The Best Lenders for MBA Student Loan Refinance in 2025

If you have a Master’s in Business Administration (MBA), you know it can be a valuable key to unlocking high-paying doors. But that key comes with a high price tag: Over half of MBA grads are still paying off student loan debt, to the average tune of $81,218 (including undergraduate debt, as of September 2024).

Paying off this kind of debt can challenge you, your cosigner, and your family. Opting for an MBA student loan refinance can solve many of these problems, but some lenders are better than others. Here are our top choices.

Top lenders to refinance MBA student loans

When refinancing MBA student loans, finding lenders that can refinance large loan amounts and offer a lower interest rate to see significant savings is essential. We’ve reviewed the lenders below to ensure they offer refinancing solutions that meet these requirements.

Credible

Best Marketplace

5.0 _/5

View Rates

---

Why it’s one of the best

Credible stands out for its online marketplace that allows borrowers to compare multiple offers from popular lenders in one place. Its platform allows for easy comparisons of rates and terms, ensuring you can find the best terms. Given the size of MBA loans, Credible’s wide range of options and user-friendly interface make it a popular choice.

• A marketplace for comparing prequalified rates
• Quick online application

Rates (APR)	3.85% – 12.66%
Loan amounts	Varies by lender
Repayment terms	Varies by lender

---

SoFi

Best Online Lender

4.9 _/5

View Rates

---

Why it’s one of the best

SoFi, an online bank, is a terrific choice for borrowers with good to excellent credit due to its competitive rates. Beyond refinancing, SoFi provides valuable services, including career counseling and financial advice, which can benefit professionals in career development. SoFi charges no origination, prepayment, or late payment fees.

• Competitive rates for those with good credit
• Additional member benefits, such as career services
• Flexible repayment options

Rates (APR)	4.49% – 9.99% with discounts
Loan amounts	$1,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

---

ELFI

Best Personalized Support

4.7 _/5

View Rates

Powered by Credible

---

Why it’s one of the best

ELFI (Education Loan Finance) is a standout choice for borrowers seeking personalized support and competitive rates. ELFI is known for its customer-centric approach, providing tailored assistance throughout the loan process. With no application, origination, or prepayment fees, ELFI makes borrowing more affordable and straightforward.

ELFI offers a range of repayment plans, including deferred, interest-only, and immediate repayment options, allowing borrowers to manage their loans in a way that best fits their financial situation. This flexibility can help borrowers effectively handle their payments and avoid financial stress.

• Flexible repayment terms and competitive rates
• Personalized customer service
• No fees for application, origination, or prepayment

Rates (APR)	4.86% – 8.44%
Loan amounts	$10,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

---

Earnest

Best Skip-a-Payment Benefit

4.6 _/5

View Rates

---

Why it’s one of the best

Earnest offers a high degree of customization during the application process, which can be a significant advantage for MBA graduates. Its repayment flexibility, including the ability to skip a payment once per year without penalty, provides a cushion for unexpected life events. Earnest’s commitment to no fees further enhances its appeal.

• Customizable loan terms
• Skip one payment per year without penalty
• No fees

Rates (APR)	4.29% – 9.99%
Loan amounts	$5,000 – $500,000
Repayment terms	5 – 20 years

How much could you save by refinancing your MBA student loan?

The two ways of looking at MBA student loan refinance costs are:

• How much does it cost right now?
• How much does it cost in the long run? 

Your monthly payment may be lower if you choose a longer term length, which makes it attractive if you’re on a budget. However, many lenders charge higher interest rates for longer-term loans. And because you pay the higher rate for a longer time, your loan costs can skyrocket. 

You can see that in this hypothetical table for a recent MBA grad considering their options for $82,500 in MBA loans.

	Orig. MBA loan	Refi (short term)	Refi (long term)
Term (yrs.)	10	7	20
APR	10%	9.34%	9.59%
Pay/mo.	$1,090	$1,341	$773
Total interest	$48,329	$30,197	$103,227

If this grad chose to refinance for a shorter period—seven years rather than 10—they could be debt-free three years sooner and save over $18,000. But it would cost an extra $250 per month. You can run the numbers for yourself using our student loan refinance calculator. 

Is an MBA student loan refinance the right move?

Refinancing your MBA loans can help you achieve many goals, but not all at the same time. For example, you can get help lowering your monthly payments, but that could boost how much you pay over the long run. 

There are other crucial considerations; whether they’re a net positive for you depends on your situation. We’ll look at the most critical factors to consider next.

Refinance if…	Don’t refinance if…
You need to lower your monthly payments	You have federal student loans
You’re looking to release a cosigner	You have poor credit
You want to save money over the long run	You have a low or inconsistent income

When you should consider refinancing your MBA student loans

The biggest factor is whether you have private or federal loans:

• Private loans: Refinancing can make sense if you can qualify for a lower interest rate, need lower payments, or want to remove a cosigner.
• Federal loans: Experts typically do not recommend refinancing federal loans, as it means losing access to protections like income-driven repayment and loan forgiveness.

If you’re considering refinancing, ask yourself:

• Do you need lower monthly payments? Check if your current lender offers options. If not, refinancing could help.
• Do you want to release a cosigner? If you’ve built a strong credit profile, you can refinance to remove your cosigner’s financial responsibility.
• Do you want to pay less interest? Shortening your loan term through refinancing can save money over time.

Many MBA graduates, especially those with higher salaries, can benefit from refinancing by switching to a shorter term and paying off their loans faster.

If you’re an MBA graduate in a volatile industry—or perhaps an entrepreneur, and your income is less predictable—I recommend refinancing into a fixed-rate loan if any of your current loans have variable rates. I also recommend always making the minimum payment due each month and having a designated savings account so you can contribute during higher-income periods. This way, you can cover the payments during lower-income periods. 

When you should not refinance your MBA student loans

• If you have federal student loans. You may qualify for lower interest rates, but you’ll give up critical protections like deferment and forgiveness programs.
• If your credit or income isn’t strong. Without a cosigner, qualifying for better rates could be difficult.
• If you work in an uncertain field. Federal loan benefits could provide safety nets if you ever struggle with payments.

Your credit score will take a minor hit after the initial refinance, but it will recover as long as you make on-time payments. Be careful not to incur additional unnecessary debt to keep your debt-to-income ratio (DTI) low. This can make it easier to purchase a home, be approved to rent, or be approved for a loan to finance a vehicle if needed.

How to refinance your MBA loans

An MBA student loan refinance isn’t different from refinancing other graduate degrees, despite what flashy marketing webpages might say. The basic tenets are the same for refinancing your MBA student loans as if you’d studied underwater basket weaving. 

Here’s a step-by-step rundown of how it works:

1. Gather your loan information. Contact your current lender(s) for a loan payoff statement listing the total amount you’ll need to refinance. You may have multiple lenders; check your loan documents or credit report to be sure. 
2. Gather your personal information. Most student loan lenders require the same documents, so round them up in advance. You’ll need copies of your photo ID and your financial details, including recent pay stubs, bank statements, and tax returns. 
3. Gather your credit details. Having good credit is the ticket to getting the best rate. Check your annual credit report for any errors you may need to dispute, and check your credit score to determine whether you’ll likely qualify with different lenders. 
4. Get prequalified. Check your loan options with as many lenders as you can. Ensure they do a soft credit check so you don’t harm your credit score until you’re ready to apply.
5. Submit an MBA loan refinance application. Choose the best lender. That’s often the one offering the lowest rates, but consult reviews, too. Look for helpful features, such as repayment assistance options or cosigner release policies.
6. Switch to your new lender. If approved, the transfer to the new lender won’t be immediate. Keep paying your old MBA loans until you receive confirmation from your old lender. Be sure to set up autopay on your new loans.

You can save for retirement while repaying a loan if you limit unnecessary expenses but allow discretionary funds for leisure and fun. As your income increases, you should increase your retirement savings by at least 1%.

If your budget is too tight to make retirement contributions, once you pay off the loan, you can redirect the funds you were using to pay off the loan. Your employer may also be able to contribute to an eligible retirement plan based on your qualified student loan payments—even if you can’t contribute to the plan.

FAQ

Can MBA loans be forgiven?

MBA loans can be forgiven, but typically only if they are federal student loans. Private MBA loans do not qualify for federal forgiveness programs. Here are the main ways federal MBA loans might be forgiven:

• Public Service Loan Forgiveness (PSLF): If you work for a qualifying nonprofit or government employer and make 120 qualifying payments under an income-driven repayment (IDR) plan, the remaining balance can be forgiven.
• Income-driven repayment (IDR) forgiveness: If you enroll in an IDR plan, any remaining balance on your federal loans can be forgiven after 20 or 25 years of qualifying payments, depending on the plan.
• Teacher Loan Forgiveness and Perkins Loan cancellation: These programs exist but rarely apply to MBA graduates.

If you took out private MBA loans, forgiveness is usually not an option unless your lender offers a special hardship program.

Is it worth refinancing an MBA loan?

Refinancing an MBA loan can be worth it if you:

• Have private student loans: You might qualify for a lower interest rate and save money.
• Want to release a cosigner: Refinancing can remove them from your loan if you qualify on your own.
• Can shorten your loan term: A higher monthly payment now could mean big interest savings over time.

However, refinancing may not be worth it if:

• You have federal student loans: You’ll lose access to income-driven repayment, PSLF, and other federal protections.
• Your credit or income isn’t strong: You may not qualify for a lower rate without a cosigner.
• You work in an unstable industry: Keeping federal benefits might be a safer option.

How many years can it take to repay MBA debt?

The repayment timeline for MBA loans varies based on the type of loan and your chosen repayment plan:

• Federal student loans: Standard repayment is 10 years, but income-driven repayment plans can extend it to 20 to 25 years if needed.
• Private student loans: Lenders typically offer repayment terms of five to 20 years, with shorter terms leading to lower total interest costs.
• Refinanced loans: New terms usually range from five to 20 years, depending on the lender.

The faster you repay your loans, the less interest you’ll pay overall—but higher monthly payments can strain your budget. Balancing affordability and long-term costs is key when choosing a repayment term.

How we selected the best refinance MBA student loans

LendEDU evaluates student loan companies to help readers find the best options for refinancing student loans. Our latest analysis reviewed 696 data points from 24 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of best refinance MBA student loans