What is a cosigner?
A cosigner is someone who becomes jointly obligated on a loan with the borrower and assumes responsibility for the loan if the borrower fails to repay it.
When should I use a cosigner?
If you are concerned about being approved for a private loan, or if you don't have a substantial credit history, we recommend adding a creditworthy cosigner.
How can a cosigner help my chances of getting a loan?
With a creditworthy cosigner, you have a greater chance of getting approved and may even get a lower loan rate.
What makes a good cosigner?
Select an individual who:
- Has a substantial credit history
- Meets their credit obligations (pays their bills)
- Is not over burdened with debt
- Has steady employment and/or income sufficient to meet debt obligations
- Does not have serious derogatory items on their credit report
Can my cosigner be released from the loan?
The cosigner may be released from liability after the first 48 initial, consecutive principal and interest payments are made on time. The borrower must meet credit criteria on their own at that time.
Applying as a Cosigner is Easy
Our online application has made applying as a cosigner an easy process that only takes about 15 minutes. With your student's social security number in hand, simply select your state of residency and click "continue" to complete the online application provided by our servicing partner, AES.