What is a cosigner?
A cosigner is someone who becomes jointly obligated on a loan with the borrower, and assumes responsibility for the loan if the borrower fails to repay it.
How can a cosigner help my chances of getting a loan?
For the Academic Answer Loan, you can add a credit-worthy cosigner without reapplying. The better credit score between the borrower and cosigner is used to determine the interest rate and fees provided all other criteria are met.
Can my cosigner be released from the loan?
The cosigner can be released from liability after the first 48 initial, consecutive principal and interest payments are made on time. The borrower must meet credit criteria on their own at that time, but the interest rate is not recalculated.
Once the application is submitted, you may receive an immediate credit approval.*
What makes a good cosigner?
Getting your loan is an important key in your collegiate success. When choosing a cosigner, the following factors should be considered:
- Choose someone who doesn't have serious derogatory items on their credit report
- Choose someone who meets their credit obligations (pays their bills)
- Choose someone who's credit is not over burdened with debt
- Choose someone who has a substantial credit history.
- Choose someone who has steady employment with income sufficient to meet current debt obligations
Applying as a Cosigner is Easy
Our online application has made applying as a cosigner an easy process that only takes about 15 minutes. With your student's social security number in hand, simply select your state of residency and click "continue" to complete the application provided by our servicing partner, AES.
* Applicant's credit report has been reviewed and meets the minimum credit criteria but the full application approval is pending review of required documentation including certification by the student's school.