What they are, why you might need one, and everything in between.

What is a Cosigner?

A cosigner is a credit-worthy partner on your student loan who helps vouch for your ability to pay it back or qualify for a better rate. They are equally responsible for the loan and for making payments if you are unable to.

Benefits of Adding a Cosigner

A cosigner helps you qualify for a student loan while you’re building your credit or looking for a better rate. If you are in school, you may not have a long enough credit history or high enough income to qualify on your own. With U-fi From Nelnet, after you make 24 consecutive on-time payments, your cosigner can be released from your loan. If you think you need a cosigner, you aren’t alone. Roughly 90% of school loans are cosigned.

Adding a Cosigner Is Easy

  1. Create an account

    Log in, provide your basic information, and select the type of student loan you are applying for.

  2. Invite a cosigner

    Enter your cosigner’s name and email address. We will send them a request to cosign your loan.

  3. Complete your application

    Once you and the cosigner provide your financial information, we will review your application and give you the loan offers you qualify for.

  4. Accept terms of your new student loan

    Since you and your cosigner will both be responsible for your loan, it is important to discuss the terms of the loan and your repayment plan. Both you and the cosigner will need to accept these terms before the loan is disbursed.

Who Should Be My Cosigner?

Cosigners are typically a family member or spouse, but they don’t have to be. You should find a trusted individual who is willing to share in support of your education. As you are looking for a cosigner, consider whether they match these attributes.

They should have a stable job, make at least $36,000 each year, and have a good credit score.

Along with their ability to pay, they should be willing to accept responsibility if you can’t make your student loan payment.

Cosigners should never be strangers. You should know this person very well.

Cosigner Requirements

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