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How to Refinance MBA Student Loans
Updated On February 12, 2022
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
If you’re looking to explore how to refinance MBA student loans, you’re not alone. Getting an MBA is a pathway to a successful career, but an MBA has a steep price. For many MBA graduates, that means borrowing more than $100,000 of student loan debt. The good news is that you have several options to pay off MBA student loans. Refinancing MBA student loans is one smart option to pay off student loans faster.
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Disclosures: SoFi | Earnest | NaviRefi | Splash Financial | Citizens | Laurel Road | LendKey | ISL
Here’s how to refinance MBA student loans:
- Should I refinance MBA student loans?
- How much money can I save from MBA student loan refinance?
- How to refinance MBA student loans
- How often you can refinance MBA student loans?
- How to get the lowest interest rate MBA student loan refinance
- Compare the latest rates for refinancing
Should I refinance MBA student loans?
You may be asking, “Should I refinance student loans? There are many options for student loan repayment. However, student loan refinancing is a popular way to pay off student loans and save money. Student loan refinance is the process of combining your current federal student loans, private student loans or both into a new private student loan. When you refinance MBA student loans, you can get a lower interest rate, lower student loan payment or both.
Who should refinance student loans
Student loan refinance is best for MBA student loan borrowers who:
- You have a high interest rate. One of the best reasons to refinance MBA student loans is that you have a high interest rate. Student loan refinancing can help you get a lower interest rate, which can help you save money each month.
- You have a large student loan payment. If you have a large monthly student loan payment, student loan refinancing can help you reduce your student loan payment. One benefit of student loan refinance is the ability to choose a repayment term. For example, you can pay off your student loans between 5 and 20 years.
- You have strong credit. If you want to refinance your student loans, lenders will expect you to have at least a 650 credit score. Preferably, your credit score is higher than 700. In contrast, if you have bad credit or average credit, you can apply with a cosigner to get approved and get a lower interest rate.
- You have private student loans. When you refinance your student loans, you can refinance federal student loans, private student loans or both. Private student loans are an easy option to refinance because, unlike federal student loans, they don’t offer any protections such as student loan forgiveness.
- You have recurring income. Lenders prefer borrowers with recurring monthly income. Also, lenders want to ensure you have sufficient income to pay MBA student loans and other living expenses.
Check the latest rates for student loan refinancing.
Who should not refinance student loans
Student loan refinance may not be best for these MBA student loan borrowers:
- You are unemployed. If you are unemployed, it’s hard to get approved to refinance student loans. Lender want you to be employed or have a signed job offer before you get approved to refinance.
- Your income is non-recurring. If you have unsteady or non-recurring income, it may be difficult to refinance student loans. Lender want to refinance MBA student loans for borrowers who have stable, recurring income. This is particularly relevant if you are self-employed or an independent contractor, for example. In this case, you may want to apply for student loan refinancing with a cosigner.
- You may need an income-driven repayment plan. Income-driven repayment plans such as PAYE, REPAYE, IBR and ICR are especially helpful if you are struggling to pay federal student loans. However, if you plan to enroll in income-driven repayment for your federal student loans, refinancing your MBA student loans may not be best for you.
How much money can I save from MBA student loan refinance?
This student loan refinancing calculator shows you how much you can save when you refinance MBA student loans.
For example, let’s assume that you have $100,000 of student loans at a 7% interest rate and a 10-year repayment term. Let’s assume you refinance student loans at a 3% interest rate and a 10-year repayment term. You would save $195 each month and $23,457 overall.
The amount you can save from MBA student loan refinance depends on your student loan balance, current interest rate and new interest rate.
Learn more about how to refinance student loans:
Explore: the top lenders to refinance student loans.
Compare: the latest rates for student loan refinancing.
Read: the difference between student loan refinancing and student loan consolidation.
How to refinance MBA student loans
If you want to know how to refinance MBA student loans, there are several steps you should take.
Find the best lenders
First, compare the best lenders to refinance MBA student loans. Explore interest rates, loan terms, student loan repayment options, residency requirements, minimum credit score, and other terms. If your goal is to save the most amount of money, then choose the lender that offers the lowest interest rate.
Compare interest rates
Before you apply for student loan refinancing, you can check your new interest rate for free within minutes. This is called a soft credit check, and it won’t impact your credit score.
Pick your student loan terms
When you refinance MBA student loans, you can choose your loan terms. First, you can choose either a fixed interest rate or variable interest rate. A fixed interest rate means your interest rate will never change. In contrast, a variable interest rate means your interest rate can increase or decrease.
Second, you can choose the duration of your student loan repayment. For example, you can choose a repayment term between 5 and 20 years. A shorter student loan repayment period means you’ll have a higher monthly student loan payment. In contrast, a longer repayment term means a lower monthly payment. However, you will pay more total interest over the life of your student loan.
How often you can refinance MBA student loans?
You might wonder when you should refinance student loans.
The good news is there is no limit to how often you can refinance. With student loan refinancing, there are no application fees, no origination fees and no prepayment penalties.
Therefore, you can refinance whenever you find a lower interest rate. This is true even if you refinanced your MBA student loans previously. With a lower rate, you can refinance again.
How to get the lowest interest rate MBA student loan refinance
There are several steps to take to get the lowest interest rate when you refinance MBA student loans.
- Compare lenders. Always compare lenders when you refinance MBA student loans. Find the top lenders for refinancing by comparing customer service, brand, loan terms, application process, states of eligibility and more.
- Evaluate interest rates. Compare both fixed and variable interest rates. Shorter loan repayment terms have lower interest rates. So if you want the lowest interest rate, choose a 5-year repayment term, for example.
- Build credit. If you have an excellent credit score, you’re more likely to get a low interest rate. (How to raise your credit score)
- Pay off debt. To increase your chances of approval, consider paying off debt such as credit card debt. This can result in a lower debt-to-income ratio, which reduces your chances of student loan default. This also gives lenders more confidence that you can make your monthly student loan payments.
Compare the latest rates for refinancing
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