To qualify for student loan refinancing through PenFed Credit Union, you must meet the following criteria: Be a U.S. citizen  Have a bachelor’s degree or higher Be the age of majority in your state For loans up to $150,000: you'll need a cosigner if your credit score is between 670 and 675 and/or your annual income is between $25,000 and $41,999. Your cosigner must have annual income of at least $42,000 and a credit score of 720 or higher. For loans exceeding $150,000: you'll need a cosigner if your credit score is between 670 and 724 and/or your annual income is between $25,000 and $49,999. Cosigners need annual income of at least $50,000 and a credit score of 725 or higher. Have at least $7,500 in student loans to refinance