The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.
Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.
To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .
However, a cosigner is not required in order to apply.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.
Debt consolidation is only one of several strategies for paying off debt.When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term.Keep in mind that extending the repayment term may increase the amount of interest you pay over the life of the loan.Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).