Federal student loans do not need a cosigner. Your Uncle Sam is guaranteeing them. If you are not applying for a federal student loan, but trying to get an alternative educational loan, some lenders, such as Bank One, will review financial information for a retired co-signer, as long as they submit 1099's (certain tax documents) that they have received for the prior two years. Read the FAQ at this site http://www.educationone.com
Some student loans to have the option of cosigner removal. Those that have the option generally will do it if:
1) 2-4 years of consecutive, on-time payments have been made, AND
2) the student/main borrower now meets the credit criteria for the loan on their own.
a secured loan
The cosigner I believe but check with the loan issuers it's in the details.
AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
It is very possible to get a student loan with no cosigner and only 1 year of employment. The best solution would be to apply for a federal stafford loan.
the borrower
If you're creditworthy, sure!
You may want to consider a federal student loan as these types do not require a cosigner.
NO you have s secondary obligation for the note, not the money or how it was or was not used.
Most private student loans applicants are required to have a cosigner, especially undergraduates or students who don'tt have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. By signing, the cosigner agrees to be fully responsible for repaying the loan if the student does not fulfill his or her obligations.
The parent borrower of a PLUS loan sometimes thinks they are the cosigner, when they are actually the non-student borrower. This misconception would not exist if they had actually read the loan agreement, and they are still severally liable for the keeping their part of the contract.Being the student or not being the student does not necessarily determine whether or not you're a "cosigner" or a borrower, you need to read and understand what you're signing.
You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is effectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that.
The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.