Who Qualifies for Student Loan Refinancing?

Refinancing your student loans could help you pay off your debt sooner and potentially save you money with a lower interest rate or shorter term.

You can refinance federal and private student loans—even if you’ve consolidated or refinanced before—but each lender has different rates and criteria for eligibility.

A strong credit score is a big plus. Typically, the higher your score, the lower the new rate. If you’re struggling with credit, look for ways to improve your score, or consider adding a co-signer that has excellent credit.

Showing that you have a stable income, a low debt-to-income ratio, and a good debt repayment history should also help you qualify.

In most cases, you’ll also need to have graduated or be close to graduating from an accredited Title IV U.S. school.

Be aware that if you refinance federal student loans, you’ll lose access to the federal repayment and loan forgiveness programs they offer, so be sure to review these benefits at <a href=”https://studentloans.gov/”>studentloans.gov</a> before you decide.

To learn more about the benefits of student loan refinancing, visit laurelroad.com.

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