A cosigner may give you a better chance
Adding a creditworthy cosigner may help you qualify and also obtain a lower interest rate. Unlike some student loans, you will not be turned down because your cosigner makes too much money.
What is a cosigner?
A cosigner is a joint applicant that becomes responsible for paying the loan if you fail to repay it. If you don't have a substantial credit history or are concerned about being approved for a loan, consider improving your chances by adding a cosigner who has strong credit and positive income.
Who should I choose?
Your cosigner could be a parent, guardian, or other creditworthy adult willing to stand behind your ability to repay your loan. A good cosigner also has these qualifications:
- Pays bills and other obligations on time
- Isn't overburdened with debt
- Doesn't have any serious negative items on their credit report
- Has a substantial credit history
- Has positive income
Can my cosigner be released later?
You may request that the cosigner be released from liability after the first 48 consecutive, monthly principal and interest loan payments are made on time( no later than 10 days after the due date). At that point, you must be able to meet credit criteria and other requirements1 on your own.
It's quick and easy for your cosigner to apply.
It takes only about 15 minutes for a cosigner to complete the online application, and if you pass the initial credit review2 with a cosigner, you can customize your loan. Our application lets you mix and match loan options to find the loan that meets your needs. Adding a cosigner has never been easier: invite them from within the application with an EasyInviteSM email, apply online at the same time, apply during separate sessions, or have your cosigner apply first.
Is your cosigner ready to apply? Once they select their state of residence below, they simply click on "Cosigner Application" to apply.
1The borrower must also be currently enrolled for automatic deduction of monthly payments from a bank account and must not have used forbearance on the loan prior to the request.
2Passing the initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report. If you and your cosigner pass the initial credit review, we will need to obtain documentation such as income verification, school certification, and Applicant Self-Certification Form before the final loan decision can be made.
EasyInvite is a registered service mark of First Marblehead Corporation.
Certain restrictions and limitations may apply. SunTrust reserves the right to change or discontinue this program without notice. All loan programs are subject to approval and may not be available in certain jurisdictions.