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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.
When choosing the best lenders for refinancing student loans with bad credit, we first looked for lenders that allow you to apply with a cosigner to meet credit and income requirements. We then confirmed each lender’s legitimacy and analyzed them based on the rates, fees, loan amounts and special perks they offer.
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.
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.
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.
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.
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.
As an international student, you might be able to refinance with other lenders like Citizens Bank that accept international students who apply with a creditworthy cosigner who is a US citizen or permanent resident. Aside from that, your options are limited to refinancing with a provider that specializes in loans for nonresidents.
Take a deeper dive into how refinancing your student loans with bad credit works
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.
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