In addition to our underwriting criteria, you must also meet the following eligibility requirements:

• You and your cosigner (if applicable) are US citizens or permanent residents.
• You have graduated from an eligible school.
• You are refinancing private and/or federal loans.
• You are a member of OAS FCU (or become a member during the online application process; you must qualify to join).
• Note; Loans for exam preparation classes (including LSAT, MCAT, GMAT, and GRE), are not eligible for refinancing.

You should allow 2 weeks until funds are disbursed on approved loans, but it can take less or more time in some cases. Remember, once the process is completed, you should continue to make payments to your previous lenders up until you have confirmed that your previous loans are paid in full.

Once you’re conditionally approved, we may ask you to submit the following documents electronically:

• Proof of Identity: Government-issued ID (such as a driver’s license). If you’re a permanent resident, we’ll need your permanent resident card (or “Green Card”).
• Proof of Graduation: A school transcript, copy of the degree/diploma.
• Proof of Income: Copies of your two most recent pay stubs within the last 60 days. If your loan is cosigned, both you and the cosigner will need to submit these documents.
• Account statements for the loans that you wish to refinance (the last statement for each loan).

Yes. During the application process, we obtain a credit report for the borrower (and cosigner, if applicable). With it, we assess creditworthiness and ability to repay the loan.

Not all educational institutions are eligible for our program. Unfortunately, we’re not able to offer refinancing if the school from which you graduated isn’t on our eligibility list.

Yes, you must be a graduate of an eligible school to refinance your loan(s).

The minimum you can borrow is $5,000. The maximum you can borrow lifetime is $125,000 for undergraduate debt and $250,000 for graduate school debt.

If the borrower fails to repay the loan, the cosigner is responsible for payment. However, we offer the benefit of cosigner release, which is subject to approval. In order to qualify, the borrower must meet the following requirements:

• Make 12 months of consecutive, on-time full payments of principal and interest during the full repayment period (must occur immediately prior to the request for cosigner release). “On-time payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the regularly scheduled monthly payment must be made for 12 months straight without any interruption.
• The borrower’s account is not in delinquent status.
• The borrower must provide proof of income indicating that they meet the income requirements and pass a credit review, demonstrating that they have a satisfactory credit history and the ability to assume full responsibility for loan repayment.
• No bankruptcies or foreclosures filed in the last sixty (60) months; and
• No loan defaults on a student loan or with OAS FCU.

Yes. We will furnish information to the credit reporting agencies on both you and the cosigner.

A creditworthy cosigner increases the likelihood of loan approval and may lead to a lower rate. However, if you meet the credit and income requirements on your own, you may apply without a cosigner.