Cosigners and private student loans
Although no cosigner is necessary to apply for a private student loan, a creditworthy cosigner may help you get approved for a private student loan and may also help you qualify for a better interest rate.*
Private student loans with no cosigner
Applying for a private student loan without a cosigner is always an option, however you must have an established credit history and meet all of the minimum qualifying requirements. If you are able to do this and, when the time comes, can make all of your payments on time, a private student loan may have a positive impact on your credit history.
Be aware that applying for a private student loan without a cosigner may be more expensive in the long run because your interest rate can end up being higher than the one you would have received if you had a creditworthy cosigner.
Private student loans with a cosigner
If you have no credit history or a low credit score, a cosigner may help you get approved for a loan you would not have qualified for on your own. It may be difficult to get approved for a private student loan if you have no credit history and no creditoworthy cosigner.
Don't rule out using a cosigner for your private student loan just because you have good credit. Even with good credit, you may be able to qualify for a lower interest rate on your private student loan with a creditworthy cosigner.
Cosigner eligibility
In addition to being able to qualify for a private student loan on their own, cosigners have other eligibility criteria they must meet. Your cosigner must be:
- Creditworthy
- A U.S. citizen or permanent resident
Responsibilities of a cosigner
Consigners become responsible for your private student loan if you are unable to make the payments. Their credit will be affected if you do not make your payments, so they must assume the payments to make sure your student loan doesn't have an adverse affect on their credit score.
If you have no cosigner, you have a responsibility to that person to make the scheduled payments on time for your private student loan.
Don't forget about federal student loans - no cosigner is needed
Private student loans should be used only after exhausting federal loans and other financial aid options first. No cosigner is required for federal student loans. As a complement to federal loan programs and other financial aid, private student loans should be used to pay for education-related financial gaps.
To learn more about private student loans, visit ChaseStudentLoans.com.
*Important Information: As you determine the best way to finance your education, you should consider the full range of student financial aid options available. Private loans, like the Chase Private Student Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education.
Chase Private Student Loans are subject to credit approval, receipt of a completed and signed Application/Promissory Note, verification of application information and verification of student's enrollment at a participating school.
Including a creditworthy U.S. cosigner may help students qualify for a Chase Private Student Loan and may help reduce the interest rate and/or loan costs.
