1. Check your credit history and you will raise they if required

What to think ahead of refinancing

So you're able to qualify for a lesser rate of interest than just their newest loan, you need good credit . An effective FICO rating of at least 670 is known as "good" and certainly will make it easier to be eligible for education loan refinancing - increased credit score also can meet the requirements your for even straight down costs.

Your existing mortgage percentage background will also effect your credit rating: While having problems affording your current student education loans and possess skipped payments, loan providers get think twice to indication your an alternative one.

In the event the credit are "poor" - an excellent FICO get under 580 - talk to your bank from the modifying your percentage plan so that you will get right back on course.