Denied for Student Loan Refinancing? What to Do Next | Personal Finance

Other requirements will vary by lender. For example, many want borrowers who have graduated, often with at least a bachelor’s degree. Most won’t accept noncitizens; that factor contributed to Martinez’s denial.

“Because of my status as a non-U.S. citizen, I wasn’t able to go through the usual channels of refinancing,” he says.

But these policies aren’t universal. For example, refinance lenders Brazos Higher Education and Citizens Bank accept international students if they have an eligible U.S. citizen co-signer.

Research individual student loan refinance lenders to find ones that meet your specific needs. See if those lenders will let you pre-qualify. That way, you’ll know if you’re likely to be approved — and at what rate — without repeated credit checks affecting your credit score.

You may also be denied for student loan refinancing because of your credit history. Get a free copy of your credit report at annualcreditreport.com to identify potential roadblocks. Some might be obvious, like a recent bankruptcy.

Kaitlyn Coyle, 32, of Montgomery County, Pennsylvania, wanted to refinance her roughly $33,000 variable rate private loan into a fixed rate. But her application was denied, in part, because of medical debt that had been in collections.