Student Loan Refinancing With No Degree

This article gives information about Refinancing student loans without a degree. If you have no degree and are looking to refinance your student loans, then this article is for you.

Updated by Anuroop C on 28th February 2020

The percentage of graduating students is nearly only 66%. This means that there are around 34% of the students who are not graduating and, therefore not receiving a degree to their name. And, there are students who have tried to pass college by taking out student loans. So what do you do with these loans?

Not having a college degree does not stop you from paying back your student loan debt. However, based on different conditions, there are different options available to help you deal with your student loan. One of the options is that sometimes you can refinance the student loans and we say it as sometimes because only a few banks allow you to refinance your student loans without a degree we are here to help you deal with them.

Table of contents

Top 5 Banks that allow you to refinance your student loans without a degree


Variable Rate of Interest

Fixed-Rate of Interest

Citizen's Student Loan Refinance

2.29 - 9.02%

3.45 - 9.02%

RISLA Student Loan Refinance

Not available

3.49 - 8.14%

Discover Studen Loan Refinance

3.99 - 7.24%

3.99 - 6.99%

PNC Student Loan Refinance

4.39 - 6.59%

4.39 - 6.59%

Wells Fargo Student Loan Refinance

5.24 - 9.74%

5.24 - 9.74%

Looking to refinance your student loans? Find the best companies to refinance your student loans.

Why should you consider student loan refinancing when you have no degree?

In case you dropped out of college owing to a good job or a business, then you must be making a good amount of money. Refinancing means taking another loan to pay your existing student loan debts- usually with much more favorable rates and terms. You can also refinance your student loans in order to decrease your monthly payment amount, release the cosigner of your loan or consider another lender. Read more about student loan refinancing.

Refinancing your Federal Student Loans should never be your ideal option because if you opt-out of federal student loans, then you miss out on a wide range of benefits such as Income-driven repayment programs, or the Student loan forgiveness program.

Conditions to refinance your student loans if you have no degree

Although you don’t have a college degree, there are certain conditions that have to be met to get a refinancing student loan.

You must have an excellent Credit score and an excellent Debt to Income ratio in order to get a refinance student loan from any of the lenders. Learn more about refinancing with private lenders.

Looking for student loans? Find the best student loans for you.

How to deal with your Federal Loans in case you have no degree?

Loan consolidation for your federal student loans

A direct loan consolidation is a viable option for dealing with your federal student loans, even when you do not have a degree. Doing this is a good option as you do not need to make multiple payments and you just need to make only one payment.

Another advantage of student loan consolidation is that you can lower your monthly payment amount by increasing the term of the loan. However, if you increase the term, you can end up paying more amount due to the interest accumulated in the extended term.

Or if you are in a tough position and you think you may qualify, then you might apply for a student loan forgiveness program. 

Apply for deferment or forbearance

In case you dropped out of school and are struggling to get back on your feet sometimes opting to quit paying for a certain duration can seem like a feasible option. Therefore opting for forbearance or deferment can be a viable solution. Read more about deferment and forbearance.

Opt for income-driven repayment plans

Income-driven repayment programs are benefits only available for Federal Student Loans ONLY. 

There are four federal income-driven repayment plans: Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE). While each plan’s requirements and features vary, the premise of all four is the same: Your monthly loan payment is capped at a percentage of your discretionary income, and your repayment term is extended. That usually reduces your payments.

We would like to conclude by saying that one of the best options available is to go back to your school and complete your course and just get that degree as getting the degree has its own benefits. However, if you are caught up in some financial or family situation, you can consider the above options to deal with your student loans.