The short answer: To refinance student loans, most lenders look for a credit score in at least the mid-600s, steady income, a manageable debt-to-income ratio, a degree from an eligible school, U.S. citizenship or permanent residency, and a minimum loan balance, often $5,000 to $10,000. Requirements vary by lender, and a cosigner can help if you fall short.
If you are wondering whether you would even qualify to refinance, you are not alone. It is one of the most common reasons people put off checking their rate. The good news is that the requirements are fairly consistent from lender to lender, and most of them are things you can check yourself in a few minutes.
Here is what lenders typically look at, what each requirement actually means, and what to do if you are not quite there yet.
Student loan refinance requirements at a glance
| Requirement | What lenders typically look for | If you fall short |
|---|---|---|
| Credit score | Often mid-600s or higher; the best rates usually go to scores in the 700s and up | Apply with a cosigner, or build your score first |
| Income and employment | Steady income, or a job offer with a start date coming up soon | Use an offer letter, or add a cosigner |
| Debt-to-income ratio | Monthly debt payments that are a manageable share of your income | Pay down other debt, or add a cosigner |
| Degree | A completed degree from an eligible (Title IV) school, though some lenders don’t require one | Look for lenders that refinance without a degree |
| Citizenship or residency | U.S. citizen or permanent resident; some lenders accept others with a cosigner | Apply with a cosigner who is a citizen or permanent resident |
| Loan balance | A minimum amount, commonly $5,000 to $10,000 | Check whether the savings are worth it on a small balance |
| Good standing | Loans that are current and not in default | Get current on your loans first |
Every lender sets its own rules, so treat these as typical ranges rather than hard cutoffs. Meeting all of them does not guarantee approval, and missing one does not always rule you out.
Credit score
Your credit score tells a lender how reliably you have handled debt in the past. Many lenders set a minimum somewhere in the mid-600s, but a higher score matters for more than approval. It is one of the biggest factors in the rate you are offered.
If you want the detail on score ranges, what credit score you need to refinance breaks it down. If your score is close but not quite where you want it, how to improve your credit score before refinancing covers the changes that tend to move it fastest.
Income and steady employment
Lenders want to see that you can comfortably make the new payment. That usually means steady income from a job, though some lenders also consider other reliable income. You will typically be asked for recent pay stubs, a W-2 or a tax return.
You do not always need to have started your job yet. Some lenders accept a signed offer letter for a position that starts soon. Refinancing with a new job explains how lenders treat a recent job change, a first job and a switch to a new field.
Debt-to-income ratio
Your debt-to-income ratio, or DTI, is the share of your gross monthly income that goes to debt payments. Lenders use it to judge whether you can take on the payment without stretching too thin.
Here is how to estimate yours. Add up your monthly debt payments, such as rent or mortgage, car loan, credit card minimums and student loans. Then divide by your monthly income before taxes.
For example, if you earn $6,000 a month and pay $1,400 in rent, $350 for a car, $600 on student loans and $50 in credit card minimums, your total is $2,400. That is a DTI of 40%.
Lenders set their own limits, and how they count housing costs varies. In general, a lower DTI makes approval easier and can improve your rate. Why your DTI matters as much as your credit score goes deeper on how lenders weigh it.
See where you stand in a few minutes
Checking your rate on Admire uses a soft credit check, so it has no effect on your credit score. You’ll see which lenders may offer you a loan, and at what rate, before you decide anything.
Degree and school
Many lenders require that you graduated from a school eligible for federal student aid, often called a Title IV school. Some require at least a bachelor’s degree.
Not every lender does, though. Some refinance loans for borrowers who did not finish their degree, usually with stronger credit or income requirements. A few even refinance while you are still enrolled. Refinancing student loans while in school covers when that makes sense.
Citizenship or residency
Most lenders require U.S. citizenship or permanent residency. Some also lend to other borrowers, such as certain visa holders, if they apply with a cosigner who is a U.S. citizen or permanent resident. If this applies to you, check each lender’s residency rules before you apply. They vary more than most requirements.
Loan balance and loan type
Lenders usually set a minimum amount you need to refinance, commonly somewhere between $5,000 and $10,000. If your balance is small, it is worth running the numbers first. How much you can save by refinancing shows where the savings start to add up.
You can refinance both private and federal student loans. Before you refinance federal loans, though, know what you would give up. Refinancing turns them into a private loan and ends access to income-driven repayment and federal forgiveness programs. Refinancing federal student loans: what you give up walks through the trade-offs.
Lenders also generally require that you are the primary borrower on the loans. Parents with Parent PLUS loans have their own options, covered in can parents refinance student loans?
Loans in good standing
Lenders typically want your current loans to be up to date. A loan in default, or a recent pattern of missed payments, makes approval much harder. If you have fallen behind, getting current first is the most important step. It also helps your credit score at the same time.
What lenders usually don’t require
A few common assumptions keep people from checking their rate when they would likely qualify:
- A perfect credit score. You need a solid score, not a flawless one. Many approved borrowers have a few blemishes in their history.
- Refinancing all of your loans. You can usually choose which loans to refinance. Many borrowers refinance their private loans and keep their federal loans federal.
- Waiting until your grace period ends. Some lenders will refinance before your first payment is due, which lets you start repayment on your new terms.
- A long job history. Steady income matters more than years at one employer.
If you don’t meet every requirement
Falling short on one requirement is common, and it is usually fixable.
Add a cosigner. A creditworthy cosigner can help with credit, income or residency requirements. It is a real commitment for them, so it is worth understanding first. What a cosigner needs to refinance covers their side of it, including how cosigner release works.
Compare more than one lender. Lenders weigh these factors differently. A borrower one lender turns down may be approved by another. Our comparison of refinancing lenders shows how the lenders on Admire differ.
Give it a few months. Paying down a credit card, adding a few more months of on-time payments or starting a new job can change the picture quickly.
What to have ready when you apply
Once you know you qualify, gathering your documents ahead of time is the fastest way through the process. Most lenders ask for a government-issued ID, proof of income and a recent statement for each loan you are refinancing. How long it takes to refinance student loans covers each stage, and where most delays happen.
When you are ready, comparing refinancing offers on Admire shows you which lenders may approve you, side by side.
Frequently asked questions
What are the requirements to refinance student loans?
Most lenders look for a credit score in at least the mid-600s, steady income, a manageable debt-to-income ratio, a degree from an eligible school, U.S. citizenship or permanent residency, a minimum loan balance and loans in good standing. Each lender sets its own rules, so requirements vary.
Can you refinance student loans without a degree?
Yes, with some lenders. Many lenders require a completed degree from an eligible school, but some refinance loans for borrowers who did not graduate. They often ask for stronger credit or income in return.
Can I refinance student loans if I’m not a U.S. citizen?
Possibly. Most lenders require U.S. citizenship or permanent residency, but some lend to other borrowers, such as certain visa holders, who apply with a cosigner who is a U.S. citizen or permanent resident. Rules vary by lender.
What is the minimum amount you can refinance?
It depends on the lender. Many set a minimum of $5,000 to $10,000. If your balance is small, compare the potential savings against the effort before you apply.
Does checking if I qualify hurt my credit score?
No. Checking your rate on a marketplace like Admire uses a soft credit check, which does not affect your credit score. A hard credit inquiry happens only when you choose a lender and submit a full application.
Admire is not a lender and does not make credit decisions. All rates and terms are determined by participating lenders and depend on your individual financial situation. Not all consumers will qualify for advertised rates and terms. See our full disclaimers.
