What it means to cosign a student loan

Cosigning a student loan means that you and your student share the legal responsibility for repaying the student loan and making sure payments are made on time.

Cosigning a Sallie Mae® student loan

After your cosigned student loan is approved, you can stay up to date and access the loan information with the same login credentials you created when you applied. If you don’t have an online account, it’s easy to register.

Your account lets you

  • View billing statements and payment history.
  • Enroll in auto debit or make a one-time payment online.
  • Make edits to your personal information (address, phone number, email).
  • Review the student loans you cosigned.
  • Get your FICO® Score for free.

Common questions about cosigning a Sallie Mae student loan

What if the borrower is behind on payments?
Cosigners are equally responsible for making sure student loan payments are made on time. If a payment is missed, the borrower and cosigner are responsible for paying and may also have to pay any late fees, which will increase the total loan cost. Late payments may also be reported to consumer reporting agencies.

Can I make payments on a student loan I cosigned?
You can make a payment on the loan that you cosigned by logging in to your account or using any other accepted payment method.

What if the student dies or becomes disabled?
If a student dies or becomes permanently and totally disabled, we’ll waive all remaining payments on their Sallie Mae student loan. Call us at 800-472-5543.

Is being a cosigner a long-term commitment?
Yes. A cosigner is responsible for a student loan until it’s paid in full. However, with some Sallie Mae loans, like the Smart Option Student Loan®, the borrower can apply to have their cosigner released after meeting certain requirements.

Have questions about cosigning a loan?

Call us at 855-756-5626

Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.