Obtaining a student loan can help you to pay for the cost of tuition, books and other necessities for college. However, as with any other financial loan, there is a process involved in getting it, one that depends on your overall credit portfolio. In some instances, a co-signer may be necessary to obtain the loan. Finding the right person to cosign your student loan is important, as you are tied to this person until the debt has been paid off.
Instructions
1. Determine the terms of the loan with a cosigner so you are clear about what's on the table when you make your approach. It is likely that a cosigner is going to have questions about the loan amount, the company loaning you the money, the interest rate, repayment terms and more. The more of this information you have upfront, the better prepared you will seem, which in turns makes you look much more responsible.
2. Gather evidence of your good character and fiscal responsibility. Anyone cosigning a loan for you is going to want to be sure you will pay it back. Provide a copy of your credit report and be prepared to explain any discrepancies. You may also need to provide other financial statements, such as bank statements or current account statements, to show that you pay your bills and can maintain this kind of responsibility.
3. Ask a member of your family. This is the first group of people to approach when looking for a cosigner, because they are most likely to help you. Starting with a parent or guardian, ask if he would be willing to cosign your student loan and provide him with all of your information. Be prepared to answer questions and wait days for a decision, as it is often not one that is easily made, given the depth of the financial commitment.
4. Ask a close friend if none of your family members can or will cosign. In many instances, a friend, particularly one who is also going to school, might be more willing to do it because she understands the importance of getting a loan to pay your college tuition. However, be prepared for the same reaction as in Step 3, especially if the amount involved is large.
5. Request help from a boss or co-worker. This might be the most uncomfortable request of all, because in most instances you don't know the person as well as a friend or family member, and you are asking for financial assistance. However, if this is your only shot at paying your tuition and if your boss or colleague knows you are a trustworthy person, it's worth asking.
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