HOBOKEN, N.J.–A new report offers insights into the financial state of people who are seeking to refinance student debt.
According to LendEDU here, which offers student loan refinancing services, the average borrower is leaving campus with $29,000 in student debt and more than 44 million Americans are in repayment.
In the company’s first-ever State of Student Loan Refinancing Report, which is based on industry data drawn from more than 23,000 applicants seeking to refinance loans:
- The average FICO credit score of someone approved for refinancing is 757. At the low end, the company said it found one applicant who had been approved with a 560 FICO credit score.
- 43% of applicants are denied during the application process.
- The average refinanced loan has a 4.82% interest rate, including ACH auto-pay discounts.
- 33.36% of approved applicants go onto complete the refinancing.
- The average amount of student debt refinanced is $53,892.
- The average term length is 10.4 years after refinancing.
- It takes on average 28 days from the point when an applicant is approved to the point when the loan has been funded.
- 32.24% of refinanced loans are originated with a cosigner.
- On average, cosigned loans have 0.15% lower interest rates.
- California, New York, New Jersey, Pennsylvania, Massachusetts, and Illinois are the most popular states for student loan refinancing.
For more info: www.lendedu.com.