There are several private lenders willing to refinance student loans even if you didn’t complete your degree — though you’ll still need generally good credit and income history to qualify.
Lenders that will refinance student loans without a degree
If you left school before graduating, you might still be able to refinance your student loans. Here are Credible’s partner lenders that offer student loan refinancing to borrowers who didn’t finish their degrees:
Advertiser DisclosureOverview
Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.
Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.
If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Read full reviewOverview
INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.
However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Read full reviewOverview
Iowa Student Loan Liquidity Corporation (ISL) is a nonprofit organization that can refinance student debt for undergraduates and their parents, graduate students, and medical and dental professionals. No degree is required to refinance, and even students who are still in school may qualify — a rarity in the marketplace.
The maximum amount you can refinance depends on the type of debt, though limits are generally high. ISL is also one of the few private lenders to offer a graduated repayment plan, where payments start small but gradually increase with time.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$5,000 minimum ($10,000 for California residents); maximum of $200,000 for in-school applicants, $300,000 for undergraduate and parent loans, and up to $400,000 for medical and dental professionals
Eligibility
Must be a U.S. citizen or permanent resident (Maine residents are not eligible); cannot have defaulted on any private or federal student loan; and meet additional requirements depending on the type of refinance loan.
Read full reviewLoan Amounts
$10,000 up to the total amount
Overview
Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.
Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
Read full reviewOverview
Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.
RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Read full reviewCompare personalized rates from multiple lenders. 100% free!
Compare NowCitizens
If you’ve left school and landed a job or have another steady source of income, you can apply to refinance your student loans with Citizens — even if you didn’t earn your degree or are not a U.S. citizen.
If you need a cosigner to get approved, Citizens will accept applications to have your cosigner released from their obligation after you’ve made 36 monthly payments.
Min. Credit Score
Does not disclose
Loan Amount
$10,000 - $750,000
Repayment terms between 5 and 20 years
Can prequalify and check your rates online
Autopay and loyalty discounts
Must make 36 payments before eligible for cosigner release
Must make 12 payments on your loans before you can refinance if you earned an associate degree or didn’t complete your degree
Relatively high loan minimum
Overview
Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.
Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.
If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
INvestEd
INvestEd refinances student loans for borrowers all over the country. And unlike many refinancing lenders, INvestEd doesn’t require you to have a degree to refinance your debt. It also offers multiple repayment options, so you can pick a loan term that works best for your budget.
INvestEd will accept applications to have your cosigner released from their obligation after you’ve made 48 consecutive, on-time monthly payments.
Loan Amount
$5,000 - $250,000
No degree is required to refinance
Cosigner release available after just 12 on-time payments
Autopay discount of 0.25 percentage points
Deferment options for school enrollment, military service, or financial hardship
Lower maximum refinance limit than some competitors offer
No prequalification option to view your rates
No refinance options for international students
Can’t transfer parent loan to student
Overview
INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.
However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
MEFA
You don’t have to live in Massachusetts or have earned a degree to get help refinancing your student loans from the Massachusetts Educational Financing Authority (MEFA) — residents from any state are welcome to apply.
If you need to apply with a cosigner, keep in mind that they’ll be along for the ride until you pay off your loan as MEFA doesn’t offer cosigner release.
Loan Amount
$10,000 up to the total amount
No graduation requirement to refinance
No fees whatsoever
Prequalification available
No rate discounts available
No variable interest rates
No cosigner release available
Parent student loans aren’t eligible
Overview
Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.
Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
RISLA
The Rhode Island Student Loan Authority (RISLA) is another state student loan authority that provides refinancing to borrowers nationwide, even if you have no degree.
If you need a cosigner to refinance, you can apply to have them released from their obligation after you’ve made 24 consecutive on-time payments. RISLA is also one of the few lenders that offers income-based repayment to borrowers who experience unexpected financial hardship.
Loan Amount
$7,500 - $250,000
Income-based repayment options for borrowers experiencing financial hardship
Up to 24 months of forbearance
Up to 36 months of graduate school deferment
No degree required to refinance
Rate discounts available
No cosigner release
Limited repayment terms
Minimum $40,000 income required
No variable rates
Overview
Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.
RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Learn More: When to Refinance Student Loans
Can you consolidate loans as a non-graduate?
Yes, you might be able to consolidate either federal or private student loans if you don’t have a degree. Here’s what to expect:
- Federal student loan consolidation: You can consolidate federal student loans through a Direct Consolidation Loan after you graduate, leave school, or drop below half-time enrollment. With a Direct Consolidation Loan, your interest rate will be based on the weighted average of your current federal loans, and you might be able to extend your repayment term up to 30 years.
- Private student loan refinancing: Some private lenders allow borrowers to refinance if they haven’t earned their degree, though you’ll still need to meet the other requirements set by the lender to qualify. For example, you’ll typically need good credit and verifiable income.
Keep in mind: You also have the option to refinance federal student loans along with private loans. However, doing so will cost you your federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
Check Out: Can You Refinance a Student Loan to a 30-Year Term?
How to qualify when you don’t have a degree
If you haven’t earned a degree but want to refinance your student loans with a private lender, the first step is to research lenders that are willing to work with you. While some student loan refinancing companies require that you have a degree to lessen the risk of default, others will refinance your loans so long as you meet the rest of their underwriting standards.
Here are a few ways to improve your odds of qualifying for refinancing even if you don’t have a degree:
- Build your credit. You’ll generally need good to excellent credit to be eligible for refinancing. While some lenders offer student loan refinancing for bad credit, these loans generally come with higher interest rates compared to good credit loans. If you have poor or fair credit, it could be a better idea to spend some time improving your credit score before you apply to have a better chance of getting approved. Some potential strategies to do this include making on-time payments on all of your bills, paying down credit card balances, and avoiding new loans when possible.
- Consider applying with a cosigner. If you have poor credit, applying with a creditworthy cosigner could help you get approved for refinancing. 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.
- Lower your debt-to-income ratio. The most common reason why borrowers are turned down for refinancing is that their debt-to-income (DTI) ratio is too high. Your DTI ratio is how much of your monthly paycheck goes to paying off all of your existing debt obligations. You’ll generally need a DTI below 50% to get approved for refinancing. Possible ways to lower your debt-to-income ratio include paying down debt balances or getting a better-paying job.
- Increase your income. Several lenders have minimum income requirements while others don’t — but in either case, you’ll likely have to show proof of income. While some lenders will refinance student loans with low income, you might need to spend some time growing your income before you can get approved.
- Make on-time payments on your existing loans. Lenders want to see that you have a history of making on-time payments. In some cases, you might be required to make a certain number of student loan payments before you can qualify for refinancing. Keep in mind that some lenders might refuse to accept borrowers who have defaulted on a private or federal student loan.
What to do if you don’t qualify
One of the major benefits of refinancing your student loans is that you might qualify to lower your interest rate, which can save you money on interest charges over the life of your loan.
Or you could opt for a longer repayment term to reduce your monthly payment and lessen the strain on your budget — though this means you’ll pay more in interest over time.
But if you don’t qualify for refinancing, there are other strategies that might help you more easily manage your student loans. Here are a few to consider:
- Sign up for an income-driven repayment plan. If you have federal student loans, switching to an income-driven repayment (IDR) plan could help lower your monthly payments. Under an IDR plan, your payments are based on your income, and you could have any remaining balance forgiven after 20 to 25 years, depending on the plan you choose.
- Apply for deferment or forbearance. If you’re facing financial hardship or other unexpected circumstances, you might qualify for student loan deferment or forbearance — either of which will temporarily postpone your payments. With federal student loans, you could qualify for deferment or forbearance in specific situations, such as with unemployment deferment. With private student loans, deferment or forbearance is granted at the discretion of the lender. Be sure to reach out to your loan servicer or lender to see what options are available to you. Also keep in mind that interest might continue to accrue during student loan deferment or forbearance periods, depending on the type of loans you have.
Ultimately, the best repayment option for you depends on your financial situation. Your loan servicer or lender can also help walk you through your options so you can make the right choice.
Meet the expert:
Taylor Medine
Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.