Student Loan Cosigner
A student loan cosigner is usually required before loans can be signed to students who are either US citizens or non US citizens or below the majority. A student loan cosigner stands as a referee for the loan and must be found credit worthy and reliably to pay the loan in case the student is unable to pay it off.
he co-signer willingly agrees to pay off the student loan, if the loan receiver defaults or goes against the student loan plan or agreement. Having understood what is involved, the big question is “What is required of a student co-signer?”
While there are some student loans with no co-signer, majority of student loan services require the availability and consent of a loan co-signer, so it is important for you to know what is required of if you want to apply for a student loan or want to enjoy adequate student loan services.
Below are the basic requirements of a student loan co-signer for student loans:
Us citizenship or permanent residence
US citizenship or permanent residence is a major requirement among the things that are required for a student loan co-signer. Eligible co-signers must either be US citizens or permanent residents in other to facilitate the successful release and obtainment of student loans to students in need of such loans.
This is because a co-signer stands as a referee for the student loan, he/she is someone who can be located and contacted at any point in time with regards to the student loan. Being a US citizen or permanent resident in the US will enable the University loan provider company giving you the student loan to have access to all the information they need about you as a co-signer as this will facilitate the student loan repayment.
Availability of US mailing address
Availability of a USA mailing address is one of the things required. For you to have access to low cost student loan services, you must have a credible student loan cosigner who has a valid US mail address in order to facilitate the student loan obtainment and subsequent student loan repayment.
The mailing address when provided will be dully verified and once certified, mails will be sent to the student loan cosigner when necessary, to inform him/her about developments concerning the student loan and repayment.
This is not necessary for student loan without co-signer as your good credit history and vital information as a student loaner are enough to give you free student
Valid Security Number
A valid security number shows the legitimacy of a credible student loan co-signer as it gives the student loan services provider a reliable way or method of identifying and tracking down the co-signer. Without a valid security number, the reliability of a co-signer is questionable.
Credit Worthiness refers to the ability of a student co-signer to handle finances and credits. These finances include a credit history of at least 12 months of borrowing, charging and repaying.
It is important for the student loan co-signer not to have bad credit and financial records such as bankruptcy, charge offs and judgments as these factors contradict the credit worthiness and reliability of a student loan co-signer.
Reasonable income and credit
The income of a co-signer is among the things that are required of a co-signer and a high income rate will help in the student loan repayment. This is because through the student loan co-signer’s income, it can be detected whether or not the student loan co-signer can repay the student loan.
The student loan co-signer’s monthly income must not be below $1,500 per month and $18,000 per year. No loan company wants to give out loans to a student with a co-signer that does not earn a good pay check because there are chances that he/she may never be able to make the repayment.
Information is power, when you know what is required of a student loan co-signer; it will be much easier for you to apply for a student loan through the student loan services without unnecessary obstacles.
The above stated factors are only useful in obtaining student loans that need or require co-signers. When you want to apply for a student loan, you should also consider the student loan repayment as this is very important and failure to adhere to the student loan repayment plan will cause troubles between you and the student loan services providers.