Saturday, October 11, 2014

Cosigning For A student Loan - Pro's and Con's

Student Loan - Cosigning For A student Loan - Pro's and Con's

What Are hidden Student Loans?

Private student loans are issued based on credit. This means two things for those applying for a hidden student loan.
The loan will be based on the borrowers prestige score Normally, the better the prestige score, the better the interest rate What this means to you

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Cosigning For A student Loan - Pro's and Con's

Some students benefit by applying for a hidden student loan. The borrower must remember though, if he/she has a cosigner, the cosigner is just as responsible for reimbursement of the loan as the borrower is. By cosigning your name a loan, you're guaranteeing that you will repay the loan should the borrower fail to make payments.

Cosigning For A student Loan - Pro's and Con's

A lower interest rate can mean that the borrower will have lower monthly payments. It can also mean the loan can be paid back quicker.

Who needs a cosigner?

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

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

The second circumstance to use a consigner would be to derive a loan with a lower interest rate. The discrepancy in monthly payments on a ,000 loan can be or more when comparing a 8% interest rate and a 12% interest rate. Also the discrepancy in the accrued interest rate could be as much as 00 over the life of the loan. literally something to give concept to!

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