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If you want to refinance your student loans but are not sure if you will get approved, here are the inside tips that you need to know.
Refinancing your student loans allows you to consolidate your existing private and federal student loans into a new, single student loan with a lower interest rate.
Examine your pay stubs and identify your after-tax monthly income.
When you subtract your proposed monthly student loan payments, does a sufficient amount remain for other essential living expenses?
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Generally, top lenders expect a minimum credit score in the mid to high 600's, while others do not have a minimum.
Insider Tip: To maximize your chances for approval, you should aim for a credit score of 700 or higher.
Student loan lenders will focus on your debt-to-income ratio, which is the ratio of your total monthly income compared with your monthly debt obligations.
For example, if you have ,000 of monthly income and ,000 of monthly debt expenses, then your debt-to-income ratio is 30%.