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3 Best Dental School Loan Refinance Lenders of November 2024

Dentists who have good credit and won't use federal loan benefits are prime candidates for student loan refinancing.

Last updated on July 2, 2024
Written by 
Cecilia Clark
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Karen Gaudette Brewer
Lead Assigning Editor
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Lead Assigning Editor
Fact Checked

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Best Dental School Loan Refinance Lenders

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
SoFi Medical Professional Refinancing

SoFi Medical Professional Refinancing

Check rate
on SoFi's website
on SoFi's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Refinancing during residency

None

3.99-9.99%

5.99-9.99%

Laurel Road Student Loan Refinance

Laurel Road Student Loan Refinance

Check rate
on Laurel Road's website
on Laurel Road's website
4.0
/5
Best for Refinancing during residency + Refinancing after residency

680

4.99-8.90%

5.29-9.20%

Check rate
on Laurel Road's website
on Laurel Road's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Read review
4.5
/5
Best for Refinancing after residency

Mid-600s

6.99-13.99%

6.99-13.99%

Our pick for

Refinancing during residency

Refinancing can save you money while you’re earning less as a resident, but your balance may increase by the time your residency ends.

SoFi Medical Professional Refinancing
Check rate
on SoFi's website
on SoFi's website
SoFi Medical Professional Refinancing

SoFi Medical Professional Refinancing

4.5
Min. credit score

None

Fixed APR

3.99-9.99%

Variable APR

5.99-9.99%

Key facts

Minimum payment during residency: $100/month.

Pros
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Dedicated Student Loan Debt Specialist available for borrowers.
Cons
  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
Qualifications
    Available Term Lengths5, 7, 10, 15, 20 years
    DisclaimerWith all discounts. Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.25% direct deposit discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.25% direct deposit 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 10/4/24 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. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay and Direct Deposit are not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term. 0.25% Direct Deposit Discount: Terms and conditions apply. Offer good for Student Loan Refinance (SLR) borrowers that apply for a new SLR on or after 9/17/2024. To be eligible to receive the 0.25% interest rate reduction offer: You must (1) Complete a Student Loan refinance application with SoFi beginning September 17, 2024; (2) Be approved by SoFi for the loan meeting all SoFi’s underwriting criteria; (3) Have either an existing SoFi Checking and Savings account, a SoFi Money cash management account or open a new SoFi Checking and Savings account within 30 days of funding the new loan, AND receive a direct deposit of at least $1,000 to the account within the first 30 days of funding the new loan ("Direct Deposit Account"); (4) Be the primary SLR account holder. If eligible at SoFi’s sole discretion, you will receive this discount during periods in which you have received direct deposits of at least $1,000 every 30 days to a Direct Deposit Account. This discount will be removed during periods in which SoFi determines you have not received at least $1,000 every 30 days in direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to obtain a Loan. This discount lowers your interest rate but does not change the amount of your monthly payment. SoFi reserves the right to change or terminate this Rate Discount Program to unenrolled participants at any time without notice.
    Read Full Review
    Laurel Road Student Loan Refinance
    Check rate
    on Laurel Road's website
    on Laurel Road's website
    Laurel Road Student Loan Refinance

    Laurel Road Student Loan Refinance

    Min. credit score

    680

    Fixed APR

    4.99-8.90%

    Variable APR

    5.29-9.20%

    Key facts

    Minimum payment during residency: $100/month.

    Pros
    • You can refinance parent PLUS loans in your name.
    • Refinancing available for medical and dental residents.
    • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
    Cons
    • Payment postponement isn’t available if borrowers return to school.
    Qualifications
    • Typical credit score of approved borrowers or co-signers: Did not disclose.
    • Loan amounts: $5,000 up to your total outstanding loan balance.
    • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
    Available Term Lengths5, 7, 10, 15 or 20 years
    DisclaimerFull Laurel Road Disclaimers. Rates as of 9/25/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2024 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.

    Our pick for

    Refinancing after residency

    Laurel Road Student Loan Refinance
    Check rate
    on Laurel Road's website
    on Laurel Road's website
    Laurel Road Student Loan Refinance

    Laurel Road Student Loan Refinance

    Min. credit score

    680

    Fixed APR

    4.99-8.90%

    Variable APR

    5.29-9.20%

    Key facts

    Laurel Road offers a 0.25 percentage point interest rate discount for American Dental Association members, on top of special pricing to dentists. The latter is not a set interest rate discount, but rates may be lower than what the lender advertises.

    Pros
    • You can refinance parent PLUS loans in your name.
    • Refinancing available for medical and dental residents.
    • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
    Cons
    • Payment postponement isn’t available if borrowers return to school.
    Qualifications
    • Typical credit score of approved borrowers or co-signers: Did not disclose.
    • Loan amounts: $5,000 up to your total outstanding loan balance.
    • Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
    Available Term Lengths5, 7, 10, 15 or 20 years
    DisclaimerFull Laurel Road Disclaimers. Rates as of 9/25/24, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2024 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.
    College Ave Student Loan Refinance

    College Ave Student Loan Refinance

    Min. credit score

    Mid-600s

    Fixed APR

    6.99-13.99%

    Variable APR

    6.99-13.99%

    Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
    Pros
    • You can choose any loan term between 5 and 20 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. (1)All rates include the auto-pay 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. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)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. Information advertised valid as of 10/08/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.

    Should you refinance dental school loans?

    The best reason to refinance dental school loans is to save money. When you refinance, your loans are replaced with a new loan with new terms, which typically include a lower interest rate. There are no origination or hidden fees.

    Say you refinance $296,500 — the average dental school debt for the class of 2023 — from an 8% APR to a 5% APR. You’d save about $452 a month and roughly $54,303 over 10 years.

    Saving that much interest probably sounds pretty good. But refinancing won't be the right dental school loan repayment option for everyone.

    If you have federal loans, refinancing will cost you benefits like income-driven repayment plans and Public Service Loan Forgiveness. You may want or need these options, depending on your career goals. For example, if you plan to work for a nonprofit that provides dental care to those in need, you'll probably want to pursue PSLF.

    But federal benefits could also be important in less obvious situations. Say you want your own dental practice, for instance. An income-driven plan could cost you the least each month, giving you the financial flexibility needed to open or purchase a practice, as well as to manage start-up or operational expenses.

    These aren't issues with private loans, as they lack similar repayment benefits. If you already have private dental school loans, refinancing makes sense whenever you can qualify for a better rate. Refinancing also makes sense if your primary repayment goal is to save on interest, pay off loans fast or both.

    When to refinance dental school loans

    If you’re doing a dental residency and want to refinance at some point, you generally have two choices: refinance during or after residency.

    Refinancing during your residency

    • If your residency program offers a stipend: You can consider refinancing during residency. Two student loan refinance lenders — SoFi and Laurel Road — allow you to refinance as a resident and pay as little as $100 a month during your training. Alternatively, if you have federal student loans, you could enter an income-driven repayment plan during residency and refinance afterwards, when your income is higher.

    • If your residency program charges tuition: Refinancing during residency may not be an option. With SoFi, dentists must prove that they’re not taking on additional debt to cover residency tuition. You may be able to defer dental school loan payments during residency, but interest will still accrue. Revisit refinancing once you’re employed.

    Keep in mind that your loan balance will likely increase during residency. Whether you’re on income-driven repayment or paying $100 per month after refinancing, your payments likely won’t cover the interest as it accrues.

    Refinancing dental school loans after residency

    Dental school loan refinancing once you're practicing is a smart move if you have:

    • Good credit. You need a score at least in the high 600s to qualify.

    • Strong income. Dentistry is a high-paying profession.

    • Private dental school loans. If you refinanced during your residency, you can refinance again.

    • Clear career goals. Consider refinancing federal loans if you don’t plan on needing income-driven repayment or working in the public sector.

    How to refinance dental school loans

    Compare refinance lenders to find the one that’ll offer you the lowest rate, and look for special deals for dentists. For example, members of the American Dental Association get a 0.30% interest rate discount for refinancing through Laurel Road, while members of the American Association of Orthodontists can get 0.25% off their interest rate by refinancing with SoFi.

    Also, pay attention to lenders’ loan limits. A few lenders will refinance as much student debt as you have, a couple refinance up to $500,000 and others will refinance up to $200,000. But some lenders have loan limits that may be too low for the average dentist.

    STUDENT LOAN REFINANCE RATINGS METHODOLOGY

    Our survey of more than 26 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 July 2, 2024

    Frequently asked questions

    • You can refinance dental school loans during residency, if you're doing one, or after you complete the program. SoFi and Laurel Road offer student loan refinancing to residents.

    • Savings depend on your current loan terms. But refinancing $296,500 — the average dental school debt for the class of 2023 — from an 8% APR to a 5% APR, you’d save about $452 a month and roughly $54,303 over 10 years.

    • Dentists should check a student loan refinance lender’s loan limits. While some will refinance all your debt, others may limit you to $200,000 or $500,000, which may not be enough for some dentists.

    • Refinancing dental school loans to a lower interest rate or shorter repayment term can help you pay them off faster. Don’t refinance if you need federal loan benefits, like income-driven repayment.

    To recap our selections...

    NerdWallet's Best Dental School Loan Refinance Lenders of November 2024

    • SoFi Medical Professional Refinancing: Best for Refinancing during residency
    • Laurel Road Student Loan Refinance: Best for Refinancing during residency + Refinancing after residency
    • College Ave Student Loan Refinance: Best for Refinancing after residency
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