Refinancing for Veterinary
Professionals

Refinancing may be a good fit for borrowers who have higher-interest student loans and can qualify for a lower rate through a private lender.

This can include borrowers with private student loans whose current interest rates are higher than the rates available through refinancing. Lowering your rate could reduce the amount of interest you pay over the life of the loan, lower your monthly payment, or both, depending on the new loan term you select.

Borrowers with federal student loans may also be good candidates if they have higher interest rates and do not expect to benefit from federal programs such as Public Service Loan Forgiveness (PSLF) or income-driven repayment. Refinancing can be particularly worth exploring for borrowers with strong income and credit who plan to repay their loans in full and can qualify for meaningfully better terms.

You also don't have to refinance all of your student loans. You can choose which individual loans or balances to refinance while leaving others unchanged.

Important: Refinancing federal student loans with a private lender permanently converts those loans into private loans. You may lose federal benefits and protections, including income-driven repayment plans, Public Service Loan Forgiveness, certain deferment and forbearance options, and other federal borrower protections. Private refinancing terms, eligibility requirements, and borrower protections vary by lender. Student loans are also generally difficult to discharge in bankruptcy.

Before refinancing, carefully compare the potential savings with any benefits or protections you would be giving up. This information is for educational purposes only and is not financial advice. Consider your individual circumstances and, when appropriate, consult a qualified financial professional before making a decision.

Usually after people refinance a loan, we hear “why was that so easy?” The truth is that the process is fairly straightforward.

On a basic level, you're taking out a new loan to pay off your old loan.

The likely culprit: home mortgage refinance – between closing costs, cash-out refinancing that involves moving other debt around, and potential loss of protections, this cousin of student loan refinance gives all refinance a bad rep.

In contrast, student loan refi through Juno doesn’t have any fees involved, and is basically a straight 1:1 refinance – that means you can only get a new loan covering the cost of your existing student debt.
That means that you can’t borrow more than what you already owe. Student loan refi typically doesn’t involve collateral, unlike home mortgage refi where your house can be foreclosed on if you don’t pay your mortgage bills.
As always, please consult a financial advisor for additional context.

Remember, refinancing private student loan debt typically doesn’t result in the loss of protections; refinancing federal student loan debt can result in the loss of certain protections (income-driven repayment, forbearance options, etc).
You can always pick and choose what you’d like to refinance without affecting all your loans.

Rates change over time, so it is always worth checking what rates are available to you. Plus, don’t forget that you have the option to refinance multiple times. Some of our members refinance their loans once a year if they can get a better rate.

Yes! All of our partners allow you to refinance Parent PLUS loans. Sometimes people want to change the name of the loan holder. Depending on the partner, it may be possible to refinance the loan into your child’s name. Individual results may vary.

With Earnest, you can only refinance loans already in your name as the primary borrower. If your parent is the primary borrower, the original lender may be able to transfer the loan from the parent to you, and then Earnest can refinance in your name.

It is possible to refinance a Parent PLUS loan into your child’s name with SoFi, but your child must apply. Please contact their Customer Support to learn more.

Laurel Road does allow you to refinance a Parent PLUS directly into your name.