Refinancing your student loans can be a way to lower your monthly payments or get a lower interest rate. When you refinance, a private lender pays off your current student loans and replaces them with a new loan that has different terms.

Applying with a co-signer can make you a stronger candidate in a lender's eyes. That’s because a co-signer agrees to share legal responsibility for repaying the loan, and their income and credit history can strengthen your application. If you have a low income or poor credit, or you simply want a better rate, refinancing with a co-signer could be a good option for you.

How important is a co-signer for refinancing student loans?

Lenders want borrowers who will pay back their loan. They look at applicants’ credit history and income to make this decision. Sometimes, an applicant will need a stronger financial profile in order to get approved. That’s where a co-signer comes in.…