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.
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.
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.