does a cosigner have to be someone from my family or can my friends mom cosign on a school loan for me?
2006-10-02 09:41:56 · 4 answers · asked by ohioian 2 in Education & Reference ➔ Financial Aid
a Co-signer can be anyone who is willing to do it, but you want someone with good credit. And remember-if you default, they have to pay, so make it someone you trust and who trusts you. No relationship is worth the money trouble, so be very particular. Not a lot of people will enter into that kind of financial commitment.
2006-10-02 09:51:10 · answer #1 · answered by curiositycat 6 · 0⤊ 0⤋
I assume that you are in the USA, so your law may be somewhat different from ours here in the UK.
However, the general principle is that a co-signer is someone who is agreeing that they will accept TOTAL responsibilty for your loan if you default on it.
It follows from this that they should be in a financial position which would enable them to do this, or at least have sufficient assets against which they could be sued if they do not pay up if required to do so.
2006-10-02 09:49:06 · answer #2 · answered by aarcue 3 · 0⤊ 0⤋
your friend's mom can do it if she's willing. a cosigner can be anyone you choose who's willing to be responsible if you default on the loan.
2006-10-02 09:47:26 · answer #3 · answered by tk_9702 3 · 0⤊ 0⤋
anone can be a cosigner as long as they are over 21 and have a good credit rating.....and they are willing to sign for you..........
2006-10-02 09:47:55 · answer #4 · answered by churchonthewayseniors 6 · 1⤊ 0⤋