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Posted in Student Loans
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Question By
tryinr33lhard

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Refinance/Consolidation-cosigner meets requirements but I do not. Do we qualify?
I've been paying outrageous variable interest rates on 2 private student loans. The original lender will not consolidate them. I've been "credit conscious" for over 4 years and haven't missed a payment of any kind since (though I had already used up my grace periods long before graduation by taking time off and couldn't make a single payment to anyone for several months after graduation). I've built my credit with a high interest rate auto loan, a secured credit card, and a high interest-low limit credit card. I keep the balances low and pay on time.

Back to the private student loans--my credit union used the Student Choice program. The minimum requirements for consolidating and refinancing are a Transunion score of 650, 2 continuous years of employment, and a minimum income of $30,000. I meet the 2nd 2 requirements but my bad behavior in college and the struggles immediately after graduation have me short of the 650 and I'm just inching my way there. My fiance, however, meets all 3 requirements. The Student Choice program could save us $90 or more per month. Does my fiance's (as a cosigner) credit score qualify us or are cosigners just used to get lower rates and since I don't qualify yet, we don't qualify? Thank you for any insight.

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Top Contributor
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If YOU don't qualify, that means that the BOTH of you do not qualify. You could not be on the loan. I suggest working to build up your scores and then go for it. There are many things that you can do to improve scores. And remember, FICO scores will be used, not the scores here.

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