Applying for a private student loan with a cosigner could help you get approved if you have poor or even no credit. It might also save you money by qualifying you for a lower interest rate than you’d get on your own.
However, because a cosigner is on the hook for the loan if you stop making payments, they might not want to share responsibility for the entire life of the loan. This is why many private lenders offer a cosigner release option, which allows a cosigner to be removed from a student loan if certain conditions are met.
8 private student loans with a cosigner release option
To qualify for cosigner release on a private student loan, you’ll typically have to:
- Qualify for the student loan on your own
- Make consecutive, on-time payments for a certain period of time
Here are Credible’s private student loan partners that offer a cosigner release option:
Advertiser DisclosureOverview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Ascent
To release a cosigner from an Ascent loan, you must:
- Make 12 consecutive, on-time payments
- Meet eligibility requirements to qualify for a loan without a cosigner
- Sign up for autopay
- Make a direct request with the loan holder to release the cosigner
With Ascent, you can borrow $2,001 to $400,000 with repayment terms from five to 20 years (depending on loan type). Additionally, you could qualify for a 1% cashback graduation reward if you earn your degree within five years.
Min. Credit Score
Does not disclose
Variable APR
6.24 - 15.85%
Loan Amount
$2,001* to $400,000
No application or origination fees
Autopay discounts of 0.25 to 1.00 percentage points
1% cash back reward at graduation
Extended grace periods of 9 to 36 months
Doesn’t offer parent loans or refinance loans
Higher interest rates than some competitors
International students can’t release their cosigner
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Pros
- 0.25% to 2.00% autopay discount
- 1% cashback graduation reward
- Might qualify with fair credit
Cons
- $200,000 aggregate limit, which might not be enough for more expensive programs
- Ascent Non-Cosigned Future Income-Based Loan available only to juniors, seniors, and graduate students
- Deferred repayment is the only repayment option for loans without a cosigner
Citizens
To release a cosigner from a Citizens loan, you must:
- Make 36 consecutive, on-time payments
- Undergo credit review and income verification
Citizens offers student loans from $1,000 up to 100% of your school’s cost of attendance (aggregate limits apply) with terms from five to 15 years.
If you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for autopay.
Variable APR
6.98 - 15.04%
Loan Amount
$1,000 to $350,000 (depending on degree)
Multiyear approval for qualifying applicants
Lends to international students with an eligible cosigner
Customized loans for various programs and parents
Autopay and loyalty discounts
Parent loans don’t have deferred payment option
Limited loan terms to choose from
Relatively long cosigner release requirement
No option to prequalify with a soft credit check
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- 0.25% loyalty discount
Cons
- Might be hard to qualify if you don’t have good credit
- Doesn’t disclose minimum income requirements
- Long cosigner release period (36 months)
College Ave
To release a cosigner from a College Ave loan, you must:
- Be a U.S. citizen or permanent resident
- Have completed at least half of the original repayment term
- Earn at least twice the amount of your current loan balance
- Pass a credit check
- Not have had a 30-day delinquency on any account in the past 12 months
- Not have had a bankruptcy, foreclosure, or repossession in the past 24 months
College Ave student loans range from $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received).
Additionally, you can choose from a variety of loan terms ranging from five to 15 years (depending on your degree type).
Min. Credit Score
Does not disclose
Variable APR
5.59 - 16.85%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Autopay discount of 0.25 percentage points
No application or origination fees
Multiyear approval available
Graduate, MBA, law, dental, and medical school loans have grace periods between 9 and 36 months
Parent borrowers must make at least interest-only payments while student is in school
Must complete half your repayment term before you’re eligible for cosigner release
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Pros
- Might be able to borrow up to your school’s cost of attendance
- Variety of loan terms
- 0.25% autopay discount
Cons
- Doesn’t disclose minimum income or credit requirements
- Income for the past two years must be twice your outstanding loan balance to be eligible for cosigner release
- Can’t have made any late payments on other debts to be eligible for cosigner release
Custom Choice
To release a cosigner from a Custom Choice loan, you must:
- Have made the 36 consecutive, on‑time principal and interest payments
- Have met credit and others criteria as a student borrower
The Custom Choice Loan is available from $1,000 to $99,999 annually ($180,000 aggregate limit) with a three- or five-year term. If you graduate with at least a bachelor’s degree, you could get a 2% principal reduction on your loan.
Min. Credit Score
Does not disclose
Variable APR
5.39 - 15.57%
Loan Amount
$1,000 to $99,999 annually ($180,000 aggregate limit)
2% reduction of your principal balance upon graduation
0.25 percentage point discount on interest rate for autopay
No fees — not even late fees
Option to check your rates through online prequalification
No loan options for parents or international students
Only three loan term options of 7, 10, or 15 years
Minimum income and credit score requirements not disclosed
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Pros
- 0.50% autopay discount
- No application, origination, or disbursement fees
- No prepayment penalty
Cons
- Might be hard to qualify if you don’t have excellent credit
- Long cosigner release period (36 months)
- Must have a minimum income of $30,000
INvestEd
To release a cosigner from an INvestEd loan, you must:
- Make the first 48 consecutive monthly payments in full and on time
- Meet the underwriting and credit criteria at the time of the release request
If you live or attend school in Indiana, INvestEd could be a good choice for private student loans. You can borrow $1,001 up to 100% of your school’s cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years.
Variable APR
7.75 - 11.79%
Loan Amount
$1,001 up to 100% of school certified cost of attendance
Low minimum borrowing limits
Autopay discount of 0.25 percentage points
Short cosigner release requirements
Transparent qualification requirements
Loans are available only to Indiana residents
No prequalification option to view your rates
No loan options for international students
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- Offers college planning and financial aid resources to help students and families
Cons
- Only available in Indiana
- Long cosigner release period (48 months)
- Charges late and returned payment fees
MEFA
To release a cosigner from a MEFA loan, you must:
- Have taken out an undergraduate loan and opted to defer your payments (can defer for up to 60 months)
- Make the first 48 consecutive payments on time after leaving school
- Meet the underwriting requirements in place at the time of the release request
The Massachusetts Educational Financing Authority (MEFA) offers student loans from $1,500 up to your school-certified cost of attendance less aid. Repayment terms range from 10 to 15 years.
Borrowers with Good Credit
Loan Amount
$1,500 up to school’s certified cost of attendance less aid
No fees whatsoever
Competitive interest rates
Can borrow up to the cost of attendance
Flexible repayment options
No rate discounts available
No variable interest rates
Only two repayment terms
Strict cosigner release requirements
Can’t prequalify with a soft credit check
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Pros
- Might be able to borrow up to your school’s cost of attendance
- Can defer payments for up to 60 months
- No application, origination, or disbursement fees
Cons
- Doesn’t offer variable rates
- Long cosigner release period (48 months)
- Cosigner release not available for graduate loans
Sallie Mae
To release a cosigner from a Sallie Mae loan, you must:
- Make 12 consecutive, on-time payments (or pre-pay the amount equal to these payments)
- Provide proof of graduation or completion of education
- Have no student loans in a hardship forbearance or a modified repayment program for the 12 months immediately preceding the release request
- Demonstrate the ability to assume full responsibility for repayment
- Undergo a credit review and provide proof of income
With Sallie Mae, you can borrow $1,000 up to 100% of school-certified cost of attendance with terms ranging from 10 to 20 years. Additionally, cosigner release is available after just 12 months — a shorter time than many other lenders.
Min. Credit Score
Does not disclose
Variable APR
6.37 - 16.70%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Can borrow up to school-certified cost of attendance
No prepayment or origination fees
Loans available to noncitizens with an eligible cosigner
Cosigner release after 12 on-time payments
No parent loan options
No option to check your rates through prequalification
Loan terms not disclosed until after you apply
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Pros
- 0.25% autopay discount
- 0.50% interest rate reduction on graduate and professional school loans if you make interest-only payments while in school
- Cosigner release offered after just 12 months
Cons
- Doesn’t disclose minimum income or credit requirements
- Rates can be higher than other lenders
- Must have graduated to qualify for cosigner release
Learn More: How to Pay for College
Requirements for cosigner release
While requirements for cosigner release vary between lenders, here are a few common eligibility criteria you’ll likely come across:
- Make on-time payments for a certain amount of time: Lenders want to see that you’re able to make on-time payments for a specific period of time — usually 12 to 48 months, depending on the lender.
- Meet underwriting requirements on your own: You must be eligible to take over the loan yourself, which means you’ll have to meet the same student loan requirements as a solo borrower.
- Provide proof of income: You’ll have to demonstrate that you earn enough income to afford the loan payments.
- Have good to excellent credit: You’ll typically need good to excellent credit to qualify for cosigner release.
Tip:
It’s a good idea to check what’s required for cosigner release before taking out a student loan with a cosigner. This way, you’ll be prepared to meet the eligibility criteria in the future.
How to apply for a student loan with a cosigner release
If you want to apply for a student loan that offers cosigner release, follow these four steps:
- Fill out the FAFSA. To start, be sure to fill out the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other federal financial aid you qualify for.
- Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid — which can help keep your future costs low. There’s no limit to how many scholarships and grants you can get, so be sure to apply for as many as you might be eligible for. You could also qualify for scholarships through your school depending on your FAFSA information.
- Take out federal student loans. If you need to borrow for school, it’s a good idea to take out federal student loans first. This is mainly because federal loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs. Additionally, most federal student loans don’t require a credit check. Once you fill out the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other federal aid you’re eligible for. You can then choose which aid you’d like to accept.
- Apply for private student loans with a cosigner. After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help you fill any financial gaps left over. Be sure to consider as many lenders as possible to find the right loan for you. Compare not only interest rates but also repayment terms and cosigner release requirements.
How to apply for cosigner release
When you fill out an application for cosigner release, you’ll likely need to provide personal information as well as documentation. For example, you might have to submit:
- Your address
- Your Social Security number
- Proof of income
- Proof of graduation (if applicable)
- Employment information (such as a recent pay stub)
- Recent tax returns
- Monthly rent or mortgage payment information
- Car payment information
- Amount of any other monthly payments
Once you’ve gathered this information, follow these three steps to apply for cosigner release:
- Make the required number of monthly payments. This usually ranges from 12 to 48 months of consecutive, on-time payments, depending on the lender.
- Fill out the application. Contact your lender for the application. You might also be able to find it on the lender’s website. Be sure to complete the form accurately and submit any required documentation in a timely manner.
Tip:
Depending on your credit, you might be able to qualify for a lower interest rate through refinancing. This could save you money on interest and might even help you pay off the loan faster.
If you decide to refinance your student loans, be sure to consider as many lenders as possible to find a loan that works for you.
Frequently asked questions
Here are the answers to a few commonly asked questions regarding student loan cosigners:
Can you remove yourself from a cosigned loan?
Generally, the primary borrower must request a cosigner release after meeting the eligibility criteria set by the lender. If you want to be removed yourself as cosigner, reach out to the lender to see what’s required for cosigner release and whether there are any steps you can take.
Do late payments affect the cosigner?
Yes. Because the cosigner shares responsibility for the loan along with the primary borrower, late payments will show up on the cosigner’s credit report and could damage their credit.
How long is a cosigner responsible for the loan?
The cosigner is responsible for the loan for the duration of the repayment term. To remove this obligation, the primary borrower must either apply for cosigner release or refinance the loan in their name.
Meet the expert:
Emily Guy Birken
Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger's, Huffington Post, MSN Money, and The Washington Post online.
