State-Affiliated Student Loan Refinancing

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 AuthoritiesJump 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).

*Fixed rate policies may also benefit the general public; economists blame an overabundance of variable rate mortgage loans for instigating the Great Recession of 2008.

States with Education Refinancing Programs
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
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 student loan refinancing.

To qualify for student loan refinancing, the primary borrower must be an Alaska resident. Furthermore, the borrower or co-signer must have a FICO credit score of at least 680. A minimum of $7,500 in qualifying education loans 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. An Arkansas Refinance Education Loan comes with a co-signer release and payment plan options, including a graduated repayment plan.

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. To apply, 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 with no standard fees. In order to refinance, loans must be in repayment status and in good standing.

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


INvestEd is the commercial name for the Indiana Secondary Market for Education Loans, Inc. INvestEd is a direct lender and lender marketplace; its services are only available to residents of Indiana and student borrowers who attended an Indiana University.

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 loan, medical resident, and in-school 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, zero fees, and co-signer release.

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 zero capitalized interest. Only Louisiana current residents with a FICO score of at least 690 may be eligible. Lela loans use Aspire for loan servicing.

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


MEFA is the Massachusetts Educational Financing Authority, which offers fixed rate student loan refinancing starting at $10,000. MEFA refinancing is available to all U.S. citizens and permanent residents; there is no graduation requirement.

See our review of MEFA for more information.


The Minnesota Office of Higher Education’s SELF Refi program is one of the only state-affiliated programs to offer variable rates. Refinancing starts at $10,000, and only current residents of Minnesota may be eligible. Parent loan refinancing is not available.

See our review of SELF Refi for more information.


EDvestinU is the student loan and education refinancing program from the State of New Hampshire and is part of the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network. EDvestinU recently limited eligibility to 23 states: AK, AR, CO, CT, FL, ME, MA, MI, MN, NE, NH, NJ, NY, NC, PA, PR, RI, TX, UT, VI, WA, WV, and WI.

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 on private loans (though the website indicates that federal student loan refinancing will be available after the end of the moratorium on interest and payments on May 1, 2022). Refinancing is available to state residents starting at $10,000.

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.

The DEAL Consolidation Loan is available to borrowers with DEAL Student Loans but who are not currently residents of North Dakota. Federal student loans are not eligible for a DEAL Consolidation Loan.

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.

Borrowers can refinance between $5,000 and $300,000 with co-signer release available after a minimum of four (4) years of regular qualifying payments.

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


The Rhode Island Student Loan Authority (RISLA) offers nationwide student loan refinancing at fixed rates and with multiple deferment and forbearance options. In-school and parent loan refinancing is available.

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.


  1. Alaska Commission on Postsecondary Education, Alaska Refinance Loan
  2. Arkansas Student Loan Authority, Arkansas Refinance Education Loan
  3. Connecticut Higher Education Supplemental Loan Authority, Refi CT Student Loan Refinancing
  4. INvestEd Indiana
  5. ISL Education Lending, Student Loan Refinance
  6. Aspire Servicing Center
  7. Advantage Education Loan, Advantage Refinance Loans
  8. Lela RefiHELP
  9. MEFA
  10. Minnesota Office of Higher Education, SELF Refi
  11. EDvestinU Refinancing
  12. New Jersey Higher Education Student Assistance Authority, Refi+
  13. New Mexico Educational Assistance Foundation, Refinancing
  14. Bank of North Dakota, Refinance After College
  15. Pennsylvania Higher Education Assistance Authority, PA Forward Student Loans: Refinance Loans
  16. RISLA, Student Loan Refinancing
  17. Wyoming Bar Association, Member Benefits