Do you have a cosigner? | 01.12.10
When applying for a private student loan there is one question you will most likely always be asked; do you have a cosigner? In many cases the answer to this question will make a huge difference in whether or not you are approved for a loan.
A cosigner is an individual who agrees to take responsibility for the loan debt if the borrower is not able to pay. They cannot use the line of credit, however their credit score is affected by the loan.
There are a few groups of people who need cosigners in order to get a private student loan. The first group is any student with a low credit score or limited credit history. These students need someone with an established credit history and good credit score to cosign for them. The second group is international students. Any international student seeking a private student loans from a United States bank must have a cosigner who is a United States citizen in order to obtain a loan.
In most cases student borrowers have their parents cosign their loans. However, this is not an option for every student. If this is the case a student should choose another family member or adult friend who they trust. This person must have a good credit history and high credit score.
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I have created a website to help college students find cosigners for school loans. Visit my websitehttp://www.CosignerFinder.com. I hope this helps.
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cosigning has its ups and downs…be careful!!!
I almost had a cosigner once to live in an apartment complex, but ended up not needing her.
i dont have a cosigner
I dont have a cosigner…tear.
I dont have a cosigner and would never ask someone to be one. I have seen first-hand how cosigning can go terribly wrong. Be sure that everyone involved is willing or can pay back the given amount of money involved.
Don’t do it.
I don’t have a cosigner.
Although loans eventually turn to debt, most creditors find this a good thing. Once you pay it off, of course. Its GOOD DEBT.
I understand why one may need a cosigner but, sometimes they need to trust people.
no cosigner for me but luckily (knock on wood) I have credit and some credit built up.
some people arent fortunate or spoiled enough that parents will just put their credit at risk for “daddy’s lil girl”. I feel proud of myself for having work history and enough of it to be able to not need a cosigner. Im so sick of hear “Daddy, give me this!” and they just get it. U are about to be in college, get off your lazy butts and do it urself. Its time to step into the real world and realize its time to grow up.
I’m a daddy’s girl, so my dad will cosign. I don’t know if anyone else will be willing to take responsibility for a loan that’s not theirs.
Although I think I could have my parents co-sign for a student loan, I am not sure it is the best idea. A family friend is a professor at the state university and he sees too many students who graduate college owing too much money. He says that many students take much more money than needed and end up having more depbe than necessary. I think it must be used with caution and requires education.
I hope I never need to take out a loan, but if I do I don’t have a parent with a good credit score. Can a cosigner be a non-relative?
My mother won’t cosign and i’m planning on going to a 50,000 a year school for four years plus med school. I’m not sure how it’s going to work.. but I’m told it’s possible so by jeeze i’m going to do it!
cosigning sounds pretty risky.. then again I suppose its risky for the orginizations giving you loans to do so.. guess it is a kind of incentive to them.. I really hope that I do not have to get loans though. I would not want to harm someone elses credit on accident or anything. But I was wondering what cosigning was, so thanks for the info!
I took out a stundent loan, I totally regret it right now. Should have just taken my time and saved up the cash for school.
I wish I had a cosigner. That would be great
A cosigner is hard to find theses days nobody has credit anymore!
My parents will cosign with me, so i have to make sure i pay on time to keep thier credit good
Yea I will have to negotiate tgis with my parents.
Danger alert