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A cosigner is a person who can help you qualify for a loan when you can't do so on your own. Cosigners share equal responsibility for the debt and will be responsible for payments if you are unable to pay.
To choose a good cosigner, keep the following in mind — This person should be financially stable, have a steady source of income and have good or excellent credit to help.
A cosigner could potentially help you qualify for a lower interest rate, however, adding one does not guarantee your rate will change.
To see if your cosigner will impact your interest rate, they will need to be added to your application. Your cosigner will receive their invitation through email. They will enter their information and consent to being added, as well as supply any required documents.
Once the application has been submitted we are not able to add a cosigner. If you have submitted your application and are required or want to add a cosigner, you can always chat with us about re-applying with a cosigner. The good news is, once you apply and consent for a hard credit pull we are able to reuse that credit pull for a new application in the same product family for 30 days!
Adding a cosigner is quick—it’s just an email invitation. Depending on your cosigner’s financial situation, the review process for an application with a cosigner may take one to two weeks longer.
If you are pre-qualified for a loan, adding a cosigner may lower your rate—but the review process with a cosigner takes one to two weeks longer.
Why does my cosigner have to sign the agreement without seeing the rates?
Yes, a cosigner may be able to refinance and take over the Student Loan they cosigned for by completing and signing a Cosigner Takeover Certification, which will be provided during the application process.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.