Cosigners for Student Loans
An investment in the future
Without an established credit history most students will need a cosigner to be approved for a private student loan. Federal student loans do not require a cosigner. Once all other forms of financial aid is exhausted a credit-worthy cosigner most likely will be necessary to qualify for private student loans.
Top 5 Reasons to Cosign a Student Loan
- Investment in your student’s future
Obtaining a higher education degree enables students to be qualified for competitive high-paying jobs and make more money than non-degree professionals.
- Help your student build credit
Making loan repayments on time is an excellent way for the student to establish and demonstrate a good credit history.
- Lower loan interest rates
Student loans with cosigners may qualify for lower interest rates than without a cosigner.
- Help your student complete their education
Some students have a hard time finding the funds to complete their education. By cosigning a student loan you are ensuring the student has the financial means necessary to graduate.
- Be released from the loan after 24 month
You are investing in your student because you believe in them. With our NMEAF Private Student Loans, after 24 months of qualifying consecutive on-time payments and your student’s qualifying credit score you can request a co-signer release.
Are you ready to help your student succeed?
Learn more about qualifications and cosigning an application for our private student loans.
Additional information for cosigners
- Cosigners are 100% equally responsible for repaying the loan
If the student is unable to repay the loan, the cosigner is equally responsible for repayments.
- Cosigning a loan will raise your debt-to-income ratio
This will show up on your credit report and could adversely affect your ability to take out additional loans.
- You can remove yourself as a cosigner
By establishing an on-time payment history, you can contact us for a cosigner release. If you take out a loan from NMEAF we will release the co-signer after 24 consecutive on-time payments combined with the student’s qualifying credit score.
- It’s important to diligently monitor the loan payments of your student.
Log in to the student loan payment portal to monitor that all payments are made on time.
- Explore all loan repayment options
You signed up for a specific repayment option, if there is trouble making payments contact us immediately.
- Loan discharged for student death or permanent disability
In the event of the death or permanent disability of the student the NMEAF Private Student loan will be discharged and you will be released.
- Make sure the student has exhausted all forms of federal financial aid.
This is the very best option for student loans with the lowest rates and terms and does not require a cosigner.
- Has the student applied for scholarship and grant opportunities?
A wide variety of opportunities are available to explore, offer to help your student research and complete scholarship and grant applications.
- Only borrow what is absolutely needed to pay for school tuition and expenses.
Private student loans are a last-resort and should only be used to cover necessary school expenses. Check with your school’s tuition calculator to see what they say is the total estimated expenses per semester.