What Can A Cosigner Do For You?
June 8th, 2014 by Jennifer Frankel

Approved square stamp184063988If you are unable to take out a loan because of no credit (that’s you, international students!) or insufficient credit history (that could be you, US students!), you will need a cosigner. Basically this person is offering their credit score and financial history to cover your lower score, or lack thereof. Luckily for you, this generous cosigner has the ability to help you receive the money you need to fund your international education.

A cosigner is typically a family member or close friend with a good credit rating as well as proof of substantial income and life stability (meaning he or she has had the same address and job for a considerable amount of time). If you’re a college student, you’ll need to find someone who fits this basic description and is willing to legally bind themselves to you. While this may sound difficult, if you weigh your options and show potential cosigners that you are responsible and financially stable enough to handle payments, they will be more likely to say yes!

Rule of Thumb:
The better their score, the better interest rates that you will receive for your loan.

Although you don’t have good enough credit to take out a loan by yourself, making payments on a loan is a great step towards raising your credit score. Remember that you can build your credit score (and that of your cosigner) to make prompt payments every time, because if for some reason you are unable to repay your loan, your cosigner will be solely responsible for the remaining balance.

The generosity of your cosigner should be greatly appreciated, after all, you wouldn’t be able to receive the money without them. Need help asking your friend or family member to cosign your student loan? Check out our recent blog on how to ask. Remember when you were thinking what can a cosigner do for you? Now is the perfect time to ask yourself what you can do for your cosigner!


  1. enock muzungu says:

    I like to study abroad in USA,so I need your help if possible because Iam an orphan and even poor,thanks alot and I love to study and stay in USA.

    • Jennifer Frankel says:

      We have loan programs available to international students studying at an approved school in the United States, with a US co-signer. The co-signer must be a US citizen or permanent resident with good credit and income history and who has lived in the US for the past two years.  You will also have to provide a valid student visa in order to finalize the loan.  You can apply for up to the total cost of education, as determined by your school, minus any other aid received. After you apply and receive credit approval for you and your co-signer, your school must certify the amount of the loan. The proceeds are then disbursed directly to the school. You should apply for a loan after you have been accepted and enrolled into an eligible school. You can start the application process and find all available lenders here: http://www.internationalstudentloan.com/apply/

  2. Gbadamosi Kehinde Isaiah says:

    How can I get loan to study as international incoming student?

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