Student Loan Eligibility Criteria
Wondering whether you’re eligible for student loan refinancing or a private student loan? You’ve come to the right place. Below we will be highlighting the eligibility criteria that most student loan lenders look for when they are approving loans for refinancing or initially approving a loan. On this page we will highlight; Student Loan Refinancing, Parent PLUS Refinancing, and finally Private Student Loans. Each sector will generally have similar requirements, however it is important to note that when selecting a lender, make sure to go over their specific terms of service and eligibility criteria before applying.
Before you apply for student loan refinancing through our website, we’d like you to be aware of the eligibility criteria that is required by our lending partners. In addition to the information noted below, you must also meet the underwriting criteria of the specific lender you are looking to work with.
Disclaimer*: The below information is the general guidelines that each lender may have. There may be items not on this list that are required by the desired lender in order for application and approval. Please keep this in mind when applying for student loan refinancing. The below information in no way is deemed 100% accurate and will by no means constitute an offer from any of our lending partners. Lender criteria may change at any time and without notice. Check with your lender to see the specific requirements regarding their student loan refinancing program.
Personal
‣ 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
State Eligibility
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.
Loan
‣ 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 (may be 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
Before you apply for Parent PLUS Refinancing through our website, we’d like you to be aware of the eligibility criteria that is required by our lending partners. In addition to the information noted below, you must also meet the underwriting criteria of the specific lender you are looking to work with.
Disclaimer*: The below information is the general guidelines that each lender may have. There may be items not on this list that are required by the desired lender in order for application and approval. Please keep this in mind when applying for Parent PLUS refinancing. The below information in no way is deemed 100% accurate and will by no means constitute an offer from any of our lending partners. Lender criteria may change at any time and without notice. Check with your lender to see the specific requirements regarding their student loan refinancing program.
Personal
‣ 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 (Varies per lender. Reach out to your desired lender for more information)
‣ You are the primary borrower on the student loans you would like to refinance (please note: Generally, you will remain the primary borrower after refinancing)
State Eligibility
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.
Loan
‣ 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 Private 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 (may be higher in specific states due to legal requirements)
‣ Your Loan eligibility depends on a number of additional factors, including your financial history, career experience, monthly income vs. expenses and other additional factors.
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
Before you apply for a Student Loan through our website, we’d like you to be aware of the eligibility criteria that is required by our lending partners. In addition to the information noted below, you must also meet the underwriting criteria of the specific lender you are looking to work with.
Disclaimer*: The below information is the general guidelines that each lender may have. There may be items not on this list that are required by the desired lender in order for application and approval. Please keep this in mind when applying for a private student loan. The below information in no way is deemed 100% accurate and will by no means constitute an offer from any of our lending partners. Lender criteria may change at any time and without notice. Check with your lender to see the specific requirements regarding their student loan refinancing program.
Personal
‣ 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 or you’ve reached the age of majority in your state.
‣ You’re enrolled at least half-time at an eligible school
‣ You have a GPA of at least 2.0
‣ You meet the minimum Satisfactory Academic Progress standards as defined by your school or institution
‣ You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days (Varies per lender. Reach out to your desired lender for more information)
State Eligibility
Most of our lenders offer loan services 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. (This abides to most lenders, however some lenders do not work in all states. Check with your lender for confirmation.)
Loan
‣ Applicants with annual income less than $24,000 will be required to apply with a credit-worthy cosigner.
‣ You do not have a bankruptcy on your credit report or accounts recently in collection
‣ You are looking to refinancing a minimum of $1000 (may be higher in specific states due to legal requirements)
‣ Your Loan eligibility depends on a number of additional factors, including your financial history, career experience, monthly income vs. expenses and other additional factors.
