Parent PLUS Refinancing

It's sweet to refinance
Parent PLUS Loans.

You could save thousands of dollars and pay off debt faster.
Today's Rates

Top Picks For Parent PLUS Loan Refinancing

July 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
2.15% - 7.99%
3.49% - 7.58%
2.15% - 7.99%

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on SoFi's website

Overview

Variable APR:
2.15% - 7.99%
Fixed APR:
3.49% - 7.58%
Minimum Credit Score:
Good or Excellent
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$5,000 ($10,000 in CA)
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 7.99%
2.99% - 7.99%
1.74% - 7.99%

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on NaviRefi by Navient's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.99% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
$5,001 ($10,001 in CA)
Minimum Loan Amount:
None
Loan Terms:
Private & Federal
Borrower Residency:
Undergraduate & Graduate
Hardship Deferment:
5-20 years
Co-signer Option:
All States except NV
1.74% - 7.99%
2.99% - 7.99%
1.74% - 7.99%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 7.99%
Fixed APR:
2.99% - 7.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$5,000
Loan Terms:
5 – 20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.86% - 7.98%
3.39% - 6.99%
1.86% - 7.98%

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on ELFI's website

Overview

Variable APR:
1.86% - 7.98%
Fixed APR:
3.39% - 6.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$10,000
Loan Terms:
5, 7, 10 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 11.05%
2.59% - 8.44%
1.74% - 11.05%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 11.05%
Fixed APR:
2.59% - 8.44%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$5,000
Loan Terms:
5 - 20 years
Borrower Residency:
All States
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.89% - 6.20%
3.49% - 6.30%
1.89% - 6.30%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 6.20%
Fixed APR:
3.49% - 6.30%
Minimum Credit Score:
700
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$5,000
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
3.94% - 8.48%
3.94% - 8.48%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
3.94% - 8.48%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$5,000 ($10,000 in CA)
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.24% - 9.23%
4.29% - 9.73%
2.24% - 9.73%

View Details

on Citizens' website

Overview

Variable APR:
2.24% - 9.23%
Fixed APR:
4.29% - 9.73%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees

Details

Eligible Loans:
Private & Federal
Minimum Loan Amount:
$10,000
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes

Choose a low
fixed or variable rate.

Find a lower interest rate, lower monthly payment, or both.

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Starting At

1.74%APR

(includes 0.25% auto pay discount)

variable

Starting At

2.59%APR

(includes 0.25% auto pay discount)

fixed

Parent PLUS Loan Refinancing

Calculate your savings

Why refinance Parent PLUS Loans?

Get My Rate

Big savings

Save up to thousands of dollars when you refinance with a low fixed or variable rate.

Flexibility

Choose a student loan repayment term from 5-20 years.

No fees

No application or origination fees.
No pre-payment penalties.

Pay off debt faster

Achieve financial freedom sooner.

How To Refinance Parent PLUS Loans

Step 1: Compare lenders

Review multiple lenders online

Shop for the best rates and loan terms

Compare Rates

Step 2: Check your rate

Check your rate for free within minutes

Compare with multiple lenders

Check Rate

Step 3: Choose your loan

Pick your best loan offer

Select based on rates, loan terms and other benefits

Choose Loan

Step 4: Apply online

Complete an application and upload documents

Relax, and wait to get approved

Parent PLUS Loan Refinancing

Popular Questions

What is Parent PLUS Loan refinancing?

When you refinance Parent PLUS Loans, you combine your existing Parent PLUS Loans into a new, single Parent PLUS Loan with a lower interest rate, lower monthly payment or both. Your new loan is used to pay off your old Parent PLUS Loans. With Parent PLUS Loan refinancing, you can choose new repayment terms to save money each month or to pay off debt more quickly.

There are many advantages to Parent PLUS Loan refinancing, including:

  • Get a lower interest rate
  • Save money
  • Pay off Parent PLUS Loans faster
  • Get a single monthly payment
  • Get a new Parent PLUS Loan servicer
  • Get new loan repayment terms
  • Choose a fixed interest rate or variable interest rate
  • Choose a new repayment term ranging from 5 to 20 years
How do you refinance Parent PLUS Loans?

There are two ways to refinance Parent PLUS Loans:

  • Refinance Parent PLUS Loans in your name only
  • Refinance Parent PLUS Loans in your child’s name

Refinance Parent PLUS Loans in your name only

Refinancing Parent PLUS Loans in your name only is the standard way to refinance Parent PLUS Loans. When you refinance Parent PLUS Loans, the process is similar to how to refinance student loans. To qualify for Parent PLUS Loan refinancing, you will need good credit, stable and recurring monthly income, and a low debt-to-income ratio. Lender want to ensure that you can afford your monthly living expenses, plus debt payments for a mortgage, student loans and credit cards, for example. When you refinance Parent PLUS Loans, a private lender pays off your existing Parent PLUS Loans, which means you no longer will have the benefits of a federal government loan.

Refinance Parent PLUS Loans in your child's name

Can a Parent PLUS Loan be transferred to your child? Many Parent PLUS Loans borrowers ask whether they can transfer Parent PLUS Loans to their child. The short answer is no, you can’t directly transfer Parent PLUS Loans to your child. However, you can refinance Parent PLUS Loans in your child’s name with certain private lenders. To qualify, your child must qualify for student loan refinancing. That means that your child must have good credit (at least 650 or higher), be employed or have a written job offer, have stable and recurring income, and have a low debt-to-income ratio.
Should I refinance my Parent PLUS Loans?
Parent PLUS Loan refinancing is an excellent strategy to get a lower interest rate and save money on your Parent PLUS Loans. You also have flexibility to change your Parent PLUS Loan repayment terms to pay off Parent PLUS Loans faster or lower your monthly payment. Refinancing Parent PLUS Loans with a high-quality lender is an easy process. There are no fees to refinance Parent PLUS Loans, and you can check your new rate in minutes with no impact to your credit score.

There are several reasons why you should refinance Parent PLUS Loans:

  1. Get a lower interest rate
  2. Save money
  3. Pay off Parent PLUS Loans faster
  4. Change loan terms
  5. Simplify Parent PLUS Loan repayment
  6. Change lender or loan servicer
What are the disadvantages of refinancing Parent PLUS Loans?

With Parent PLUS Loan refinancing, your resulting Parent PLUS Loan will be a private loan with a private lender. Therefore, if you refinance your federal Parent PLUS Loans, you would no longer benefit from federal programs such as public service loan forgiveness, forbearance or deferment, or an income-driven repayment plan, for example. If these benefits are essential to you, then you may want to refinance your Parent PLUS Loans. However, if you’re comfortable forgoing access to these federal programs to get a lower interest rate and save money, then Parent PLUS Loan refinancing can be an effective strategy for Parent PLUS Loan repayment.

Do I qualify for Parent PLUS Loan refinancing?

You are a good candidate for Parent PLUS Loan refinancing if you meet the following criteria:

  • Have a credit score of at least 650
  • Currently employed or have a signed job offer
  • Have steady and stable income

If you don’t meet these or any other requirements, you can apply with a qualified co-signer such as a parent or spouse. A co-signer can help you get approved for Parent PLUS Loan refinancing and get a lower interest rate. Each lender has its own underwriting requirements. For example, some lenders may evaluate additional criteria, such as your debt-to-income ratio. Most lenders may require that your child graduated from a Title-IV accredited college or university.

Who should refinance Parent PLUS Loans?

Parent PLUS Loan refinancing is a smart strategy if your child graduated from college or graduate school, you are employed, and you have high-interest Parent PLUS Loan debt.

Federal loans offer certain benefits such as financial hardship programs and public service loan forgiveness, for example, that won’t be available to you after you refinance federal Parent PLUS Loans. However, if you’re not pursuing public service loan forgiveness or don’t need income-driven repayment plans, for example, then refinancing Parent PLUS Loans may be a smart option for you.

Are there any fees to refinance Parent PLUS Loans?
There are no fees to refinance Parent PLUS Loans. Most lenders don’t charge application fees, origination fees, or prepayment penalties.
When is the best time to refinance Parent PLUS Loans?
If your goal is to save money and pay off debt, then refinance your Parent PLUS Loans as soon as possible after your child graduates. The earlier you can refinance, the more money you can save on interest.
How does Parent PLUS Loan refinancing impact my credit score?

Before you refinance your Parent PLUS Loans, most lenders let you check your estimated new rate before you submit a full application. This is called a soft credit check, and there is no impact to your credit score.

If you like your new rate, you can submit an application to refinance your Parent PLUS Loans. At that time, a lender will pull your credit. This is called a hard credit check, and your credit score is impacted by a few points. You can apply to multiple lenders within a short time frame such as a week, and it will only count as a single credit inquiry. When you make on-time payments on your new loan, you can increase your credit score over time. This is because on-time payments comprise 35% of your FICO score, whereas applying for any new loan counts as 10%.

How do I get the lowest Parent PLUS Loan refinancing rate?

To get the lowest Parent PLUS Loan refinancing rate, make sure to compare lenders. Most lenders reserve the lowest Parent PLUS Loan refinancing rates for borrowers with strong credit and income as well as a lower debt-to-income ratio. Variable interest rates tend to be lower than fixed interest rates, so you may be able to save money with a variable interest rate student loans. To save interest, you can also choose a shorter loan repayment term. Typically, a shorter loan repayment period such as 5 years will have a lower interest rate than a longer loan repayment period such as 20 years.

What’s the difference between fixed and variable rate loans?

When you refinance Parent PLUS Loans, you can choose between a fixed and variable interest rate. A fixed interest rate means that the interest rate will never change for the duration of your loan. A variable interest rate means that the interest rate can change over time based on movements in prevailing interest rates.

A fixed interest rate will provide you with more certainty and predictability because you will have the same interest rate every month. Since the interest rate on a variable interest loan can change, you may have a higher or lower monthly payment over time. Typically, the starting interest rate on variable rate loans are lower than on fixed rate loans.

How do I refinance Parent PLUS Loans?
  1. Compare rates
  2. Use a student loan refinancing calculator
  3. Check your rate with no impact to your credit score
  4. Choose your loan and repayment terms
  5. Apply online
  6. Get approved
Can I refinance Parent PLUS Loans more than once?
Yes, you can refinance Parent PLUS Loans more than once. There is no limit to the number of times you can refinance Parent PLUS Loans. If you can get a lower interest rate, you could refinance your Parent PLUS Loan again. Since there are no fees, it’s usually to your financial advantage to keep refinancing your Parent PLUS Loans.

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