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Refinancing your student loans helps you take a big step toward financial freedom. But to qualify for the best refinancing offers, you must prove you’re a reliable candidate.
When reviewing your application, lenders look at your income and credit score, among other factors. And time and again, they find that borrowers in certain careers make the best candidates for student loan refinancing.
Refinancing lender CommonBond shared its list of top professions who refinanced in 2016. So if you work in the careers below, you’re one of the best candidates for refinancing your student loans.
The average lawyer makes a competitive $118,160 a year. But they also take on a lot of debt before commanding that high salary. In fact, the top 10 law schools have an average tuition of $60,293 per year.
Multiply that by the three years you spend in law school and you’re in the red by $180,879. Even with a decent salary, lawyers are making hefty student loan payments for a long time.
But if you refinance your student loans, you could pay them off a lot faster. If you’re a lawyer with a high income and strong credit score, you could likely qualify for competitive terms on a new refinanced student loan.
Pharmacists also tend to be appealing candidates for student loan refinancing. For one, they bring home an average annual income of $122,230. And with pharmacy school tuition ranging from $65,000 to $200,000, they could reap major benefits from restructuring their student loan debt.
According to CommonBond, pharmacist was one of the most popular careers of its members who refinanced last year. With their high income, pharmacists likely qualify for some of the lowest interest rates on the market, too.
3. Physician or physician’s assistant
Like pharmacists, doctors take on major medical school debt. But after years of schooling, they typically establish steady careers with a high income.
CommonBond refinanced the student loans of many physicians and physician’s assistants last year. If you’re a doctor who has taken on over $100,000 of student loan debt, you could save money by refinancing your loans for better terms.
4. Executives and managers
Anyone in an executive or upper management position likely takes home a hefty salary. But after two years in an MBA program, their net worth might still fall well below zero. Some full-time programs cost almost $200,000 to attend, according to Financial Times.
But because executives have a high, stable income, lenders will likely trust them to pay back a loan. As a result, they may offer more competitive terms on a refinanced education loan. If you work in upper management, you could be the kind of candidate a refinancing lender is looking for.
5. Registered nurse
Registered nurses also made CommonBond’s top 10 list of common occupations who refinanced. Nurses have lower salaries than some of the other careers on this list with an average annual income of $68,450.
Fortunately, you don’t need to make $100,000 a year to qualify for student loan refinancing. As long as your income is steady and sufficient to cover monthly payments, you could get approved for attractive loan terms. And nurses could use the student loan help since nursing school costs as much as other grad programs.
Engineers are also excellent candidates for student loan refinancing. Many take on significant student debt in undergraduate and graduate school. But they go on to make over $99,000 a year.
To apply as an engineer, you must show proof of income and a credit score in the mid-600s or greater. Then, you could qualify for low-interest rates on a refinanced education loan.
Again, you don’t need to make $100,000 to refinance your student loans. According to CommonBond, teacher was the sixth most common occupation among borrowers who refinanced.
Most teachers have undergraduate and graduate loans from two or more years in a Master’s of Education program. But if you have a stable job and strong credit score, refinancing could help you manage your debt.
Student loan refinancing isn’t limited to these careers
When reviewing refinancing applications, lenders find that the best candidates are lawyers, doctors, and other professionals with stable incomes and lots of debt.
But anyone can qualify for decent loan terms as long as they have a steady income and a good credit score. You must show a reliable history of repayment, as well as the means to pay a new loan back in the future.
Most lenders want to see a credit score of 680 or higher. SoFi will consider applicants with credit scores as low as 650.
You can browse refinancing offers in just a few minutes. All you have to do is enter basic information, such as your income, former university, total debt, and career. Then, a lender will give you an initial offer.
As long as your credit score meets the requirement, you’ll be able to finalize one of these offers. Then, you’ll be well on the way to getting out of student loan debt as fast as possible.
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