Talk it Over With Your Cosigner

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Student Loan Refinancing and other Student Loan topics.

Have you talked things over with your cosigner?

Talk it Over With Your Cosigner

If you applied for a loan with a cosigner you should talk any decisions over with him or her. While you may be the primary borrower with no plans of defaulting on the loan, if something were to happen they should at least know what the terms of the loan were.

Discuss the terms of refinancing, repayment options and your current financial status. Keeping your cosigner in the loop helps to insure that all parties are on the same page. It stands to reason that if you have trouble making a payment one month, your cosigner would rather help out than have the loan default.

Cosigners are usually someone you know personally like your parents. This should make it easier to work out any necessary arrangements that would be in the best interests of all parties involved. They may even wish to have a copy of all paperwork related to the loan for their own records. This is a good idea in case something happens to any paperwork in your possession. They may also have their own ideas on reducing student loan interest.



4/15/2010 6:58:01 PM
J Anderson said:

The co signer gets stuck with your bill if you default or die!!
Do not do this to your loved ones!!!!


URL: (optional)


Not finding the advice and tips you need on this Student Loan Tip Site? Request a Tip Now!

Guru Spotlight
Jennifer Mathes, Ph.D.
Buy My Book