Refinance Eligibility

College graduates who are:

U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school (a bachelor's degree is the minimum required)
At least the age of majority in your state of residence. Please note, in most states, you must be at least 18 years old. You must be 19 years old in Alabama. You must be 21 years old in Mississippi and Puerto Rico. If you are not the age of majority in your state you may qualify with a cosigner who is or other unique circumstance that would allow you to qualify.
In repayment or grace on one or more outstanding private or federal student loans. All loans being refinanced must be post separation from school.
Able to meet Elements Financial's standard underwriting criteria (a cosigner may be necessary and may also help you qualify for a lower rate)
Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

Parents — in addition to PLUS and Parent loans, parents may also be eligible to refinance student loans from:

Students that graduated from a college that is not on the approved school list
Students that did not graduate from college
Multiple students into a single loan

Loan types eligible for refinance:

Eligible loan types include Private, Federal, and Institutional loans. If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentaid.gov. See disclosures for more details.