What To Do if You’re Denied for a Student Loan Refinance

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By Ryan Lane

With fixed interest rates as low as 3{a25bda0f8ab6dac90e68079d6f038584ef6ac53f1f4621de3ad526e35cd6c0d6}, it’s a great time to refinance private student loans. Except if you can’t.

Mario Martinez, a 29-year-old from Houston, owes approximately $130,000 in private student loans and hoped that refinancing could reduce the $1,600 he pays each month.

“I’d finally have some wiggle room to do extra things I wanted to do,” he says.

But he hasn’t found a lender he qualifies with. So he’s put this plan on hold, even though his six-figure debt is accruing interest at 12{a25bda0f8ab6dac90e68079d6f038584ef6ac53f1f4621de3ad526e35cd6c0d6}.

If you’ve also been denied for refinancing — or think you might be — keep trying if this option could save you money. Here’s how to put yourself in a better position before applying.