Close X

Denied for Student Loan Refinancing?

Posted by Ryan D. Peterson | Mar 09, 2021 | 0 Comments

Woman at table looking at letter denying her for student loan refinancing

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 sitting on floor looking at bills and student loan refinance denial letter.

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

13 Ways to Deal with Debt Collectors

7 Things You Need for FAFSA

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.

#studentloans #Financial #creditreport #savings #Incomes #debtfree #debt #studentloanrefinancing

About the Author

Ryan D. Peterson

Attorney Ryan D. Peterson Ryan D. Peterson is a former debt collection attorney turned consumer rights expert and advocate. After graduating from William Mitchell law school in 2008, Ryan opened his own criminal defense firm. In 2010 Ryan joined a Minneapolis-based debt collection firm. Ther...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Peterson Legal, PLLC Is Here for You

At Peterson Legal, we focus on Collection Agency Defense, Credit Report Errors, Debt Collection Harassment, Identity Theft, and Student Loan Collections and we are here to listen to you and help you navigate the legal system.

Contact Us Today

Peterson Legal is committed to answering your questions about Collection Agency Defense, Credit Report Errors, Debt Collection Harassment, Identity Theft, and Student Loan Collections issues in Minnesota.

We offer a Free Consultation and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.