What you need to qualify for low interest rate for refinancing your student loans
Each lender has different qualification requirements for refinancing. Most lenders require that no credit you are in “in school” status – that is, you can not currently pay for education using student loans active. Some lenders have minimum balance requirements, and that the balance is arbitrary. When you refinance student loans, you can reduce your monthly payments either by obtaining a lower interest rate, or extend the term of your loan. Of the two methods, getting a lower interest rate is better because you also reduce your long-term student loan debt.
However, if your monthly payments are too high, extend the term of your loan can be a big help. Effectively, you extend the period for which you pay off your loan, so that each payment is smaller. Longer term, though, usually means higher interest rates and more interest payments. In the long run you end up paying more, but the payments more manageable.
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