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How to Find and Ask Someone to be a Co-signer
Tips to Help You Qualify for Private Student Loans with a Qualified Co-Signer

Don't be surprised if the people you approach to be a Co-signer, such as your parents, may be reluctant to take on that responsibility. After all, your Co-signer is putting their good credit on the line for you!

Now we know that asking Mom, Dad, another relative or even a friend to be a Co-signer
on a student loan may be something you might feel uncomfortable doing. And it may
be one more hassle to deal with, when all you want is money for school so you can graduate. However, you should be proud that you are taking on the responsibility to not only get into college but also taking the initiative, on your own, to find a way to fund your education.

We at OneSimpleLoan understand and appreciate that. So we're here to help you.

In fact, we'll be happy to speak with your co-signer directly in a 3-way conference call, to explain these cosigner benefits and answer their questions!


How to select the right co-signer for your private loan application


Getting your loan is a key to your success in completing school, getting that coveted diploma and having a successful and rewarding quality of life.  When choosing a co-signer, choose someone who:
  doesn't have serious derogatory items on their credit report
  pays their bills and responsibly meets their credit obligations
  has credit yet is not overburdened with debt
  has at least 27 months of credit history
  has steady employment with income sufficient to meet their own debt obligations
  owns a good credit score of 660 or higher


Talking points you can use about co-signer benefits:

Co-Signer Release Co-signer can be released after a specified number of consecutive on-time payments — the obligation is not forever!
  If you have a private loan with a Cosigner Release benefit, as long as you make the specified number of consecutive, on-time payments (ranging between 36 to 48 months) and have a positive credit record that meets lender requirements, your Co-signer can be released from their responsibilities; i.e., his or her name comes off the loan. An added benefit of this release is that, by the time the release is in place, your will have gone a long way to establish your own excellent credit record! (Availability and other restrictions may apply.)
Cosigner doesn't pay anything as long as the borrower pays back the loan on-time! As long as you, the student borrower, make the required monthly payments, the cosigner will not need to pay out a dime.
  Your responsible, timely handling of loan repayments won't cost your cosigner anything at all!
No need for co-signer to tap retirement savings! No need to tap savings, especially retirement savings.
  A potential cosigner such as a parent, grandparent or other older adult needs to be saving for their own retirement first, only because they have a shorter time remaining to save money. By having you take out the private loan, your cosigner can continue saving as always. Once you're in repayment, if they want to help you pay off the loan, they can do it then.

Complete and sign a personalized Contract between you and you co-signer.

Demonstrate your commitment to pay back the private loan as instructed to maintain good credit and obtain the cosigner release! To help you get started, we've created a "Private Student Loan" Contract that you can customize!

1) Open and save the Private Student Loan contract to your hard drive
2) Discuss the Contract with your prospective Cosigner
3) Customize the Contract to incorporate the terms that you and your Cosigner agree to
4) Sign the Contract (both you and your Cosigner)
5) Retain copies of the signed Contract for your safekeeping.

Let OneSimpleLoan's student loan professionals speak with your Co-signer on your behalf!

Need help to persuade someone to be your co-signer?  Like our middle name, OneSimpleLoan makes it "simple"!  We'll be happy to speak with your potential co-signer on the phone in a conference call with you, or directly with them with your permission.

Are you ready to apply with a co-signer? Here are three easy ways to apply:

What's Your Credit Score? Click below to find out!

Click here to find out your credit score!

Do You Qualify as a Co-Signer? If your score is below 660, who else can you recommend?