How to Refinance Student Loans with Low Income: 7 Lenders to Explore

Refinancing student loans with low income can be challenging, but it’s not impossible. While “low income” generally refers to earning less than 200% of the federal poverty level—roughly $30,000 to $40,000 for a single person—most lenders want to see higher earnings. Many require a minimum income of $30,000 to $40,000, along with stable employment and strong credit.

However, not all lenders set hard income cutoffs. We’ve researched refinance lenders that offer more flexible or lower income requirements, making them more accessible for borrowers with modest earnings or those just getting started financially.

Table of Contents

1. The best lenders for low-income student loan refinancing
   1. SoFi
   2. Earnest
   3. College Ave
   4. MEFA
   5. PNC
   6. EdvestinU
2. Pros and cons of refinancing with low income 
3. Alternatives to refinancing with low income

The best lenders for low-income student loan refinancing

Refinancing usually requires meeting a few basic eligibility criteria. Lenders want to see that you earn enough to make your payments, typically setting minimum income requirements around $30,000 to $40,000. You’ll also need a manageable debt-to-income (DTI) ratio—ideally under 36%—and a solid credit score, usually 670 or higher, to qualify for the best rates.

Most lenders prefer that you’ve graduated, but some will consider applicants who are still in school. If your income or credit isn’t quite there, applying with a creditworthy cosigner can boost your chances of approval. Some lenders even offer cosigner release after a period of on-time payments.

Below are our top picks for student loan refinance lenders with more flexible or lower income requirements.

SoFi

4.9 _/5

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Why we picked it

SoFi doesn’t set a specific minimum income requirement, making it one of the most accessible options for low-income borrowers. Instead, it focuses on your cash flow—how much money you have left after paying monthly expenses—which can be helpful if you’re just starting out financially but still manage your budget well.

On top of that, SoFi offers perks like no fees and educational resources. With strong rates and flexible underwriting, SoFi is an excellent choice for refinancing even if your income is on the lower end.

Details

Rates (APR)	4.49% – 9.99% w/ autopay
Refinance amounts	$5,000 – total outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years
Min. income	No specific requirement; need free cash available after monthly expenses
Min. credit score	650
Cosigners allowed?	✅
Cosigner release	Not available

Earnest

4.6 _/5

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Why we picked it

Earnest looks at more than just your salary. It doesn’t have a strict income threshold and instead considers your spending habits, savings, and career trajectory. If you have consistent income—even if it’s modest—but manage your money well, you could still qualify.

Earnest also allows you to customize your payment schedule and loan term, giving you more control over your monthly payments. It’s a solid pick for responsible borrowers whose income may not reflect their overall financial health.

Details

Rates (APR)	4.35% – 10.49%
Refinance amounts	$5,000 – $500,000
Repayment terms	5 – 20 years
Min. income	No specific requirement; need consistent income
Min. credit score	665
Cosigners allowed?	✅
Cosigner release	Not available

College Ave

4.2 _/5

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Why we picked it

College Ave requires a $35,000 income if you apply on your own—but with a cosigner, there’s no minimum income requirement. That opens the door for borrowers with low income to still get approved, provided they have someone with strong credit and income to back them up.

It also offers a streamlined application, competitive interest rates, and a range of loan terms. If you can bring a cosigner to the table, College Ave becomes a compelling option.

Details

Rates (APR)	6.99% – 13.99%
Refinance amounts	$5,000 – $300,000
Repayment terms	5 – 20 years
Min. income	$35,000 without a cosigner; none with a cosigner
Min. credit score	Not disclosed
Cosigners allowed?	✅
Cosigner release	Yes

MEFA

4.1 _/5

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Why we picked it

MEFA’s income requirement is one of the lowest—just $24,000 for the borrower and/or cosigner combined. That makes it especially appealing if you’re early in your career or working part-time. It also considers your monthly cash flow, not just gross income, which adds flexibility.

While MEFA may not offer the flashiest perks, its no-frills approach and competitive rates make it a practical option for low-income borrowers who meet the basic credit criteria.

Details

Rates (APR)	6.20% – 8.99%
Refinance amounts	Starting at $10,000
Repayment terms	7, 10, or 15 years
Min. income	$24,000 for primary borrower/co-borrower + monthly cash flow
Min. credit score	Not disclosed but a credit score of 670+ is recommended; You also can’t have a student loan default or a bankruptcy or foreclosure within the last 60 months.
Cosigners allowed?	✅
Cosigner release	Not available

PNC

3.8 _/5

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Why we picked it

PNC doesn’t list a minimum income requirement, but it does expect steady employment. That could be ideal if your current job doesn’t pay much yet but offers stable hours or long-term potential. With a cosigner, you may also get access to better rates and terms.

Though not the most flexible in features, PNC is a reputable traditional lender that offers a clear path for refinancing if you have consistent work and can meet other basic qualifications.

Details

Rates (APR)	6.99% – 17.39%
Refinance amounts	$10,000 – $200,000
Repayment terms	5, 10, 15, or 20 years
Min. income	None stated; must have steady employment
Min. credit score	Not specified, mid-600s recommended
Cosigners allowed?	✅
Cosigner release	After 48 consecutive, on-time payments

EdvestinU

3.6 _/5

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Why we picked it

EdvestinU is upfront about its requirements, listing a $30,000 minimum income if your student loan balance is under $100,000. It also accepts cosigners, which can help low-income borrowers qualify even if they don’t meet the income threshold on their own.

What makes EdvestinU stand out is its transparency and borrower-focused approach, including the option to prequalify with a soft credit check. It’s a dependable pick if you’re just shy of the income bar and need a little help to qualify.

Details

Rates (APR)	5.40 – 9.99% w/ autopay
Refinance amounts	$7,500 – $200,000
Repayment terms	5 – 20 years
Min. income	< $100,000 loan balance: $30,000 per year; > $100,000 loan balance: $50,000 per year
Min. credit score	700
Cosigners allowed?	✅
Cosigner release	After 24 months of on-time payments

Engage with a financial professional specializing in refinancing for low-income households. A financial counselor or financial planner who offers pro-bono hours could provide opportunities to not only consolidate student loans but also help with a plan to pay off the debt and other debts.

In addition to researching where you can get free or low-cost help, I suggest focusing on the pros and cons of the current loans versus refinancing. Ultimately, the determination should be an economic benefit to you as the borrower.  

Pros and cons of refinancing with low income 

The pros and cons of refinancing student loans with a low income are worth considering before you apply. 

Pros

• Lower your interest rate

  It could be tough to qualify for student loan refinance with a low income or weak credit, and your options for lenders may be limited. 

• Choose new repayment terms

  You can often choose repayment terms between five and 20 years. 

• Simplify repayment

  If you refinance multiple loans, you can combine them into one for a single monthly payment. 

Cons

• May be difficult to qualify

  It could be tough to qualify for student loan refinance with a low income or weak credit, and your options for lenders may be limited. 

• A lower rate isn’t guaranteed

  A low income could make it difficult to qualify for a lower interest rate. 

• Could lose access to federal benefits

  Refinancing federal loans means replacing them with a private loan. Your new refinanced loan won’t be eligible for federal protections, including federal repayment plans, forbearance, deferment, and forgiveness programs. 

Alternatives to refinancing with low income

If you’re struggling to qualify for student loan refinancing because of low income or credit, there are other options to manage your student loans without meeting strict lender criteria.

Direct loan consolidation

If you have federal student loans, consolidation may be a more accessible option than refinancing. With no credit or income requirements, a federal Direct Consolidation Loan lets you combine multiple federal loans into one, simplifying repayment. While it won’t lower your interest rate, it can give you access to new repayment plans—including income-driven repayment—and preserve federal protections.

Income-driven repayment plans

For federal loans, enrolling in an income-driven repayment (IDR) plan could make your monthly payments more affordable. These plans adjust your payment based on your income and family size—and could even lead to loan forgiveness after 20–25 years of qualifying payments.

Contact your lender

If you’re at risk of falling behind on payments, reach out to your loan servicer. Lenders may offer temporary relief such as forbearance, modified repayment plans, or adjusted payment due dates to help you avoid default.

Loan repayment assistance programs (LRAPs)

Some states, nonprofits, and employers offer loan repayment assistance programs—especially for professionals in high-need fields like education, law, or healthcare. These programs can provide grants or direct payments toward your student loan balance, often without income restrictions.

Home equity loans or HELOCs

If you own a home, you may be able to use a home equity loan or line of credit to pay off student debt. These loans can offer lower interest rates than student loans, but they come with risk: your home is the collateral, so missing payments could lead to foreclosure.

Evaluate your new projected monthly payment with a refinanced loan. If it doesn’t fit your budget, I don’t suggest that you refinance. Instead, continue to repay your student loans while communicating with the lender if you’ll be late on a payment. Reevaluate consolidation when your cash flow is more favorable, your credit has increased, interest rates are more favorable, or your income has increased.