Can You Refinance Private Student Loans From Other Lenders?
Both existing private and federal loans are eligible for refinancing. Additionally, you may refinance a combination of multiple types of loans into one loan with one convenient monthly payment.
Borrower Eligibility
Eligible borrowers must:
- Subject to limited exceptions, be the borrower of the loans to be refinanced.
- Be a United States citizen or National, permanent resident, or, if applying with an Eligible Cosigner, a non-citizen with a work or student visa or a DACA Recipient.
- Be a resident of the State of Texas. (Not a Texas resident?)
- Be at least 18 years old.
- Be applying to refinance at least one outstanding, fully disbursed education loan.
- Be employed or self-employed at the time of application, have accepted a firm offer of employment with a start date within sixty (60) days, or apply with a qualified cosigner.
- Have a minimum annual income of $60,000 or apply with a qualified cosigner.
- Have a FICO score of at least 720, or apply with a qualified cosigner.
- Have a strong credit history and meet other credit requirements or apply with a qualified cosigner.
Cosigner Eligibility
Eligible cosigners must:
- Be a United States citizen, National, or non-citizen with government-issued, non-expired documentation of permanent resident status residing in the United States.
- Be a resident of the State of Texas. (Not a Texas resident?)
- Be at least 18 years old.
- Have a minimum annual income of $60,000.
- Have a FICO score of at least 720.
- Have a strong credit history and meet other credit requirements.
Refinance Loan Limits
The minimum loan amount is $10,000. The maximum loan amount is $250,000 for borrowers with up to a bachelor's degree and $400,000 for a graduate, medical, law or other professional degree.
Required Information for Borrowers and Cosigners
Information you will need to apply:
- Proof of Texas residency.
- Your social security number.
- Your permanent address.
- Proof of income: Depending upon the income type of you and your cosigner, this may be your two most recent pay stubs, 1099 Forms, or your most recent tax return.
- For each loan you want to refinance, you will need a screenshot from your account, your most recent billing statement, or a payoff letter from your student loan servicer. The documentation must be no more than 30 days old and include your name, account number, current interest rate, the servicer payoff address, and the amount required to pay each loan in full.