Student Loan Refinancing With No Degree

Can you refinance student loans without a degree? This article gives information about refinancing student loans without a degree, why consider it? And who are the refinancing lenders helping you with the process?

Updated by Anuroop C on 14th October 2020

The percentage of graduating students is nearly only 66%. Student loan refinancing with no degree is an option many student loan borrowers looking for.  This means that there are around 34% of the students who are not graduating and, therefore not receiving a degree to their name. And, some students have tried to pass college by taking out student loans. So what do you do with these student 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 loans. One of the options is that sometimes you can refinance the student loans and we mention it as sometimes only because a few banks allow you to refinance your student loans without a degree, and this article helps you have information about refinancing student loans with no degree. 


Table of contents

Top 8 Banks that provides refinancing student loans without a degree

If you have the desired income, good credit score, or even a cosigner with good credit history, you may qualify to refinance your student loans without a degree. Refinancing can help you manage your loans effectively provided you receive a lower interest rate and lesser monthly payments. Below is the list of refinancing lenders who help you refinance with no degree.

                     Lender

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%

EdvestinU student loan refinance

1.88% – 3.25%

 3.91% – 5.28%
MEFA student loan refinance

3.65 - 5.50%

3.65 - 5.50%
Purefy student loan refinance


2.25 - 4.49%

2.99 - 5.15%
1 - Citizen student loan refinancing lenders offer you reasonable fixed interest rates and variable interest rates. They can help you refinance with lower interest rates and monthly payments. Also provides you with flexible terms and cosigner release options. They are the most reputed refinancing companies providing flexible modes of payment to borrowers. 

Learn more about Citizens Bank Student Loan Refinancing

2 - RISLA Student Loan Refinancing lenders are considered to be a nonprofit institution which helps student refinance their loans. undergrads, graduate students, and parents are eligible to refinance with them. They also provide student loans with a minimum credit score check for 680. They provide student loan forgiveness and have flexible repayment plans available. For refinancing your student loans to a lesser interest rate you can tag a cosigner along. 

3 - Discover student loan not only provide student loans but also refinancing services. Discover Student Loan not only provides student loans but also refinancing services. But no cosigner release is offered.

Learn more about Discover Consolidation Refinancing

4 - PNC student loan refinancing service helps you in a process of payment by helping you refinance your student loans even without a degree. The minimum credit score to refinance with them is 660 which may vary when you try refinancing without a degree. For more information, you can contact PNC at studentloans@pnc.com or phone them via phone - 1-800-762-1001.
Learn more about PNC Student Loan Refinancing Service

5 - Wells Fargo Student Loan offers to refinance for both federal and private student loans like other private student loan lenders. The most beneficial features are that they provide discounts to help you save money on interest rates. 

Learn more about Wells Fargo refinancing review

6 - Edvestinu student loan refinance provides long loan terms and helping you refinance both federal and private student loans. They take zero origination fees and provide a flexible repayment option

Learn more about Edvestinu refinance

7 - MEFA student loan refinance provides loans and make refinancing options to the state of Massachusetts. They charge no origination fee, application fee, or prepayment penalty and help you manage your monthly loan bills. The minimum amount to refinance with them is $10,000 with a loan term of up to 15 years. With a credit score of 670 you can refinance your loans with MEFA provide you live in Massachusetts.

Learn more about MEFA student loan refinance

8 - Purefy student loan refinance coined in the year 2014 they are partnered with various lenders. Purely provides good service to its customer. Though Purefy has a reasonable interest rate, without a minimum credit score of 670. It can be hard to qualify to refinance with them. 

Learn more about Purefy student loan refinance


Looking to refinance your student loans? Find the best student loan refinance lenders.


Reasons to consider refinance student loans without a 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 to decrease your monthly payment amount, release the cosigner of your loan, or consider another lender. 

Refinancing your federal student loans should never be your ideal option because if you are 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.

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

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


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


How to deal with your federal student loans in case you have no degree?

Below are a few steps to manage your federal student loans efficiently. 

Loan consolidation for your federal student loans

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.

Learn more about Postpone Student Loan Payments

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 which are as follows: 

Income-Based Repayment (IBR)

Income-Contingent Repayment (ICR)

Pay As You Earn (PAYE)

Revised Pay As You Earn (REPAYE)

While each plan’s requirements and features vary, the basis of all four is the same: Your monthly loan payment is capped at a percentage of your discretionary income, including 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.