Is a co-borrower the same thing as a co-signer?

Question

Im going to start college this autumn nad wanted to take out a loan from wachovia...on their website they state to get a "co-borrower" to get better loan terms and better APR....and in the financial guide the i received, that included information about wachovia, stated it as a "co-signer"

Answer 1

in the student loan world when you talk about a coborrower a cosigner or an endorser for loans like the PLUS loan GRAD PLUS loan and student private loans it means the same thing:

-That persons credit is being used since you were not eligible on your own to see if they will let you borrow money
-That person signs a promossary note or addendum just like the borrower stating that in the event you do not pay the loan they are responsible to pay it

Just cuz you have a cosigner coborrower or what ever you want to call it you are the first person responsible for the payment on that loan until you dont pay then they are second in line

Answer 2

Not necessarily. It depends on how the loan company is defining the terms. In general, a co-borrower would be equally liable for the repayment and intends to use a share of the money. A co-signer is a guarantor who signs along with the borrower, in effect saying "If they cannot pay, I will be held liable for repayment", but won't necessarily actually use any of the funds.

Answer 3

A co-borrower is equally responsible for the loan.

A co-signer is responsible if the borrower fails to pay.

Answer 4

Co - borrower = you both make payments. you borrow together.

Co - signer = this person is responsible for payments if you don't make them.