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Why Cosigners Are Important

Why Cosigners Are Important

Most students have limited credit history and income, but that’s ok. You can add a cosigner with a solid financial history and good credit, which may improve your chances of loan approval and sometimes even a lower interest rate. You and your cosigner can even see what rates and terms you prequalify1 for before submitting your full application and it won’t impact your credit score.

Did You Know?

A Custom Choice loan application is four times more likely to be approved with a qualified cosigner.

A cosigner with a strong credit history may increase your chances of getting approved and getting a lower rate.

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Learn About Cosigners

What is a cosigner?

A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent, or family friend, who will bear the same legal responsibility for the loan as the student.

Who needs a cosigner?

You may need a cosigner for your Custom Choice loan if you don’t have a substantial credit history or income. Adding a creditworthy cosigner may help you qualify and also obtain a lower interest rate. On average 3 out of 4 approved applicants have a cosigner.

Can a cosigner be released from your Custom Choice loan?

Unlike some of our competitors, we do offer cosigner release.2 A cosigner helps you short-term, but with the power of your education you’ll eventually not need their help.

Can a cosigner apply for a Custom Choice loan?

Either the cosigner or the student can begin the application and then invite the other person to prequalify1 and apply for the loan. If you aren’t together, we’ve made it super easy to invite the other applicant to apply via email.

 

Who makes a good cosigner on a loan?

A good cosigner:

  • Has a substantial credit history
  • Pays bills on time
  • Does not have a disproportionate amount of debt compared to their income
  • Has steady employment (including self-employment) and/or income sufficient to meet debt obligations

Learn About Cosigners

cosigners-image-2

What is a cosigner?

A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent, or family friend, who will bear the same legal responsibility for the loan as the student.

Who needs a cosigner?

You may need a cosigner for your Custom Choice loan if you don’t have a substantial credit history or income. Adding a creditworthy cosigner may help you qualify and also obtain a lower interest rate. On average 3 out of 4 approved applicants have a cosigner.

Can a cosigner be released from your Custom Choice loan?

Unlike some of our competitors, we do offer cosigner release.2 A cosigner helps you short-term, but with the power of your education you’ll eventually not need their help.

Can a cosigner apply for a Custom Choice loan?

Either the cosigner or the student can begin the application and then invite the other person to prequalify1 and apply for the loan. If you aren’t together, we’ve made it super easy to invite the other applicant to apply via email.

 

Who makes a good cosigner on a loan?

A good cosigner:

  • Has a substantial credit history
  • Pays bills on time
  • Does not have a disproportionate amount of debt compared to their income
  • Has steady employment (including self-employment) and/or income sufficient to meet debt obligations

Resources

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Cognition Financial
200 Clarendon Street, 3rd Floor
Boston, MA 02116