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Yes, although most college financial experts recommend this as the last resort to figuring out how to finance your college education. Hopefully before turning to a private student loan from a bank, you have applied for as many scholarships you can and have maxed out the allowance from the federal student loan programs, as both of these options are better for your long-term finances.
What else can I help you with?
If a student loan requires a cosigner is this a bank loan and not a Federal Student Loan and will cosigning affect your potential borrowing power?
A federal Stafford loan does NOT require a cosigner. If you do co-sign a private loan, both parties have liability to the debt. The co-signer is liable for the balance just as if they had co-signed for the student for a car, signature loan, mortgage, etc. It is just a different type of loan that can be taken out from the bank. Liability standards/payment terms can verify by the qualifications of the co-signer or student - so an inquiry to the banking institution you would do these loans for would be the safest bet.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Is there a way to get a student loan that is not FAFSA loan and does not require a cosigner?
If you're creditworthy, sure!
How can you get a student loan without a co signer?
You may want to consider a federal student loan as these types do not require a cosigner.
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.
What is a creditworthy cosigner for a private student loan?
a secured loan
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.
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.
How can you get a student loan with no cosigner and only 1 year of employment?
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.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
If a student loan requires a cosigner is this a bank loan and not a Federal Student Loan and will cosigning affect your potential borrowing power?
A federal Stafford loan does NOT require a cosigner. If you do co-sign a private loan, both parties have liability to the debt. The co-signer is liable for the balance just as if they had co-signed for the student for a car, signature loan, mortgage, etc. It is just a different type of loan that can be taken out from the bank. Liability standards/payment terms can verify by the qualifications of the co-signer or student - so an inquiry to the banking institution you would do these loans for would be the safest bet.
Is there a way to get a student loan that is not FAFSA loan and does not require a cosigner?
If you're creditworthy, sure!
How can you get a student loan without a co signer?
You may want to consider a federal student loan as these types do not require a cosigner.
Can the cosigner of a student loan be removed from the loan if the student did not use the loan for its intended purpose And the student did not finish college and is not paying the loans?
NO you have s secondary obligation for the note, not the money or how it was or was not used.
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 a cosigner on a student loan can I take signer to court?
Yes, a cosigner on a student loan can take the primary signer to court if they fail to make payments on the loan. As a cosigner, you are equally responsible for the loan and have the legal right to seek repayment through legal action if necessary. It's important to consult with a legal professional for guidance on the specific circumstances of your situation.
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.
