Who can be a cosigner for my alternative student loan?
In most cases, students use a parent as a cosigner. However, a parent who has been denied a PLUS loan is not likely to be acceptable as a cosigner. In that case, you should ask a relative (e.g., aunt or uncle, sibling, or grandparent) or family friend to cosign. Generally, a cosigner must have history of good credit and minimum annual income of $16,000; lenders also consider debt-to-income ratio in their evaluation.
In most cases, students use a parent as a cosigner. However, a parent who has been denied a PLUS loan is not likely to be acceptable as a cosigner. In that case, you should ask a relative (e.g., aunt or uncle, sibling, or grandparent) or family friend to cosign. Generally, a cosigner must have history of good credit and minimum annual income of $16,000; lenders also consider debt-to-income ratio in their evaluation. All federal loan options should be exhausted before considering alternative student loans.
Related Questions
- I am trying to fund an MBA program, but I was not approved for an alternative student loan that I was hoping would cover the rest of my college costs that federal loans do not. What are my other options without proper credit?
- What Are the Responsibilities of a Student Loan Cosigner?
- Who can be a cosigner for my alternative student loan?
