When looking to see if you qualify for student loan refinancing, there are a few areas within your finances that you will need to look into in order to see if you qualify. With that being said, here are a few areas to look into for student loan refinancing eligibility.
‣ You are a US citizen, possess a 10-year (non-conditional) Permanent Resident Card or visa holder ((H1-B, J-1, L-1, E-2 or E-3)
‣ You are at least 18 years old
‣ You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Most of our lenders offer to refinance loans in 49 states plus the District of Columbia. Residents of Nevada are not eligible for a refinance loan at this time. Check with the desired lender to see if your state is on their eligibility list.
‣ You have a minimum credit score of 650 or higher for some lenders. (This does not include co-signers) check with your lender for current requirements.
‣ Your student loan accounts are all in good standing with your student loan servicer
‣ You are current on mortgage or rent payments
‣ The debt must be from a Title IV-accredited school
‣ All debt is coming from your education specifically
‣ You are not requesting new loans for future schooling (See Student Loans)
‣ You do not have a bankruptcy on your credit report or accounts recently in collection
‣ You are looking to refinancing a minimum of $5000 (maybe higher in specific states due to legal requirements)
Factors for Approval
‣ You have a history of making all payments on time
‣ You do not regularly have charges on your account for late fees, overdraft, or other accounting fees
‣ You do not carry large amounts of debt outside of student loans, mortgage, car loan, etc (e.g. Personal Loans, Credit Cards)
‣ You spend less than you earn
‣ Your account balances are going up due to your spending habits
‣ You have enough savings to cover at least two months of normal expenses, this would include housing