9 Lenders to Refinance Student Loans With Low Income
To reduce student loan payments, consider refinancing if you have a low income and private student loans.
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Lenders often require a minimum income to refinance your student loans. You'll likely need to earn at least $24,000.
But there’s usually a big difference between the minimum income required and the actual average income of those approved for student loan refinancing. You can still refinance if you don’t make a lot of money, but you should think twice before refinancing federal student loans. If you have private student loans, however, refinancing may be the best way to lower your payments.
Here are our picks of lenders to refinance student loans with low income, as well as tips to decide if this option is for you.
Lenders often require a minimum income to refinance your student loans. You'll likely need to earn at least $24,000.
But there’s usually a big difference between the minimum income required and the actual average income of those approved for student loan refinancing. You can still refinance if you don’t make a lot of money, but you should think twice before refinancing federal student loans. If you have private student loans, however, refinancing may be the best way to lower your payments.
Here are our picks of lenders to refinance student loans with low income, as well as tips to decide if this option is for you.
Lenders to Refinance Student Loans With Low Income
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn More |
---|---|---|---|---|---|
![]() ISL Refinance Loan | Best for No minimum income requirement | 670 | 2.55- | N/A | Read review |
![]() SoFi Student Loan Refinance Check rate on SoFi's website | Best for No minimum income requirement | 650 | 3.49- | 1.74- | Check rate on SoFi's website |
Laurel Road Student Loan Refinance Check rate on Laurel Road's website | Best for No minimum income requirement | 660 | 2.99- | 1.89- | Check rate on Laurel Road's website |
![]() Navy Federal Student Loan Refinance | Best for Annual incomes of at least $15,000 | Does not disclose | 2.99- | 1.45- | Read review |
![]() Citizens Student Loan Refinance | Best for Annual incomes of at least $24,000 | Does not disclose | 2.39- | 2.24- | Read review |
LendKey Student Loan Refinance Check rate on LendKey's website | Best for Annual incomes of at least $24,000 | 660 | 2.69- | 2.05- | Check rate on LendKey's website |
![]() MEFA Student Loan Refinance | Best for Annual incomes of at least $24,000 | 670 | 2.95- | N/A | Read review |
Earnest Student Loan Refinance Check rate on Earnest's website | Best for Annual incomes of at least $35,000 | 650 | 2.74- | 1.74- | Check rate on Earnest's website |
PenFed Student Loan Refinance Check rate on Purefy's website | Best for Annual incomes of at least $42,000 | 670 | 4.49- | N/A | Check rate on Purefy's website |
Our picks for
No minimum income requirement
ISL Refinance Loan

Min. credit score
670Fixed APR
2.55-Variable APR
N/A
on SoFi's website
SoFi Student Loan Refinance

Min. credit score
650Fixed APR
3.49-Variable APR
1.74-on SoFi's website
on Laurel Road's website
Laurel Road Student Loan Refinance
Min. credit score
660Fixed APR
2.99-Variable APR
1.89-on Laurel Road's website
Our pick for
Annual incomes of at least $15,000
Navy Federal Student Loan Refinance

Min. credit score
Does not discloseFixed APR
2.99-Variable APR
1.45-Our picks for
Annual incomes of at least $24,000
Citizens Student Loan Refinance

Min. credit score
Does not discloseFixed APR
2.39-Variable APR
2.24-on LendKey's website
LendKey Student Loan Refinance
Min. credit score
660Fixed APR
2.69-Variable APR
2.05-on LendKey's website
MEFA Student Loan Refinance

Min. credit score
670Fixed APR
2.95-Variable APR
N/AOur pick for
Annual incomes of at least $35,000
on Earnest's website
Earnest Student Loan Refinance
Min. credit score
650Fixed APR
2.74-Variable APR
1.74-on Earnest's website
Our pick for
Annual incomes of at least $42,000
on Purefy's website
PenFed Student Loan Refinance
Min. credit score
670Fixed APR
4.49-Variable APR
N/Aon Purefy's website
How to refinance student loans with low income
Having a low income doesn’t mean you can’t refinance student loans, but it may be harder to qualify. Take the following steps to help prevent your salary from holding you back:
Make sure you meet the lender’s income requirements. Not all lenders share their income requirements publicly, but those that do often set their minimum income threshold at more than $24,000. You may need to earn more than that number based on different factors, though. For example, PenFed requires a higher income if you want to refinance more than $150,000.
Have good credit. You’ll typically need a FICO score in at least the high 600s to qualify for refinancing. But getting your scores into the mid-700s or above may improve your odds and help you get a lower interest rate. Plus, a higher score can show lenders you do a good job managing money and expenses at your current income level.
Manage your debt-to-income ratio. If your income is low, your biggest hurdle to refinancing may be your debt-to-income ratio. DTI compares your monthly debts — student loans, car payments, rent, etc. — to your monthly income. This helps lenders understand whether you'll have enough cash on hand to afford your loan payments. Most lenders want a DTI below 50%.
Even if you can’t increase your income, you can take steps to make yourself a better candidate for student loan refinancing. For example, you can build credit faster by making payments strategically and minding credit limits, or you could improve your DTI by paying off your credit cards (but leaving the accounts open) before you apply.
If low income still prevents you from being approved, consider refinancing with a co-signer. That person will be equally responsible for your loan. You won’t want them to be on the hook forever, though, so be sure to review potential lenders’ co-signer release policies.
Other repayment options if you have low income
Some private lenders may let you pay less or pause repayment temporarily. But refinancing is the best way to lock in a smaller payment that doesn’t cost you more long-term. Be sure to compare offers from multiple refinance lenders to get the best interest rate — and lowest bill.
Federal student loans have more repayment options if you don’t make a lot of money — particularly income-driven repayment plans. These plans tie payments to a fixed percentage of your discretionary income, usually 10%, and are the best option if you have federal student loans and a low income. Payments can be as low as $0, though you'll likely pay more overall.
Refinancing federal student loans costs you access to income-driven plans, as well as other repayment benefits like loan forgiveness programs. Even if you’re positive your earnings will grow — for example, you’re a medical resident — you may want to wait until your income actually increases to refinance federal loans.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on January 26, 2022
To recap our selections...
NerdWallet's Lenders to Refinance Student Loans With Low Income
- ISL Refinance Loan: Best for No minimum income requirement
- SoFi Student Loan Refinance: Best for No minimum income requirement
- Laurel Road Student Loan Refinance: Best for No minimum income requirement
- Navy Federal Student Loan Refinance: Best for Annual incomes of at least $15,000
- Citizens Student Loan Refinance: Best for Annual incomes of at least $24,000
- LendKey Student Loan Refinance: Best for Annual incomes of at least $24,000
- MEFA Student Loan Refinance: Best for Annual incomes of at least $24,000
- Earnest Student Loan Refinance: Best for Annual incomes of at least $35,000
- PenFed Student Loan Refinance: Best for Annual incomes of at least $42,000
Frequently asked questions
Minimum income requirements vary by lender, and many don’t share this information publicly. Those that do usually require an income of at least $24,000 to refinance student loans.
Borrowers whom lenders approve for student loan refinancing often have an average income that’s at least six figures. You can refinance if you earn less, but it may be harder to qualify.
Enroll in an income-driven repayment plan if you have low income and federal loans. Private loan borrowers typically don’t have that option, but refinancing may make payments more affordable.
The majority of private lenders don’t offer plans that base student loan payments on your income. RISLA and iHELP are exceptions, as both offer income-driven repayment for refinanced loans.