How do you determine interest rates?

Interest rates are based on different criteria depending on the type of loan you’re applying for:

  • Cosigned Credit-Based Loans: When applying with a cosigner, we consider both the student’s credit score and the credit score of your cosigner. Both credit scores, as well as your chosen repayment plan and loan term, are used to determine your interest rate, and your cosigner must meet minimum income requirements to be eligible.
  • Non-Cosigned Credit-Based Loans: For this loan option, only the student’s credit score is considered, along with their chosen repayment plan and loan term. The student must have a two-year credit history and a minimum credit score as well as meet minimum income and debt-to-income requirements to be eligible.
  • Non-Cosigned Outcomes-Based Loan (eligible undergraduate juniors and seniors only): If a student has no credit score, their rates are created based on their chosen repayment plan. If a student meets the minimum credit score, with or without two years of credit history, their score may be used to calculate your interest rate.

For more information, please visit our Repayment Examples.

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*Annual Percentage Rate; See rates and repayment examples