They really don't have nothing to do with the loan. They will just pay if you cant?
2007-01-25 21:40:26 · 7 answers · asked by kathy 1 in Education & Reference ➔ Financial Aid
Pretty much they sign saying if you dont pay the loan they will.
2007-01-25 21:44:45 · answer #1 · answered by THE 3 · 0⤊ 0⤋
Yes...that is correct. But they still must fill out a credit application and be approved so the lender knows that they will be able to pay the loan if you can't
2007-01-26 05:45:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes co-signers are just that, it,s like when my dad co-signed for me! it was my responsibility to make the payments on each month BUT! if for any reason i am unable to make the payments my dad is liable to make the payments, make the payments and establish good credit so you don't have to have any one co-sign for you again!
2007-01-26 05:50:59 · answer #3 · answered by TJ 3 · 0⤊ 0⤋
It can also influence their credit rating and debt-to-income ratio (and keep them from being approved for other loans).
2007-01-26 09:19:04 · answer #4 · answered by naniwako 6 · 0⤊ 0⤋
pretty much if they are co-signing they must have alot of trust in ya
2007-01-26 05:45:22 · answer #5 · answered by Jeff B 3 · 0⤊ 0⤋
which is pretty significant, if the borrower needs a cosigner, it suggests that its fairly likely that the cosigner will go on the hook for it.
2007-01-26 05:46:53 · answer #6 · answered by David B 6 · 0⤊ 0⤋
No
2007-01-26 05:45:45 · answer #7 · answered by rajatagg9 2 · 0⤊ 0⤋