How to refinance student loans when you have multiple degrees

By Authors at Earnest | Published on October 21, 2025

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If you’ve pursued multiple degrees, whether they’re advanced graduate degrees, professional degrees, or a combination, you may be facing a larger-than-average student loan balance. Refinancing your student loans when you have multiple degrees may be the key to paying down debt faster.

Here’s everything you need to know.

Is it hard to get student loans refinanced?

It may seem complicated to refinance your student loans, especially when you have multiple degrees and higher loan balances. But we’re here to break it down for you – it might be easier than you think.

Refinancing¹ replaces your existing loans with a new loan at potentially lower interest rates. Lenders typically look at your credit score, income, and debt-to-income ratio to determine eligibility. If you have a strong credit profile and stable income, refinancing may be easier.

However, if your loans are large, qualifying for lower interest rates might require more financial stability and documentation.

What is the minimum credit score to refinance a student loan?

The minimum credit score required to refinance a student loan varies by lender. You can always find our current credit score requirements on our eligibility page.

Lenders often offer lower interest rates to borrowers with higher credit scores. Some lenders may allow refinancing with lower credit scores, though you may face higher interest rates or stricter terms. You might also need a cosigner or additional financial documentation to qualify for refinancing. If your credit isn’t where you want it to be, there are a variety of steps you can take to improve your credit score over time.

In addition to credit score, lenders also consider income, employment history, and debt-to-income ratio when evaluating eligibility.

How to refinance student loans when you have multiple degrees

Since borrowers with multiple degrees often carry substantial loan balances, refinancing can help lower monthly payments, reduce the total interest paid over time, and simplify your payments with one monthly due date².

However, it’s essential to weigh the pros and cons of refinancing. Remember that when you refinance student loans, you’ll lose access to federal protections, such as income-driven repayment plans or forgiveness programs. Here’s what you need to do to refinance your student loans from multiple degrees.

1. Gather documentation on your student loans

Start by gathering all information about your loans. You will need the loan amounts, interest rates, and loan servicer information. You may also need your current credit score, proof of income, and driver’s license or government-issued I.D., depending on the lender’s requirements.

2. Shop for lenders

Research private lenders that specialize in refinancing graduate student loans. Compare interest rates, repayment terms, and borrower benefits (e.g., flexible repayment options or no fees) to find the best deal.

3. Prequalify

Many lenders offer a prequalification process where you can check your potential interest rate without a hard credit inquiry. Use this to compare rates from multiple lenders and understand what you’re eligible for. Prequalifying won’t affect your credit score, giving you a clearer picture of your refinancing options.

4. Apply

Once you’ve selected a lender, complete the online application process. Provide all necessary documents, including proof of income and loan information. Select repayment terms that fit your financial goals, whether that’s a shorter repayment period for lower interest costs or a longer term for lower monthly payments.

5. You may need a cosigner

If your credit score or income isn’t strong enough to meet lender requirements, a creditworthy cosigner—such as a parent or spouse—can boost your chances of approval. Cosigners help make your application look better because they can prove financial stability.

The cosigner you choose should be someone who has a strong credit profile, stable income, and low existing debt. They should also be willing to take on the responsibility of the loan if you default.

6. Sign and monitor

Ensure all terms, including interest rate, repayment plan, and loan length, are acceptable to you and your co-signer (if applicable) before signing. After refinancing, track your loan status and continue making payments on time until your balance transfers to the new lender.

Check your rate with Earnest today

If you’re considering refinancing your student loans, Earnest offers competitive rates and flexible terms tailored to your financial needs. With options like customized repayment plans, no fees, and the ability to prequalify with no impact on your credit score, Earnest can help you simplify your loan repayment and potentially lower your interest rates. Learn more about student loan refinancing through Earnest and check your rate for free today.

About the Author

Authors at Earnest

We are a skilled team of design, math, finance, and technology geeks who noticed a lack of trust in the financial system and decided to do something about it. We also like to write articles to help clients with any financial challenge they may face.

Disclaimer

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

1 Please note that you will lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans (an example of which is the SAVE plan), Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan. If you file for bankruptcy, you may still be required to pay back this loan.

2 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan.