In this coronavirus economy, don’t rush to refinance student loans
Not everyone will qualify for student loan refinancing. Lenders typically require a credit score in the good or excellent range, which is 670 or higher on the FICO credit scoring model’s 850-point scale. They’ll also want to see strong income and a low debt-to-income ratio to ensure you can make your payments.Federal loan benefits you’ll lose when you refinance
The biggest is that refinancing federal student loans will disqualify you from hugely beneficial federal Income-driven repayment plans, which are crucial in case you have concerns about student loan affordability long-term. They lower monthly student loan payments to 10% to 20% of your discretionary income, depending on the plan, and offer forgiveness on the remaining balance after 20 to 25 years of payments. You must meet income requirements to participate in some plans, but one — called Revised Pay As You Earn — is open to all federal loan borrowers.
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