How to get ready to refinance your student loans: A step-by-step guide

By Corey Buhay | Published on December 5, 2025

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TL;DR

• Refinancing1 is easier when you know what to expect. A checklist can help
• You’ll need to gather student loan statements, bank statements, and identifying information like a government-issued ID and social security number
• It’s also helpful to check your credit score before you refinance
• Shopping for lenders, getting prequalified, and comparing rates can help you get the best deal available to you.

The first bit of good news is that refinancing student loans isn’t nearly as complicated as it sounds. The second bit is that you can complete the whole process without leaving your couch—no in-person appointments required.

So, if you’ve already decided that you want to use refinancing to streamline your loans and potentially lower your monthly payments2, the only thing left to do is sit down and get started. Here’s a quick ticklist to help you get prepped and organized so that you can hit the ground running.

How to prepare to refinance student loans

Use this refinancing checklist to get organized before you start shopping for lenders.

Review your current student loans and loan terms

Before you refinance, make sure you understand your current loans. Set aside a chunk of time to sit down and give everything a once-over. For each loan, write down the following:

• Years left on the loan term
• Current loan balance
• Monthly payment amount
• Interest rate
• Name of the loan servicer
• Whether it’s a private or federal loan

Set refinance goals for monthly payments and loan terms

Now look at your budget. If you’re hoping to use refinancing to get out of debt faster, figure out the maximum monthly payment you can afford to make each month. If you’re hoping to use refinancing to lower your monthly payments, figure out what payment range fits in your budget. Keep these numbers in mind when you review loan offers.

Check your credit score before applying to refinance

Once you have your refinance goals figured out, check your credit score to make sure you’ll qualify for refinancing. Most refinance lenders require a decent score—usually 650 or higher—before they’ll approve you. You’ll likely qualify for even better refinance offers if you have a higher score. You can download a copy of your credit report for free once per week through annualcreditreport.com. If your score is lower than you expected, scan your credit report for errors, report any mistakes right away, and make a plan to improve your credit.

Gather the documents you need to refinance student loans

Finally, gather all the paperwork you might need for your refinance application. Those documents could include:

• Recent statements for your current student loans
• Proof of income (i.e., a paystub or your most recent tax return)
• Social Security card or Permanent Resident card
• Driver’s license or ID
• Bank statements for checking and savings accounts

How to refinancing student loans: A step-by-step guide

Once you’re prepped, it’s time to initiate the process. Here are six refinance steps Earnest recommends.

Compare student loan refinance lenders

There are a ton of refinance lenders out there, and they vary widely in their policies, fees, and customer service. If you have a bank, credit union, or other lender you already love working with, that can be a great place to start. If you don’t, ask friends and family, do an online search, or ask a financial advisor what institutions they recommend.

Research lender rates, perks, and policies

Once you have a few options, research each lender to get a better idea of what interest rates and loan terms they can offer you. Some lenders (including Earnest) also offer extra perks, like:

• Zero fees (including missed-payment fees)
• Discounts for signing up for automatic payments3
• Flexible repayment terms
• Skip-a-payment options4
• Responsive customer service
• Deferment and other hardship protections
• Cosigner release options

Check your refinance rate (without impacting credit)

It can be hard to choose a lender unless you know exactly what interest rate they can offer you. To that end, many institutions will let you check your rate ahead of time. Sometimes called “prequalification,” this rate check step is typically free and won’t affect your credit score. Earnest recommends checking your rate with at least three top-choice lenders to figure out who can offer you the best deal.

Submit your student loan refinance application

Once you’ve zeroed in on a top-choice lender, it’s time to apply. Unlike checking your rate, filling out a refinance application triggers what’s called a “hard credit check.” This typically drops your credit score by a few points. So, it’s best to apply only with the lenders you’re serious about. If you decide to fill out multiple applications, try to submit them within a single two-week period to avoid additional credit score penalties.

Review and compare your loan refinance offers

Your lender will take a few business days to look over your application. You’ll then receive a loan offer, usually via email. Review the proposed terms and interest rates, as well as the fine print. If everything looks good, you can choose to accept. If something seems off, you can contact the lender directly with questions or turn down the offer and apply elsewhere.

Keep making payments until your loans are fully transferred

The refinancing process doesn’t end once you accept a loan offer. You’ll need to continue making your original loan payments until your new lender has paid off all your old loans. This transition period is typically called the “10-day payoff period.”

You’ll receive a letter at the beginning of this process telling you to keep making payments as usual. When the process is complete, you’ll receive a second letter stating that your old loans have been paid off in full. At that point, you can begin making payments on your new, refinanced loan.

Get started with Earnest: Check your rate

If you have all your documents and loan information organized and you’re ready to shop lenders, Earnest can be a great place to start. We offer a free online rate check that can help you establish a baseline and start comparing options. All you have to do is fill out a short online form. It only takes minutes, and it won’t affect your credit score.