FROM OUR PARTNERS

Best Pharmacy School Loan Refinance Options of 2023

Brenda Williams

Refinancing your pharmacy school loan could save you money by lowering your interest rate, and help you pay off your debt faster. We’ve evaluated the best refinancing options based on rates, terms, process, fees, and overall quality.

No application, origination, or prepayment fees

640

Min. Credit Score

2.50% - 9.24%

Variable APR

4.39% - 9.24%

Fixed APR

Overview

Splash Financial partners with various banks and lenders to offer a competitive interest rate.

What we like

  • Quick online application process
  • Competitive interest rates
  • Easily compare lenders
  • Personalized customer support

What we don't

  • Terms and conditions differ by lenders
  • No options for deferment

Easy online application process

660

Min. Credit Score

2.81% - 7.21%

Variable APR

3.99% - 10.68%

Fixed APR

Overview

LendKey streamlined the digital application process to save you time and effort by comparing competitive rates from a smaller bank or credit union.

What we like

  • Competitive rates from smaller institutions
  • Streamlined application and repayment process
  • Longer forbearance periods
  • Cosigners are not required

What we don't

  • No full in-school deferment
  • Only a credit-based application available

Competitve rates with credit union membership

660

Min. Credit Score

N/A

Variable APR

6.80% - 7.45%

Fixed APR

Overview

First Tech Federal Credit Union provides competitive rates, but you'll require a membership to receive those benefits. To become a member, you'll have to meet some strict requirements.

What we like

  • Low refinancing rates
  • Flexible loan terms
  • Payment protection with DebtSafe
  • No application and orgination fees

What we don't

  • No temporary forberance option
  • No co-signer release
  • Parent PLUS loans can't be refinanced
  • Credit union membership required

Temporary forbearance available

650

Min. Credit Score

2.06% - 14.04%

Variable APR

3.47% - 13.05%

Fixed APR

Overview

SoFi provides an easy online application process, so you can receive a rate estimate in minutes without a hard credit check.

What we like

  • No prepayment fees, no origination fees, no late fees
  • Flexible repayment options
  • Exclusive membership perks
  • Borrow up to the total cost of attendance
  • Unemployment protection

What we don't

  • No borrowing below $5,000
  • Application process can take 4 - 6 weeks

UNDERGRADUATE LOANS: Fixed rates from 3.47% to 12.55% annual percentage rate ("APR") (with autopay), variable rates from 2.26% to 13.54 % APR (with autopay). GRADUATE LOANS: Fixed rates from 4.60% to 12.55% APR (with autopay), variable rates from 2.96% to 13.54% APR (with autopay). PARENT LOANS: Fixed rates from 4.48% to 13.05% APR (with autopay), variable rates from 2.06% to 14.04% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 06/08/2022.

Can you refinance a pharmacy school loan?

The good news is that you can refinance both a federal or private pharmacy school student loan. Student loans can be refinanced for a lower interest rate, which is helpful for those struggling to make payments. Other benefits of refinancing your pharmacy school loan are that you can save money on interest charges and reduce the loan term length.

But there are some important things to note before you take steps to refinance your pharmacy school loan:

  • Refinancing may not be an option through the federal government: Some banks will work with private lenders to refinance federal student loans, but this is not always possible. If you have private loans and have been unable to get them refinanced, it might be time to consider consolidating your debt into one loan with a federal lender.
  • You may need good credit for refinancing: Some lenders require excellent credit scores; a minimum score of 700 to refinance a student loan. If your credit score isn’t high enough, consider improving it before applying again. By paying off any late accounts and continuing to make on-time payments on all other accounts in good standing, you can improve your credit score and the odds of getting approved by a lender.

Should you refinance a pharmacy school loan?

If you’re refinancing your pharmacy school loan but are unsure if it’s the right action to take, consider the following reasons and benefits:

  • You have full-time employment and good credit: For a pharmacist, they must have a full-time job and a credit score off 600+ to even be considered eligible. Unlike some medical professionals, pharmacy student loans cannot be refinanced during a one-year or two-year post-graduate residency.
  • Lowering interest rates: One of the biggest benefits of refinancing your pharmacy school loan is that you can lower your interest rate. This may seem like a no-brainer, but it’s important to remember that every point you can save on interest payments saves you thousands of dollars over the life of your loan. In fact, for every 1% you lower your interest rate, you can save up to $100 monthly in payments!
  • Adjusting your loan terms: You may also be able to change the terms of your loan by adjusting the number of years it’s set to last or the amount you will pay each month. This can be especially helpful if you’re having trouble making payments on time or are struggling to find employment within six months after graduation.
  • Consolidating loans into one monthly payment: A consolidation loan allows you to combine all your student loans into one. This can be especially helpful if you have multiple loans with different repayment terms and interest rates because it lets you choose a single term and interest rate to apply to all of them.
  • You can save money: Refinancing is one of the easiest ways to save money on your student loans because it allows you to lower your interest rate and shorten the repayment term. This not only reduces the amount of interest you pay each month but also increases your chances of paying off the loan early and saving thousands in interest over the life of the loan.

How much can you save when refinancing a pharmacy school loan?

If you’re curious to know how much you can save with refinancing and whether it’s worth your time, it depends on some key factors. This includes your credit score and the length of time until you pay off the loan.

Here is an example:

  • Loan amount: $250,000
  • Months remaining: 120
  • Interest rate: 5%
  • Monthly payment: $2,652
  • Lifetime costs: $318,197

Based on the above scenario, if you refinance at a 3% rate, your monthly payments will drop to $2,414 and your lifetime cost will drop to $289,682. In this case, you’ll save $238 a month and roughly $28,515 over the life of the loan.

How to refinance a pharmacy school loan

If you’ve decided to refinance your pharmacy school loan, here’s what you should consider to start the process:

  • Find out if you meet the eligibility requirements: Most lenders require that you have enrolled in school for at least one semester before you are considered eligible for refinancing. They also want to see that you have good credit and can make timely payments. However, some borrowers with less than perfect credit may still be eligible for refinancing, depending on their current situation and future potential.
  • Ask a friend or relative to co-sign the loan: Many lenders will allow you to refinance your pharmacy school loan with a co-signer if you do not meet the basic requirements. With a co-signer, you can access lower interest rates, lower monthly payments, and longer repayment terms.
  • Compare repayment terms & rates from multiple lenders: Before you begin the process of refinancing, you should thoroughly research all of your options. Comparing repayment terms and interest rates is essential for finding a lender to meets your needs. You should also find out what types of loans are available to you and how much you can afford to pay each month.
  • Request a loan estimate: You can complete an online application with each lender and compare their loan offers.
  • Submit your loan application: Once you know how much money you will need to borrow, submit an official application package with all the necessary documents and information. The lender will review your application and decide whether or not to approve your request for a new loan. Once approved, the lender will send you documents containing important information about the terms of your new student loan repayment plan and instructions on how to make monthly payments on time.

Is refinancing student loans better than consolidation?

The answer depends on your situation and we’ve provided a rundown of both options, their usefulness, and which one would be ideal for you:

  • Consolidation is best as a strategic move: Consolidating can be a smart move if you have multiple federal student loans and want to change the repayment plan or lower your interest rate. You can consolidate your loans without paying additional fees, and it makes it easier to manage and keep track of just one loan instead of several loans.
  • Student loan refinancing is best to save money: Student loan refinancing can be an excellent option if you’re looking for ways to lower your monthly payments or shorten your term length. It allows you to take out a new loan with better terms and a lower interest-rate. Refinancing is fitting for someone who wants to pay off their debt faster and doesn’t mind taking on more debt in the short term to achieve their goal.

How to choose the best pharmacy school loan refinancing option

Now that you’ve had a thorough overview on refinancing a pharmacy school loan, keep the following tips in mind when choosing the best loan refinancing option:

  • Check interest rates: The interest rate on your new loan is key to choosing the best refinancing plan for you. Shop around for loans with similar terms, such as the same repayment term and loan amounts, and slowly narrow down your options until you finalize your choice.
  • Customer service experience: Customer service should be a major consideration when choosing a pharmacy school loan refinancing provider. If you’re going through the process of refinancing your student loan, it’s important that you have someone who can help you through all the steps involved and answer your questions thoroughly.
  • Flexibility with payments and terms: Flexibility can a big plus when you need to make payments and don’t need to worry about due dates or penalties. If you’ve had trouble making payments in the past, consider a lender that offers payment modification and forbearance.
  • Additional fees: Ensure the lender doesn’t charge extra fees beyond the interest rate. Read the fine print of your agreement and terms in detail before committing myself to a new loan.