What to do if you’re denied student loan refinancing.
If you don’t qualify for a refinance right now, here are 4 things you can do to position yourself for approval in a few months:
1. Reduce other debt
2. Increase your income
3. Review your credit report for errors
To qualify for student loan refinancing with the best rates, aim to have a credit score over 650 and a debt to income ratio below 50%. To maximize savings, consider refinancing your student loan if you have a balance of over $5,000. Additionally, lenders want to see that you have a steady income.