Many lenders will release the
cosigner after the borrower has established a
track record
of making payments — typically one to four years.
The good news is, your
cosigner won't necessarily be taking on those obligations forever — many lenders will release the
cosigner after the borrower has established a
track record
of making payments (for more on the topic, see «How adding a
cosigner can help you get a better loan «-RRB-.
LendEDU analyzes each private student loan provider using the following criteria: communication process with consumers and / or required
cosigner, ease
of use when applying, clarity
of necessary disclosures, availability
of 24/7 customer support staff, availability
of customer support channels including but not limited to email, phone, fax, and text, competitiveness
of interest rates offered at a high level and at a credit profile level, wide variety
of terms available, non-financial benefits and services offered, incentives for responsible borrowing, tools to promote educated repayment, relationships with servicing companies, availability
of a soft credit check process, experience industry executives,
track record
of excellent consumer happiness, values upheld by the institutions, and timeline for funding process.