About undergraduate student loan cosigners

What’s a cosigner?
A cosigner can be any creditworthy adult with the ability to help repay a student loan. They share responsibility for the student loan with you and they’re willing to help make payments.

Why might I need a cosigner?
Without credit history, getting an undergraduate private student loan may be difficult. Having a creditworthy cosigner may help you get approved for an undergraduate private student loan, which helps you start to establish your own credit history.

Who can be a cosigner?
Usually, a cosigner is a parent. But relatives, friends, guardians, spouses, and any other creditworthy individuals can be cosigners. We find that almost 30 percent of Smart Option Student Loan® cosigners are someone other than the borrower’s parent.

Is being a cosigner a long-term commitment?
Yes. A cosigner is responsible for your student loan until it’s paid in full. However, with certain lenders, you can apply to have your cosigner released from your private student loan after you’ve graduated, made a certain number of on-time principal and interest payments, and met certain credit requirements. Basically, you need to prove you can pay back the loan on your own.

Joanne explains the benefits of applying for a private student loan with a cosigner


Thinking of becoming a cosigner?

Learn more about the responsibilities that come with cosigning a loan.

Based on a rolling 12-month period from December 1, 2014 through November 30, 2015.