The student loan debts in America are multiplying at a dangerous rate. According to the statistics of 2018, $1.5 trillion is owed to the borrowers of student loans and this is continuously increasing every quarter. Refinancing student loan debts at a comparatively lower rate of interest saves a huge sum that would eventually be spent over the years.
Eligibility for refinance:
There are no such eligibility criteria to get loans refinanced, but lenders look for certain traits in an applicant. They also look at your income, repayment history, credit score etc. before they decide whether or not they want to give the loan. One more thing that should be kept in mind before taking the loan is the debt-to-income ratio, which includes debts such as credit card debt or auto loan, mortgage etc. If the ratio of debt-to-income is low, the chances of the lender to give the loan increase.