Student Loan Refinancing: Eligibility Requirements
Are we a good fit? Learn more about ELFI’s eligibility requirements and prequalify to refinancing your student loans without affecting your credit score.
Student Loan Refinancing Eligibility Checklist
Please note that there are additional factors such as financial history, credit, and your debt-to-income ratio that will be considered for loan application approval. Also, ELFI does not consider household income on loan applications; Loan applications are underwritten based solely on the income of the applicant or the cosigner.
Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility
Must be at the age of majority or older at the time of loan application
Must have earned a Bachelor’s degree or higher from a Title IV U.S. domiciled non-profit college or university
Must have a minimum loan amount of $10,000
Must have a minimum income of $35,000
Must have a minimum credit score of 680
Must have a minimum credit history of 36 months
Required Documents
In order to process and approve your application, the following documents are required:
- Recent pay stubs or proof of employment from within the last 30 days
- Tax returns (only if self-employed)
- Government-issued identification (unexpired)
- Current billing statement or payoff letter for each eligible loan
Please note: Billing statements or payoff letters must contain your name, account number, current balance or payoff amounts, and the payment mailing address. Please note that each statement should not be more than 30 days old. Additionally, if you plan to exclude some loans from a single servicer, you will need to provide sequence numbers, loan IDs, or any identifying number for each loan to be included in your refinance. View example statements here.
Frequently Asked Questions
Which student loans are eligible for refinancing?
Almost all student loans are eligible for refinancing, including:
- Private student loans
- Federal student loans
- Undergraduate student loans
- Graduate student loans
- Parent PLUS Loans
- Private parent student loans
If I qualify for student loan refinancing, how much can I save?
The amount you can save by refinancing student loans depends on a number of factors. Typically, borrowers with stronger credit scores, credit histories, and debt-to-income ratios receive lower rates, allowing them to save more by refinancing.
How do I qualify for student loan refinancing?
In order to qualify for student loan refinancing, you must meet the eligibility requirements listed above. If you don’t currently meet the eligibility requirements, you can work on strengthening your finances to increase your chances of being approved. Here are some areas to work on:
- Improve your credit score – Improving your credit score will not only allow you to qualify for refinancing, but it will also help you lower your rate when you refinance.
- Lower your Debt-to-Income Ratio – as with your credit score, improving your Debt-to-Income Ration by either increasing your income or paying off debt can help you qualify for refinancing student loans.
- Refinance with a cosigner – If you don’t currently meet the student loan refinancing eligibility requirements, you can consider adding a cosigner that does meet the requirements in order to qualify.
Which student loans are NOT eligible for refinancing?
Several types of loans are not eligible for refinancing with ELFI. These include:
- Medical Residency Loans
- Bar Study Loans
- Naivent Tuition Answers Loans
- International loans made from institutions outside of the U.S. or loans for attending school outside of the U.S.
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