In August of last year, Lucas was approved for a refinanced loan with SoFi, San Francisco-based company that issues personal loans to younger professionals.

In the U.S. alone, student loan debt currently weighs in at $1.3 trillion.

A loan approval can be based on many factors beyond just the FICO score, which is a calculation of both positive and negative information in a client’s credit report.

David Klein founded CommonBond in 2011 after he was unable to secure student loans for graduate school at payable interest rates.

At the time, the only options were to go through the federal government, which charges the same loan rates to everybody, or through private banks, which charge a higher rate than what appears necessary,” he said.

After graduating from Princeton and working for years as a quantified options trader on Wall Street, Louis Beryl was inspired to start the company after being rejected from every bank he applied to for student loans.

Customers who qualify for student loan refinancing are typically young and agile.