinancing calculator.
  2. You want to lower your monthly payment. Refinancing could also help you reduce your monthly payment, helping you get more wiggle room in your budget. If you do lengthen your repayment term though, keep in mind that could cause you to pay more in interest over the life of your loan.
  3. You want your child to take over the loan. As you near retirement age, your Parent PLUS Loans may be too much of a burden for you to bear on your own. Luckily, some lenders allow you to refinance Parent PLUS Loans into your child’s name, removing you from any responsibility for the loan.

What to consider before refinancing

When you refinance, your federal Parent PLUS Loans will be replaced by a private loan. Private student loans have fewer protections and benefits than federal loans, so you’ll lose out on those perks.

That means you’ll no longer have access to things like income-driven repayment plans or the ability to place your loans into deferment or forbearance in the case of financial hardship.

But if you’re struggling to keep up with your loan payments or if you want to pay off your debt ahead of schedule, student loan refinancing can be a smart choice. If you’re ready to refinance your Parent PLUS Loans, compare offers from multiple lenders to get the best rate.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
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About the author
Kat Tretina
Kat Tretina

Kat Tretina is a contributor to Credible who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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