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Foundation Undergraduate Loans

Undergraduate borrowers must satisfy the Program Eligibility Requirements and Financial Eligibility Requirements established by Covenant Scholars Foundation. Undergraduate applicants who do not satisfy the Financial Eligibility Requirements may be eligible by adding one or more creditworthy co-signers.

Foundation Graduate Loans

Graduate and Professional borrowers who independently satisfy the applicable Program Eligibility Requirements and Financial Eligibility Requirements are not required to provide a co-signer, although doing so may improve approval opportunities and interest rate eligibility.

Eligibility Requirements for Co-Signers

Co-signers on Foundation Loans must:

• Have a minimum FICO Score of 670 for Undergraduate Loans or 640 for Graduate Loans;
• Have monthly debt obligations that do not exceed 40% of gross monthly income (25% if mortgage or rent is not included);
• Have no bankruptcy discharge within the previous seven years;
• Have no unpaid collection accounts, charge-offs, repossessions, foreclosures, wage garnishments, tax liens, or student-loan defaults;
• Have no more than two accounts reporting delinquencies greater than 30 days during the previous two years and no delinquencies of 60 days or more during that period.

Covenant Scholars Foundation may require additional documentation or credit review as part of the underwriting process. Satisfaction of the criteria above does not guarantee approval.