Best Lenders To Refinance Parent PLUS Loans Of 2025

Citizens Bank offers a refinance program specifically for parent borrowers. It’s one of the few lenders that doesn’t require the student on whose behalf the parent took out loans to have graduated.

Borrowers can also qualify for an interest rate discount of up to 0.50% if they have an existing account with the bank. (Refinancing is available nationwide, but checking and savings accounts are only available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.)

Loan terms: Five, seven, 10, 15 and 20 years.

Loan amounts: Citizens Bank has a $10,000 to $300,000 (for those with a bachelor’s degrees) or $500,000 (for those with a graduate degree) or $750,000 (for those with a professional degree).

Eligibility: Borrowers must have a bachelor’s degree or above and be a U.S. citizen, permanent resident or nonpermanent resident with a Social Security number.

Forbearance options: Citizens Bank doesn’t share forbearance options publicly. Borrowers must call to determine if payment relief is available.

Co-signer release policy: Borrowers may apply for co-signer release if they have entered full principal and interest repayment.*

*Borrowers may apply for co-signer release if they have entered full principal and interest repayment. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for co-signer release. Borrowers must complete a cosigner release application and provide income verification documents for review. The borrower must be a U.S. citizen or permanent resident (living in the US or US territories). Borrowers may apply for cosigner release once every 12 months from the previous application date. Terms and conditions apply. Note: co-signer release is not available on the Student Loan for Parents.

ELFI (formally Education Loan Finance) offers a student loan refinance product specifically for parents. The student on whose behalf you borrowed must have graduated from a participating school. Qualifying students also have the option to refinance parent loans as part of their own refinance application.

Parents can refinance no less than $10,000, which is a higher limit than other lenders require. But ELFI’s rates are comparatively low, and the company limits parent refinance loan terms to 10 years, which can help borrowers ensure they get the most interest savings possible.

Loan terms: Five, seven, 10, 15, or 20 years

Loan amounts available: $10,000 minimum; no limit for borrowers that meet the highest eligibility requirements.

Eligibility: The student must have earned a bachelor’s degree from an eligible school. The primary refinance borrower must have a credit score of 680 or higher and an annual income of at least $35,000 per year.

Forbearance options: Up to 12 months of forbearance available

PenFed, short for Pentagon Federal Credit Union, offers student loan refinancing through a partnership with Sparrow, an online-only student loan provider. Students can refinance their parent’s loans and take on repayment responsibility, or parents can refinance their own loans.

You’ll have to become a member of PenFed Credit Union in order to refinance once you’ve been preapproved for a loan, but there are no restrictions on membership for refinance customers and there’s a nominal cost to join. You’ll then have access to other financial products as a PenFed member.

Loan terms: 5, 8, 12 and 15 years

Loan amounts available: $7,500 to $300,000.

Eligibility: The student must have received a bachelor’s degree. The borrower must have a minimum credit score of 700 and minimum income of $42,000 if you refinance less than $150,000. (You must use a co-signer if your credit score is 670 to 699 and your income is between $25,000 and $41,999).

If you refinance $150,000 or more, you’ll need a minimum credit score of 725 and minimum income of $50,000. (You must use a co-signer if your credit score is 670 to 724 and your income is $25,000 to $49,999).

Forbearance options: PenFed does not disclose a specific forbearance limit, but borrowers seeking repayment help have the option to receive temporary (six months or less) or permanent hardship assistance based on their circumstances. After filling out an application for assistance, PenFed says it will provide a personalized solution.

Through Laurel Road, parents can refinance student loans they borrowed, or students can take on responsibility for their parent’s loans if they qualify. The student does not need to have graduated in order for a parent to refinance loans taken out on the student’s behalf. There’s no limit to the amount Laurel Road customers can refinance, which is helpful for those with a lot of parent loan debt.

But those who choose shorter repayment terms will get limited forbearance in case of an economic hardship: five months for five-year terms, seven months for seven-year terms and so on.

Loan terms: 5, 7, 10, 15 and 20 years.

Loan amounts: Up to $50,000 in loans for eligible associate degrees in the medical field; 100% of private or federal loan amount for a bachelor’s degree or higher.

Eligibility: Eligible borrowers include professionals with undergraduate or graduate degrees (and certain associate degrees) from accredited schools. Parents can also refinance student loans taken out for a student, regardless of whether the student has graduated.

Forbearance options: Laurel Road may offer up to 12 months of forbearance over the life of the loan in three-month increments.

Co-signer release policy: Borrowers may apply for co-signer release after making 36 consecutive on-time loan payments.

SoFi allows borrowers with an associate’s degree to refinance, which opens up eligibility to a wider range of applicants. (We believe the ability to refinance without a bachelor’s degree is an important feature of a refinance loan; seven of the 10 lenders on our list offer it.) Also, it’s one of four lenders on our list that does not place a limit on the amount you can refinance. It’s possible to refinance up to the total balance of your loans, which is helpful for those with a lot of debt from professional degrees.

SoFi’s rates aren’t as low as some other lenders’. But as a SoFi customer, you’ll get access to benefits like a 0.125% interest rate discount on certain additional SoFi products.

Loan terms: 5, 7, 10, 15 and 20 years.

Loan amounts: $5,000 up to total balance of eligible loans.

Eligibility: Must have at least an associate degree and have graduated or been enrolled in a degree-granting eligible school with an income or a job offer that starts within 90 days.

Co-signer release policy: SoFi® doesn’t offer co-signer release for student loan refinancing, but borrowers who qualify to refinance loans without a co-signer can do so.

*Fixed rates range from 4.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 09/18/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. 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. You may pay more interest over the life of the loan if you refinance with an extended term.

Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.

SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your “Loan”) for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount.

Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

Earnest offers several unique features, including the option to make automatic payments twice a month to accelerate repayment and the choice of any repayment term between five and 20 years⁴. It also offers a solid range of hardship repayment options beyond the standard 12 months of forbearance, such as the ability to skip⁵ one monthly bill every year.

Borrowers cannot apply with a co-signer, so you must be able to meet the credit requirements on your own. Earnest did not disclose the amount of time before unpaid loans go into default.

Loan terms: Choose any term from five to 20³. Your options may depend on your financial profile.

Loan amounts available: $5,000 ($10,000 for California residents, $10,001 for New Mexico residents) to $500,000.

Eligibility: Borrowers must have completed a degree at an eligible nonprofit school and have a minimum credit score of 665 without a co-signer. They must also meet other criteria, including having savings of at least two months’ worth of expenses, on-time payment history and no bankruptcies.

Forbearance options: Up to 12 months of forbearance available (after making three consecutive, timely payments toward the loan). Counted towards the forbearance limit, borrowers can also skip one payment every 12 months⁵ (after making six consecutive, timely payments) and get an interest rate and/or term modification in the event of long-term financial hardship.

Co-signer release policy: None

¹Terms and conditions apply. To qualify for this Earnest Bonus offer: 1) you must not currently be an Earnest client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Forbes Advisor link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed.

²Student Loan Refinance Interest Rate Disclosure:

Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.98% APR to 10.24% APR (3.73% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.

³Auto Pay Disclosure: You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

⁴Student Loan Refinance Loan Cost Examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.

⁵Skip A Payment Disclosure: Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

Loan Eligibility Criteria: Your debt is from paying for education at a Title IV accredited school. The debt is from your education or your child’s. The debt you’re refinancing is for a completed degree or one that will be completed at the end of this semester. You are currently the primary borrower on the student loans you would like to refinance, and you will remain the primary borrower after refinancing. You must reside in the District of Columbia or one of the 47 states Earnest Operations LLC is authorized to lend in (all but Delaware, Kentucky, and Nevada). This is strictly a student loan refinance product. There is no opportunity to borrow more than your outstanding qualifying student loan amount. You must be the age of majority in your state or older at the time you apply, as well as be a United States citizen or Permanent Resident Alien without conditions. Refinancing is subject to credit qualifications. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

You may lose benefits associated with your underlying federal and/or private loans if you refinance such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options. If you file for bankruptcy, you may still be required to pay back this loan.

Lender Identification: Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.

Iowa Student Loan is a nonprofit organization that makes loans to borrowers nationwide and provides scholarships to Iowa residents. You don’t need to live in Iowa in order to refinance loans through its parent Reset Refinance Loan Program. Students can’t refinance parent loans in their own names through Iowa Student Loan, but students can serve as co-signers for parent refinance borrowers. That can help students take on repayment responsibility.

Iowa Student Loan offers a rare 24-month forbearance period and a graduated repayment plan for borrowers who need lower monthly payments to start.

Loan terms: 5, 7, 10, 15 and 20 years

Loan amounts available: $5,000 to $300,000.

Eligibility: Applicants must be U.S. citizens with a FICO score of 670 or higher.

Forbearance options: Up to 24 months of forbearance available. Graduated repayment plan, in which payments start smaller and gradually increase, available to some borrowers with seven-year repayment terms and all borrowers with 10-, 15- or 20-year terms.

Navy Federal Credit Union is a national credit union that serves current and former members of the military and their families and household members (even roommates can qualify). As a member, you can open check or savings accounts, take out auto loans or mortgages or refinance parent and student loans.

Navy Federal Credit Union’s parent loan offering is available only to parents, not to students who want to take on parent loan repayment responsibility. The product comes with a generous 18-month forbearance period for those experiencing economic hardship. The maximum interest rate, however, can reach much higher than other lenders’ on our list.

Loan terms: 5, 10 or 15 years

Loan amounts available: $7,500 to $175,000.

Eligibility: Applicants must be U.S. citizens and have a monthly income of at least $2,000 and 21 months or more of credit history. Or an applicant can apply with an income of $100 a month and a co-signer with monthly income of $2,000 or more.

Forbearance options: Up to 18 months of forbearance available.