Student loan refinancing lenders often require borrowers to make a minimum amount of income to be eligible for refinancing — which means your options might be limited if you don’t make very much money. However, there are several lenders willing to work with low-income borrowers.
While there’s no official definition for what low income means, it’s generally understood to be any amount lower than the median household income. In 2020, the median household income in the U.S. was $78,500, according to the U.S. Department of Housing and Urban Development.
If you make less than this, refinancing student loans could be difficult. However, there are several lenders willing to work with low-income borrowers.
Best lenders for refinancing student loans with low income
Some refinancing lenders have much lower income requirements than others. There are even a few that don’t have a minimum income requirement at all.
Here are Credible’s partner lenders that offer student loan refinancing to low-income borrowers:
Advertiser DisclosureOverview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner — but there’s no way to release your cosigner later.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.
Overview
Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.
Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.
If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Loan Amounts
$10,000 up to total refinance amount
Overview
Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.
Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.
Unfortunately, ELFI doesn’t allow borrowers to release cosigners, nor does it offer any rate discounts. However, borrowers who experience financial hardship may be eligible for up to 12 months of forbearance.
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.
EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Overview
INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.
However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Overview
Founded in 2009, LendKey partners with 300+ community banks and credit unions to connect borrowers with the loans they need. You can compare multiple lenders at once without affecting your credit score.
However, the exact terms and qualification requirements available through LendKey vary depending on your chosen community lender. While you can easily compare options, you’ll need to read the fine print of each offer to make sure the loan offers everything you need.
Cosigner release
Varies based on lender's terms
Eligibility
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.
Loan Amounts
$10,000 up to the total amount
Overview
Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.
Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
Overview
Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.
RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Brazos
If you’re a Texas resident, Brazos might be a good choice for student loan refinancing. With Brazos, you can refinance $10,000 to $400,000 (depending on your degree). To be eligible, you must have a minimum income of $60,000 (or $30,000 if you apply with a cosigner).
Pros
- Competitive interest rates
- Variety of repayment terms offered
- No application, origination, or disbursement fees
Cons
- Only available to Texas residents
- Cosigner release not offered
- Might be difficult to qualify if you don’t have good credit
Loan Amount
$10,000 - $400,000
Five loan terms available
Competitive rates
No origination or application fees
Autopay discount of 0.25 percentage points
Only available to Texas residents
No cosigner release
High minimum credit and income requirements
Bachelor’s degree required
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner — but there’s no way to release your cosigner later.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.
Citizens Bank
With Citizens Bank, you can refinance $10,000 to $750,000 (depending on your degree and loan type). This could make it a good option for borrowers who left school with a high amount of student debt.
Pros
- 0.25% autopay discount
- 0.25% loyalty discount
- Degree not required for refinancing
Cons
- Doesn’t disclose minimum credit score requirements
- Long cosigner release period (36 months)
- Must have at least $10,000 to refinance
Min. Credit Score
Does not disclose
Loan Amount
$10,000 - $750,000
Repayment terms between 5 and 20 years
Can prequalify and check your rates online
Autopay and loyalty discounts
Must make 36 payments before eligible for cosigner release
Must make 12 payments on your loans before you can refinance if you earned an associate degree or didn’t complete your degree
Relatively high loan minimum
Overview
Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.
Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.
If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Citizens Bank
With Citizens Bank, you can refinance $10,000 to $750,000 (depending on your degree and loan type). This could make it a good option for borrowers who left school with a high amount of student debt.
Pros
- 0.25% autopay discount
- 0.25% loyalty discount
- Degree not required for refinancing
Cons
- Doesn’t disclose minimum credit score requirements
- Long cosigner release period (36 months)
- Must have at least $10,000 to refinance
Loan Amount
$7,500 - $200,000
No degree is required to refinance, and you can refinance while still in school
Autopay discount of 0.25 percentage points
New Hampshire residents can get up to 1.5% interest rate reduction
Prequalification is available
Refinancing is only available in select states
Minimum loan balance is higher than some competitors and maximum balance is lower
Cosigner release requirements are strict
Overview
EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.
EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
ELFI
Unlike other lenders, ELFI has no maximum limit for student loan refinancing — you’ll just need to have a minimum loan amount of $10,000. This could make it a good option if you have a high student loan balance. To be eligible, you must have a minimum income of $35,000.
Pros
- No maximum loan amount
- Variable rates capped at 9.95% APR
- Up to 12 months of forbearance available to borrowers experiencing financial hardship
Cons
- Cosigner release not offered
- Must have at least $10,000 to refinance
- Fewer repayment options available to parent borrowers
Loan Amount
$10,000 up to total refinance amount
Allows students to refinance parent PLUS loans in their own name
Student loan advisor assigned to each applicant
Transparent credit and income requirements
No application or origination fees
Up to 12 months of financial hardship forbearance available
Must have graduated with at least a bachelor’s degree to qualify
No cosigner release available
No rate discounts offered
Late fees and returned payment fees
Overview
Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.
Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.
Unfortunately, ELFI doesn’t allow borrowers to release cosigners, nor does it offer any rate discounts. However, borrowers who experience financial hardship may be eligible for up to 12 months of forbearance.
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
INvestEd
INvestEd offers refinancing on loans from $5,000 to $250,000 with repayment terms from five to 20 years. Additionally, you don’t need to have graduated to potentially qualify with INvestEd — though you’ll need to make at least $36,000 per year.
Pros
- Degree not required
- 0.25% autopay discount
- Up to 24 months of forbearance available over the life of the loan (one to three months duration per forbearance)
Cons
- Long cosigner release period (48 months)
- Might be difficult to qualify if you don’t have good credit
- $250,000 loan maximum, which might not be enough for borrowers with high student loan balances
Loan Amount
$5,000 - $250,000
No degree is required to refinance
Cosigner release available after just 12 on-time payments
Autopay discount of 0.25 percentage points
Deferment options for school enrollment, military service, or financial hardship
Lower maximum refinance limit than some competitors offer
No prequalification option to view your rates
No refinance options for international students
Can’t transfer parent loan to student
Overview
INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.
However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
MEFA
MEFA offers student loan refinancing starting at $10,000 with no set maximum. While you don’t need to have graduated to potentially qualify, you’ll have to make at least $24,000 per year to refinance with MEFA.
Pros
- No maximum loan amount
- Competitive rates
- Degree not required
Cons
- Cosigner release not offered
- Not available to borrowers who attended for-profit schools
- Limited repayment terms available
Loan Amount
$10,000 up to the total amount
No graduation requirement to refinance
No fees whatsoever
Prequalification available
No rate discounts available
No variable interest rates
No cosigner release available
Parent student loans aren’t eligible
Overview
Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.
Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.
Loan amounts
$10,000 up to your total debt
Eligibility
Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.
RISLA
Private student loans generally come with fewer protections than federal student loans. However, with RISLA, borrowers who experience financial hardship can sign up for an income-based repayment (IBR) plan that works similarly to the federal IBR plan.
Under this plan, your payments will be capped at 15% of your discretionary income, and any remaining balance will be forgiven by RISLA after 25 years.
To refinance with RISLA, you’ll need to make at least $40,000 per year.
Pros
- Income-based repayment plan available
- Can defer payments for up to 36 months if you return to graduate school
- 0.25% autopay discount
Cons
- Cosigner release not offered
- Variable rates not available
- $250,000 loan maximum, which might not be enough for borrowers with high student loan balances
Loan Amount
$7,500 - $250,000
Income-based repayment options for borrowers experiencing financial hardship
Up to 24 months of forbearance
Up to 36 months of graduate school deferment
No degree required to refinance
Rate discounts available
No cosigner release
Limited repayment terms
Minimum $40,000 income required
No variable rates
Overview
Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.
RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.
Loan amounts
$7,500 minimum up to of $250,000, depending on degree
Eligibility
Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.
Learn More: Best Companies to Refinance Parent PLUS Loans
How to refinance student loans with low income
If you’re ready to refinance your student loans, follow these four steps:
- Research and compare lenders. Be sure to compare as many student loan refinance companies as possible to find the right loan for you. Consider minimum income requirements as well as interest rates, repayment terms, and any fees charged by the lender.
- Pick a loan option. After you’ve compared lenders, pick the loan option that works best for your needs.
- Complete an application. Once you’ve picked a loan, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Manage your payments. If you’re approved, make sure to keep up with the payments on your old loan while the refinance is processed. Once your new loan is ready to go, consider signing up for autopay so you won’t miss any payments in the future and can avoid student loan default.
Tip: If you’re struggling to get approved for refinancing because of your income or credit, consider applying with a cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower rate than you’d get on your own.
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Is it worth it to refinance student loans?
While refinancing can be a good idea for some borrowers, it isn’t the right move for everyone. Here are some situations where refinancing might be worth it:
- You can get a lower interest rate. Depending on your credit, you might be able to lower your student loan interest rate through refinancing. This could save you money on interest charges and help you pay off your loan faster.
- You need to reduce your monthly payments. If you opt for a longer repayment term, you could lower your student loan payments, which might help lessen the strain on your monthly budget. Just keep in mind that choosing a longer repayment term means you’ll pay more in interest over time.
- You have multiple loans to manage. Many borrowers leave school with several loans to deal with. Refinancing lets you consolidate these loans — leaving you with just one loan and one payment to worry about.
And here are some scenarios where you might want to reconsider refinancing:
- You have poor credit. If you have bad credit, you might have a hard time qualifying for refinancing. In this case, it could be a better idea to build your credit before applying.
- You can’t get better terms. If you don’t qualify for a better rate or more favorable terms, then refinancing likely isn’t worth it.
- You have federal student loans. While you can refinance both federal and private student loans, refinancing federal student loans will cost you federal protections — such as access to income-driven repayment plans and student loan forgiveness programs. Additionally, you’ll no longer qualify for the suspension of payments and interest accrual under the CARES Act due to the COVID-19 pandemic.
Ultimately, you’ll have to decide whether refinancing is worth it based on your individual circumstances and financial goals. For example, if refinancing can help you save money and pay off your loans faster, then it might be a good move.
Frequently asked questions about student loan refinancing
Here are the answers to several commonly asked questions regarding student loan refinancing:
What is the minimum income needed to refinance a student loan?
You’ll typically need a minimum income of about $30,000 to qualify for refinancing. However, keep in mind that this varies by lender — some lenders don’t even have a minimum income requirement at all.
Additionally, if you don’t meet a lender’s minimum income requirements, you could consider applying with a cosigner who does.
What credit score do I need to refinance a student loan?
This also varies by lender. In general, you’ll need to have good to excellent credit to qualify for refinancing — a good credit score is usually considered to be 700 or higher. There are also some lenders that offer student loan refinancing for bad credit.
If you have poor credit and can’t get approved for refinancing, applying with a creditworthy cosigner could also improve your chances.
Does refinancing hurt your credit?
If you apply for refinancing, the lender will perform a hard credit check to determine your creditworthiness. This could cause a small dip in your credit score — however, this is usually only temporary, and your score will likely bounce back within a few months.
Plus, if you keep up with your new loan by making on-time payments, you might actually see a boost in your credit score over time.
Will consolidated loans be forgiven?
No — if you consolidate your student loans through a private refinancing lender, you won’t qualify for student loan forgiveness.
If you’re considering private vs. federal student loan consolidation, keep in mind that federal student loans can be consolidated into a federal Direct Consolidation Loan. This type of loan could still be eligible for federal forgiveness programs, such as Public Service Loan Forgiveness.
Methodology: Credible evaluated loan and lender data points in 12 categories to identify some of the “best companies” for refinancing student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, customer service availability, and maximum loan balances offered by 20 lenders. We also considered each company’s willingness to refinance parent loans, eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
Read the full Credible rating lender methodology.
Learn about Credible’s mission and promise to our readers.
Meet the expert:
Lindsay VanSomeren
Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.
