A cosigner shares equal responsibility for the repayment of the loan, and agrees to pay back the loan if the borrower does not. Since the cosigner accepts equal responsibility, late payments affect both the borrower’s and cosigner’s credit profile and score. Your cosigner doesn’t have to be related to you, but many borrowers ask a parent, spouse or other relative to cosign their application.
Private education loans require a certain credit score and history, as well as an annual income. There are several benefits to having a cosigner:
Before you begin the application process, make sure you’ve gathered the following information
(*Cosigner required field, if applicable):
Once you’ve completed your application for a refinance loan, the following events will occur:
Loan refinancing offers many benefits, but isn’t the best choice for everyone. Consider the following before you refinance your federal and private student loans:
Private student loans are a great resource to help with education costs, but before you accept or apply for them, make sure you understand how they work and what you really need.