01.12.10 | Do you have a cosigner?
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.
May 17th, 2010 | #
Get a student loan instead
February 11th, 2010 | #
cosigning has its ups and downs…be careful!!!
February 11th, 2010 | #
I almost had a cosigner once to live in an apartment complex, but ended up not needing her.
February 10th, 2010 | #
February 9th, 2010 | #
i dont have a cosigner
February 9th, 2010 | #
I dont have a cosigner…tear.
February 8th, 2010 | #
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.
February 8th, 2010 | #
Don’t do it.
February 8th, 2010 | #
I don’t have a cosigner.
February 6th, 2010 | #
Although loans eventually turn to debt, most creditors find this a good thing. Once you pay it off, of course. Its GOOD DEBT.
February 5th, 2010 | #
I understand why one may need a cosigner but, sometimes they need to trust people.
February 4th, 2010 | #
no cosigner for me but luckily (knock on wood) I have credit and some credit built up.
February 3rd, 2010 | #
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.
February 3rd, 2010 | #
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.
February 2nd, 2010 | #
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.
February 1st, 2010 | #
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?
February 1st, 2010 | #
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!
January 31st, 2010 | #
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!
January 29th, 2010 | #
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.
January 27th, 2010 | #
I wish I had a cosigner. That would be great
January 25th, 2010 | #
A cosigner is hard to find theses days nobody has credit anymore!
January 25th, 2010 | #
My parents will cosign with me, so i have to make sure i pay on time to keep thier credit good
January 25th, 2010 | #
Yea I will have to negotiate tgis with my parents.
January 24th, 2010 | #
Danger alert
January 23rd, 2010 | #
great article, but I do not want to have more debt
January 21st, 2010 | #
I think that to take out a loan is to much work and what if you don’t have cosigner???
January 21st, 2010 | #
Ahhh the dreaded student loan and co-signer. holla to all my brothers and sisters out there who cannot use their parents as co-signers, cause it definitely sucks! My grandpa was nice enough to do it for me this year, but as made it very clear it wont and i still have 2 years to go.. I am a little worried for next year. I wish things were getting better… last year i was able to take a loan out in my own name which was perfect. I guess i wish i could understand why it is so difficult to do something that is so beneficial.. ugh, life i guess. hang in there people, it could always be worse!!
January 20th, 2010 | #
If you are some one like me that needs extra money for college but doesn’t have anyone with good enough credit to co-sign, its really difficult! Having a co-signer is helpful but not many people these days are not willing to be held responsible for other people when it comes to there credit. Credit is everything anymore and the thought of it being messed with due to some one else. Education is important but not being able to get the money you need to help you through can really hold you back from your goals.
January 18th, 2010 | #
I think that it is worth getting a cosigner to get a college education. That is the best reason to have any loan. Also it gives you more responsibilty to acheive well in college so it majes the loan all worthwhile.
January 16th, 2010 | #
must have good credit
January 16th, 2010 | #
Be careful.
January 16th, 2010 | #
I will have to discuss with my parents.
January 15th, 2010 | #
Will definately have to discuss with my parents.
January 15th, 2010 | #
Cosigners are very nessesary it can almost be impossible to get a loan without one
January 15th, 2010 | #
a cosginer is a good sign that your cosigner thinks you are responsible
January 15th, 2010 | #
seems a little bit scary to me.
January 15th, 2010 | #
A loan is not in my best interest yet but thank for the info i did not know any thing about a student loan tell know.
January 14th, 2010 | #
risky, but seems like a good idea
January 14th, 2010 | #
i agree with vanessa
January 14th, 2010 | #
That sounds scary to do.
January 13th, 2010 | #
a cosigner can be good and bad due if you can pay the loan back or not.
January 13th, 2010 | #
well i dont even have a family member with good credit score so that stinks for me
January 13th, 2010 | #
I think that the consigner is the one that needs to be careful who they are consigning for even if they are a parent.
January 13th, 2010 | #
I agree with Vanessa
January 13th, 2010 | #
I wish I had a cosigner.
January 13th, 2010 | #
I agree w/ Kyle, cosigning can be a very dangerous thing to do. Be VERY careful before doing this, even for a family member.
January 13th, 2010 | #
Most loans require one.
January 12th, 2010 | #
CREDIT DANGER:COSIGNING!!!!!!!!!
January 12th, 2010 | #
A cosigner can be a great help to you.
January 12th, 2010 | #