Rules for Minnesota refinancing program

Candidates for refinancing must:

• Be Minnesota res­i­dents

• Have earned a cer­tifi­cate, di­plo­ma, as­so­ci­ate, bach­elor or gradu­ate de­gree

• Have a min­i­mum FICO cred­it score of 720 to qual­i­fy with­out a co-sign­er

• Have a max­i­mum debt-to-in­come ra­tio of 45 percent

• Have no de­lin­quen­cies on their cred­it re­port

• Have no un­paid charge-offs, liens or judgments totaling $300 or more

• Have a co-sign­er if the bor­row­er is not a U.S. cit­i­zen or per­ma­nent res­i­dent.

Source: Minnesota Office of Higher Education