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Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?

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βˆ™ 2011-01-05 18:06:14

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AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
2011-01-05 18:06:14
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Who gets garnished for student loan The borrower or the cosigner?

the borrower

Am I eligible for alternative student loans?

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.

Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?

The cosigner I believe but check with the loan issuers it's in the details.

Is a student loan valid if the person whose name it was put in was actually the cosigner and not the student?

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.

Do student loans require a cosigner?

No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.

Can a cosigner file bankruptcy on a private student loan?

If neither the borrower nor the cosigner have the money to pay back the loan, than bankruptcy is always an option for the cosigner. If you don't have the money, you don't have the money. However, be prepared to lose a good deal of your possessions and absolutely destroy your credit!

What is a creditworthy cosigner for a private student loan?

a secured loan

Does a cosigner have to replay a federal student loan if the student dies?

Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.

Is the cosigner of a private student loan hindered from getting other loans?

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.

Can a student loan cosigner be retired?

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.

Can I refinance my student loans?

There are many banks and companies that are willing to refinance your student loans. This is a good idea if you have many different loans or are having trouble with the payments. Do not refinance loans that are provided by the government, those are safer than private loans.

Can you get a student loan with no job or a cosigner?

Definitely, you can easily avail student loans without any cosigner with the help of various types of student loans programs available online. You don't have to be employed in order to get student loans. If you don't have any job then it doesn't matter even then you can get this loan. If you search online you will find various types of private lenders like Sallie Mae, Chase, Wells Fargo etc who offers loans to students without any cosigner. So, you can contact any of them and can get private student loans no cosigner.

What are private student loans?

The private student loans are the loans arranged by the student through any of the private banks at a fixed interest rate. To apply to these private student loans you need a cosigner unless your credit rating is too good and you have a source of income.

What private student loan companies will help you if you can't find a cosigner?

They're not generally charitable organizations.

If a student loan is paid in full by the student does the cosigner have to pay the like amount also?

Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.

Will private student loan companies go after a cosigner if you file for bankruptcy?

Gov't backed student loans are exempt from BKruptcy....they will come after you thru tax refunds or garnishment.

Are private student loan cosigners in danger if you default on other loans they didn't cosign?

OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?

Where can you get a private student loan that is not based on tuition?

there are a couple of credit based companies that will give a private student loan to creditworthy student and a co-borrower such as a parent if necessary. You can use the loan for tuition, books, transportation, housing, and any other related expenses that you'd have as a student.

Private student loan co-signer claim bankruptcy primary borrower?

Uneffected. And virtually all student loans aren't covered in BK anyway.

What kind of private student loans?

Government guaranteed student loans are not predicated on one's credit; private student loans are. The interest rate is based on the credit worthiness of the borrower. If the borrower has sterling credit, he/she will be eligible for the banks lowest rate; applicants with slightly flawed credit will pay more. Applicants with poor credit won't be able to borrow on the program. There are many "private student loan" programs offered by major lenders. The lender determines its rates and lending policies.

Need a student loan and have no cosigner?

In some cases a cosigner may not be needed for a student loan. Check with your college's financial aid office.

How can I get a student loan without a cosigner?

Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"

What do you need to qualify for student loans without cosigner?

Student loans are provided without consigner based on needs. For example if you are independent from your parents, you can qualify for student loans without cosigner.

As a cosigner for a private student loan what recourse do you have if the borrower does not make payments?

You could try to sue the primary in civil court. It may not be possible to actually win a suit until after actions have taken place to actually cause you damages. These damages would include, but are not limited to, a negative credit score, judgment, garnishment, etc.

Is there a way to get a private student loan when you have bad credit and no cosigner?

Some countries provide government student loans to any student that needs one (provided you are a citizen of course) regardless of your credit rating; you are of legal age to sign a contract, so you do not need a cosigner. The only requirement is that you are enrolled in an accredited university or other tertiary education institute.