To qualify for the Reset Refinance Loan for In-School Borrowers, you or your cosigners must have:
- Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) 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 Reset Loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the cosigners may combine debt and income to calculate the debt-to-income ratio. For loans with only one cosigner, either the applicant or cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the applicant and cosigner may combine debt and income to calculate the debt-to-income ratio. If the applicant is a student enrolled in college who applies with one cosigner, only the cosigner's monthly payments for approved credit and gross monthly income are used to calculate 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.