Custom Choice Cosigners
Why is a cosigner important?
Many students don't have a substantial credit history or have other concerns about being approved for a private student loan, and adding a creditworthy cosigner may help them qualify and also obtain a lower interest rate.
How do I know if I'll make a good cosigner?
Cosigners should:
- Have a substantial credit history
- Not have any serious negative items on their credit report
- Meet their credit obligations on time
- Not be over burdened with debt
- Have steady employment and/or income sufficient to meet debt obligations
Can I be released from the loan?
The cosigner can be released from liability after the first 48 initial, consecutive principal and interest payments are made on time*. The borrower must meet credit criteria on their own at that time.
How do I apply as a cosigner?
Our online private student loan applications have made applying as a cosigner an easy process that only takes about 15 minutes. Simply select your state of residence below and continue. Then click on "Cosigner Application" to apply.
* Request for the cosigner to be released can be made after the first 48 consecutive, on-time payments (not later than ten days after the due date) of principal and interest have been made. The borrower must meet credit criteria on their own at the time of the request. The borrower must also be currently enrolled for automatic deduction of monthly payments from a bank account and must not have used forbearance on the loan prior to the request.