what's the cosigner and how might acosigner help when you apply for a private student loan? we get those questions a lot. here's what you need to know. generally a cosigner can be a guardian, spouse, relative or any credit worthy adult withthe ability to help repay a loan. they share responsibility for the loan with you andthey're willing to help make payments. usually a cosigner is a parent but other relatives and even friendscan be co-signers. we find that almost thirty percent of smart option student loan cosigners are someone other than the borrower's parent.
the reason many college bound studentsapply with a cosigner is because they typically haven't had enough time tobuild up credit history of their own and without it getting a private studentloan can be difficult. so having a cosigner can help you getapproved for a private student loan, which helps you start to establish yourown credit history. with certain lenders, you can apply to have your co-signerreleased from your private student loan after you've graduated, made a certainnumber of on-time principal and interest payments, and met certain creditrequirements. basically you need to prove you can payback loan on your own. now that you know
more about co-signers, who will you asked tohelp support your college education?
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