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When refinancing parent plus loans, you have two options:
- Refinance the loans in your own name
- 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.
| Lender | Variable rates from (APR) | Fixed rates from (APR) | Can transfer into child's name? |
|---|---|---|---|
 | N/A | 4.54%+ | Yes |
 | 1.95%+ | 2.97%+ | No |
 | 1.99%+¹ | 2.99%+¹ | No |
 | 3.64%+2 | 3.74%+2 | No |
 | 2.39%+3 | 2.79%+3 | No |
 | 1.99%+4 | 2.92%+4 | No |
 | 3.65%+ | 3.65%+ | No |
 | 2.58%+ | 3.23%+ | Yes |
 | N/A | 3.49%+ | Yes |
 | 2.25%+5 | 2.99%+5 | No |
All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures |
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More details on Advantage
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|
|---|---|
| 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 |
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All APRs reflect autopay and loyalty discounts where available |
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More details on Brazos
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|---|---|
| Rates from (APR) | Fixed: 2.97%+ Variable: 1.95%+ |
| 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 |
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All APRs reflect autopay and loyalty discounts where available |
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More details on Citizens Bank
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|---|---|
| Rates from (APR) | Fixed: 2.99%+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 |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures |
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More details on College Ave
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|
|---|---|
| Rates from (APR) | Fixed: 3.74%+2 Variable: 3.64%+2 |
| Loan amounts | $5,000 to $300,000 (depending on degree type) |
| Loan terms | 5 to 20 years |
| Best if |
|
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All APRs reflect autopay and loyalty discounts where available | 2College Ave Disclosures |
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More details on ELFI
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|---|---|
| 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: |
| Min. credit score | 680 |
| Best if |
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All APRs reflect autopay and loyalty discounts where available | 3 ELFI Disclosures |
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More details on INvestEd
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|---|---|
| Rates from (APR) | Fixed: 2.92%+4 Variable: 1.99%+4 |
| Loan amounts | $5,000 – $250,000 |
| Loan terms | 5, 10, 15, and 20 years |
| Best for |
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All APRs reflect autopay and loyalty discounts where available | 4INvestEd Disclosures |
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More details on MEFA
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|---|---|
| Rates from (APR) | Fixed: 3.65%+ Variable: 3.65%+ |
| 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 |
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All APRs reflect autopay and loyalty discounts where available |
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More details on PenFed
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|---|---|
| Rates from (APR) | Fixed: 3.23%+ Variable: 2.58%+ |
| Loan amounts | $7,500 to $300,000 |
| Loan terms | 5, 8, 12, or 15 years |
| Min. credit score | 670 |
| Best if |
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All APRs reflect autopay and loyalty discounts where available |
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More details on RISLA
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|---|---|
| Fixed rates | 3.49%+ |
| 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 |
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All APRs reflect autopay and loyalty discounts where available |
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More details on SoFi
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|---|---|
| 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 |
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All APRs reflect autopay and loyalty discounts where available | 5SoFi Disclosures |
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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:
- 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.
- 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.
- 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.
When to refinance Parent PLUS Loans
Refinancing your Parent PLUS Loans can make a lot of sense, especially in the following three situations:
- 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.
- 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.
- 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.
See Your Refinancing Options
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