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:
- Have graduated and received at least an undergraduate bachelors from one of over 2,000 eligible schools.
- Subject to limited exceptions, be the borrower of the loans to be refinanced.
- Must be a United States citizen or National, a non-citizen with government issued, non-expired documentation of permanent resident status, or, if applying with an Eligible Cosigner, a non-citizen with a work or student visa, a DACA Recipient, or other eligible work or student documentation.
- 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 or have accepted a firm offer of employment with a start date within sixty (60) days.
- Have a minimum annual income of $60,000 or $30,000 if applying with a qualified cosigner.
- Have a FICO score of at least 720, or 690 if applying with a qualified cosigner.
- Have a strong credit history and meet other credit requirements.
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 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 your income type, this may be your two most recent pay stubs, 1099 Forms, or your most recent tax return.
- The most recent statement for the underlying loans. The statement must include the address where payoff payments are to be mailed (this certifies the amount of principal and interest currently owed on your existing loans). This statement lets us know the total amount needed to pay off your existing loans and can often be obtained online from your current loan servicer.
- Documentation evidencing proof of graduation from an eligible school (copy or photograph of diploma or school transcript).