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.