How to Qualify For Student Loan Refinancing

Student loan refinancing gives you the opportunity to pay off your original student loans by getting a new loan with different repayment terms and a potentially lower interest rate.

Refinancing could also mean saving money over the life of your loans. Each lender has its own criteria for determining eligibility and rates, such as credit history, total monthly debt payments, and income. Those who are in good financial standing, demonstrate a strong career trajectory, have good credit scores, and have shown they are responsible with debts and monthly budgeting are more likely to be approved for low rates. As a borrower, you want to balance lower rates with terms and payments you are comfortable with.

Are you eligible to refinance your student loan?

Here are some of the criteria that will impact if you can qualify for student loan refinancing.

Is your loan type eligible for refinancing with Laurel Road?

Undergraduate and graduate student loans: refinancing eligibility criteria

Borrowers may refinance any subsidized or unsubsidized Federal or private student loans that were used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited Title IV U.S. undergraduate or graduate school.

Associate’s Degrees: refinancing eligibility criteria

Laurel Road offers refinancing for associate degrees in designated professions. These include associate’s degrees earned in one of the following disciplines: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an associate’s degree, a borrower must also (1) be either currently enrolled and in the final term of an associate’s degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate’s degree OR have graduated from a school that is Title IV eligible with an eligible associate’s degree and (2) have been employed, for a minimum of 12 months, in the same field of study of the associate’s degree earned. Learn more about eligibility here.

Parent loans: refinancing eligibility criteria

Parents may refinance any subsidized or unsubsidized Federal or private student loans taken out on behalf of a child that were used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited Title IV U.S. undergraduate or graduate school. Learn more about parent loan refinancing here.

What credit score is needed to qualify for student loan refinancing?

Lenders will vary on their exact requirements for what credit scores they may accept for refinancing. Keep in mind that the higher your score is, the better rate you may be offered. If you’re struggling with credit, think about some ways to gradually improve to get yourself closer to the benefits of having excellent credit.

If you’re ready to explore the benefits of refinancing, we’re ready to help. Get started today by checking your rate options in five minutes to see if you could save.

If you are refinancing any federal student loans with us, you will no longer be able to take advantage of Federal Student Loan repayment options, including but not limited to Income-Driven Repayment and Public Service Loan Forgiveness (PSLF) programs. Additionally, federal student loans offer deferment, forbearance, and loan forgiveness options that may not be available with Laurel Road. For more information about these benefit programs and other federal student loan programs, please visit studentaid.gov.