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4 Best Lenders to Refinance Vet School Loans of April 2024

Refinancing student loans may not be an option or make sense for many veterinarians.

Cecilia Clark
By
Last updated on March 1, 2023
Edited by
✅ Fact checked and reviewed
Des Toups
Edited by
✅ Fact checked and reviewed

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Best Lenders to Refinance Vet School Loans

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

Check rate
on Education Loan Finance's website
on Education Loan Finance's website
COMPARE RATES
on Credible’s website
on Credible’s website
Best for Customer service

680

5.48-8.69%

5.28-8.99%

Check rate
on Education Loan Finance's website
on Education Loan Finance's website
Nelnet Bank Student Loan Refinance

Nelnet Bank Student Loan Refinance

Check rate
on Nelnet Bank's website
on Nelnet Bank's website
5.0
/5
Best for Wiggle room with payments

Mid to High 600s

7.12-11.19%

7.60-14.50%

Check rate
on Nelnet Bank's website
on Nelnet Bank's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Check rate
on College Ave's website
on College Ave's website
5.0
/5
Best for Customized repayment terms

Mid-600s

6.99-11.99%

6.99-11.99%

Check rate
on College Ave's website
on College Ave's website
Education Loan Finance Student Loan Refinance
Check rate
on Education Loan Finance's website
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

4.5
Min. credit score

680

Fixed APR

5.48-8.69%

Variable APR

5.28-8.99%

Key facts

ELFI has a maximum debt-to-income ratio of 55%.

Pros
  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.
Cons
  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $10,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Read Full Review
Nelnet Bank Student Loan Refinance
Check rate
on Nelnet Bank's website
on Nelnet Bank's website
Nelnet Bank Student Loan Refinance

Nelnet Bank Student Loan Refinance

Min. credit score

Mid to High 600s

Fixed APR

7.12-11.19%

Variable APR

7.60-14.50%

Key facts

Nelnet Bank has a maximum DTI of 45% for borrowers without a co-signer.

Pros
  • International students can apply with a co-signer who is a qualified U.S. citizen or permanent resident.
  • You can see if you'll qualify and what rate you'll get without a hard credit check.
Cons
  • Does not discharge loans in cases of death or permanent disability.
  • Doesn't allow biweekly payments via autopay.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 - $225,000.
  • Must have a degree: No.
Available Term LengthsMultiple term options
DisclaimerLowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. The lowest rate for each loan type requires automatically withdrawn (i.e., auto debit) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range. Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan. Your actual savings, if any, may vary based on interest rates, balances, remaining repayment terms and other factors. Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score. Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at [email protected] or 800.446.4190 to get more information. This referral partner is not the creditor of Nelnet Bank loans and may receive compensation from Nelnet Bank for the referral of Nelnet Bank loan customers. For federally-held student loans, interest (currently at 0%) will resume September 1, 2023 and payments (currently suspended) will begin, starting in October. Please be aware, refinancing your federally-held loans will disqualify them for any federally-held loan benefits such as potential debt forgiveness and the remaining payment suspension and 0% interest. Carefully consider your options.
College Ave Student Loan Refinance
Check rate
on College Ave's website
on College Ave's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-11.99%

Variable APR

6.99-11.99%

Key facts

College Ave has a maximum debt-to-income ratio of 50%, but the average ratio for approved borrowers is less than 25%.

Pros
  • You can choose any loan term between 5 and 15 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Mid-700s.
  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 1/2/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

5.79-8.24%

Variable APR

N/A

Key facts

RISLA has a maximum debt-to-income ratio of 50%. It also offers an income-based repayment program — a rarity among private lenders — making this a strong option for veterinarians concerned with their future earnings.

Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers: 748.
  • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years

Debt-to-income ratio for refinancing vet school loans

Student loan refinance lenders consider many factors when evaluating applicants, including their credit scores, financial history and debt-to-income ratio. Meeting a lender’s DTI requirements may be the biggest hurdle for some veterinarians — the average vet school debt is $183,014, yet veterinarian salaries start at an average of $76,633.

Refi lenders determine DTI by comparing your gross monthly income to your monthly debt obligations. Here’s how this would work for a veterinarian who owes $183,014 and earns $76,633:

  • Her monthly loan payments would be $1,968 on a standard, 10-year repayment plan, assuming current federal student loan interest rates.

  • Her gross monthly income would be $6,386.

  • Her DTI would be 31% (1,968/6,386) — but that’s for student loan payments alone. Including rent, utilities and other obligations could easily push that number above 50%.

» MORE: Calculate your debt-to-income ratio

If you want to refinance veterinary school loans but can’t because of your DTI, finding someone to co-sign your loan could help. If you go this route, look for a refinance lender that offers a co-signer release program — not all do.

If your DTI is manageable, compare all refi options to ensure you get the best rate possible.

Should you refinance vet school loans?

With veterinary school costs typically exceeding $200,000, the majority of students take on debt for their doctor of veterinary medicine degree. The type of loans you borrowed to pay for vet school and your employer will play a big part in whether it makes sense to refinance.

  • If you have private student loans: There’s little downside to refinancing private vet school loans if you can qualify for a lower interest rate.

  • If you have federal student loans: Government options are the best student loans for vet school because of their repayment flexibility and protections. By refinancing, you give up access to options such as Public Service Loan Forgiveness and income-driven repayment.

  • If you work for an eligible nonprofit or government agency: Don’t refinance federal student loans if you will qualify for tax-free Public Service Loan Forgiveness. Most animal hospitals are privately owned, so this may not be a concern for many veterinarians.

Which option saves you more money?

The most important federal benefit for vets will likely be income-driven repayment, which can greatly reduce monthly payments depending on how much money you earn. These plans also forgive your remaining debt after 20 or 25 years of eligible payments, but that amount is taxed.

Vets aiming for income-driven forgiveness should compare how much they’d repay overall — including taxes — to how much refinancing would cost. Let’s again consider our example veterinarian who owes $183,014 and makes $76,633:

  • By choosing income-driven repayment. She would pay $206,098 over 20 years on the Pay As You Earn, or PAYE, plan with an additional $236,795 forgiven, according to the Department of Education’s Repayment Calculator. At a tax rate of 30%, the total repaid could be roughly $277,136.

  • By refinancing vet school loans. If our veterinarian qualified for an interest rate of 5% and chose a 20-year term — typically the longest refinance lenders offer — she would repay $289,874 overall. That’s roughly $12,730 more than under income-driven repayment.

Refinancing may not make sense for this veterinarian, but your numbers will depend on your personal situation. For example, you may face a larger bill if you earn too much money to qualify for PAYE.

If you have good credit and enough income to handle the 10-year standard plan, compare refinancing on those terms as well. For example, $183,014 of debt would result in a total repaid of $255,900, assuming the current graduate PLUS loan rate of 7.08%. Refinanced at 5%, that total falls to $232,938 — a savings of nearly $23,000.

Use the Repayment Calculator and a student loan refinance calculator to determine your savings.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Last updated on March 1, 2023

To recap our selections...

NerdWallet's Best Lenders to Refinance Vet School Loans of April 2024

  • Education Loan Finance Student Loan Refinance: Best for Customer service
  • Nelnet Bank Student Loan Refinance: Best for Wiggle room with payments
  • College Ave Student Loan Refinance: Best for Customized repayment terms
  • RISLA Student Loan Refinance: Best for Repayment options
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