Need some tips on choosing a cosigner? Here’s are some tips before you make the decision. No, but rates for undergrads are typically higher without a cosigner. That’s because most undergraduate students have limited credit history and income; having a cosigner with a solid financial history and good, established credit may help improve your chances of loan approval. It might even help you qualify for a lower interest rate.
With SoFi’s online application process, you and your cosigner can see what rates and terms you pre-qualify for before submitting your full loan application—and it won’t impact your credit score.