What are the eligibility requirements for refinancing?

Eligibility requirements for refinancing through Simple Tuition can vary based on individual circumstances and the specific loan products being considered. Generally, borrowers must demonstrate a steady source of income, a satisfactory credit score, and a manageable debt-to-income ratio. Lenders often look for a credit score of at least 650, although some programs may be more flexible. A history of on-time payments and a lower existing debt level can significantly enhance a borrower's chance of approval. Many lenders also require a minimum amount of equity in the asset being refinanced, especially in the case of home loans. Educational loans may have their own set of standards, which could include the type of degree pursued, the institution attended, or the current job status of the borrower. It is advisable for borrowers to research the different refinancing options available on the Simple Tuition website or consult resources there for the most accurate and current information on eligibility. Each situation can be unique, and understanding the specific terms will help in making an informed decision.