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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.

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โˆ™ 2008-01-20 22:51:47
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Q: Is the cosigner of a private student loan hindered from getting other loans?
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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.


What is a creditworthy cosigner for a private student loan?

a secured loan


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

AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.


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.


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.


Do average college freshmen need a cosigner when getting Chase student loans?

Most freshman will in fact need a cosigner for loans. The need of a cosigner is dependent on how much good credit history the student has available. So, if for example the student was in their late 20's and had successfully paid all debt prior they would not need a cosigner.


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?


Can you be put in jail over not getting your cosigner off your student loans?

In the US, no you can not be put in jail. If you want to remove a cosigner from your student loans, then you need to consolidate them in your name alone. You can get help with the consolidation of your loans by clicking on the link at the bottom of this text box.


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.


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!


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.


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.


How can an International student get a student loan without a cosigner?

US banks offer loans to International student who does not have any cosigner. If you are an international student then you should not get worry about loans or financial requirements. If your course is approved by US academy and having good academic background then you can easily get federal loans or scholarships. If you are not from US then these financial helps are not for you. However, if you are living in US for more than three years then these loans are available for you. If you are not eligible for federal loans then apply for international student loan without cosigner that are offered by some leading moneylenders. These are private student loans and any student may apply for these loans. Well, my research says that there is a website Excite Education, they have a page of student loan cosigner. it may be helpful. Do take a look. Good luck!


How do you get a student loan without a cosigner?

SallieMae.com offers loans to sophomore or higher college students with out a cosigner.


How can you obtain a student loan without a cosigner?

You can get a federal loan also known as Stanford loan, as it isn't based on your credit history it doesn't need a cosigner. Private loans also don't need credit history and other stuff.


Can you get a student loan without a cosigner?

Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


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.


How do I get a private student loan?

The first step in getting student loans is to make sure you have completed the FAFSA. You can check and ask banks for some good private loans.


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.


Who gets garnished for student loan The borrower or the cosigner?

the borrower


What are the benefits of getting federal student loans over student loans from a private financial institution?

The main benefit of getting a federal student loan over a private loan is flexibility. If you re-enter school, or become unemployed, you can defer your payments until you re-enter the workforce.