Best student loan refinancing offers for bad credit

Can I refinance my student loans if I have bad credit?

You can. But most lenders have a credit score cutoff of 660, so you likely won’t be able to qualify without a cosigner who has good credit. Even with a cosigner, you still won’t qualify with every lender. That’s because some only allow you to use the cosigner to get a lower rate. In that case, you have to meet the credit requirements on your own.

5 best student loan refinancing offers for bad credit

• Best for more flexible repayments: iHelp
• Best for professional loans: Citizens Bank
• Best for comparing offers with multiple cosigners: Credible
• Best for lower balances: Advantage Education Loan
• Best for international students without a cosigner: Prodigy Finance

Best for more flexible repayments: iHelp

• Product name: iHelp Private Student Loan
• Minimum loan amount: $1,000
• Maximum loan amount: $150,000
• APRs: 6.5% to 10.5%
• Interest rate type: Variable
• Origination fee: Not stated
• Late fee: Not stated
• Loan term: Up to 20 years
• Turnaround time: Not stated

iHelp isn’t a lender, but a service that connects borrowers with local banks. It’s one of the few refinancing providers that offers standard, graduated and income-sensitive repayment plans, as well as multiple deferment and forbearance options.

While federal loans are still more flexible, iHelp might help you find a lower rate — especially if you have a PLUS Loan. Its high maximum amount might make it a particularly good deal for professional students.

Best for professional loans: Citizens Bank

• Product name: Citizens Bank Student Loan Refinancing (Variable Rate)
• Minimum loan amount: $10,000
• Maximum loan amount: $350,000
• APRs: 1.99% to 8.24%
• Interest rate type: Variable
• Origination fee: Not stated
• Late fee: Not stated
• Loan term: 5 to 20 years
• Turnaround time: Not stated

Graduate and professional degrees get you the lowest rates from Citizens Bank, especially if you refinance for a shorter term. Its maximum amount is also higher if you’ve taken on debt from an expensive program, like medical school. But you might want to look elsewhere if you never completed a degree — you might not be able to get a better rate than you already have.

Best for comparing offers with multiple cosigners: Credible

• Product name: Credible Labs Inc. (Student Loan Platform)
• Minimum loan amount: $1,000
• Maximum loan amount: Not stated
• APRs: Starting at 1.24% with autopay
• Interest rate type: Variable
• Origination fee: Not stated
• Late fee: Not stated
• Loan term: 5 to 20 years
• Turnaround time: Not stated

Credible is an online connection service that can help you find the best deal available to you by prequalifying with multiple lenders at once. What sets it apart from other connection services is that it allows you to prequalify with more than one cosigner to see which can get you the best deal. This makes it a great choice if you’re struggling to decide between two parents or other cosigner options.

Best for lower balances: Advantage Education Loan

• Product name: Advantage Education Loan private student loan
• Minimum loan amount: $1,000
• Maximum loan amount: Not stated
• APRs: Not stated
• Interest rate type: Fixed
• Origination fee: Not stated
• Late fee: Not stated
• Loan term: Up to 10 years
• Turnaround time: Not stated

Got a low balance and a cosigner that barely meets the credit requirements of most other lenders? Advantage Education Loan might offer a better deal. The less you need to borrow, the more lenient the credit requirements. It’s also one of the few private lenders that offers a graduated repayment option.

But make sure you and your cosigner live in an eligible state and meet its relatively low 38% debt-to-income (DTI) requirements before you apply.

Best for international students without a cosigner: Prodigy Finance

• Product name: Prodigy Finance Private Student Loan
• Minimum loan amount: Not stated
• Maximum loan amount: Not stated
• APRs: Not stated
• Interest rate type: Variable
• Origination fee: Not stated
• Late fee: Not stated
• Loan term: 7 to 20 years
• Turnaround time: Not stated

Prodigy Finance is the main student loan refinancing company that specializes in refinancing for former international students — or those who got a degree abroad and moved to the US. Its rates aren’t as competitive as providers that offer noncitizen refinancing, but it’s one of the only options available if you don’t have a cosigner. It’s also not available to graduates of all universities, so make sure your school qualifies first.

How much will I pay after refinancing?

Take a deeper dive into how refinancing your student loans with bad credit works

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Name	Product	Min. Credit Score	Loan amount
Purefy Student Loan Refinancing (Variable Rate)		620	$7,500 - $300,000	Refinance all types of student loans — including federal and parent PLUS loans.	Get started More Info	Compare	loading Fetching your data...
Credible Student Loan Refinancing		Good to excellent credit	Starting at $5,000	Get prequalified offers from top student loan refinancing providers in one place.	Get started More Info	Compare	loading Fetching your data...
SoFi Student Loan Refinancing Variable Rate (with Autopay)		650	Starting at $5,000	A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.	Get started More Info	Compare	loading Fetching your data...
Splash Financial Student Loan Refinancing		650	Starting at $7,500	Save on your student loans with this market-leading newcomer.	Get started More Info	Compare	loading Fetching your data...
Education Loan Finance Student Loan Refinancing		680	Starting at $15,000	Lower your student debt costs with manageable payments, affordable rates and flexible terms.	Get started More Info	Compare	loading Fetching your data...
Earnest Student Loan Refinancing		650	$5,000 - $500,000	Get a tailored interest rate and repayment plan with no hidden fees.	Get started More Info	Compare	loading Fetching your data...

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Bottom line

If you have a cosigner, refinancing can help you save on the short- and long-term costs of your student debt. Otherwise, you likely won’t be able to meet the criteria to qualify, since most refinancing companies require good to excellent credit. You can learn more about how trading in your loan works with our guide to student loan refinancing.

Frequently asked questions

• Can I get a debt consolidation loan with poor credit?

  Generally, you need good credit to get a debt consolidation loan — unless you apply with a lender that accepts cosigners. However, fewer personal loan providers accept cosigners than student loan refinancing companies, so your options might be limited.

  If you have student loans and other debt, you might not want to consolidate them together anyways. Student loan refinancing comes with more competitive rates and more flexible repayments than other types of debt. You likely won’t be able to get a better deal and could end up paying more.

• How can I qualify for student loan forgiveness?

  It depends on the program, but typically you must work for an eligible employer for at least a few years. Most forgiveness programs are incentive programs to encourage qualified professionals to work in underserved areas, so typically you need to take a low-paying job. You can find out more about your options with our guide to student loan forgiveness programs.

• How can I get rid of student loans without paying them off?

  You have a few options to get rid of your student loans without repaying them in full. You can apply for forgiveness if you qualify for a forgiveness program. Or in certain situations, you might be able to get your student loans discharged. Reasons for discharge include school closure and permanent disability, among others.