There are many reasons to refinance student loans. While securing a lower rate is the most common, you can also change your loan term, consolidate multiple loans, release a co-signer or switch from a variable to a fixed interest rate.
Refinancing typically requires good or excellent credit, with most lenders typically wanting to see a FICO Score of 670 or better, according to credit bureau Experian.
Your credit score is the main factor, but there are many other important requirements that determine your eligibility and the rate you'll receive.
Shop for student loan refinancing
Student loan refinancing requirements
Before you apply for refinancing, ask yourself how you score on this checklist.
Good credit: Most lenders want a credit score in the mid-600s or higher for refinancing, with a 670 or better (good to excellent) for the best interest rates. There are lenders that will accept scores as low as 580, but expect higher rates and less flexible terms.
Loan minimum: A minimum of $10,000 in outstanding student loans is common among larger lenders.
A history of on-time payments. Lenders want insight into how you're handling your current student loans and the likelihood you'll pay a new one on time.
Consistent income. Applicants need to show they have a steady enough cash flow to repay their new loan in full.
A low debt-to-income (DTI) ratio. Your DTI shows how much debt you have relative to your income. A low DTI ratio indicates you have the room in your budget to make consistent payments. For student loan refinancing, lenders typically want to see a ratio below 50%, with 36% to 40% or ideal for the best interest rates.
Proof of graduation. Most lenders require that you've received a degree or certification, or have stopped attending school at least half-time, before they'll approve refinancing.
Residency status. Refinancing is usually only available to U.S. citizens or permanent residents. In addition, some banks only lend in select states.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, health professionals
$5,000 minimum (or up to state); maximum up to cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate and graduate students, parents
Amount varies by individual lender
Range from 5 to 20 years
Terms apply
If you can't get approved for student loan refinancing
If you don't meet the criteria above, there are still options you can explore.
Because you have bad credit
Some lenders specialize in working with applicants with weak credit: Earnest usually requires a minimum credit score of 660, but it will consider other factors, including education, savings, and career potential. Funding U makes approval decisions based on academic success and doesn't have a minimum credit score.
Earnest
Eligible borrowers
Undergraduate and graduate students, parents, half-time students, international and DACA students
Loan amounts
$1,000 minimum (or up to state) for new loans, $5,000 minimum for refinance; maximum up to cost of attendance for new loans, $550,000 for refinance loans
Loan terms
Range from 5 to 15 years
Loan types
Variable and fixed
Borrower protections
9-month grace period
Co-signer required?
No
Offer student loan refinancing?
Yes - click here for details
Terms apply.
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.60% APR to 10.24% APR (4.35% - 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% - 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Funding U
Eligible borrowers
Eligible undergraduate borrowers
Loan amounts
Up to $20,000 per school year
Loan terms
5 or 10 years
Loan types
Fixed
Borrower protections
Forbearance options available
Co-signer required?
No
Terms apply.
If you apply with a co-signer, review the release options. Many lenders allow co-signers to be removed from the loan after the primary borrower makes a certain number of on-time payments.
Because you have too much debt
To calculate your DTI ratio, divide your total recurring monthly debts (rent or mortgage, personal loans, minimum credit card payments) by your gross monthly income (before tax) and multiply by 100.
You can lower your DTI ratio by paying down your bills or boosting your income. In addition, you can request a credit limit increase from a credit card issuer. Provided you don't rack up more charges, your ratio will drop automatically.
Because your loan debt is too small
While most lenders only work with borrowers with at least $10,000 in student debt, Upgrade will approve refinancing for loans as low as $1,000.
Accepts applicants with fair credit
There are also non-refinancing options, like a personal loan, debt consolidation and debt relief. You can also ask your current lender for a loan deferment or forbearance, or to extend your term to get lower monthly payments.
Because you have a history of late or missing payments
Making current payments is important, but if you can address other factors, such as improving your credit or lowering your DTI ratio, you may get a green light. A cosigner with strong credit can also improve your chances, though they will also be responsible for the loan.
There are also lenders that may still accept you if you have a high income, stable employment or significant assets.
Because you defaulted
Yrefy is one of the only lenders that will work with applicants who have defaulted on student loans. It offers fixed rates for loans of between $5,000 and $350,000, with no credit score requirement and the option to skip one monthly payment every 6 months (up to 12 times over the life of the loan).
Applicants need a steady income and a DTI ratio of 35% or lower.
Yrefy Student Loan Refinancing
Cost
5% origination fee
Eligible loans
Federal and private graduate and undergraduate loans, parent loans, Federal Parent Plus loans
Loan types
Fixed rate only
Fixed rates (APR)
1 – 5.99%
Loan terms
3 – 10 or 15 years
Loan amounts
$5,000 to $350,000
Minimum credit score
None
Minimum income
None
Allow for a co-signer
Yes
Terms apply.
Pros
- No application, late or prepayment fees
- Refinances defaulted student loans
- Can refinance without a degree
- three-minute rate check without credit impact
- Can skip one payment every six months without penalty.
Cons
- 5% origination fee
- Repayment terms over 10 years may not be available.
- Doesn’t refinance federal student loans
Because you're not a citizen or permanent resident
If you're in the U.S. on a visa, some lenders will approve refinancing if you have a U.S. citizen as a co-borrower.
Alternatives to student loan refinancing
If you can't get approved or secure a lower interest rate through refinancing, there are more options available.
Debt consolidation
Borrowers with multiple private student loans can streamline them into a single monthly payment with a debt consolidation loan, ideally at a lower rate.
LightStream approves debt consolidation loans for up to $100,000 and its Rate Beat Program will beat any competitor's offer by 0.10 percentage points if you have good credit.
LightStream Personal Loans offer low APRs, no fees and the ability to apply online. Its terms are as long as 20 years, or 240 months.
- Same-day funding available through ACH or wire transfer (conditions apply)
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Deferment or forbearance
Deferment and forbearance are more commonly associated with federal student loans, but many private lenders do offer one or both. Sallie Mae®* offers deferment if you're in school, working an internship or participating in a residency, fellowship or clerkship.
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn't offer parent loans
- Hard credit check to prequalify
- Late payment fee
SoFi offers forbearance if you're unemployed, facing major medical bills or have another financial hardship. Unlike deferment, payments are paused during forbearance, but interest keeps accruing.
- 0.25% autopay interest rate discount
- 0.125% SoFi Plus discount
- No origination fees, no late fees and no insufficient fund fees
- Private loans, which means you lose federal loan benefits
- $5,000 minimum loan amount
Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. Member Rate Discount: To be eligible for an additional 0.125% interest rate reduction on a Student Loan Refinancing, you must, within 31 days of loan funding, either (1) be a SoFi Plus subscriber, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan. SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount
Eligible Direct Deposit means regularly recurring deposit of regular income to an Automated Clearing House ("ACH") Network during a 30-Day Evaluation Period (as defined below). Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not generate payments that are detectable by our system. So qualifying direct deposits are those where the student loan refinance discount rate is applied automatically for each month where you have an Eligible Direct Deposit of at least $1,000 per 30-day Evaluation Period. Eligible Direct Deposit does not include transfers between accounts you own, refunds, rebates, reimbursements, stimulus payments, merchant refunds, or payments from person-to-person payment services (such as Venmo). To qualify for the 0.25% interest rate reduction, the direct deposit must be recurring and paid directly into a SoFi Checking or Savings account. For the avoidance of doubt, deposits made via check, cash, or mobile check deposit are not eligible. Direct Deposit eligibility is determined by SoFi's sole discretion. The 30-Day Evaluation Period refers to the period starting on the "Start Date" and ending on the "End Date" set forth on the App Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APV Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking → Checking → APV or (ii) Banking → Checking → APV Details. If you do not qualify for the discount during the initial 30-Day Evaluation Period, your loan will not be eligible for a discount unless you re-qualify in a later 30-Day Evaluation Period. If you qualify during the 30-Day Evaluation Period, the discount will be applied on a going-forward basis only. SoFi Bank determines eligibility. If you have a joint account, each account holder receives Eligible Direct Deposits into your SoFi Checking and Savings account, then you will be eligible for all SoFi Plus benefits, including on accounts you hold in your own name. Federal Loan Disclosure: Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELiIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Debt relief
If you can't seem to make any headway with your private student loans, a debt relief (or debt settlement) company may be able to negotiate to get your balance significantly lowered.
You typically need at least $7,500 in debt to qualify and companies charge up to 25% of your enrolled debt, along with other fees. (Your credit score will also take a hit)
The best debt relief companies are transparent about their fee structure and will offer a free consultation to help you determine if it's the right course of action for you.
Student loan refinancing FAQs
How does student loan refinancing work?
What are the downsides of student loan refinancing?
If you are refinancing federal student loans into private ones, the primary downside is losing access to protections like income-driven repayment plans, deferment, forbearance and forgiveness. Even refinancing private loans may extend your term, increasing the total interest you pay.
How many times can you refinance a student loan?
There's no set number of times you can refinance a student loan, but lenders look for a consistent history of on-time payments. In addition, each application will involve a hard credit pull, which will temporarily lower your score slightly.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Read more
* Information advertised is valid as of 3/6/2026.
Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
