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.

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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.

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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.

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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.

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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
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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.

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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.

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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 least half-time at an eligible institution in a degree-granting program
  • 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 7
  • Be a U.S. citizen or permanent resident, or an eligible international student applying with a qualified cosigner who is a U.S. citizen or permanent resident alien
  • The Union Federal Private Student Loan is not available to students or cosigners whose permanent residency state is Arizona, Iowa or Wisconsin.

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.

  • Fall Savings! 0.50% interest rate reduction when you apply by December 31, 2020 ±
  • 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: info@unionfederalstudentloans.com

Phone

Speak with a Union Federal Private Student Loan Specialist

Email

Email a Union Federal
Private Student
Loan Specialist