Private Student Loans 1.800.2COLLEGE®

Find and Compare Private Student Loans

PrivateStudentLoans.com works with the nation's leading private loan lenders. When federal aid is not enough to cover the true cost of education, this tool can help you find the right private student loans, with competitive rates, to meet your needs.

Find a Credit-worthy Cosigner

Most lenders allow any adult who meets eligibility requirements to be a cosigner for your private student loan, as long as they are willing to share the responsibility for the loan with you. Your private loan will show up on your cosigner’s credit report, and he/she will be responsible for making sure it gets paid back, just like you will be. Check with your lender to see if they limit who can act as your cosigner. You can consider asking a parent, friend or family member to become your private loan cosigner.

What Does it Mean to be Credit-worthy?

Your credit and that of your cosigner will affect whether you can get the loan or not, as well as the interest rate and fees you will pay if you are approved. It’s important to find a cosigner who has maintained a good credit history.

Specifically, you may want to verify that your cosigner has the following basic credit qualifications:

  • A good credit history that displays borrowing, charging and repayment with few or no late payments on their credit report
  • No excessive delinquencies, judgments, accounts that have been charged off or bankruptcies that were pending, filed or discharged in recent years
  • No prior student loan defaults
  • Be a U.S. citizen and 18 years or older, or the age of majority in your state
  • Verifiable income

How to Approach a Cosigner

If you are having a hard time approaching your friends or family about becoming your cosigner, you might try discussing the following important points:

  • You need a credit-worthy cosigner in order to get approved for private loan funds. Without these funds, you may not be able to pay for college and continue your education.
  • Obtaining a cosigner with good credit may lower the interest rate and fees on your loan, thereby saving you money in interest when you pay back the loan.
  • A cosigner with good credit may also increase the amount you can borrow (up to what the school certifies), which may help to limit the amount of hours you have to work while in school, or buy a computer to help with your studies.
  • Check with your lender to see if cosigner release is available

Get more information on starting a conversation with your potential cosigner.