Student loan refinancing and student loan consolidation are different methods of debt restructuring, and have different eligibility criteria.
Private student loan refinance requires approval from a private student loan lender. Eligibility criteria varies between lenders, but in general, you need to have a credit score of at least 660 and two years of employment history. Additionally, you will need to pass appropriate income thresholds based on the amount of your overall debt. If you do not meet the requirements of the lender, you may be required to obtain a cosigner.
- The Direct Consolidation Loan Program will require you to have one or more federal student loans to qualify. In general, most individuals who have federal student loans will be eligible to consolidate their loans. However, there are some requirements: Your loans must be in repayment or in their grace period.
- Generally, if you already have a consolidation loan you will need at least one additional eligible loan to consolidate again.
- If you're in federal student loan default, you will need to agree to additional terms set by the U.S. Department of Education.
