Hot Student Stories

What do student loan companies look for in a cosigner?

Chelsea Hayes

in Student Loans

1 answer

1 answer

Amanda Johnson on June 10, 2018

Usually student loan companies look at several things. 1. Does the co-signer has a credit score of approx. 675 or higher? 2. Does the co-signer has enough documented income to take over payments if the student falls? 3. Does the co-signer has several unsatisfied open accounts at this time? 4. Does the co-signer have to have at least 5-10 years of credit reports (varies by bank)? Actually, in the search for government loans and fill out the FAFSA is your best bet. If you must get a alternative or private loan, keep in mind that most college students need a co-signer, and that it is your responsibility to work with your co-signer to make sure that they are able to handle the obligation because of xxx amount of dollars to a financial situation. Make sure to make your co-signer aware of all of the things above (1-4) so if they are not able to meet one of the requirements, that do not choose to be your co-signer. Being your co-signer would mean having your credit ran and if they know they will not be accepted, why would you put your credit at risk. I hope this helps.

Add you answer