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Cosigning a student loan

Private student loans are credit based. That means not only do they require an acceptable credit rating but, in many cases, the better the rating … the lower the interest rate.

Student

This page will help you decide when it is to your advantage to consider a cosigner and direct you (or your cosigner) to the next step in cosigning a loan.

When to consider a cosigner

There are two instances in which a creditworthy cosigner is helpful:

  • If you do not have an established credit history and are applying for a credit-based private student loan (such as the Sallie Mae Smart Option Student Loan) applying with a cosigner may help you get approved.
  • Applying with a creditworthy cosigner may help you qualify for a lower interest rate.
Ready to apply for a private student loan as a cosigner? Apply now!
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Cosigner release

Borrowers may apply for cosigner release after successful completion of their education. The release of a cosigner is at the sole discretion of Sallie Mae.

The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

See the Sallie Mae Smart Option Student Loan for more information.

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