The average cost for tuition and fees at a four-year, out-of-state public college is $23,890. With rising tuition costs, having a cosigner for your student loans can help you shoulder the financial burden.
But there may come a time when having a cosigner is no longer necessary. Releasing your cosigner from their financial responsibilities can be liberating for both of you.
If you’ve borrowed private student loans from Navient, it’s possible you’ve considered Navient cosigner release. The lender has a specific process, so we’ll provide the steps to follow to remove a cosigner from your Navient student loan.
5 steps for requesting a Navient cosigner release
According to Navient, primary borrowers can qualify to release their cosigner once they graduate or complete their course and have made 12 consecutive, on-time payments.
It’s important to note that only borrowers — not cosigners — can complete the Navient cosigner release form. In addition, College Ave refinance loans and National Education loans aren’t eligible for cosigner release.
Here are the five steps to take:
To start, visit Navient online. In the drop-down menu at the top, hover over “In Repayment,” then click “Private Student Loans.” Scroll to the “Releasing a Cosigner” section toward the bottom.
The application loads as a PDF that you could print to begin the process of freeing up a cosigner from your loan.
After filling out your name, date of birth, employment details and contact information — among other things — the application will ask you to provide your gross annual salary. It will also ask for the amount and source of any additional income you may be earning.
Alimony and child support do not need to be included if you don’t want them considered when Navient makes it cosigner release decision.
According to Navient, proof of income can include a copy of a recent pay stub, a W-2 form, public assistance/Social Security paperwork, a 1099 tax form or a recent income tax return if you’re self-employed.
You’ll also need to disclose any monthly housing, car or student loan payments you make.
The Navient cosigner release form requires a copy of your college diploma or transcript. If you’ve already provided this to Navient and nothing has changed, you can skip this step. (Note that the documents are not returned to you, so Navient requests you don’t send your original diploma.) You won’t be eligible for a cosigner release until you’ve completed your studies.
Also, you’ll need to provide proof of U.S. citizenship if your status has changed.
On the application, list the names of each cosigner on your loans. You can provide up to six names.
Have you made 12 consecutive student loan payments on time? It’s the minimum you’ll need to make to qualify for a cosigner release. Be sure to tally up how many you’ve submitted before applying for a Navient cosigner release.
Payments must include both the principal and the interest you owe. Smaller or interest-only payments are not including among your count.
Additional info for Navient cosigner release
Once you’ve filled out your Navient cosigner release form, mail both pages of the application and enclosed documentation to:
P.O. Box 9640
Wilkes-Barre, PA 18773-9640
You can also fax the information to 800-443-9723.
Any applications that are incomplete or not signed will be rejected. If you have any questions, you can contact Navient online or call 888-272-5543 on a weekday (8 a.m. to 9 p.m. ET Monday to Thursday and 8 a.m. to 8 p.m. ET Friday).
Be mindful that Navient will need to receive a consumer credit report before meeting its obligations for a cosigner release. Navient cosigner release approval is also at the sole discretion of the company.
When you remove a cosigner from your student loan, Navient puts you on the hook for repayment. Your existing student loan debt would now be all on you, so make sure to keep up with your payments.
Laura Woods contributed to this report.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.47% APR (with Auto Pay) to 7.59% APR (with Auto Pay). Variable rate loan rates range from 2.27% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of August 15, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/15/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.37% effective July 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.27% – 6.89%1||Undergrad & Graduate|
|2.27% – 7.75%2||Undergrad & Graduate|
|2.43% – 6.65%3||Undergrad & Graduate|
|2.24% – 6.67%4||Undergrad & Graduate|
|2.37% – 7.95%5||Undergrad & Graduate|
|2.46% – 9.24%6||Undergrad & Graduate|