7 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 getting approval for student loan refinancing with a lower income can be difficult — there can be a big difference between the minimum income required and the actual average income of those approved. Still, you can refinance with the right lenders.
Before deciding to refinance, think twice if you have 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.
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- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
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Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Lenders to Refinance Student Loans With Low Income
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
 Earnest Student Loan Refinance See Offers on Earnest's website COMPARE RATES on Credible’s website | 5.0 /5 | 665 | 3.95-10.49% | 5.88-10.49% | See Offers on Earnest's website COMPARE RATES on Credible’s website |
4.5 /5 | 700 | 7.41-11.03% | 7.52-9.27% | See Offers on Credible’s website |
Our pick for
No minimum income requirement
Earnest Student Loan Refinance
665
3.95-10.49%
5.88-10.49%
- Key facts
Earnest has no minimum income requirement but borrowers must have regular income.
Pros- Customizable payments and loan terms.
- Option to skip one payment every 12 months.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren't available in Nevada.
Qualifications- Typical credit score of approved borrowers or co-signers: 760.
- Loan amounts: $5,000 to $500,000.
- Must have a degree: No, but must be within six months of graduation and have income or a job.
Available Term Lengths5 to 20 yearsDisclaimerActual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.60% APR to 10.74% APR (4.35% - 10.49% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.74% APR (5.88% - 10.49% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Our pick for
Annual incomes of less than $30,000 with no co-signer
EDvestinU Student Loan Refinance
700
7.41-11.03%
7.52-9.27%
- Key factsBest for students who don’t have a degree.Pros
- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- You cannot refinance parent PLUS loans in your name.
Qualifications- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
Available Term Lengths5, 10, 15 or 20 yearsDisclaimerAPR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursement with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key factsBest for borrowers who didn’t graduate.Pros
- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
PNC Student Loan Refinance
Does not disclose
6.99-16.39%
7.89-17.39%
- Key factsBest for borrowers who don’t have a degree.Pros
- Interest rate discount for autopay is larger than most lenders offer.
- Borrowers can refinance without a degree.
Cons- No flexible repayment options for struggling borrowers.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Loan amounts: $10,000 to $75,000.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years.
Citizens Student Loan Refinance
Does not disclose
5.90-11.38%
6.18-12.37%
- Key factsBest for existing Citizens Bank customers or borrowers who didn't graduate or aren't U.S. citizens.Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You can refinance parent PLUS loans in your name.
- Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount.
Cons- Estate is still responsible for loans refinanced by parents if the borrower dies.
Qualifications- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Loan amounts: $10,000 to $500,000.
- Must have a degree: No.
Available Term Lengths5, 7, 10, 15 or 20 years
Our pick for
Annual incomes of less than $30,000 with a co-signer
MEFA Student Loan Refinance
670
6.20-8.99%
N/A
- Key factsBest for borrowers with a stable income who don’t have a degree.Pros
- No late fees.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- No formal deferment/forbearance options.
- No co-signer release.
Qualifications- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $10,000 minimum.
- Must have a degree: No.
Available Term Lengths7, 10 or 15 years.
Brazos Student Loan Refinance
690
3.99-6.70%
4.31-5.46%
- Key factsBrazos is best for student loan borrowers who need a refinancing loan and live in Texas.Pros
- Offers more repayment terms than many lenders.
- Offers greater-than-minimum payments via autopay.
Cons- Only available to borrowers in Texas.
- Does not offer co-signer release.
Qualifications- Typical credit score of approved borrowers: 781 for primary borrower or 794 for co-signer (and 690 for primary borrower).
- Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.
- Loan amounts: $10,000 up to $150,000 for bachelors degree holders; $250,000 for graduate or professional degree holders.
Available Term Lengths 5, 7, 10, 15, or 20 yearsDisclaimerBrazos Refinance Loan fixed rates from 3.99% APR to 6.70% APR (with Auto-Pay Discount). Variable rates from 4.31% APR to 5.46% APR (with Auto-Pay Discount). Interest rates on Brazos loans are capped at 9.90%. Lowest variable rate of 4.34% APR assumes a current Thirty-day Average Secured Overnight Financing Rate (SOFR) of % plus a 2.03% margin minus the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the Thirty-day Average SOFR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the SOFR index increases. Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account. 2. Refinancing Federal Loans. While refinancing government loans as well as private loans may help many borrowers, federal loans have certain benefits that can help borrowers who experience financial distress. Private loans typically don’t have the same benefits. Everyone’s situation is different, so think carefully about refinancing your government loans and talk about it with a trusted advisor. 3. Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval. 4. Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.
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, EdvestinU requires a higher income if you want to refinance more than $100,000.
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 on time 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 19 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 May 27, 2025
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 Edly are exceptions, as both offer income-driven repayment for refinanced loans.
NerdWallet's Lenders to Refinance Student Loans With Low Income
- Earnest Student Loan Refinance: Best for No minimum income requirement
- EDvestinU Student Loan Refinance: Best for Annual incomes of less than $30,000 with no co-signer
- Advantage Education Loan Student Loan Refinance: Best for Annual incomes of less than $30,000 with no co-signer
- PNC Student Loan Refinance: Best for Annual incomes of less than $30,000 with no co-signer
- Citizens Student Loan Refinance: Best for Annual incomes of less than $30,000 with no co-signer
- MEFA Student Loan Refinance: Best for Annual incomes of less than $30,000 with a co-signer
- Brazos Student Loan Refinance: Best for Annual incomes of less than $30,000 with a co-signer
