What to do if you're denied student loan refinancing.
The Federal Reserve predicted that they'd keep their interest rates low through 2023, which means you may have time to prepare to refinance your student loans.
Man calculating expenses
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
4. Improve your credit score
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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.
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