If you're looking to refinance your education loans, there are several reasons why one or two cosigners may be beneficial to you when you apply.
Looking for a Better Rate?
If you qualify for the Reset Loan but not our best rates, a cosigner with a higher credit score than yours can help you receive a lower rate.
We're different than other lenders. If you apply with one cosigner, we only look at the highest FICO score between you and your cosigner to determine your rate. If you apply with two cosigners, we use the highest credit score between your cosigners to determine your rate.
Need Help Qualifying?
If you have limited or average credit, cosigners who meet the credit and underwriting criteria can help you qualify for a Reset Loan if you don't meet our credit score or debt-to-income ratio requirements on your own.
What Is a Debt-to-Income Ratio?
The debt-to-income ratio is calculated by dividing monthly debt payments by gross monthly income.
- If you apply with one cosigner, we consider the combined monthly debt and income of both you and your cosigner to calculate this ratio. If you are the student enrolled in college and you apply with a cosigner, only the cosigner's monthly payments for approved credit and gross monthly income are used to calculate the debt-to-income ratio.
- If you apply with two cosigners, we review the combined monthly debt and income of only the two cosigners, not your debt and income, to calculate this ratio.
Cosigners Can Be Removed
If you apply with cosigners, you can release them from their loan obligations:
- After the first 24 consecutive monthly principal and interest payments are received on time.
- If you meet the underwriting and credit criteria at the time the cosigner release is requested.