Generally there are two circumstances when student loans with a consigner is needed, even if the borrower has some credit.

One of those times is when the borrower does not have an established credit history which leads to a low credit score. Having a cosigner when applying for private student loans such as a Sallie Mae Signature Loan or a Tuition Answer Loan may increase your odds of being approved.

The second circumstance of getting student loans with a cosigner is for a lower interest rate. The difference in monthly payments on a $10,000 loan can be $50 or more when comparing a 8% interest rate and a 12% interest rate. Also the difference in the accrued interest rate could be as much as $4900 over the life of the loan. Certainly something to give thought to!

Student Loans With a Cosigner Pitfalls To Look Out For

Having a cosigner can be a win-win situation, but it can also have its drawbacks. Here are some things to consider before cosigning for a private student loan.

Make sure if the borrower who is applying for student loans with a cosigner does fail to repayand that you can make the payments yourself. Make sure the person you’re cosigning for is trustworthy. Cosigning between girlfriends/boyfriends is never a good idea. If the romance goes South, the other one could be left holding the bag. Cosigning for a bum who won’t work or flunks out of school can be a hard pill to swallow also.

If you do cosign, make sure you get copies of all the papers. Remember, those with the best paper trails win.
If you are looking for student loans with a cosigner get an agreement, in writing and notarized, that the borrower will repay you all fees incurred including the monthly payments, should they fail to repay the loan and you’re forced to. You don’t want to wind up years down the road and the borrower tells a Judge that you volunteered to repay the loan as a gift.

Now that you have this information, if you cosign for a student loan, make sure you do it right!  Student loans with a cosigner for a private loan has it’s pros and cons, just make sure you know what they are before signing on the dotted line. If you do it right you not only give your student the loan that they need, but you will also teach them a valuable financial lesson.

For more information about student loans with a cosigner

Me and my wife will shortly be going through a divorce.She lives in our house with our 2 children and I have moved out.

My concern is that the mortgage is mainly based on my income as the full time worker and she would not be adble to buy me out or take on the mortgage.

Although I’m not going to kick my children out of their home,  this situation does not allow me to get a mortgage for myself.  Can you still have a joint mortgage once divorced?

I’d like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.

I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new mortgage?

I contacted the student loan company several times and they kept saying that they would remove the garnishment and that my employer had recieved the paperwork.

I contacted my employer’s payroll and they stated that they never got the paperwork and I should ask for a copy myself to fax it in myself just in case.

The student loan company wouldnt give me a copy of the garnishment letter they had sent my employer and claimed to have faxed the paperwork in.

It has been 4 straight pay periods and nothing has been done,  meanwhile I’m still making monthly payments directly from my bank account.

Is there anyway to stop this?

PS: I dont need smart remarks about “you should have paid in the first place”, i know that much but i couldn’t afford to at certain points.

Will they put me in jail or take me to court?  Or will this just go on my credit report?

Anyway, I still have close to $6,000 in student loan debts,  federal and private. But that’s it. I have never had any major credit problems. Will all this student loan debt have a negative impact on my credit score and rating? I always make the payments on time every month.

Is there help for me? Once i can get these loans paid I can start making reular monthly payments on my payday loans.

I know the bills on my credit will affect my credit, but will my pay day loans show up?  Do you recommend any pay day loan consolidation companies?

P:S I am a planning on studying in the U.S but I live outside the U.S.