Official Student Loan Refinance Programs by State

State education authorities typically offer funding options to residents seeking postsecondary education. In some cases, this includes low-interest student loan refinancing opportunities.

National map: States with Student Loan Refinancing Authorities according to multiple sources

Jump to a state: AK | AR | CT | IN | IA | KY | LA | MA | MN | MS | NH | NJ | NM | ND | PA | RI | SC | VT

State-Affiliated Student Loan Refinancing

The benefits of using a state-affiliated refinance lender include transparency and accountability. State-affiliated nonprofits tend to prioritize the borrower.

For example, financial experts warn against variable annual percentage rates (APRs) for long-term loans due to market unpredictability, which is riskier for borrowers*. In response, these state-affiliated nonprofit lenders usually offer fixed rates only.

The Education Data Initiative has reviewed refinancing for multiple states in-depth, including Indiana, Iowa, Kentucky, Massachusetts, Minnesota, New Hampshire, Rhode Island, and South Carolina.

Private companies with limited eligibility are not necessarily state-affiliated. For example, private refinance lender Brazos offers services to Texas residents only (including certain visa holders).

State-Affiliated Non-Profit Refinance Lender
State Association	Refinancing Program	Location Eligibility Requirement
Alaska Commission on Postsecondary Education	Alaska Refinance Loan	Current Alaska residence
Arkansas Student Loan Authority	Arkansas Refinance Education Loan	Current Arkansas residence
Connecticut Higher Education Supplemental Loan Authority	Refi CT	Current Connecticut residence unless refinancing CHESLA loans
Indiana Secondary Market for Education Loans, Inc.	INvestEd	Current Indiana residence unless refinancing loans used to attend a qualifying Indiana institution
Iowa Student Loan Liquidity Corporation	ISL Education Lending	U.S. citizenship or permanent residents and current U.S. residence (including APO and FPO addresses)
Kentucky Higher Education Assistance Authority (KHEAA)	Advantage Refinance Loans	U.S. citizenship or permanent residence
Louisiana Education Loan Authority	Lela RefiHELP	Current Louisiana residence
Massachusetts Educational Financing Authority	MEFA REFI®	U.S. citizenship or permanent residence
Minnesota Office of Higher Education	SELF Refi	Current Minnesota residence (#10)
New Hampshire Higher Education Loan Corporation (NHHELC)	EDvestinU	Current residence in any of 48 states (excluding California and Washington)
New Jersey Student Financial Aid Higher Education Student Assistance Authority	Ref+ Loan	Current New Jersey residence
New Mexico Educational Assistance Foundation	NMEAF Refinance Loan	Current New Mexico residence
North Dakota	Deal ONE Loan	Current North Dakota residence unless consolidating DEAL loans
Pennsylvania Higher Education Assistance Agency	PA Forward Refinance Loan	U.S. citizenship or permanent residence and current residence in PA or an approved neighboring state
Rhode Island Student Loan Authority	RISLA Refinance	Primary borrowers must have U.S. citizenship or permanent residence
South Carolina Student Loan Corporation	PAL ReFi	South Carolina residents and alumni of South Carolina institutions who have U.S. citizenship or permanent residence
Vermont Student Assistance Corporation	VSAC Student Loan Refinance	U.S. citizenship or permanent residence

Alaska Refinance Loan

The Alaska Commission on Postsecondary Education offers financial aid to state residents, including fixed-rate student loan refinancing. To qualify for an ACPE Education Refinance Loan (REFI), borrowers must meet eligibility requirements:

The primary borrower must be either an Alaska resident, or
- a previous ACPE borrower, cosigner or beneficiary, or
- have graduated from an Alaska high school or postsecondary institution.
Primary borrower or co-signer must have a FICO credit score of at least 680.
A minimum of $7,500 in qualifying education loans (in good standing) is required to refinance.
The borrowing limit is $250,000, but borrowing more than $125,000 requires a debt-to-income ratio of 45% or lower.
ACPE’s lowest fixed rate as of this writing is 4.85% for a 5-year term; the highest fixed rate is 7.50% for a 15-year term.

For more information or to apply for an Alaska Refinance Loan, click here.

Arkansas Refinance Education Loan

The Arkansas Student Loan Authority offers fixed-rate student loan refinancing to its residents. ASLA offers an interest rate reduction when borrowers sign up for automatic payments. Co-signer release is available. Borrowers may also apply for loan deferment, forbearance, and graduated repayment plans.

Arkansas Refinance Education Refinance Loan servicing is provided by Aspire Servicing Center, which is the for-profit arm of Iowa Student Loan/ISL Education Lending.

Primary borrowers and co-signers must be U.S. citizens or permanent U.S. residents.
The primary borrower or co-signer must have a FICO credit score of at least 660 and a maximum DTI of 50% (excluding mortgage or rent, 35%).
Borrowers must refinance at least $5,000 in qualifying education loans but no more than $250,000.
ASLA’s lowest fixed rate as of this writing is 3.25% (including a 0.25% interest rate reduction for auto-debit) for a 5-year term.
The highest fixed rate available is 7.50% for a 15-year term.
Co-signer release is available after 48 consecutive monthly payments.

For more information or to apply for an Arkansas Refinance Education Loan, click here.

Refi CT

The Connecticut Higher Education Supplemental Loan Authority (CHESLA) offers student loan refinancing at fixed rates for terms of 5, 10, or 15 years.

Primary borrowers must be must be a CT resident, or a resident of Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont and refinancing a CHESLA loan.
Co-signer must be a resident of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, or Vermont.
Refinancing is available for between $5,000 and $125,000 in school-certified education loans.
CHESLA’s lowest fixed rate as of this writing is 4.74% (including a 0.25% interest rate reduction for auto-debit) for a 5-year term.
The highest fixed rate available is 7.74% for a 15-year term.

For more information or to apply for Refi CT, click here.

INvestEd

INvestEd is the commercial name for the Indiana Secondary Market for Education Loans, Inc. Primary borrowers must be residents of Indiana or attend(ed) an Indiana university and meet several other requirements:

See our review of INvestEd’s for more information.

ISL Education Lending

Formerly Iowa Student Loan, ISL Education Lending provides loans and refinancing services nationwide. In addition to their Reset Refinance Loan, ISL offers parent, medical residency, and in-school loan refinancing. ISL’s parent company is the Iowa Student Loan Liquidity Corporation (ISLLC); Aspire is ISL’s for-profit subsidiary.

See our review of ISL Education Lending for more information.

Advantage Refinance Loan

The Kentucky Higher Education Student Loan Corporation offers nationwide refinancing through Advantage Education Loan. Refinancing starts at $7,500. The benefits of an Advantage Refinance Loan include a graduated repayment plan and co-signer release eligibility after 12 months.

See our review of Advantage Refinance Loans for more information.

Lela RefiHELP

The Louisiana Education Loan Authority, a division of the Louisiana Public Facilities Authority, offers fixed-rate refinance loans with no capitalized interest.

Only current residents of Louisiana are eligible.
Borrowers (or co-signers) must have a FICO score of at least 690.
A minimum annual income of $25,000 and a maximum debt-to-income ratio of 40% are also required to qualify.
Borrowers must refinance between $5,000 and $175,000 in eligible education loans.
Lela’s lowest fixed rate as of this writing is 3.25% (including an interest rate reduction for auto-debit) for a 5-year term.
The highest fixed rate available from Lela refinancing is 7.03% for a 15-year term.

For more information or to apply for Lela RefiHELP, click here.

MEFA

MEFA is the Massachusetts Educational Financing Authority, which offers fixed-rate student loan refinancing with no graduation requirement starting at $10,000. There is no graduation requirement, and no income requirement is specified.

See our review of MEFA for more information.

SELF Refi

The Minnesota Office of Higher Education’s SELF Refi program is one of the only state-affiliated programs to offer variable rates. Income requirements are flexible. Only current residents of Minnesota are eligible.

See our review of SELF Refi for more information.

EDvestinU

EDvestinU is the student loan and education refinancing program from the State of New Hampshire. It is part of the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network. EDvestinU recently limited eligibility to 19 states and Puerto Rico. Residents of New Hampshire may be eligible for reduced finance charges.

See our review of EDvestinU for more information.

Refi+ Loan

New Jersey FAMS Higher Education Student Assistance Authority offers NJCLASS Loan Consolidation and a Refi+ Loan Program. Eligibility requirements vary between the programs; those listed below are for Refi+.

Primary borrowers must be current New Jersey residents, or
- a New Jersey resident at the time of each underlying Federal Parent PLUS and/or Private Educational Loan was obtained.
- Attended a NJ school with the proceeds of each Federal Parent PLUS and/or Private Educational Loan being refinanced.
Eligibility depends on an undisclosed minimum FICO score.
Borrowers must refinance at least $5,000 in eligible education loans.
The lowest Refi+ fixed rate as of this writing is 7.50% for a 10-year term.
The highest fixed rate available from Lela refinancing is 8.50% for a 15-year term.

For more information or to apply for a Refi+ Loan, click here.

NMEAF Refinancing

The New Mexico Educational Assistance Foundation offers refinancing at fixed rates for private loans only. NMEAF offers flexible repayment plans.

Primary borrowers must be current New Mexico residents.
A minimum $50,000 annual income is necessary to qualify.
Borrowers must refinance between $10,000 and $200,000 in eligible education loans.
Fixed rates as of this writing are between 4.86% (including a rate reduction for auto-pay) for a 5-year term and 5.86% for a 20-year term.

For more information or to apply for NMEAF Refinancing, click here.

DEAL One Loan

The North Dakota State Government offers student loan refinancing through the state-owned Bank of North Dakota.

The DEAL One Loan is exclusive to North Dakota residents.
Borrowers must refinance at least $1,000.
Fixed and variable rates as of this writing start at 6.39% and 5.21%, respectively.

For more information or to apply for a DEAL One Loan, click here.

PA Forward Refinance Loan

The PA Forward Refinance Loan is available to student borrowers in Pennsylvania or in any one of seven (7) approved neighboring states: Delaware, Maryland, New Jersey, New York, Ohio, Virginia, and West Virginia.

See our review of PA Forward for more information.

RISLA

The Rhode Island Student Loan Authority (RISLA) offers nationwide student loan refinancing at fixed rates and with multiple deferment and forbearance options. Among all of our reviewed refinance lenders, the Education Data Initiative rates RISLA the highest.

See our review of RISLA for more information.

PAL ReFi

The South Carolina Student Loan Corporation (est. 1973) offers refinancing to U.S. citizens and permanent residents who are either current residents of South Carolina or alumni of South Carolina institutions.

See our review of PAL ReFi for more information.

VSAC Student Loan Refinance

Vermont Student Assistance Corporation offers student loan refinance options with fixed interest rates only for terms of 5, 10, 15, or 20 years.

With a relatively high minimum loan of $10,000, students can refinance up to $250,000.
Co-signers are allowed but there is no release clause.
Fixed interest rates start at 4.25% (including 0.25% interest rate reduction for automatic payments) as of this writing; maximum APR is 9.45% for 20 years.
Application requires proof of income and cost-of-living details, indicating there is an undisclosed debt-to-income limit.

For more information or to apply for a VSAC Refinance Loan, click here.

Other State-Affiliated Education Refinancing

Some states have approved student loan refinancing programs but never activated those programs. For example, the State of Washington theoretically has its own student loan refinancing program as authorized by the state legislature. It is unclear, however, if this project has ever been funded.

Residents of states that don’t offer refinancing through an education authority may still be able to find refinancing options through state-affiliated or state-specific authorities. The Wyoming Bar Association, for example, offers its members special refinancing terms through ELFI. See our review of ELFI for more information.

Other Education Financing State Programs

Most states also offer student loan forgiveness programs; note, however, that these programs may require an up-front agreement.

Other state education financing options may include scholarships and grants.