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.
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:
If you are having a hard time approaching your friends or family about becoming your cosigner, you might try discussing the following important points:
Get more information on starting a conversation with your potential cosigner.