Cosigners are often beneficial when asking for a loan. This is just as true when it comes to student loans. Having a cosigner for a student loan can make the difference between being approved for the loan and being denied. However, many students wonder when they need a cosigner - for example, do they need one for every single loan? When, exactly, does a student need to have a cosigner? The following discusses when having a cosigner for a student loan will be the most beneficial.
It is true that quite a lot of student loans do not require a cosigner. For instance, when a student feels out the Free Application for Federal Student Aid, or FAFSA, form, the loans for which he or she is approved often do not require a cosigner. More common and popular loans such as Stafford Loans and Perkins Loans do not normally require a cosigner either. So when, then, does a cosigner become necessary?
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Sometimes federal student aid is not sufficient to meet the requirements of a student's financial needs. In those such cases, the student may find that he or she needs to apply for private loans - i.e., personal student loans - in order to supplement his or her financial aid package and better meet his or her financial needs for college. It is in these cases that a cosigner is most often necessary.
If a student has to apply for personal student loans but does not meet certain requirements, such as a set, continuous rate of employment, a set credit score, or a set credit history, he or she will almost definitely require a cosigner in order to apply for the loan. If a student is unemployed with insufficient savings of his or her own, then a cosigner is also required. Private loans, particularly when they are acquired from banks and credit unions, almost always require a cosigner. Basically, any time a student does not have a good credit history or credit score, or if he or she is unemployed, then he or she will greatly benefit by having someone cosign the loan.
International students - students living outside of the United States who wishes to attend a college or university in the United States - are quite often completely out of luck when it comes to qualifying for federal student aid. However, international students can receive private loans and various other forms of non-federal financial aid if he or she has someone in the United States willing to act as a cosigner for his or her loan. In order to qualify as a cosigner in these particular cases, a person must be a United States citizen or have a green card. A good credit score is also a requirement.
If a student does not wish to have a cosigner for a student loan, then he or she should try to get the most out of federal student loans, so that having a loan cosigned is not necessary. Otherwise, it is important to understand that having a qualified cosigner can never hurt one's chances when it comes to being approved for a student loan.
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