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Private Student Loans--Getting a Cosigner

Posted By Sarah

If you are looking for help to pay for college, you may want to consider a private student loan. These loans, unlike government loans and grants, are credit-based. First, make sure you maximize all the federal grants and loans that are available:

If you do find that you need additional funds from a private loan, you will usually be better off with a credit-worthy cosigner for your loan. The two key ways a cosigner can be beneficial are:

• You do not have an established credit history so you may not be approved otherwise
• Your cosigner may help you qualify for a lower interest rate

You can reassure your cosigner that you can apply for a cosigner release after you've successfully completed your education, so that you're ready to take on the debt on your own. You can check out the Sallie Mae Smart Option Student Loan for more information.
 

Category: Mortgage & Loans

7/1/2009

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