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Can I Refinance my Student Loans

While you can refinance your federal student loans, keep in mind, if you do refinance your federal loans with a private lender, you will lose the federal benefits on those loans.

Federal loan consolidation is an option for bundling federal student loans together, if you want to keep your federal loan benefits. Private student loans, state, and loans from your school cannot be included in a federal student loan consolidation. There is no credit check required for a federal student loan consolidation.

However, if you are looking into consolidating your private student loans, or consolidating your federal student loans and private student loans together, that is referred to as student loan refinancing. In order to qualify, you need to meet the eligibility criteria* of your chosen student loan refinance lender.

If you have other types of non-student loan debt, you will likely be unable to include those debts in a private student loan refinance.

*Eligibility criteria varies between lenders. In general, you need to have a credit score of at least 660 and two years of employment history. Additionally, there are income thresholds you will need to meet based on the amount of your overall debt. If you do not meet the minimum requirements of the lender, you will likely need a creditworthy cosigner.