How Cosigners Can Help
Why Cosigners Are Important
Most students have limited credit history and income, but that’s ok. You can add a cosigner with a solid financial history and good credit, which may improve your chances of loan approval and sometimes even a lower interest rate.. You and your cosigner can even see what rates and terms you prequalify 1 for before submitting your full application and it won’t impact your credit score.
Did you know?
An application is 4 times more likely to be approved with a cosigner.
A creditworthy cosigner with a strong credit history increases your chances of getting approved and getting a lower rate.
What is a cosigner?
A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent, or family friend, who will bear the same legal responsibility for the loan as the student.
Who needs a cosigner?
You may need a cosigner if you don’t have a substantial credit history or income. Adding a creditworthy cosigner may help you qualify and also obtain a lower interest rate.
On average 3 out of 4 approved applicants have a cosigner.
What makes a good cosigner on a loan?
A good cosigner:
- Has a substantial credit history
- Pays bills on time
- Does not have a disproportionate amount of debt compared to their income
- Has steady employment (including self-employment) and/or income sufficient to meet debt obligations
Can a cosigner apply for a Union Federal Private Student Loan?
Either the cosigner or the student can begin the application and then invite the other person to prequalify 1 and apply for the loan. If you aren’t together, we’ve made it super easy to invite the other applicant to apply via email.
Can a cosigner be released from the loan?
Unlike some of our competitors, we do offer cosigner release 4 . A cosigner helps you short-term, but one day you’ll be able to stand up on your own.
Am I eligible?
A Union Federal Private Student Loan covers up to 100% of your school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, room and board, transportation and personal expenses.
Eligibility requirements for the student:
- Be enrolled at an eligible institution in a degree-granting program 7
- Be the legal age of majority, or at least 17 years of age at the time of application if applying with a cosigner who meets the age of majority requirements in the cosigner’s state of residence 8
- Be a U.S. citizen, a permanent resident alien, an Eligible Non-Citizen (DACA resident) applying with an eligible cosigner who is a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner who is a U.S. citizen or permanent resident alien
Cosigners are very important
Applying with a cosigner increases your chance of approval by 4 times, and if your cosigner has good credit history, you may get a better rate. A cosigner can be an eligible parent, guardian, friend, etc.
Prequalification checklist
We now offer prequalification! 1 You and your cosigner can now quickly check your rate without any impact to your credit scores.
You can use this checklist to help you complete that process.
- Personal information (name, Social Security number, date of birth)
- Address (mailing address and permanent address)
- Phone number(s)
- Email address
- School information (name of school, cost of attendance, grade level, expected graduation date)
- Loan information (amount needed and when)
- Income information for the cosigner or student (on a cosigned loan, income is not required of the student but is of the cosigner; for a student applying on their own, income is required of the student)
Multiple loan options
Ways to decrease your rate
Still have questions?
Contact Us
To speak with a Union Federal Private Student Loan Specialist: 866-513-8445
To email a Union Federal Private Student Loan Specialist: info@unionfederalstudentloans.com
Union Federal Private Student Loans at a Glance
A Union Federal Private Student Loan covers up to 100% of your school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, room and board, transportation and personal expenses.
Eligibility requirements for the student:
- Be enrolled at an eligible institution in a degree-granting program 7
- Be the legal age of majority, or at least 17 years of age at the time of application if applying with a cosigner who meets the age of majority requirements in the cosigner’s state of residence 8
- Be a U.S. citizen, a permanent resident alien, an Eligible Non-Citizen (DACA resident) applying with an eligible cosigner who is a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner who is a U.S. citizen or permanent resident alien
Applying with a cosigner increases your chance of approval by 4 times, and if your cosigner has good credit history, you may get a better rate. A cosigner can be an eligible parent, guardian, friend, etc.
We now offer prequalification! 1 You and your cosigner can now quickly check your rate without any impact to your credit scores.
You can use this checklist to help you complete that process.
- Personal information (name, Social Security number, date of birth)
- Address (mailing address and permanent address)
- Phone number(s)
- Email address
- School information (name of school, cost of attendance, grade level, expected graduation date)
- Loan information (amount needed and when)
- Income information for the cosigner or student (on a cosigned loan, income is not required of the student but is of the cosigner; for a student applying on their own, income is required of the student)
Contact Us
To speak with a Union Federal Private Student Loan Specialist: 866-513-8445
To email a Union Federal Private Student Loan Specialist: info@unionfederalstudentloans.com