Keep getting denied to refinance your student loans? Here’s what to do

By Sasha Bulatskaya | Published on October 21, 2025

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When refinancing¹ your student loans, it would be great if you could be sure that your application will be approved before applying. Refinancing involves going through a hard credit pull or a hard credit check, which can knock your credit score down by a few points. Being denied can feel discouraging and the hit to your credit score only adds to the frustration.

If you’re wondering how to get approved for student loan refinancing, there are a few ways to strengthen your credit score, improve your debt-to-income ratio, and take other actions that can make it easier to be approved in the future.

There’s no guarantee that a lender will approve your application, but following this checklist can give you peace of mind that you’ve done everything you can to set yourself up for success.

Proven Ways To Raise Your Credit Score

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1. Free Tools For More Points

Before starting your student loan refinancing application, it’s important to understand your credit score and the factors contributing to it. Get your credit report and look for errors. You can get a free credit report every year from one of the three credit bureaus.

Take advantage of free credit boost features from credit bureaus like Experian Boost. When you sign up, you’ll get credit for bills that aren’t normally counted toward your credit score, like cell phone, rent, utilities, and insurance.

2. Sign Up For Automatic Payments

One of the most critical factors in your credit score is your payment history. Make on-time payments on all your existing loans and bills. Set up automatic payments where you can – this way, you don’t need to worry about remembering when your bills are due.

Some lenders offer a small discount for signing up for AutoPay², like Earnest does. Showing that you’ve got a history of on-time payments demonstrates financial responsibility and has positive ripple effects on your creditworthiness.

3. Try A New Debt Repayment Strategy

You can make yourself a more attractive applicant by reducing your overall debt. You can achieve this by turning to different debt repayment strategies. Here’s a quick look at some of the most well-known ways to pay off debt:

• The snowball method: Pay your debts in order from smallest to largest balance, regardless of interest rate.
• The avalanche method: Start with the highest interest rate, regardless of balance, and then move down the list.

You can also consolidate your high-interest debts into a single, lower-interest loan. This could reduce your debt load and lower your utilization rate, a measurement comparing your outstanding debt to your available credit.

4. Work On Your Debt-To-Income Ratio

Your debt-to-income (DTI) ratio is essential in determining whether you’ll be approved for refinancing. If you owe a lot of money relative to how much you make, you might come across as a riskier applicant to a lender.

To improve your DTI ratio, focus on increasing your income. Look for opportunities to advance your career, apply for a higher-paying job, take on additional hours, freelance, or start a side gig. By boosting your earnings, you can show potential lenders that you have the means to manage your debt comfortably.

5. Research Different Lenders

)Lenders have different criteria and requirements for refinancing applications. Before you apply, look at every lender’s eligibility page and see where you fall. Do you meet all of their requirements? If not, consider applying with someone else. At Earnest, you can also check your interest rate in minutes without hurting your credit score.

Get Ready For Approval

You can feel more confident applying for student loan refinancing when you take proactive steps to improve your credit profile. Know where your credit score and debt-to-income ratio stand, and take active steps to improve them.

Once you’ve met the eligibility requirements, research different lenders and look for the lowest interest rate. Remember that you’re not the only one being evaluated. Treat your lender like an applicant. Make a list of what you would like from them. Find out if they have low interest rates, good payment options, and attractive benefits.

Once you’re in a good place financially and find a company you like, apply and refinance your loans. If you’re interested in refinancing with Earnest, visit our refinancing page to learn more or check your rate for free.

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About the Author

Sasha Bulatskaya

Sasha is the Senior Manager of Brand and Content at Earnest. She has been writing for ten years and has been focused on educational finance and financial aid for over three. Her passion for mission-driven companies brought her to Earnest in 2020, and she's been helping make student finance more accessible ever since. She strives to demystify personal finance and student loans to help borrowers make the best decisions for their financial situation.

Disclaimer

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.