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Cosigning a student loan is a significant commitment that shouldn't be taken lightly. That's why it's crucial to carefully consider the long-term implications, and you should only do so if you ...
A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
If you have a child who wants to pursue a new degree but can't qualify for a loan on their own due to a lack of income or poor credit, then their only path to borrowing may be to get a cosigner.
If your child is seeking a private student loan, you’ll likely need to act as their student loan cosigner. Plus, the loan will appear on your credit report and hike up your debt-to-income ratio.
Therefore, these two student loans are different in both application and definition. [17] Losses on student loans are extremely low, even when students default, in part because these loans cannot be discharged in bankruptcy unless repaying the loan would create an "undue hardship" for the student borrower and dependents of the borrower. [18]
Getting a student loan can be complicated, and one way to improve your odds is to get a co-signer (or guarantor). Many borrowers resort to this option for a variety of reasons -- for instance, some...
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