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.


Got questions?
We can answer them.


Everything you need to know about private student loans.

Union Federal Private Student Loans at a Glance

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)

Take a moment to consider the best way for you to pay back your loan.

Repayment Options 2 3

  • Immediate Repayment
  • Interest-Only Repayment
  • Flat Payment Repayment
  • Full Deferment

Rate Type

Choose between a fixed or variable rate

Even a small percentage can make a difference in your bank account.

  • 0.25% interest rate reduction with 36 consecutive on-time payments 5
  • 0.25% interest rate reduction for customers who elect auto pay 6

Contact Us

To speak with a Union Federal Private Student Loan Specialist: 866-513-8445

To email a Union Federal Private Student Loan Specialist:


Speak with a Union Federal Private Student Loan Specialist


Email a Union Federal
Private Student
Loan Specialist