For most private education loans, a creditworthy co-signer (also referred to as co-borrower) is required. Below are some FAQ's about selecting a co-signer.
Why is a co-signer important?
- Many times it is needed to meet loan requirements
- May help in receiving lower interest rates
- May increase chance of approval
What makes a good co-signer?
- Steady income at a level that meets debt obligations
- All credit obligations are met
- No serious derogatory items on credit history
What information will the lender require from the co-signer?
- Social Security number
- Personal reference information
- Employment information