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Dollar Bank student loan refinancing review

Competitive rates and flexible terms — but only for residents of 3 states.’s rating: 3.8 / 5.0


  • Best for residents of Ohio, Pennsylvania and Virginia looking for low rates and a wide range of terms.
  • Pick something else if you never got your degree or have super-high debt loads.

4.12% to 4.5%



Max. Loan Amount

Not stated

Min. Credit Score


Product NameDollar Bank Student Loan Refinancing
Minimum Loan Amount$7,500
Max. Loan Amount$75,000
APR4.12% to 4.5%
Interest Rate TypeVariable
Minimum Loan Term5 years
Maximum Loan Term15 years
RequirementsUS citizen or permanent resident, graduated from eligible school, meet credit and income criteria or apply with creditworthy cosigner, live in eligible state and county

Review by

Deni Sharp is a freelance writer with years of experience in higher education, particularly student loans and financing. She has a passion for helping students navigate the trenches of financial aid so they can realize their full potential. In her free time, you can find her at home in Arizona hanging with her family and adorable pup, Theo.

Expert review

This regional bank is ideal for residents of Ohio, Pennsylvania and Virginia who are looking to keep their finances all in one place. You can refinance both private and federal loans with competitive rates and flexible loan terms. While it doesn’t list credit or income requirements, you have the option to apply with a cosigner to help you qualify. And it offers cosigner release after making 36 consecutive on-time repayments.

But you need to have graduated from an eligible school to qualify. And you can’t refinance more than $75,000 of undergraduate debt or $150,000 of graduate school debt — not ideal for lawyers or doctors with high debt loads. It also only comes with one repayment option — fixed principal and interest payments over the length of your loan term.

Not sure Dollar Bank is right for you? Compare your other refinancing options below.

First, am I eligible?

You need to meet the following requirements to qualify for student loan refinancing with Dollar Bank:

  • US citizen or permanent resident
  • Graduated from an eligible school
  • Meet underwriting criteria for credit score and income
  • Have a cosigner if you’re unable to meet criteria alone
  • Live in eligible state and county

You can find out if you went to an eligible school by completing a quick two-minute form before continuing on to the full application.

What states does Dollar Bank offer refinancing in?

Unfortunately, Dollar Bank only offers student loan refinancing in a few states and counties:

  • Pennsylvania — not including the following counties: Allegheny, Armstrong, Beaver, Butler, Fayette, Washington or Westmoreland
  • Ohio — not including the following counties: Cuyahoga, Geauga, Lake, Lorain, Medina, Portage or Summit
  • Virginia — not including the following counties: Chesapeake, Newport News, Norfolk, Portsmouth, Suffolk or Virginia Beach

How much will I pay to refinance with Dollar Bank?

Dollar Bank offers competitive variable and fixed interest rates:

  • Variable rates — 4.12% to 4.5% with autopay
  • Fixed rates — 5.55% to 6.02% with autopay

While the fixed rate you receive depends on your loan term, variable rates are the same regardless of the term you choose — with variable rates capped at 18%. Dollar Bank’s loans also don’t come with any application, origination or early payment fees.

Does Dollar Bank offer discounts?

Dollar Bank offers a 0.25% reduction in your interest rate when you sign up for automatic payments from a checking or savings account.

What are the benefits of refinancing with Dollar Bank?

Why choose Dollar Bank? Consider these perks:

  • Low interest rates. The highest possible interest rate is just above 6% — where many student loan refinancing providers’ rates start.
  • Calculator to estimate savings. Dollar Bank has a calculator built into its application process so you know exactly how much you stand to save before agreeing to refinance.
  • Multiple loan terms. You have your pick of four loan terms from 5 to 15 years — giving you the option to choose the term that best fits your budget.
  • Cosigner release. You may be able to take your cosigner off your loan after making 36 consecutive on-time repayments — though you’ll have to be able to meet Dollar Bank’s credit and income requirements on your own.

What to watch out for

Consider these potential drawbacks before refinancing with Dollar Bank:

  • Limited state availability. Dollar Bank only services loans in three states. And within those states, many counties are restricted.
  • Must be a graduate from an eligible school. Never finished your degree? You won’t qualify for refinancing with Dollar Bank. You’ll also need to check that you attended an eligible school.
  • Low maximum amounts. You can only refinance up to $75,000 of undergraduate debt or $150,000 of graduate debt — not ideal if you have high debt loads from law or medical school.
  • Only one repayment plan. Dollar Bank offers one standard repayment plan, in which repayments are split up equally over the length of your loan term. There are no options for interest-only, graduated or income-based repayments.
  • No clear-cut credit or income requirements. Dollar Bank doesn’t list any hard-and-fast credit or income requirements to qualify, though you have the option of bringing on a creditworthy cosigner.

Compare other student loan refinancing offers

Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
1.88% to 5.54%
$5,000 - $300,000
5 to 20 years
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
1.80% to 8.90%
Good to excellent credit
Starting at $5,000
5 to 20 years
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
2.25% to 6.59%
Starting at $5,000
5 to 20 years
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
1.89% to 6.66%
Starting at $7,500
5 to 25 years
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
2.39% to 6.01%
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.88% to 5.64% APR with autopay
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.
Supermoney student loan refinancing
Starting at 1.9%
No minimum credit score
$5,000 - $300,000
5 to 20 years
Compare options to combine both private and federal debts into one monthly payment.

Compare up to 4 providers

Dollar Bank reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 6 customer reviews
Customer reviews verified as of 16 October 2020

What are my repayment options?

Repayment options offered by Dollar Bank are simple: You will make fixed principal and interest payments over your choice of five, seven, 10 or 15 years. While a longer term will give you lower monthly repayments, you’ll end up paying more in interest over the life of the loan.

Does Dollar Bank offer deferment or forbearance?

Dollar Bank doesn’t mention whether it offers forbearance or deferment if you’re facing financial hardship, decide to go back to school or lose your job. Reach out to the lender to ask what your options are before borrowing.

What servicer does Dollar Bank use?

One of the benefits of refinancing your student loans through Dollar Bank is that your new loan won’t be transferred to a third-party servicer. You’ll continue to work with Dollar Bank to make repayments over the life of your loan.

Dollar Bank reviews and complaints

Not much as of November 2019 — probably because of Dollar Bank’s limited state availability.

It’s been accredited with the Better Business Bureau (BBB) since 1989 and garners an A+ rating. This is due to its 160+ years in business, transparent business practices and the fact that it’s only had five closed complaints in the last three years. It earns a meaningless 2 out of 5 stars on the BBB due to a single customer review.

Also, it doesn’t have a page on Trustpilot.

How do I apply?

First, double-check that you meet Dollar Bank’s eligibility requirements. If you do, follow these steps to apply online:

  1. Go to Dollar Bank’s website and hover over Personal in the main menu.
  2. Hover over Borrowing, then click Student Loans.
  3. Scroll down and click Consolidate Federal and Private Student Loans.
  4. Click Apply Now.
  5. Complete the form with information about your student debt, degree and where you went to school. Click Get Started.
  6. If you’re eligible, complete the rest of the application with information about yourself, your employment and your student loans.
  7. Submit the application and wait to hear back.

What documents do I need to apply?

Have the following documents on hand to speed up the application process:

  • Government-issued ID
  • School transcript or copy of your diploma
  • Two most pay stubs within the last 60 days
  • Most recent account statements for the loans you wish to refinance

What happens after I apply?

Wait to receive a response from Dollar Bank about whether you’re approved. You can sign in to your account to check on your application status.

Once approved, it can take two weeks for the funds to get applied to your old loans. Always continue to make payments while the new loans are processing so you don’t incur any late fees or penalties from your previous lenders.

More about Dollar Bank

Dollar Bank is a large-scale, regional bank that has been operating for over 160 years. Founded in 1855, it currently services western Pennsylvania, northeast Ohio and parts of Virginia. Along with offering student loan refinancing, you can also use Dollar Bank for personal banking, business banking, insurance, mortgage loans, auto loans and credit cards.

See how Dollar Bank stacks up to other lenders with our guide to student loan refinancing.

Frequently asked questions

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We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

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