Refinance Student Loans Without a Degree: 5 Best Lenders

Nearly 72% of borrowers who attended college but didn’t earn a degree have struggled to make their student loan payments, according to the Consumer Financial Protection Bureau (CFPB). Refinancing can be one way to make student loan repayment more manageable, but most lenders require borrowers to have graduated.

Some lenders, however, allow you to refinance student loans without a degree. This guide explains how to qualify, which lenders offer this option, and what alternatives to consider if refinancing isn’t available. 

Current student loan refinance rates

Can you refinance student loans without a degree?

Most private lenders require borrowers to have completed a degree to qualify for refinancing. The specific education requirement varies by lender, but many set the minimum at an associate's or bachelor’s degree.

Some lenders, however, do allow refinancing without a degree. They may have stricter eligibility requirements, such as higher income or credit score standards, to offset the added risk.

Best lenders to refinance with no degree

Below are a few lenders that offer no-degree refinancing for student loans.

MEFA

MEFA doesn’t require a college degree to refinance student loans. However, you must have at least $10,000 in student loan debt and a record of making six on-time payments within the past six months on all loans being refinanced.

Earnest

Earnest allows refinancing without a completed degree if the loans were used at a nonprofit institution and your last enrollment was more than six years ago. You’ll need a minimum FICO score of 700 and must meet Earnest’s other approval criteria.

EdvestinU

EdvestinU lets you refinance even if you didn’t graduate, as long as you or a cosigner meets minimum income requirements — for example, you must earn at least $30,000 annually to refinance loan balances under $100,000. The loans must have also been used at a Title IV, degree-granting school.

RISLA

The Rhode Island Student Loan Authority (RISLA) doesn’t have a minimum education requirement for refinancing. However, the maximum amount you can refinance depends on your degree status or level.

PNC Bank

Non-graduate borrowers can refinance through PNC Bank with terms of 5, 10, or 15 years. If you don’t have at least an associate’s degree, you must have made two years of consecutive payments on at least one of your student loans. You also must meet age, credit, income, and citizenship or residency requirements.

What are the eligibility requirements to refinance without a degree?

There are no universal refinancing eligibility criteria, since each private lender sets its own criteria. The same applies if you’re refinancing private loans without a college degree. Lenders evaluate applications using a mix of factors such as credit score, income, and repayment history.

“The most important aspects of refinancing without a degree will be someone's income, their income history, and their credit score,” says Clifford Cornell, a certified financial planner (CFP) and financial adviser at Bone Fide Wealth, LLC.

These restrictions help lenders manage the higher risk that can come with non-graduate borrowers. “Lower income that comes with a lack of a college degree will reduce their likelihood of qualifying for the private refinance,” says Mark Kantrowitz, author of “How To Appeal for More College Financial Aid.

Kantrowitz adds that non-graduates may be “more likely to face financial challenges due to the lower income, and therefore they will have a lower credit score, which leads to a higher interest rate.”

If you don’t meet a lender’s eligibility requirements on your own, applying with a cosigner who has strong credit and income can improve your chances of approval and help you qualify for a lower interest rate.

Pros and cons of refinancing without a degree

Although refinancing is one way to tackle your student debt repayment, it’s not the best solution for everyone. You’ll want to weigh the pros and cons of refinancing student loans without a degree before taking any action.

Alternatives if you don’t qualify for refinancing

If you’re not eligible to refinance right now, here are other alternatives to manage your student loans:

• See if you qualify for loan forgiveness: Federal student loan borrowers may qualify for loan forgiveness or cancellation based on their profession, employer, or personal circumstances. Check forgiveness programs like Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness to see if you’re eligible.  
• Consider an income-driven repayment plan: Federal student loan borrowers can apply for an income-driven repayment (IDR) plan, which adjusts monthly payments based on income and family size. These plans extend your repayment term up to 25 years and can make payments more affordable. 
• Talk to your lender: If you’re struggling with private student loans, contact your lender to discuss hardship options. Temporary relief through deferment or forbearance can provide short-term breathing room while you create a long-term repayment strategy.

Why you can trust us

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze more than 1,700 lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine the best student loan refinance lenders, Credible collected more than 1,000 points of data on 16 companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted:

• Repayment options: 25%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 20%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.