To be able to refinance, you will typically need a minimum of $5,000 in loan debt, as well as a FICO score above 700. A stable income is a critical element.
If your credit rating is not so great, or your income isn’t as stable as a lender might desire, you can still refinance with a co-signer who does have those things.
Refinancing your student loan means:
With refinancing paying off your federal and private loans, you could be giving up:
CLICK HERE to head over to the application to get your personalized rate. You’ll fill out some information about your schooling, your finances, and your current residence.
No need to worry: a soft-credit inquiry won’t impact your credit score, and this two-minute application form will provide you with rate and payment estimates.
Whether or not you should refinance your student loans will completely depend on your personal needs and situation. We know you hate that answer. Here are some questions to consider to help you make the right choice: Are you trying to save money on your monthly payment? Are you trying to decrease the amount of loan payments you have? Are you trying to decrease how much you are paying in interest?
If you answered YES to these three questions, it could benefit you to explore your refinancing options. CLICK HERE to explore them further.