Lenders rarely offer student loan refinancing for borrowers with poor credit. Companies like Sofi, Laurel Road, Earnest, and Common Bond want to minimize their risk. And that means lending to people with stellar credit, stable income, and a track record of making monthly payments on time.
The minimum credit score that many private lenders will accept is 670. But you may be able to find a bank or credit union willing to refinance your loans with a FICO score lower than that if you have a cosigner with good credit. Read more about student loan cosigner rights.
You can also use a free online student loan refinance marketplace tool like Credibleto prequalify with multiple lenders without adding a hard pull to your credit history. After you apply, you’ll be able to compare refinance rates, loan terms, and origination fees.
Another option if you defaulted on private student loan debt is to refinance with Yrefy.
Yrefy is a lender who works specifically with borrowers with private loans in default or charge-off status. The fixed APR for Yrefy’s refinance loans is between 0.5% and 7%. It does not offer variable interest rate loans.
Learn More: How to Get Rid of Private Student Loans