Having a cosigner could help you get approved for a student loan. But this also comes with some risks for the cosigner — they’re responsible for the loan if you don’t make your payments.
With cosigner release, a cosigner can have their name removed from a loan — though not all lenders offer cosigner release.
Here’s what you should know about cosigner release:
What is a cosigner release?
Cosigner release is the process of having a cosigner removed from an existing loan, which means the cosigner is no longer responsible for the loan. If a borrower can prove to the lender they’re financially stable on their own, they might qualify for cosigner release.
If you’re considering cosigner release, keep in mind that there are benefits for you as the borrower, too. This includes:
- Showing you can financially handle the loan on your own
- Potentially taking financial strain out of the relationship between you and your cosigner
Learn More: How to Refinance Student Loans
How to release your cosigner
Releasing a cosigner from a loan is straightforward if you qualify. However, it can take some time to meet the minimum requirements.
Here are some of the general criteria you’ll likely need to meet to be eligible for cosigner release:
1. Check if your loan is eligible for cosigner release
Not all private student loans allow for cosigner release. The first step is to find out if your loan qualifies.
Here are our partner student loan lenders that offer cosigner release:
Lender
Fixed (APR)
Loan Amounts
Min. Credit Score
Credible rating
3.49% - 15.49%
$1,000 up to 100% of school-certified cost of attendance
Does not disclose
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Credible rating
3.69% - 15.28%
$2,001 to $400,000
Does not disclose
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Cosigner release
12 months
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Credible rating
3.99% - 15.61%
$1,000 to $350,000 (depending on degree)
720
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Credible rating
4.24% - 14.02%
$1,000 to $99,999 annually $180,000 aggregate limit)
Does not disclose
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
7, 10, or 15 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Credible rating
4.80% - 8.54%
$1,001 up to 100% of school certified cost of attendance
670
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Cosigner release
12 months
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Credible rating
5.75% - 8.95%
$1,500 up to school’s certified cost of attendance less aid
670
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
Interest rates
Fixed
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
10 or 15 years
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Cosigner release
48 months
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Credible rating
Fixed (APR)
3.49% - 15.49%
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Min. Credit Score
Does not disclose
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Credible rating
Fixed (APR)
3.69% - 15.28%
Loan Amounts
$2,001 to $400,000
Min. Credit Score
Does not disclose
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Cosigner release
12 months
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Credible rating
Fixed (APR)
3.99% - 15.61%
Loan Amounts
$1,000 to $350,000 (depending on degree)
Min. Credit Score
720
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Credible rating
Fixed (APR)
4.24% - 14.02%
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Min. Credit Score
Does not disclose
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
7, 10, or 15 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Credible rating
Fixed (APR)
4.80% - 8.54%
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Min. Credit Score
670
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Cosigner release
12 months
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Credible rating
Fixed (APR)
5.75% - 8.95%
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Min. Credit Score
670
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
Interest rates
Fixed
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
10 or 15 years
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Cosigner release
48 months
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Keep in mind that each lender has its own cosigner release requirements. If your lender offers cosigner release, be sure to review their specific criteria to see how to qualify.
2. Meet the requirements for on-time payments
Most private student loan lenders require you to make all monthly payments on time for a certain amount of time to qualify for cosigner release. You’ll need to meet this minimum before you can release your cosigner.
For example, Sallie Mae offers cosigner release after 12 months of on-time, consecutive monthly payments.
Stay on top of your payments
Even if you don’t need to release a cosigner, be sure to make at least the minimum payment on your student loan by the due date each month.
On-time payments are good for your credit, help you avoid late fees, and keep you on track to successfully pay off your loan.
Learn More: When to Refinance Your Student Loans
3. Meet the income and credit score requirements
Lenders also typically require that you meet their credit score and income requirements to qualify for the loan on your own.
You’ll likely need to undergo a credit check, as well as submit recent pay stubs or tax returns to show your income.
For example: If you have an Ascent Cosigned Credit-Based Loan, you have to meet the minimum requirements for a new student loan borrower on top of making 12 months of consecutive on-time payments to qualify for cosigner release.
This includes having $24,000 or more in annual income.
Learn More: Transferring Parent Loans to a Student
4. Submit your cosigner release application
You’ll generally find the cosigner release application on the lender’s website, though you might also have the option to submit a paper form.
Be sure to follow all of the steps and include any necessary supporting documents (like pay stubs) to make sure your cosigner release application is successful.
See more: 13 Best Loans for Refinancing Student Loans Without a Cosigner
You might be able to release your cosigner by refinancing
If your lender doesn’t offer cosigner release or you don’t qualify for it, student loan refinancing could be another option. When you refinance student loans into a new loan, your cosigner will be released when your old loans are paid off.
Tip
Keep in mind that you might still need a cosigner to qualify for refinancing. If this is the case, you could consider refinancing with another lender that offers a cosigner release option.
Lender
Fixed (APR)
Loan Amounts
Min. Credit Score
Overview
LendKey is a marketplace that connects borrowers with more than 300 community banks and credit unions to find the best student loan refinancing options. Unlike most lenders, LendKey allows you to refinance your student loans while you're still in school, as long as you've earned at least an associate degree.
One of LendKey's biggest advantages is that it can help you compare multiple loan offers in one place. However, specific loan terms and eligibility requirements will vary by lender. Basic eligibility criteria include a minimum credit score of 680 and at least $5,000 in outstanding debt to refinance.
pros
- You can refinance with just an associate degree
- Can earn a $200 bonus for referring friends and family
- Lower your rate by a quarter of a percentage point with autopay
- No fees for applications or loan origination
cons
- Some lenders may require membership in a credit union or local bank
- Loan terms and qualifications vary by lender
Interest rates
Fixed or variable
Minimum credit score
680
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$5,000 to $250,000
Cosigner release
Varies based on lender's terms
Eligibility
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply, but you can't prequalify with a soft credit check.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- Doesn’t offer prequalification to see rates before you apply
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, 15, or 20 years
Loan amounts
$5,000 to $250,000
Cosigner release
12 months
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Credible rating
5.89% -
$10,000 - $750,000
Does not disclose
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
36 months
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit. To qualify, you'll need a credit score of at least 700 and an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. However, loans aren't available in all U.S. states.
Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school. New Hampshire residents also receive a 1.5 percentage point interest rate reduction, making it an excellent option for those in the state.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
- New Hampshire residents save 1.5 percentage points on their interest rate
cons
- Refinancing is only available in select states
- High minimum credit score requirement
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Interest rates
Fixed or variable
Minimum credit score
700
Minimum income
Does not disclose
Loan terms
5, 10, 15, or 20 years
Loan amounts
$7,500 to $200,000
Cosigner release
24 months
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Credible rating
Fixed (APR)
4.89% -
Loan Amounts
$5,000 - $250,000
Min. Credit Score
680
Overview
LendKey is a marketplace that connects borrowers with more than 300 community banks and credit unions to find the best student loan refinancing options. Unlike most lenders, LendKey allows you to refinance your student loans while you're still in school, as long as you've earned at least an associate degree.
One of LendKey's biggest advantages is that it can help you compare multiple loan offers in one place. However, specific loan terms and eligibility requirements will vary by lender. Basic eligibility criteria include a minimum credit score of 680 and at least $5,000 in outstanding debt to refinance.
pros
- You can refinance with just an associate degree
- Can earn a $200 bonus for referring friends and family
- Lower your rate by a quarter of a percentage point with autopay
- No fees for applications or loan origination
cons
- Some lenders may require membership in a credit union or local bank
- Loan terms and qualifications vary by lender
Interest rates
Fixed or variable
Minimum credit score
680
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$5,000 to $250,000
Cosigner release
Varies based on lender's terms
Eligibility
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from one of LendKey lenders’ eligible institutions.
Credible rating
Fixed (APR)
5.12% -
Loan Amounts
$5,000 - $250,000
Min. Credit Score
670
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply, but you can't prequalify with a soft credit check.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- Doesn’t offer prequalification to see rates before you apply
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, 15, or 20 years
Loan amounts
$5,000 to $250,000
Cosigner release
12 months
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Credible rating
Fixed (APR)
5.89% -
Loan Amounts
$10,000 - $750,000
Min. Credit Score
Does not disclose
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
36 months
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Credible rating
Fixed (APR)
6.00% -
Loan Amounts
$7,500 - $200,000
Min. Credit Score
700
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit. To qualify, you'll need a credit score of at least 700 and an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. However, loans aren't available in all U.S. states.
Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school. New Hampshire residents also receive a 1.5 percentage point interest rate reduction, making it an excellent option for those in the state.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
- New Hampshire residents save 1.5 percentage points on their interest rate
cons
- Refinancing is only available in select states
- High minimum credit score requirement
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Interest rates
Fixed or variable
Minimum credit score
700
Minimum income
Does not disclose
Loan terms
5, 10, 15, or 20 years
Loan amounts
$7,500 to $200,000
Cosigner release
24 months
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, MSN Money, The Huffington Post, and Yahoo Finance.