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Employment experience
March 28, 2016
9:59 pm
Ryan Bach

Looking into consolidating my student loans. I’ve been out of college / working full time less than 2 years (about 18 months, to be exact).

After some research, I’m thinking this is a smart option for me, but I have a basic question on timing. I noticed when running an inquiry into offers on nerdwallet / credible, one of the prompts was asking whether you had 2 years of full-time work experience, to which I had to answer no.

Is it recommended that I wait until I hit the 2-year mark in the workforce? Would this have that great of a beneficial impact on my offer terms?

March 29, 2016
9:32 pm
Forum Posts: 351
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

I think the best answer here is maybe.

Some lenders will need two years of full time work as part of their underwriting criteria while others will not. Thus it is possible that a company that might offer you the lowest rate in 6 months would reject your application today. On the other hand, some lenders do not require a full two years of work experience, and you could be best off by applying today and locking in a low rate now, rather than waiting.

The only way to know for sure would be to research lenders on an individual basis to see where you think your best rates might come and prior to applying inquire about the required length of work history. If most of them only need a year, now might be the time to apply. While the company by company approach might be a little bit more time consuming, the upside is that you get to interact with each company prior to doing business with them. Hopefully you will get a better idea from a customer perspective. The other advantage is that going this route might help you get a new customer bonus. You can see a list of lenders and a list of companies offering bonuses here: https://studentloansherpa.com/student-loan-reviews/

If you do start reaching out to lenders individually, I’d be very curious to know how many of them require a full two years of employment.

Best wishes!

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