Student Loans Cosigner
Answers to commonly asked questions :
How do I know if I really need a student loan co-signer?
A creditworthy applicant can qualify without a cosigner. A creditworthy applicant is one who meets the following criteria:
- Minimum 2 years of continuous employment (Note: a current pay stub or a letter from your employer will be required to verify current income).
- U.S. citizen or permanent resident, who has resided in the U.S. for the previous two years.
- Minimum 21 months of good credit history.
Do most applicants have a co-signer?
In many instances, applicants who are not creditworthy do obtain a co-signer.
Will having a co-signer help?
If you are a creditworthy student loan applicant and meet the criteria above, there is no benefit to applying with a co-signer. If, however, you do not meet the above criteria, a co-signer could increase your chances for approval.
Does having a co-signer ever hurt my chances?
No. Unlike other student loans and grants you may be more familiar with, you won't be turned down because a parent or another co-signer "has too much money."