Cosigner 101: How to Get A Cosigner
July 21st, 2016 by Lette Berhe
As an international student applying for a study abroad loan, one of the key things you will need to have is a cosigner. Don’t really know what a cosigner is? Not to worry, here is a breakdown of what a cosigner is, their role, and the best way to get one.
What is a Cosigner?
When applying for an international student loan, lenders need to evaluate your financial background and stability before approving your application. This means that they need to make sure that you will pay them back. However, because you are an international student you do not have a financial record in the US for lenders to look up. This is where a cosigner becomes an important part of the international student loan process.
A cosigner is someone who signs your loan application with you and by doing so says, ¨If Maria cannot make her loan payments, for whatever reason, I will take over the responsibility and make the payments on her behalf.¨ A cosigner signs this legal document which states that they will take on the responsibility of your debt if you cannot. Read the rest of this entry »