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If you are considering refinancing your student loans, take a look at these tips to receive the best refinancing offer possible:

1. Apply With A Cosigner

Adding a cosigner can help most applicants receive a better interest rate on a loan. Be sure to choose a cosigner with great credit history and employment record. The idea of a cosigner is to add financial backing to your application, so the more qualified the signing cosigner is the better.

2. Have Longterm Work Experience

Proving financial stability will help remove risk lenders may be concerned about. Stable employment for over a year will help validate your financial situation as well as show proof of good standing on your current loan repayments.

3. Be In Good Credit Standing

Your credit score is very valuable in determining how good of a refinancing offer you will receive. It is recommended to have at least a 650 or higher credit score. If you have an average credit score you will probably receive an average offer. Try to improve your credit score as much as possible before looking to refinance.

4. Have A Low Debt to Income Ratio

Regardless of what type of loan you are looking to take, having a good debt to income ratio is always important. Lenders will look at your monthly debt as a fraction of your monthly income. The lower your debt to income ratio the better chance you will receive the best refinancing offer possible.

5. Be Aware Of Current Market Rates

Keep and eye out on current market rates. Interest rates have been at historic lows signaling a prime time to refinance. Stay current on the trends in interest rates to make sure you are not missing out on the year’s best offers.

6. Check Out Multiple Lenders

Be sure to compare multiple lenders to find the best offer on the market. Lenders have different underwriting models that determine your loan eligibility, so your degree of qualification may differ between lenders. Check out Credible’s student loan marketplace to compare lenders and find the best offer possible.