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Earning a doctorate signifies reaching the highest level of academic achievement in your field — but it’s also one of the most expensive academic paths you can take. Costs vary widely by field, program type, and whether funding is available. Some doctoral students pay very little out of pocket, while others graduate with significant debt.

Below, we break down the average cost of a doctorate degree, what you’ll pay by program type, and whether the investment is worth it.

Average Cost of a Doctorate Degree

For the 2024-25 academic year, the average tuition cost for a doctoral program was $12,116 at a public in-state university and $21,110 at a private institution, according to the National Center for Education Statistics (NCES).

Once you add in additional fees and living expenses, the average cost of a Ph.D is around $49,500. Over four to eight years, the total can range from $198,000 to $396,000.

However, the average cost of a doctorate degree can be misleading. Research-focused Ph.D. programs are often partially or fully funded, while professional doctorates are typically self-funded. In addition, programs such as medicine and law can cost significantly more than the average doctoral degree.

💡 Quick Tip: You can fund your education with a competitive-rate, no-fees-required private student loan that covers up to 100% of school-certified costs.

Cost by Type of Doctorate Program

Different types of doctoral degrees come with very different price tags due to differences in tuition rates, funding availability, and program length.

Ph.D. (Doctor of Philosophy)

A Doctor of Philosophy is a research-focused degree designed to train students to generate, integrate, and apply new knowledge. A Ph.D. typically follows a bachelor’s or master’s degree, takes about four to seven years to complete, and often leads to careers as university professors or researchers.

How much does a PhD cost? According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $11,244

•   Average total tuition at a public in-state university: $44,976 – $78,708

•   Average annual tuition at a private university: $20,110

•   Average total tuition at a private university: $80,440 – $140,770

Ed.D. (Doctor of Education)

A Doctor of Education is a professional doctorate often pursued by educators and administrators. Unlike a research-focused Ph.D., the Ed.D. emphasizes practical application and typically takes about two years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $24,338

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $46,060

DBA (Doctor of Business Administration)

A Doctor of Business Administration is designed for experienced professionals — often those who have an MBA — who want to apply research to solve real-world business challenges. The DBA focuses on leadership, strategy, and applied research and typically takes about three years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $36,507

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $69,090

DNP (Doctor of Nursing Practice)

The Doctor of Nursing Practice is the highest clinical degree in nursing. It prepares advanced practice nurses — including nurse practitioners (NPs), clinical nurse specialists (CNSs), and registered nurse anesthetists (CRNAs) — to lead improvements in patient care by translating research into practice. A DNP typically takes three to five years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $36,507 – $60,845

•   Average annual tuition at a private university: $23,030

•   Average total tuition at a private university: $69,090 – $115,150

Psy.D. (Doctor of Psychology)

A Doctor of Psychology is a professional doctorate focused on training clinicians to assess, diagnose, and treat mental health issues through direct practice. After earning a bachelor’s degree, a Psy.D. generally takes an additional four to six years to complete.

According to the latest NCES data (2024-25):

•   Average annual tuition at a public in-state university: $12,169

•   Average total tuition at a public in-state university: $48,676 – $73,014

•   Average annual tuition at a private university: $23,030

•   Average total tuition cost at a private university: $92,120 – $138,180

JD/MD (Professional Doctorates)

The Juris Doctor (JD) and Doctor of Medicine (MD) are professional degrees required to practice law or medicine in the U.S. While they are doctoral-level credentials, they are practitioner-focused rather than research-based.

A JD takes three years to complete, while an MD requires four years of medical school followed by a multi-year residency.

According to the latest NCES data (2024-25):

JD (Law Degree)

•   Average total tuition at a public in-state university: $36,507

•   Average total tuition at a private university: $69,090

MD (Medical Degree)

•   Average total tuition at a public in-state university: $48,676

•   Average total tuition at a private university: $80,120

Recommended: Applying for Graduate School: Tips for Success

Other Expenses to Consider

Tuition is only one part of the total cost of earning a doctorate. Common additional costs and expenses include:

•   University fees: $4,065 – $5,538

•   Housing and food: $15,700 – $23,500

•   Books and supplies: $1,250 – $1,800

•   Personal expenses: $2,750 – $5,000

How Long Does It Take to Earn a Doctorate?

The time required to earn a doctoral degree varies by field and program type. Below is an overview of typical timelines for full-time study:

Doctoral Degree	Average Years of Study
Ph.D. (Doctor of Philosophy)	4-7
Ed.D. (Doctor of Education)	2
DBA (Doctor of Business Administration)	3
DNP (Doctor of Nursing Practice)	3-5
Psy.D. (Doctor of Psychology)	4-6
JD (Juris Doctor)	3
MD (Doctor of Medicine)	4 (plus 3-7 year residency)

In general, longer programs result in higher total costs — especially if you’re unable to earn full-time income while enrolled.

Financial Aid and Funding Options

Figuring out how to pay for graduate school can be challenging, but doctoral students have several funding options available. In fact, up to 85% of doctoral students receive financial assistance, such as fellowships, scholarships, grants, or teaching assistantships.

Here’s a look at some common ways doctoral students pay for school:

•   Teaching assistantships: Teaching assistants (TAs) work alongside professors in support roles in exchange for compensation. TAs may receive hourly pay, stipends, tuition remission, and/or course credit.

•   Research assistantships (RAs): Research assistants (RAs) also provide support to professors, but rather than grading papers or leading small groups, they help with research-related tasks. RAs may receive hourly pay, stipends, tuition remission, and/or course credit.

•   Fellowships, scholarships, and grants: These awards may be based on academic merit or financial need and may cover tuition, living expenses, books/supplies, and research costs.

•   Federal student loans: While Grad PLUS loans will no longer be available to new borrowers starting July 2026, doctoral students can still use Federal Direct Unsubsidized Loans. These loans are not need-based and offer access to federal repayment programs. However, they come with annual and aggregate borrowing limits.

•   Private student loans: Offered by banks, credit unions, and online lenders, private graduate student loans can help cover educational costs that financial aid and federal loans might not fully reach. Private loans typically require a credit check, so if you have limited credit, you may need a cosigner to get approved for the lowest rates. As you build your credit profile after graduation, you may be able to remove your cosigner through student loan refinancing.

Tips to Lower the Cost of a Doctorate

Although earning a doctorate can be expensive, smart planning can significantly reduce out-of-pocket costs. Here are some strategies to consider:

•   Choose funded or partially funded programs: Many Ph.D. programs offer funding packages that include tuition waivers, stipends, and health insurance in exchange for teaching or research work. Even professional doctorates may offer scholarships or reduced tuition for strong applicants.

•   Attend a public university: Public universities typically cost far less than private schools, particularly for in-state students. In some cases, doctoral students can establish residency after the first year, which can save thousands of dollars over the program.

•   Consider online or hybrid programs: Online and hybrid doctorates often reduce costs by eliminating relocation, commuting, and campus fees. They also make it easier to keep working while studying, which helps offset tuition and reduces the need for loans. Just be sure the program is accredited and well-respected in your field.

•   Use employer tuition assistance: Many employers offer tuition reimbursement for degrees related to your role. These benefits can range from a few thousand dollars per year to full tuition coverage. Check with your HR department before enrolling to understand available benefits and any required work commitments.

•   Apply for scholarships and fellowships: Graduate funding is widely available through universities, professional associations, nonprofits, and research foundations. Graduate fellowships are particularly valuable because they often provide full tuition and a living stipend without requiring the work commitments associated with assistantships.

•   Reduce living expenses: Housing, transportation, and daily spending add up over several years. Living with roommates, choosing lower-cost locations, and sticking to a budget can save thousands over the course of your degree.

•   Finish on time and borrow wisely: Extra semesters increase tuition and living costs. Staying organized, working closely with advisors, and borrowing only what you truly need can help lower the cost of a doctoral degree.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

Is a Doctorate Degree Worth the Cost?

Whether a doctorate is worth the investment depends largely on your career goals and expected return on investment (ROI).

A doctorate degree may be worthwhile if you want to:

•   Become a professor or researcher

•   Practice medicine, psychology, or law

•   Move into executive or leadership roles

•   Work in specialized or high-income fields

A doctorate may be less valuable if:

•   It isn’t required for your career

•   You must take on significant debt

•   Salary increases are modest in your field

The Takeaway

Applying to graduate school can be exciting, but it also requires careful financial planning. Comparing program costs, exploring funding options, applying for scholarships and fellowships, and understanding federal and private student loan choice can help you create a sustainable plan for financing your doctoral education.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is a PhD more expensive than an EdD?

A Ph.D. is often less expensive than an Ed.D. because many Ph.D. programs offer full funding, including tuition waivers and stipends, in exchange for teaching or research work. Ed.D. programs, as professional doctorates, are typically self-funded, meaning students pay the full tuition and fees out of pocket. Tuition is also typically higher for an Ed.D. than a Ph.D.

Can you get a doctorate for free?

Yes, you can potentially get a doctorate for free, especially if you pursue a research-focused Ph.D. program. Many universities offer full funding packages to Ph.D. students, which often include a tuition waiver, a stipend for living expenses, and health insurance.

This funding is typically provided in exchange for working as a teaching assistant (TA) or research assistant (RA). While professional doctorates (like an Ed.D. or Psy.D.) are less likely to be fully funded, you can still significantly reduce the cost through external scholarships, grants, and employer tuition assistance programs.

Are online doctorate degrees cheaper?

Online doctorate degrees can be cheaper than on-campus programs primarily because they eliminate or significantly reduce costs associated with attendance, such as commuting expenses, campus fees, and the cost of relocating.

Online formats also offer greater flexibility, often allowing students to continue working full-time. However, tuition rates for the program itself may be comparable to traditional programs, so it’s essential to compare the total cost.

Does FAFSA cover doctorate degrees?

Yes, FAFSA® (Free Application for Federal Student Aid) covers doctorate degrees, as well as other graduate-level education. By submitting the FAFSA, doctoral students can be considered for federal financial aid, including unsubsidized federal student loans, work-study programs, and certain grants. Doctoral students are automatically considered independent students, meaning parental income is typically not required on the application.

How do you fund a PhD?

Many Ph.D. programs offer full funding, including tuition waivers and stipends for living expenses, often in exchange for work as a teaching or research assistant. This makes many Ph.D.s effectively free or very low-cost. In contrast, professional doctorates, such as the Ed.D. and Psy.D., are typically self-funded, meaning students must pay the full tuition and fees, generally through loans, personal savings, or external grants.

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Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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Attending graduate school is an opportunity to gain new skills, grow your network, and advance your career. Yet it’s important to determine whether the knowledge and professional advancement are worth the cost and time spent earning a graduate degree.

What follows is a breakdown of average tuition by graduate program, hidden fees to watch out for, and strategic tips to make your advanced degree more affordable.

Average Cost of a Graduate Degree

The cost of graduate school varies widely, but annual expenses average around $49,500, including tuition and living costs. Pursuing an academic master’s or Ph.D. may cost less (particularly if it’s subsidized), while law or medical school can cost considerably more.

Public colleges are generally more affordable than private institutions, particularly for in-state residents. Graduate tuition at public universities often ranges from $10,000 to $30,000 annually for in-state students, while out-of-state students can expect to pay between $20,000 and $50,000 per year.

Graduate school tuition at private universities tends to run higher, often between $30,000 and $60,000 or more per year. However, private institutions may offer smaller class sizes and more networking opportunities, which can add value to your degree. They may also offer generous financial aid packages that make the actual price significantly lower than the published “sticker price.”

💡 Quick Tip: Some lenders help you pay down your student loans sooner with reward points you earn along the way.

Cost by Type of Graduate Program

Graduate degree costs vary significantly based on program type. While many master’s programs span one to two years, medical school and doctorate programs may take four or more years to complete. Professional degrees generally cost more than research-based and academic programs.

Here’s a look at average costs across different graduate programs.

Master’s Degree

The cost of a master’s degree depends on the program length (such as one or two years), field of study, and institution type.

According to the Education Data Initiative, the average total cost of a master’s degree is $62,280. A master’s degree in education may cost around $44,640, while a master’s degree in the arts averages $71,140.

In-state tuition at a public university is typically the most affordable option before factoring in scholarships, grants, or other funding opportunities. Getting a master’s degree online can also lower costs and provide flexibility for working students.

MBA Programs

The total cost of an MBA can range from around $78,000 (for in-state students at a public school) to $270,000 (for a private top-tier university) for a full-time two-year program. This includes tuition, mandatory fees, textbooks, supplies, technology costs, and living expenses.

Public universities are generally the most affordable route. For example, 2025-26 tuition at the University of Michigan’s Ross School of Business was $18,962 for first-year in-state students, compared to $64,556 for nonresidents. A prestigious private business school costs significantly more — tuition at Columbia Business School was $91,172 for first-year MBA students in 2025-26.

Law School (JD)

Average law school tuition is around $50,000 annually, or roughly $150,000 for a typical three-year program. With additional expenses, such as housing, books, and personal costs, the total cost of earning a JD can easily exceed $200,000.

Public universities often provide a more affordable path. For example:

•   Tuition and fees at the University of Colorado Boulder for 2025-26 was $37,262 for Colorado residents and $45,272 for out-of-state students, with total annual cost of attendance estimated at $64,888 and $73,818 per year, respectively. Based on these numbers, the total cost of the three-year JD would be $194,664 (in-state) and $221,454 (out of state).

•   Tuition and fees at Harvard Law School for 2025-26 were $82,560, with a total cost of attendance estimated at $126,650 per year. Based on these numbers, the cost of earning a Harvard law degree would be roughly $380,000.

Medical School (MD/DO)

Medical school typically takes four years to complete. The median cost for the class of 2025 was $286,454 at public schools and $390,848 at private institutions, according to Association of American Medical Colleges data.

Here’s a sampling of 2025-26 costs for first-year med students:

•   Tuition at the University of Illinois College of Medicine was $48,450 (in-state) or $82,350 (out of state), with total cost of attending estimated at $89,195 and $123,095, respectively.

•   Tuition at Stanford Medicine was $92,884, with total cost of attendance estimated at $146,148.

There are a handful of exceptions to these high tuition costs. The NYU Grossman Long Island School of Medicine offers free tuition to admitted students, and John Hopkins University School of Medicine provides free tuition to students from families earning less than $300,000 annually.

Recommended: Guide to FAFSA for Graduate Students

Ph.D. Programs

It can take four to eight years to graduate from a Ph.D., and costs vary widely by institution and field.

Average tuition is about $12,116 at a public in-state universities and $21,110 at private institutions, according to the most recent figures from the National Center for Education Statistics (2024-25). Including fees and living expenses, the average cost of a Ph.D is around $49,500 per year, or $198,000 to $396,000 over four to eight years.

However, these averages can be misleading. Many Ph.D. students receive funding through fellowships, scholarships, grants, and teaching or research assistantships that offset most or all of their costs, making it much easier to pay for grad school.

Breakdown of Graduate School Expenses

Beyond tuition and fees, graduates students also need to budget for:

•   Housing and food: $18,000 – $24,000

•   Books, course materials, and supplies: $1,400 – $2,100

•   Technology fee: $100 – $200

•   Personal and miscellaneous expenses: $1,700 – $2,600

•   Transportation: $1,600 – $2,200

Hidden or Unexpected Costs to Watch Out For

Even though graduate schools typically publish full cost-of-attendance estimates, many students underestimate the full cost of graduate school. Commonly overlooked expenses include:

•   Application fees: University application fees, transcript requests, and travel for on-campus interviews can add up quickly.

•   Relocation expenses: Many students incur significant out-of-pocket moving expenses, which may include moving trucks, security deposits, first month’s rent, and travel costs.

•   Professional wardrobe: Clinical placements, teaching assignments, and defense presentations often require professional attire you may not currently own.

•   Exams and licensing: It’s important to budget for standardized testing fees, background checks, fingerprinting, and state licensing applications.

•   Opportunity cost: Choosing graduate school over full-time work means missing out on salary, retirement contributions, and career advancement. For example, leaving a $50,000 job to earn a two-year master’s adds roughly $100,000 in lost income.

Recommended: How to Save Money for Grad School

Ways to Reduce the Cost of a Graduate Degree

There are ways to achieve your education goals while paying less than the average cost of a graduate degree. Here are some strategies to consider:

•   Employer tuition assistance: Many companies offer to pay for all or part of a graduate degree in exchange for remaining with the company for a set period after graduation.

•   Graduate assistantships (TA/RA): Research assistant (RA) and teaching assistant (TA) positions often provide tuition waivers and stipends for living expenses.

•   Scholarships and fellowships: Graduate students often qualify for merit-based scholarships from universities, department fellowships, and funding from professional organizations and nonprofits.

•   Choose a less expensive program: Public universities, accelerated programs, and online degrees can lower expenses.

•   Reduce living expenses: Living with roommates, using public transportation, and sticking to a student budget can make your degree more affordable.

💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

How to Estimate Your Total Graduate School Cost

Many institutions outline the total cost of attendance, including tuition, fees, and living expenses for graduate students in a particular program. Part-time students may need to calculate costs by credit hour instead.

You’ll then want to subtract any expected financial aid, including scholarships, grants, and assistantships, to estimate your out-of-pocket expenses. If you plan to borrow, a student loan repayment calculator can help estimate monthly payments and total repayment costs.

Is a Graduate Degree Worth the Cost?

Graduate school can be a major investment of time and money. Both direct costs and opportunity costs matter when deciding whether or not to apply to a graduate program.

Graduate degrees can increase earning potential, though outcomes vary by profession and degree type. On average, master’s degree holders earn about 20% more than those with only bachelor’s degrees. Many graduate programs publish graduate salary data, which can help you evaluate potential return on investment.

To help determine if a graduate degree is worth it, consider:

•   What is the average salary after graduation?

•   How long will it take to repay graduate student loans?

•   Is the degree required for your career?

•   Are there more affordable alternatives?

The Takeaway

Graduate degrees vary widely based on program type, institution, field of study, and funding availability. Scholarships, grants, assistantships, and student loans can help cover costs. Prospective students will want to weigh expenses against potential earning power to decide whether graduate school is the right investment.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

How much does a master’s degree cost in the U.S.

The average cost of a master’s degree in the U.S. is approximately $62,280 in total. This figure varies significantly based on the field of study, the type of institution (public or private), and whether you’re an in-state or out-of-state student. Choosing a public university, enrolling as an in-state resident, or opting for an online program can help lower your costs.

What is the most expensive graduate program?

The most expensive graduate programs are typically professional degrees, such as medical school (MD/DO) and law school (JD). Medical school has a median cost of nearly $400,000 for a private institution’s four-year program. Top-tier private MBA programs (typically two years) can exceed $250,000. These programs are often costly due to specialized training, resources, and high market demand for graduates.

Are graduate degrees tax-deductible?

Graduate degrees may offer tax benefits, but they are not fully tax-deductible. The Lifetime Learning Credit allows graduate students to claim up to $2,000 of their education expenses on their tax returns each year. In addition, borrowers may be eligible to claim a student loan interest deduction of up to $2,500 annually.

How can I go to grad school for free?

There are several ways to attend graduate school for free or at a significantly reduced cost. Many Ph.D. programs provide full funding through research or teaching assistantships, which typically include a tuition waiver and a living stipend. Master’s students can also secure assistantships, scholarships, or external fellowships. Many professionals leverage employer tuition assistance, and a select few medical programs now offer tuition-free education to eligible students.

Is it cheaper to do grad school online?

Online graduate programs can often be cheaper than their on-campus counterparts. While the tuition cost per credit hour may be similar, online programs eliminate or significantly reduce associated expenses like campus fees, commuting costs, and relocation expenses. The flexibility of online learning may also allow students to continue working full-time, avoiding the opportunity cost of lost wages.

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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you’ve consolidated your student loans, it is possible to refinance them. Refinancing and consolidation are two different ways to manage and repay student debt.

There are advantages and disadvantages to refinancing consolidated loans. Here’s what to know about student loan consolidation vs. refinancing, the pros and cons involved, and when refinancing a student loan after consolidation may make sense.

What’s the Difference Between Consolidating and Refinancing Student Loans?

Consolidation and refinancing are often referred to interchangeably, but they are not the same thing. Although refinancing and consolidation both allow borrowers to combine multiple student loans into one new loan, beyond that, they work very differently.

Student loan consolidation is available only for federal student loans. Borrowers interested in consolidating their eligible student loans can do so through a Direct Consolidation Loan offered by the Education Department. The repayment term is 10 to 30 years, and the interest rate is fixed.

Consolidation loans don’t require a credit check. The interest rate of the loan is based on the weighted average of your existing loan rates rounded up to the nearest one-eighth of one percent. Consolidation may not result in a lower monthly payment, but it can simplify and streamline the repayment process, and it may also help some borrowers qualify for federal student loan forgiveness.

When you refinance student loans, you replace your existing private or federal student loans with a new loan from a private lender. The loan may have fixed or variable rates. Refinancing requires a credit check.

Depending on the strength of your credit, a refinance loan might have a lower interest rate, which could save you money. The loan might also have more favorable terms. Refinancing approval, and the interest rate you qualify for, is based on such factors as your credit history and credit score, and your income.

Can You Refinance a Consolidated Student Loan?

Yes, you can refinance your existing student loan consolidation. By refinancing a consolidated student loan, you replace the existing federal loans with a private loan with new rates and terms. Ideally, you might qualify for a lower interest rate and more favorable terms and save money on interest.

However, with refinancing, you lose access to federal benefits and protections.

Types of Consolidated Loans You Can Refinance

There are different consolidated loan types borrowers can refinance. Here’s a look at three kinds of loans that are eligible for refinancing.

Refinancing a Federal Consolidation Loan

A federal consolidation loan combines several existing federal student loans into one Direct Consolidation Loan. This federal consolidated student loan can be refinanced into a private loan.

Refinancing a Private Consolidation Loan

A “private consolidation loan” is simply another way of referring to student loan refinancing. If someone says they have a private consolidation loan, what they mean is that they have a private student loan refinance.

If a borrower has a refinanced student loan, they can refinance it again and get a new interest rate and repayment term. There are no legal limits to the number of times a loan can be refinanced, and typically no fee involved.

Refinancing a Mix of Federal and Private Loans

It’s also possible to refinance a combination of federal and private student loans together. This approach converts both student loan types into one private loan.

The new refinanced loan will have a new interest rate and terms.

Pros and Cons of Refinancing After Consolidation

Refinancing after a loan consolidation can have several benefits, depending on your repayment goal and financial situation. But there are also a number of downsides to consider.

Advantages

Possible perks of refinancing consolidated student loans include:

•  Lower monthly payment. Selecting a longer term when refinancing gives you an extended amount of time to make smaller, more manageable loan payments.

•  Lower interest rate. If you qualify, you can refinance a student loan to secure a more competitive rate and save money on interest and on the cost of the loan overall.

•  Flexible terms. Not only can you choose to lengthen your loan term, you can also choose to shorten it to repay your loan faster.

•  Simplified repayment. Refinancing multiple loans into one makes repayment easier to track. You’ll have one servicer, one loan, and one payment each month.

Disadvantages

There are, however, potential drawbacks to refinancing student loans after consolidation, such as:

•  Loss of federal protections. If you refinance a Direct Consolidation Loan, you’ll no longer be eligible for federal benefits like loan forgiveness, deferment, or income-driven repayment.

•  Credit and income requirements. Every refinance lender sets its own credit and income requirements for a student loan refinance approval. In addition, in order to get a lower interest rate, borrowers typically need to have a strong credit score.

•  A longer loan term means more interest. If you choose to extend your repayment term during a refinance, you’ll pay more interest over time.

•  Fewer hardship options. Unlike the federal deferment and forbearance programs available for consolidation loans, hardship options vary among private lenders, and they can be limited.

•  No going back. There’s no way to reverse course after a student loan refinance. You can’t consolidate after refinancing.

How to Refinance a Consolidated Student Loan

For borrowers interested in refinancing consolidated student loans, these are the steps to take:

1.   Set your refinancing goal. Decide what you hope to get out of a refinance. Is it a lower interest rate? A lower payment? A shorter or longer repayment term?

2.   Determine where your credit stands. Understanding how strong your credit is can help you figure out if qualifying for a student loan refinance is realistic right now. You can request a free copy of your credit report at AnnualCreditReport.com.

3.   Research different lenders and offers. Compare refinancing prequalification offers from different lenders to find a loan that will help you reach your repayment goals. Prequalification involves a soft credit check that won’t impact your credit score but will give you a sense of the interest rate you may qualify for. Make sure to compare rates, loan features, borrower perks, and calculate student loan payments for each option.

4.   Fill out a refinancing application. Complete and submit a refinancing application. You’ll likely need to provide information and documentation about your employment, income, and proof of graduation, among other things. The lender will do a hard credit inquiry, which may cause your credit score to dip temporarily. Finding out if you’re approved for the loan generally takes a few business days, but it could be longer or shorter, depending on your situation.

When Does Refinancing Make Sense?

Refinancing a student loan after consolidation could make sense if a borrower’s financial situation and/or repayment needs have changed — as long as they are confident they won’t need federal student loan protections in the future.

For example, if a borrower’s credit situation has substantially improved, they might have a better chance at qualifying for lower student loan refinancing rates, which could save them money.

A student loan refinance may also be one option for someone with a tight monthly budget who is looking for a longer loan term with lower payments. Just keep in mind that with a longer loan term, you’ll pay more interest over the life of the loan.

A student loan refinancing calculator can help you determine whether refinancing makes sense for your situation.

Alternative Options to Consider

Refinancing a consolidated loan isn’t the right choice for everyone. These are some of the other repayment plans and options you can explore if you have a consolidated student loan.

Income-Driven Repayment

Income-driven repayment (IDR) plans base monthly payments on your discretionary income and family size. Because repayment is stretched over 20 or 25 years, your monthly payments may be lower. As of February 2026, there are three IDR plans available: Pay as You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR).

It’s worth noting that on an IDR plan, because the repayment term is long, you may pay more interest over time.

PSLF Eligibility (If Not Refinanced)

Borrowers with Federal Direct Consolidation Loans who work full-time in public service might be eligible for Public Service Loan Forgiveness (PSLF). They must work for a qualifying employer and make 120 qualifying payments under an eligible repayment plan, such as an IDR plan. After that, the remaining loan balance may be forgiven.

Deferment or Forbearance

If you’re unable to make payments on your consolidation loan and you have a qualifying reason — for example, maybe you returned to school or lost your job — it’s possible to temporarily pause or reduce your payments with student loan deferment or forbearance.

Just be aware that unless your loan is a subsidized Federal Direct Consolidation Loan, it may accrue interest during deferment, causing your loan balance to grow. During forbearance, all loan types, including consolidation loans, accrue interest.

The Takeaway

It is possible to refinance a student loan after consolidation. There are pros and cons to doing so, however, and it’s wise to carefully weigh the benefits and drawbacks. You may also want to consider other repayment options, including income-driven plans and Public Service Loan Forgiveness. If you do choose to move ahead with refinancing, you can shop around for the best rates and terms to find an option that suits your needs.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can I refinance a Federal Direct Consolidation Loan?

Yes, you can refinance a Direct Consolidation Loan. Just be aware that by refinancing a federal loan into a private loan, you’ll lose federal benefits such as income-driven repayment and deferment.

Can you refinance multiple times?

Yes, you can refinance multiple times. There is no legal limit on how often you can refinance a student loan. However, you will need to meet lender qualifications each time you refinance.

Will refinancing save me money?

Possibly. If you qualify for a lower interest rate when you refinance, you can generally save money on interest and the cost of the loan overall.

Does refinancing hurt my credit?

Student loan refinancing doesn’t directly hurt your credit, but when you apply for refinancing, the lender will do a hard credit check that can temporarily lower your credit score by a few points. However, making your payments on time consistently may help your score bounce back.

Do I lose federal loan benefits if I refinance a consolidated loan?

Yes, you’ll lose federal benefits if you refinance a Federal Direct Consolidation Loan. With refinancing, you exchange your federal loan for a new private loan and you become ineligible for federal programs and protections.

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SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Not all repayment options may be available for all loans. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is current as of 3/2/2026 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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