Cosigners and private student loans
Although no cosigner is necessary or required 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
Cosigners are also responsible for your private student loan. Their credit will also be affected if payments are not made on time.
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 can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.
Chase services its private student loans and does not sell them to another lender.
Chase private student loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student’s enrollment at a Chase-participating school.
This information was current as of 02/01/2010 and is subject to change. Contact Chase for the most up-to-date terms.
