Is there a student loan that dosn’t hold the cosigner responsible for repayment?
Saturday, November 28th, 2009 at
7:30 am
Ricky H asked:
I am trying to apply for a student loan, but I don’t have any credit. My aunt said she would cosign for me if I could find a loan that didn’t hold her responsible. Is this possible?
I am trying to apply for a student loan, but I don’t have any credit. My aunt said she would cosign for me if I could find a loan that didn’t hold her responsible. Is this possible?
Filed under: Student Loans
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try stratford loan i think thats what its called
that’s what a CO-SIGNER means.
The reason they make a co-signer available for you, is because that person (usually with good credit) is vouching for you, stating that in the even that you fail to pay, they will.
that’s the whole point of a cosigner
Apply for a federal Stafford Loan. they don’t require a cosigner or a credit check.
The definition of a co-signer is an individual who is responsible for the loan if the primary applicant is unable or unwilling to pay the loan off. So if you stop making payments, the lender will turn to your co-signer, and your co-singer is legally responsible for all interest and principle that you borrow.
Even if you do not have any credit, you can still take out a Stafford Loan through the Federal Educational Loan Program. You need to be enrolled in school and have completed a FAFSA application to be eligibile. That’s it, you don’t need a job, and you don’t need credit and it will be in your name only.
Talk to your financial aid office, this is what they are there for. This is their job to help you get educational loans, and also see if you are eligible for any other financial aid.