Refinance Student Loans Without Degree | Student Loan Planner

A degree can open doors to new job opportunities and higher salaries.But even with the best intentions, life can simply get in the way of achieving your education goals.According to the Education Data Initiative, 39% of first-time bachelor's degree seeking students don't complete their program within eight years.If you weren’t able to finish your degree, refinancing your student loans can be challenging — but not impossible.

While many private lenders require borrowers to have graduated, some will refinance student loans for non-graduates if they meet certain income, credit and repayment requirements.Here are some options to refinance student loans without a degree.Can you refinance student loans without a degree? Yes, you can refinance student loans without a degree, but your options may be more limited.Whether you finished your degree or not, you’re required to pay back your student loans in full.

you're still responsible for repaying your student loans.Refinancing can help you secure a lower interest rate, reduce your monthly payment or simplify repayment by replacing one or more existing loans with a new private loan.But in order to qualify, many refinancing lenders require you to graduate, making an already stressful situation even more difficult.Fortunately, there are lenders that don’t require a degree.

Refinancing lenders for non-graduates Even if you don’t hold a degree, you can still qualify for competitive interest rates — especially if you have reliable income and a good credit history.1.Earnest Earnest allows some borrowers without a degree to refinance, provided they meet additional eligibility requirements.Loan amounts start at $5,000, and applicants generally need strong credit, at least six years since their last enrollment, and attendance at a Title IV-accredited school.

Earnest Earnest: Best for flexible repayment Positives: Flexible repayment terms, custom loan paymentsAllows cosigners: YesDeferment or forbearance available: Yes, up to 36 monthsInterest rates: Fixed starting at 4.25% APR; Variable starting at 5.73% APRBonus: $200 for refinancing 50k to $99,999; $1,000 for refinancing 100k to $199,999; $1,500 for refinancing $200k or more.Payment flexibility and consistently low rates make Earnest a top lender that Student Loan Planner® readers use when refinancing student loans.Earnest also services its own loans and has a Rate Match program that matches competitors' contractual interest rates.If you refinance $100,000 to $199,999, you can get a $1000 bonus ($500 Earnest bonus + $500 from Student Loan Planner®).

If you refinance $200,000 or more, you can get a $1500 bonus ($500 Earnest bonus + $1,000 from Student Loan Planner®).Additional terms apply.Related: Earnest Student Loan Refinance Review (Up to $1,500 Bonus) 2.Citizens Bank Citizens offers refinancing to non-graduates who have made at least 12 qualifying monthly payments after leaving school.

Borrowers can refinance $10,000 or more and choose repayment terms ranging from five to 20 years.Citizens Citizens: Best traditional bank with refinancing Positives: Can refinance Parent PLUS loans in child’s name, possible to refinance without degreeAllows cosigners: Yes, cosigner release available after 36 monthsDeferment or forbearance available: Yes, with limitationsInterest rates: Fixed starting at 5.65% APR; Variable starting at 5.63% APRBonus: $350 to $1,750 depending on amount refinanced (bonus paid through Credible + Student Loan Planner®).Citizens is a good option for borrowers with strong credit looking to refinance and who don’t mind opening a debit or credit card account with Citizens.Transferring Parent PLUS loans to your child and refinancing without a degree are unusual perks offered.

Get up to a $1,750 bonus when you use our Citizens link to apply through Credible.Additional terms apply.Read rates and terms at Credible.com Related: Citizens Student Loan Refinance Review + Bonus 3.Advantage Education Loan Advantage Education Loan is another option for borrowers who didn't complete a degree, with refinance loan amounts starting at $7,500.

Repayment terms range from 10 to 20 years, and borrowers who don't meet credit requirements may qualify with a cosigner.4.EDvestinU EDvestinU offers refinancing to borrowers without a degree as long as the loans were used to attend a Title IV, degree-granting institution.You can refinance between $7,500 and $200,000 and applying with a cosigner may improve your chances of approval or help you qualify for a lower rate.

5.MEFA MEFA doesn't require borrowers to have completed a degree but does require at least $10,000 in student loans to refinance.Applicants must be U.S.citizens or permanent residents and generally need a recent history of on-time loan payments to qualify.

Borrowers can choose repayment terms ranging from seven to 15 years.Related: MEFA Student Loan Refinancing Review 6.RISLA RISLA refinances student loans for borrowers without a degree and is available nationwide—you don't have to live in Rhode Island or attend school there.Refinance loan amounts range from $7,500 to $250,000, and borrowers can choose repayment terms between five and 15 years.

Related: RISLA Student Loan Refinancing Review Should you refinance your student loans if you didn't graduate? Refinancing can make sense whether or not you completed your degree.You may be struggling to make your monthly payments if you’re saddled with a high-interest rate or lousy loan terms.By refinancing your loans with a private lender, you can lower your interest rate and reduce your monthly payment — potentially saving you thousands of dollars over the life of your loan.For example, let’s say you have an outstanding balance of $25,000 with an 8% interest rate.

If you refinance at 4.5%, your monthly payment could drop from $303 to $259 — saving you an estimated $5,307 in interest alone.Use the Student Loan Planner® refinance calculator to plug-in specific loan details and see how refinancing can change your costs over time.Keep in mind that refinancing isn't always the right choice for everyone.Since refinancing replaces your existing loans with a new private loan, you'll permanently lose federal student loan benefits like: Income-driven repayment (IDR) plans Federal deferment and forbearance options Public Service Loan Forgiveness (PSLF) Other federal forgiveness and discharge programs If you have federal student loans and may need these protections, think carefully before refinancing.

Requirements to refinance student loans without a degree Qualifying to refinance student loans without a degree can be a little more challenging, but it's certainly possible if you have a strong financial profile.While each lender has their own eligibility requirements, most will evaluate factors such as: Your credit score and credit history.Whether you have stable employment and sufficient income.Your debt-to-income (DTI) ratio.

Whether you have a history of on-time student loan payments.If your loans were used to attend a Title IV-eligible school.Some lenders also have additional requirements for borrowers who didn't graduate.For example, Citizens requires non-graduates to have made at least 12 consecutive, on-time monthly payments after leaving school.

Other lenders may require a minimum loan balance or additional time since you last attended school.If you don’t meet the lender’s preliminary qualifications, you should consider applying to refinance your student loans with a cosigner.Their credit history can boost your application, get you a lower interest rate and lock in better terms.Look for a lender that offers a cosigner release to alleviate your cosigner’s responsibility once you’ve proven you can repay your loan.

What if you can't refinance your student loans (or don't want to)? Refinancing isn't the only way to make your student loans more manageable.If you don't qualify today — or you've decided to keep your federal loan benefits — you still have options.If you have federal student loans, an income-driven repayment (IDR) plan could lower your monthly payment.Plans like Income-Based Repayment (IBR) and Pay As You Earn (PAYE) are based on your discretionary income and family size.

Whereas the new Repayment Assistance Plan (RAP) is based on your adjusted gross income and number of dependents.Depending on your situation, you may also qualify for forgiveness programs like Public Service Loan Forgiveness (PSLF) or long-term IDR forgiveness.If you're experiencing a temporary financial hardship, you may be eligible for deferment or forbearance on your federal student loans.Private lenders may also offer hardship assistance or temporary payment relief, though programs vary by lender.

If your goal is still to refinance in the future, focus on strengthening your application by: Making on-time loan payments.Improving your credit score.Paying down other debt to lower your debt-to-income ratio.Increasing your income.

Applying with a qualified cosigner, if needed.Whether you refinance now, later or not at all, the best repayment strategy depends on your loan type, financial goals and long-term plans.Taking time to compare your options can help you choose the path that saves you the most money.We can help you explore the best refinancing and repayment options to tackle your student loans.

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