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If you can't get approved for private student loans because of bad credit or insufficient credit history, a cosigner might be able to help. A creditworthy cosigner is someone reliable who has a good credit history and is willing to be responsible. This may help you get approved for a loan you might not get on your own.
Family members or close friends will be your first choice for cosigners who can help you get college funding. When cosigning a loan, the loan will be in your name and it should be paid off by you. The cosigner agrees to pay the debt only if the primary borrower doesn't fulfill his or her obligation.
Because your credit and financial future are on the line, as well as that of your cosigner, you should take your student loans seriously and make all payments on time.
|Jennifer Mathes, Ph.D.|