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Cosigning a loan

Private student loans are credit based. That means not only do they require an acceptable credit rating but, in many cases, the better the rating … the lower the interest rate.

This page will help you decide when it is to your advantage to consider a cosigner and direct you (or your parents) to the next step in cosigning a loan.

When to consider a cosigner

There are two instances in which a creditworthy cosigner is helpful:

If you do not have an established credit history and are applying for a credit-based private student loan (such as Sallie Mae’s Signature Student Loan^® or Tuition Answer^® Loan), applying with a cosigner may help you get approved.
Even if you have an established credit history, many private student loans have a “tiered” interest rate structure in which those with excellent credit can enjoy superior terms.

As a result, if your cosigner has excellent credit (and you do not), you are likely to benefit from a student loan with lower rates and fees.

Ready to apply for a private student loan as a cosigner? Apply now!

Cosigner release

If a creditworthy borrower makes the first 24 consecutive on-time payments of principal and interest as initially scheduled, he or she can apply to have the cosigner release. The account must remain current until the request for release is processed. Borrower credit qualification applies.

See the Signature Student loan for more information.

SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Finding a loan

Applying for a loan

Cosigning a loan

When to consider a cosigner

Cosigner release