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Private student loans are similar to mortgages or auto loans. The lending institution must be sure you have steady income and a reasonably good credit record before they'll lend you money. Since most undergraduate students don’t have established credit scores or steady incomes, many won’t qualify for a loan on their own. If they do, they likely won’t qualify for the best rates.
That's where a co-signer comes into play. Applying for student loans with a co-signer could help the student get approved and receive the lowest possible rates. Though parents are the most common co-signers, a co-signer can be any trusted adult who is willing and financially qualified. Grandparents, aunts, uncles, siblings, and cousins are just a few examples.
Before you decide whether or not to become a co-signer, you might want to take the following aspects of co-signing a student loan into account:
Rather than co-signing a student loan, some parents, guardians, or other financially-qualified friends or family members may choose to take out a parent loan on a student’s behalf. With parent loans, the responsibility for repayment does not fall on the student, only the borrower.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit: