Cosigner Release Benefit

Some private student loans serviced by Aspire Servicing Center offer a cosigner release benefit during the principal and interest repayment period. This allows borrowers to have their cosigners released from their obligation to repay the loans. Only borrowers may apply for this benefit.

To qualify for the cosigner release:

The correct number and type of consecutive, on-time payments under the Standard (level) Repayment Plan must be submitted. See Requirements tables below for details.
The borrower must download, complete and submit the Cosigner Release Application (PDF).
The borrower must meet the underwriting criteria, including income and FICO score, required for the loan at the time he or she applied for it. See Requirements tables below for details.

Note: Borrowers will be disqualified from this benefit for using an economic hardship deferment, bankruptcy forbearance or collection suspension forbearance to temporarily stop making payments or for using an alternative repayment plan.

Requirements

To release your cosigner(s) from their obligations, you first must:

Have made the required number and type of consecutive monthly principal and interest payments on time during the installment period (as defined as the Principal and Interest Repayment Period in your credit agreement). Payments made prior to entering the installment period or required interest-only payments during the initial in-school period do not qualify. Details regarding required payments for different loan programs are provided in the following tables.
- Note: If you have multiple loans, each loan may have different requirements to release your cosigner(s) from their obligations. These different requirements may be related to the number of payments that must be received and if the payments must be first payments.
- To be considered on time, a payment must be received by our office no later than five (5) business days past the due date.

In addition, you must meet income and FICO score requirements, which are also detailed in the following tables, as well as certain underwriting criteria.

Program-Specific Requirements

The following tables detail the number and type of payments required as well as the minimum annual income and FICO score requirements at the time of application.

Note: The information provided here is general. Refer to your credit agreement for details on the requirements specific to your loan. The date you submitted your application is not the same as the disbursement date of the loan.

Partnership Advance Education Loan (ISL Private)

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
November 2011–April 2014*	48 consecutive, on-time monthly payments	$25,000	670
April 2014–April 2015	First 24 consecutive, on-time monthly payments	$25,000	670
April 2015–August 2017	First 24 consecutive, on-time monthly payments	$25,000	Varies**
August 2017–today	First 24 consecutive, on-time monthly payments	N/A	Varies**

* Only variable-rate Partnership Loans were eligible for the cosigner release between November 2011–January 2012. Fixed-rate loans were eligible beginning in February 2012.

** Your lender offered different rates based on your or your cosigner's FICO score. This means your current TransUnion FICO Score 4 must equal or exceed the minimum score that dictated your loan's rate.

Reset Refinance Loan (ISL Private)

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
October 2019–today	First 24 consecutive, on-time monthly payments	N/A	Varies**

Reset Consolidation Loan (ISL Private)

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
July 2014–October 2014	24 consecutive, on-time monthly payments	$25,000	700
November 2014–January 2015	24 consecutive, on-time monthly payments	$25,000	720

Alliant Credit Union and Health Services Credit Union Private Student Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
July 2009–April 2012	24 consecutive, on-time monthly payments	$15,000	N/A
April 2012–today	24 consecutive, on-time monthly payments	$25,000	670

Alliant Credit Union (Unified Consolidation Loan)

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
August 2014–today	24 consecutive, on-time monthly payments	$25,000	700

American State Bank Private Student Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
May 2011–April 2012	36 consecutive, on-time monthly payments	$15,000	N/A
April 2012–today	36 consecutive, on-time monthly payments	$25,000	N/A

Arkansas Education Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
January 2019–today	48 consecutive, on-time monthly payments	N/A	Varies**

Arkansas Family Education Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
January 2019–today	48 consecutive, on-time monthly payments	N/A	Varies**

Arkansas Refinance Education Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
January 2019–today	48 consecutive, on-time monthly payments	N/A	Varies**

Ascentra Credit Union Private Student Loan Program

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
May 2009–April 2012	24 consecutive, on-time monthly payments	$15,000	N/A
April 2012–May 2016	24 consecutive, on-time monthly payments	$25,000	670
May 2016–today	24 consecutive, on-time monthly payments	$25,000	Varies**

Capitol View Credit Union's Private Student Loan Program

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
April 2012–March 2015	48 consecutive, on-time monthly payments	$25,000	670

Dupaco's Extra Credit Student Loan Program

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
April 2011–April 2012	48 consecutive, on-time monthly payments	$15,000	N/A
April 2012–July 2015	48 consecutive, on-time monthly payments	$25,000	670
July 2015–June 2017	48 consecutive, on-time monthly payments	$25,000	Varies**

Veridian Private Student Loan

Date Application Submitted	Payments Required	Minimum Income Required	Minimum FICO Score Required
July 2013–May 2014	36 consecutive, on-time monthly payments	$25,000	720
May 2014–May 2016	36 consecutive, on-time monthly payments	$50,000	Varies**

Additional Underwriting Criteria

To release your cosigner(s) from their obligations, you must meet the underwriting and credit criteria, including the income and FICO score requirements listed above, for the loan at the time it was applied for. This means you 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.)
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.

* For the Reset Refinance Loan, borrowers with a mortgage who earn greater than or equal to $100,000 per year must have monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) that do not exceed 45% of gross monthly income.

Note: This list of criteria may not be exhaustive. Your lender may require you to meet additional criteria in order to qualify for a cosigner release. Your lender reserves the right to change the list of criteria in any way from time to time.