As with most private or alternative student loans, eligibility for a private student loan consolidation is based on various factors such as your combined total loan balance, credit score, work history, and debt to income ratio, along with a few other factors.
Basic Eligibility To Consolidate Private Student Loans
The following is a list of some of the basic criteria that must be met in order to be eligible for a private student loan consolidation offered through ELF:
- You or your cosigner must be over 18 years of age.
- You or your cosigner must be a US Citizen or permanent resident alien.
- You or your cosigner must have a minimum income of at least $1,500 per month.
- You must have a combined private student loan balance of $7,500 or greater up to a maximum of $300,000.
- You or your cosigner must have at least 2 years of satisfactory credit history, 2 years of verifiable residence, and 2 years of employment.
Don’t Feel Like You Qualify? Use a Cosigner
It’s not a problem if you don’t feel like you qualify. You are not alone. In fact, most borrowers right out of school opt to use cosigners to help them qualify for a private student loan consolidation.
Often times, even credit-qualified borrowers choose to use cosigners. As this is a credit-based product, using a cosigner may provide a better interest rate and a lower monthly payment.
And…you may qualify to have the cosigner released entirely from the obligation after making only 48 on-time payments. This way they are not tied to the obligation for the entire life of the loan.