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 | MO | MT | NH | NJ | NM | ND | PA | RI

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, and Rhode Island.

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

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 an Alaska resident.
Primary borrower must be 1) a previous borrower, 2) cosigner or 3) beneficiary of an education loan with ACPE.
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.

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.

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 either be current residents of Connecticut or refinance loans originated by CHESLA.
Refinancing for between $5,000 and $125,000 in school-certified education loans is available.
Loans must be in repayment status and in good standing.

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:

Without a co-signer, the primary borrower must have a minimum credit score of 670.
Borrowers must have a minimum annual income of $36,000.
A maximum debt-to-income ratio of 40%-50% is also required.

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.

Primary borrowers must have at least $5,000 to refinance.
While there is no minimum income disclosed, the maximum debt-to-income ratio is 40%-45% (including rent or mortgage payments).
In-school borrowers must have a minimum TransUnion FICO Score 8 of 660; all other borrowers must have a 670 minimum score.

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.

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.
With a co-signer, borrowers may have a minimum credit score of 650 and a debt-to-income ratio of up to 60%.
At least 60 days of steady employment is required (unless using a co-signer).

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. Refinancing is available to current New Jersey residents in 10- and 15-year terms. The minimum balance is relatively high at $30,000.

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. Borrowers must have a $50,000 annual income to qualify.

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 Bank of North Dakota. The DEAL One Loan is exclusive to North Dakota residents, and it can include federal as well as private student loans.

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.

Other State-Affiliated Education Financing Options

Residents of states that don’t offer refinancing through an education authority may still be able to find state-affiliated refinancing options.

The Wyoming Bar Association, for example, offers its members special refinancing terms through ELFI. See our review of ELFI for more information.

State education financing options may also include scholarships and grants. Most states offer student loan forgiveness programs; note, however, that these programs may require an up-front agreement.