What credit score and income do student loan refinance lenders ask for?

Summary

It depends on the lender, and many do not publish a number at all. ELFI is one that does: a 680 credit score, 36 months of credit history, $35,000 in income, at least $10,000 to refinance, and a bachelor's degree. The others checked here publish a loan minimum, an income figure, or an employment or degree rule, and none of them names a debt-to-income cutoff.

Lenders that publish a floor

ELFI lists the most specific requirements of the lenders checked here. You need a credit score of at least 680, at least 36 months of credit history, income of at least $35,000, and at least $10,000 to refinance. The degree must be a bachelor's or higher from a U.S. nonprofit school that takes Title IV aid. ELFI underwrites on the applicant's or cosigner's own income and does not count household income.

RISLA refinances between $7,500 and $250,000, with the maximum tied to the highest degree earned. Borrowers at the same address need a combined income of at least $40,000; at separate addresses, one of them needs $40,000 alone. RISLA says borrowers must pass a credit check but gives no score.

Citizens requires at least $10,000 in student loans and a bachelor's degree or higher. Its maximums are $300,000 for a bachelor's degree, $500,000 for a graduate degree, and $750,000 for a professional degree.

SoFi refinances totals of $5,000 or more, possibly higher in some states. You must be employed, have enough income from other sources, or hold a job offer starting within 90 days. A finished degree is not required, only prior enrollment at a Title IV school.

What they leave vague

Debt-to-income ratio shows up in the fine print without a limit. ELFI says it considers financial history, credit, and DTI on top of its listed minimums. SoFi names financial history, credit score, and monthly income against expenses.

Earnest publishes no score or income floor. It lists guidelines it calls "not strict rules or requirements": savings to cover a month or more of normal expenses, no large non-student, non-mortgage debt, and no recent bankruptcies or accounts in collections. Its hard requirements are age 18, U.S. citizenship or a 10-year permanent resident card, a degree completed or finishing this semester, and a job, a written offer, or steady income.

How lenders read DTI, and how student loans appear on a credit report, is covered in the article on credit and DTI.

Cosigners and citizenship

A cosigner can fill a gap. ELFI says applicants who miss its requirements can add one, and that refinancing lets you drop cosigners from the original loans or add a new one. Citizens accepts eligible non-citizens who apply with a cosigner in good credit standing who is a U.S. citizen or permanent resident. SoFi takes some non-permanent residents on its own, including certain work visa holders and DACA recipients, with an Employment Authorization Document or other paperwork. Whoever cosigns is underwritten too and is liable for the new loan; the article on cosigners covers what that means and how release works.

Paperwork ELFI asks for

Published APR ranges for each lender sit side by side on the lender list.

Sources

Written by Kaz (pen name). Figures are copied from the sources' published pages on the dates shown. We have not used these products. Corrections: contact form.