The idea is that if the borrower can't pay back the loan for whatever reason, the co-signer assumes responsibility for paying it back in full, or until circumstances get better for the main borrower. (studentloans.net)
«In cases where they can be removed, it can be a lengthy process and is typically only allowed after they have been on the loan for a while and the main borrower has had a history of making on - time payments,» Tayne says. (bbvacompass.com)
«If the main borrower makes late payments or defaults on the loan, this can negatively impact both of your credit scores. (bbvacompass.com)