This loan is for borrowers and one or more creditworthy cosigners. Note: Applicants who are creditworthy (meet the underwriting and credit criteria) are not required to provide cosigners.
To qualify, you or your cosigners must have:
- Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
- Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
- A FICO score of at least 660. (The FICO score used is the TransUnion FICO Score 8 which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
- No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
- No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
- No previous bankruptcies.
- Not defaulted on any private or government student loan.
Note: For joint cosigned Partnership Advance Education Loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio.
The list of criteria above may not be exhaustive. ISL Education Lending may require you or your cosigners to meet additional criteria in order to qualify for a loan. ISL Education Lending reserves the right to change the list of criteria in any way from time to time.