Sentences with phrase «as a cosigner»

Personal finance experts advice consumers to deny requests for acting as a cosigner on any financial obligation unless there is an additional legal documentation drawn up to protect the cosigner.

In most cases, parents act as the cosigner on the loan.

In those cases, the borrower can ask someone to serve as a cosigner for the loan.

In this case, someone, such as a parent, can serve as a cosigner on the refinancing.

The parent and student apply for this loan together, with the parent as the cosigner of this debt.

You'll need a good credit score and a steady, decent income history to qualify as a cosigner for private student loans.

Typically, you'll start off by filling out your personal information as well as your cosigner's info.

And as such, a late payment by the borrower is essentially the same thing as the cosigner making a late payment in the eyes of the credit bureau.

Many companies will allow you to get a cosigner release (meaning you are completely released from your duties as a cosigner).

Using a spouse as cosigner on a loan or credit card can bring about some unwanted financial challenges.

I was put on a contract as a cosigner, without ever giving my written or verbal consent for them to run my credit and use my information.

This is because as a cosigner you are also responsible for the on time payment of a loan.

However, the right person has to be accepted as a cosigner.

Of course, it is also necessary to ensure the right person is chosen as a cosigner, with lenders only willing to accept those with excellent credit scores and a large enough income.

Any adult can act as a cosigner provided they meet the landlord's qualifications.

If your budget can accommodate the payments and do so without putting you and your family under significant financial strain, then you may be able to move forward as a cosigner.

If you have poor credit, however, you won't be approved as a cosigner, and your child will have to deal with their student loans alone.

Since as a cosigner you are just as responsible for the loan, it will show up on your credit report.

First, acting as a cosigner allows you to take an active role in funding the education of a loved one.

Knowing your responsibilities as a cosigner is an important first step towards helping your loved one cover the cost of school.

It has a credit limit of $ 1,500, which you only qualify for with a parent or guardian as a cosigner.

In this case, someone, such as a parent, can serve as a cosigner on the refinancing.

Both surveys were administered to parents who are / were currently acting as a cosigner on their children's private student loan debt.

To qualify as a cosigner, they need to have a clean credit history and may need to meet income requirements.

The cosigner's credit rating is used to determine whether to give the loan, though the loan is placed in your name as well as the cosigner's name.

In most cases, parents or grandparents will act as the cosigner on private student loans.

Doing so can make the child the legal owner of the loans or remove the parent as a cosigner.

Your reference can not be the same person as your cosigner.

Many companies will allow you to get a cosigner release (meaning you are completely released from your duties as a cosigner).

Because of this, many parents act as a cosigner for their children's student loans.

Cosigner release To be released as the cosigner from a loan, each of the following requirements must be met:

The customer service rep rattled off some perks, such as cosigner release, that other lenders offer.

Got another question — «my father is listed as a cosigner on my private student loans, how can I take him off so that I have the sole responsibility?»

If you want to remove a cosigner from your loans (or would like yourself to be removed as a cosigner), one way to accomplish this is by consolidating into a new loan.

Signing a loan as a cosigner can be a risk — they're taking on a debt load that they won't personally benefit from but could hurt their credit.

Getting a grandparent to sign as a cosigner may lead to some serious issues.

Your cosigner might be a relative, such as your parents or aunts or uncles, or a friend - anyone who knows you and trusts you to repay the tenant loan can be used as a cosigner.

Oftentimes, the parent of the borrower or a close relative will stand in as a cosigner; other times, a good friend or coworker may be willing to cosign a bad credit loan.

Question: Dear Steve, I took out a student loan in 2006 with my father as the cosigner for a one year nursing program (LPN).

Interestingly, non-residents may apply, as long as their cosigner has residency.

Initially, a cosigner may see his or her credit score take a tumble, as the student loan is treated as the cosigner's debt for credit purposes.

Janssen provides an example of a client who was negatively affected by her experience as a cosigner:

Because of this incredible loan limit (or the lack thereof), a Parent PLUS Loan application requires a parent with good credit as a cosigner.

If they've been responsible the entire time, then they should be in good shape as cosigners.

«The biggest concern as a cosigner is your responsibility if the borrower can't make payments,» says Hughes.

Although she had a bevy of federal student loans, Lyn still needed private funding, and her father acting as the cosigner helped her get approved.

But if anyone else is associated with that debt, primarily as a cosigner on a loan, that person is now in the lender's crosshairs.

-- Your ability to obtain any sort of personal credit and / or loans decline as a result of your obligation as a cosigner.