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Can co signing a car loan affect your chance to get a student loan?
Wiki User
∙ 12y ago
Only your previous federal loan history affects your ability to get most federal student loans.
For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision.
Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Laila Emard
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Can co-signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Does immigrating affect your student loan?
Yes.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Does a student loan with low interest rates affect your course load?
No, a student loan with low interest rates, will not affect your course load at all. The loan will be the same regardless of what course you're enrolled on.
Does a parent's credit score affect student loan?
If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.
What should you do if you were tricked into co signing a student loan?
Consult an attorney. You may be able to show criminal fraud.
Will it affect your ability to get a loan if you cosigned for someone else?
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
Will a private student loan that is currently deferred negatively affect your credit score?
It will appear as an obligation and as such limit the amount that will be considered for total monthly payment. No I don't think it will affect your your credit score.
If a person defaults on mortgage payments will this affect the cosigners on their student loan?
yes
What are the advantages of signing a loan agreement?
Is there any advantages to co-signing for a home loan
Can you cosign if you are getting unemployment checks?
If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.
What happens if you cant reach the student to repay your loan?
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
