Eligibility for refinancing student loans before graduation
You have just graduated from college, and you are ready to start your career. You have many plans in place and one of those is getting a new job that will help you pay off all your student loans.
You may have heard about refinance student loans without a degree but do not know if it is right for you. The answer could well be yes. If you meet the requirements below, then there are benefits to refinancing student loans before graduation.
You must be currently enrolled in school and have graduated
If you’re currently enrolled in school and plan to graduate, then you should be eligible for refinancing your student loans. What if you don’t expect to graduate?
Suppose you’ve completed all of the coursework required for a degree and are just waiting on final exams or other administrative tasks before getting your diploma. In that case, applying for refinancing is still possible as long as you have enough money saved up to pay off existing loans once they become due. If not, then refinancing might not be an option for you.
You’ll also need at least one cosigner who graduated from an undergraduate program—meaning someone who has a bachelor’s degree or higher from any accredited university or college—and has been out of school for at least five years with no late payments on their credit report.
You must have a signer that has graduated from undergraduate school
To qualify for refinancing your student loans, you need a cosigner that has graduated from undergraduate school. This means they have received their degree and are no longer in school. The cosigner should be a US citizen with a good credit score, income, and credit history.
There are many loan programs which will prepay student loans, so you will always get the lowest possible interest rate.
If you wish to lower your monthly payment, several loan programs will prepay student loans so you will always get the lowest possible interest rate. The best way to apply for these loans is online at the Financial Aid office website. You can also apply by calling them directly or visiting their physical location. Many things need to be considered before applying for a loan program, such as:
- How much your monthly payment will be after refinancing
- Whether or not your credits may increase by borrowing more money than what was originally owed on the account
- What happens if there’s an increase in interest rates during repayment?
Companies like Lantern by SoFi can help you compare different student loan refinance rates.
Your credit score must be at least 720 or higher
Your credit score must be at least 720 or higher to qualify for refinancing student loans before graduation. A good credit score is in the ‘excellent’ range, meaning it’s at least 720 out of 850. If you don’t know your score, there are many ways to check it for free online. Just ensure not to get a copy of your report from more than one source within 48 hours – or else it could look like a fraud.
It can be a great option if you are eligible for student loan refinancing. Be sure to do your research and shop around. You may find better terms and rates than your current lender offers. Just remember to let yourself stay calm with all the options before making a decision.