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Heading into the healthcare field can be rewarding and lucrative. However, it can also be expensive to get there — students who attend a healthcare program leave with an average medical school debt of $232,300.
While this might seem like a massive amount of debt, there are fortunately a few options that can help you manage it. For example, refinancing medical school loans might help you save money and potentially pay off your loans faster.
Here are Credible’s partner lenders that refinance medical school loans:
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Loan amounts |
|---|---|---|---|---|
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.
| 4.54%+ | N/A | 10, 15, 20 | $7,500 up to up to $200,000 (larger balances require special approval) |
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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.
| 2.95%+ | 1.89%+ | 5, 7, 10, 15, 20 | $10,000 up to $250,000 (depending on degree) |
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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.
| 2.89%+¹ | 2.19%+¹ | 5, 7, 10, 15, 20 | $10,000 to $500,000 (depending on degree and loan type) |
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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.
| 3.34%+2 | 3.24%+2 | 5, 7, 10, 12, 15, 20 | $5,000 to $300,000 (depending on degree type) |
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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.
| 4.41%+5 | 2.03%+5 | 10, 15, 20 | $7,500 to $200,000 |
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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.
| 2.79%+3 | 2.39%+3 | 5, 7, 10, 12, 15, 20 | Minimum of $15,000 |
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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.
| 3.47%+4 | 2.47%+4 | 5, 10, 15, 20 | $5,000 - $250,000 |
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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.
| 3.05%+ | 3.05%+ | 7, 10, 15 | $10,000 up to the total amount of qualified education debt |
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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.
| 2.99%+ | 2.15%+ | 5, 8, 12, 15 | $7,500 to $300,000 |
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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.
| 3.19%+ | N/A | 5, 10, 15 | $7,500 up to $250,000 (depending on highest degree earned) |
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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.
| 2.99%+6 | 2.85%+6 | 5, 7, 10, 15, 20 | $5,000 up to the full balance of your qualified education loans |
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| Compare personalized rates from multiple lenders without affecting your credit score. 100% free! |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5Iowa Student Loan Disclosures | 6SoFi Disclosures |
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Learn more about Credible’s partner lenders
Advantage
Advantage offers refinancing on loan amounts from $7,500 to $500,000 — though keep in mind that larger balances might require special approval.
Borrowers can also opt for a graduated repayment plan that starts with smaller payments that increase every two years, which could be helpful if you expect your income to rise in the future.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- Graduated repayment plan available
- Can refinance up to $500,000
- 0.25% autopay discount
Cons
- No variable-rate options
- Might be hard to qualify if you have poor or fair credit
- Long cosigner release period (36 months)
Brazos
If you’re a Texas resident, Brazos might be a good choice for refinancing. You can refinance $10,000 to $400,000 if you graduated with a medical degree.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- Competitive interest rates
- 0.25% autopay discount
- No application, origination, or disbursement fees
Cons
- Not available outside of Texas
- Cosigner release not offered
- Requires a minimum income of $60,000 ($30,000 with a cosigner), which might make it difficult for new graduates to qualify
Citizens
With Citizens, medical school graduates can refinance $10,000 to $750,000. Refinancing is also available to borrowers who didn’t complete their degree — though this will affect the maximum amount they can refinance with Citizens.
Additionally, if you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for autopay.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- 0.25% loyalty discount
- 0.25% autopay discount
- Degree not required
Cons
- Doesn’t disclose minimum income or credit score requirements
- Long cosigner release period (36 months)
- Cosigner release not available on the Education Refinance Loan for Parents
College Ave
With College Ave, you can refinance $5,000 to $300,000 of medical school debt and can choose from 16 repayment terms ranging from five to 20 years.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- 16 repayment terms to choose from
- 0.25% autopay discount
- Cosigner release offered (after 24 months)
Cons
- Doesn’t disclose minimum income or credit score requirements
- No physical locations
- Not available in Maine
ELFI
If you have a large amount of debt, Education Loan Finance (ELFI) might be a good choice — you can refinance a minimum of $15,000 with no set maximum.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- No maximum loan limit
- Variable-rate loans capped at 9.95% APR
- Up to 12 months of forbearance available for borrowers experiencing financial hardship
Cons
- No discounts available
- Cosigner release not offered
- Might be hard to qualify if you have poor or fair credit
INvestEd
Unlike many lenders, INvestEd doesn’t require borrowers to have graduated to apply for refinancing, which could make it a good option if you didn’t complete your degree. With INvestEd, you can refinance $5,000 to $250,000.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- 0.25% autopay discount
- Up to 24 months of forbearance available over the life of the loan (one to three months duration per forbearance)
- Degree not required
Cons
- Can only refinance up to $250,000, which might not fully cover your medical school debt
- Might be hard to qualify if you have poor or fair credit
- Long cosigner release period (48 months)
MEFA
The Massachusetts Educational Financing Authority (MEFA) offers refinancing to borrowers who attended public or nonprofit universities.
With MEFA, you can refinance $10,000 up to your total amount of qualified education debt, which could make it a good choice if you have a large balance you want to refinance.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- No maximum loan amount
- Competitive rates
- No application, origination, or disbursement fees
Cons
- No discounts available
- Cosigner release not offered
- Not available for students who attended for-profit colleges
PenFed
PenFed offers refinancing on loans from $7,500 to $300,000. It’s also the only lender that will allow you to consolidate your loans with your spouse.
Keep in mind that if you apply with PenFed and are approved, you’ll need to join the credit union to accept your loan.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- Can refinance loans with a spouse
- Cosigner release offered after just 12 months
- Interest capped on variable-rate loans
Cons
- No discounts available
- 20-year term not offered
- Minimum income of $42,000 to $50,000 required (depending on loan amount), which might make it difficult for recent graduates to qualify
RISLA
The Rhode Island Student Loan Authority (RISLA) could be a smart choice for refinancing if you’re worried about job security down the line. Unlike most private lenders, RISLA offers an income-based repayment (IBR) plan for borrowers who demonstrate financial hardship.
Additionally, if you make on-time, consecutive payments for 25 years under this IBR plan, RISLA will forgive any remaining balance you might have.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- Income-based repayment plan available
- 0.25% autopay discount
- Can defer payments for 36 months if you decide to go back to school
Cons
- Variable rates not available
- 20-year term not offered
- Cosigner release not offered
SoFi
Like ELFI and MEFA, SoFi has no maximum loan amounts — you can refinance $5,000 up to the full balance of your qualified education loans. Keep in mind that you’ll likely need very good to excellent credit to qualify with SoFi.
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.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Minimum credit score needed to qualify
Range needed to refinance with this lender
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Pros
- No maximum loan amount
- 0.25% autopay discount
- No fees
Cons
- Might be hard to qualify if you don’t have very good to excellent credit
- Cosigner release not offered
- Borrowers who didn’t complete their degree aren’t eligible
Learn More: Federal Student Loan Repayment Options
Other student loan refinancing lenders
There are also several other lenders that will refinance student loans from medical school. However, because the lenders in the table below aren’t Credible partners, you won’t be able to use Credible to compare them.
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.
| Undergrad: $500,000 Grad: $500,000 |
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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.
| Undergrad: $249,000 Grad: $199,000 |
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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.
| Undergrad: $500,000 Grad: $500,000 |
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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.
| Undergrad: $500,000 Grad: $500,000 |
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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.
| Undergrad: $249,000 Grad: $249,000 |
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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.
| Undergrad: None Grad: None |
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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.
| Does not disclose | |
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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.
| Undergrad: $99,000 Grad: $150,000 |
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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.
| Undergrad: None Grad: None |
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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.
| Does not disclose | |
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How much you could save when refinancing medical school loans
If you refinance your medical school loans, you might qualify for a lower interest rate, which will save you money over the life of your loan.
However, the exact amount you could save depends on several factors — including your credit and whether you can reduce the interest rate you currently have.
You can use our calculator below to see how much you can save by refinancing your student loans.
Step 1. Enter your loan balance
Step 2. Enter current loan information
Step 3. Enter your new loan information to start calculating your savings
If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Checking rates won’t affect your credit score.
Check Out: Student Loan Consolidation vs. Student Loan Refinancing
When you should (and shouldn’t) refinance law school loans
Whether or not you should refinance your student loans will ultimately depend on your individual circumstances and financial goals.
For example, maybe you can score a lower interest rate and pay off your loans faster through refinancing. Or could qualify for student loan forgiveness on your federal student loans, which would make refinancing a bad idea.
Here are a few scenarios when refinancing your medical school loans could be a wise move:
You can get a better interest rate
If you can qualify for a lower interest rate, you could save money on interest charges over the life of your loan and even pay off your medical school debt ahead of schedule.
You want a lower monthly payment
If you opt for a longer repayment term through refinancing, you could lower your student loan payment and ease the strain on your budget.
This might be especially helpful during residency when you aren’t making as much money as you likely will later in your career. However, keep in mind that choosing a longer repayment term means you’ll pay more in interest over time.
You want to change the type of interest rate you have
Through refinancing, you can change from a fixed rate to a variable rate — or vice versa. With a fixed rate, your interest rate and payments will never change.
Variable rates often start out lower than fixed rates but might fluctuate over time. You’ll have to decide which type of rate is best for you.
And here are some situations where refinancing might not be smart:
You can’t get a better rate
If you already have a low interest rate, refinancing might not be worth it.
You have federal student loans
While you can refinance federal student loans, doing so will cost you federal protections, such as access to income-driven repayment plans and student loan forgiveness programs.
Additionally, you’ll also lose your federal benefits under the CARES Act, which has suspended federal student loan payments and interest accrual through at least Sept. 30, 2021 due to the COVID-19 pandemic. As such, it might be a good idea to wait to refinance federal student loans while focusing on private student loans for now.
You could qualify for student loan forgiveness
There are several student loan forgiveness programs available to doctors, nurses, and other healthcare professionals who have federal student loans. If you could qualify for one of these medical school loan forgiveness programs, refinancing probably isn’t a good idea.
Some lenders — such as SoFi — even offer special refinancing rates and terms for medical residents.
If you decide to refinance your student loans, you might be able to save money on interest and even pay off your loans early. 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.
Enter loan information
If you increase your payments by $ monthly on your $ loan at %, you will pay $ a month and pay off your loan by Jan 2021.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Checking rates won’t affect your credit score.
Learn More: When to Refinance Student Loans
How to get the best interest rate when refinancing medical school loans
Here are a few tips that could help you get the best interest rate you can when refinancing your medical school loans:
- Improve your credit. You’ll generally need good to excellent credit to qualify for the lowest rates from lenders. If you can wait to refinance, it could be a good idea to spend some time improving your credit first to score a lower rate in the future. Some ways to potentially build your credit include becoming an authorized user on a credit card, disputing any errors on your credit reports, and making on-time payments on all of your bills.
- Consider a cosigner. If you’re looking to refinance student loans with bad credit, applying with a cosigner could be a good idea. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own. Just keep in mind that your cosigner will be equally responsible for the loan if you can’t make your payments.
- Shop around and compare lenders. Be sure to compare as many student loan refinance companies as possible to find the right loan for you. Rates vary between lenders, so considering as many options as you can could help you find a good deal.
Check Out: How to Refinance Your Student Loans
Is refinancing a good idea?
If you can lower your interest rate, get a payment that fits more comfortably in your budget, or otherwise simplify your student loan repayment, then refinancing might be a good idea.
However, it isn’t always right for everyone. You’ll need to consider your personal circumstances and financial goals to make the best decision for you.
However, if you refinanced to a new 15-year loan with a 7% rate — just 1% lower — you’d save $23,760 in interest over the life of your loan.
Learn More: Pharmacists Student Loan Forgiveness Guide
Will refinancing hurt your credit score?
Generally, refinancing shouldn’t hurt your credit score since your loan balances aren’t changing. You might see a slightly negative impact on your score when you apply and the lender performs a hard credit check — however, this is usually only temporary, and your score will likely bounce back within a few months.
Also keep in mind that there’s no limit on how often you can refinance student loans, meaning you could refinance again if rates drop in the future.
Check Out: Student Loan Forgiveness for Nurses
More resources
Compare rates from:
- Lenders that refinance MBA loans
- Lenders that refinance law school loans
- Lenders that refinance Parent PLUS Loans
- Lenders that allow you to refinance student loans without a degree
