When refinancing MBA student loans, choose the lender that saves you the most money.

Business school graduates can be ideal candidates for student loan refinancing. MBAs often earn high incomes and work in the private sector, so they would be OK refinancing federal loans and losing benefits like income-driven repayment and Public Service Loan Forgiveness.

The best MBA student loan refinances lender is the one that saves you the most money. But if multiple options offer similar savings, look for loans with features that tie into your repayment or professional goals.

Here are our picks for the best lenders for MBA student loan refinancing, as well as tips on how to decide if this strategy is right for you.

How much could student loan refinancing save MBAs?

Business school students graduate with an average MBA student debt of $66,300, according to the most recent data from the National Center for Education Statistics. If you repaid that much debt on the standard, 10-year repayment plan with an interest rate of 7%, you’d pay $92,376 overall. Reducing the interest rate to 5% would drop that total to $84,385 — a savings of almost $8,000.

The amount you’d save would depend on your loan’s terms. For example, the $66,300 includes undergraduate loans, but students often start MBA programs in their late 20s. That means you could already be halfway done with repayment, decreasing your savings. Alternatively, a 2019 Bloomberg Businessweek survey found that many business school graduates owe more than $100,000. Refinancing that much MBA student debt would increase your savings.

Plug your info into a student loan refinance calculator to determine how much you could save.

» MORE: How to pay off $100,000+ in student loans

Should you refinance MBA student loans?

If you paid for your MBA with private student loans, there’s little downside to refinancing them. Consider refinancing whenever you qualify for a better rate. That may be while you’re in business school after you graduate or both. Refinance lenders typically don’t charge fees, so you begin saving money immediately.

Here are some additional questions that can help you decide if an MBA student loan refinance makes sense for you:

  • What type of rate do you have? Most student loan refinance lenders let you choose a fixed or variable interest rate; some offer hybrid rates as well. If you originally went for a private MBA loan with a variable rate to keep costs down, you may want to lock in a fixed rate via refinancing to avoid future increases. Or maybe you opted for a fixed rate during school to minimize risk. If you’re now confident in your earning power and want to repay loans faster, you could refinance into a lower variable rate.
  • Are your loans lacking features you want? In addition to interest rates, refinancing can change other aspects of your loans, like shortening your repayment term to let you pay off loans fast. Some lenders offer features that could tie into additional financial goals. For example, you may be able to refinance your debt with your spouse’s to save you both money. Or a lender might offer a discount on other loans — like a mortgage — by refinancing with them.
  • Do you have federal student loans? You’ll hopefully have a good grasp on your career trajectory after finishing business school, so refinance federal student loans only if you’re sure you won’t need benefits like income-driven repayment and Public Service Loan Forgiveness. You can’t get those back after refinancing. If you have a mix of federal and private loans, you can always refinance just the private loans to keep federal loan protections.

» MORE: MBA student loan repayment and forgiveness options