You Need a Co-Signer for Student Loans to Be Approved

When first delving into the world of student loans, some students might be frustrated to find that they rarely can qualify for a private loan by themselves. Few lenders will automatically approve a student’s loan without a cosigner. But why?

First Off: What’s a Co-Signer?

A student loan co-signer is a person (typically a parent) that also signs their name on the loan contract along with the borrower’s. It’s the co-signers responsibility to pay back the loan money if, for some reason, the borrower is unable to, or fails to make a payment on time. They are the lender’s insurance that the loan will be repaid, a Plan B so to speak.

Why Do You Need a Co-Signer?

Most college students don’t have much previous experience with money management. As such, banks and lenders don’t have proof that the they are reliable with their money, and can be entrusted with paying back a loan in the future. A student hasn’t had much time to establish good credit yet.

This is where the co-signer comes in. By co-signing, someone with an established credit backs the borrower, so the lender is much more willing to approve the student loan.

Use College Raptor’s new Student Loan Finder to discover personalized loan options. Compare lenders and interest rates to find the ideal student loan for you!

Lender	Rates (APR)	Eligibility
	1.13% to 11.23%¹ Variable 3.50% to 12.60%¹ Fixed	Undergraduate and Graduate	VISIT SALLIE MAE
	1.04% to 13.19% Variable 3.00% to 14.14% Fixed	Undergraduate and Graduate	VISIT CREDIBLE
	1.49% to 7.64% Variable >800 FICO 3.99% to 7.64% Fixed	Undergraduate and Graduate	VISIT LENDKEY
	1.82% to 11.32% Variable 3.27% to 12.46% Fixed	Undergraduate and Graduate	VISIT ASCENT
	0.99% to 11.98% Variable 2.94% to 12.99% Fixed	Undergraduate and Graduate	VISIT COLLEGE AVE
	3.47% to 6.11% Variable 4.60% to 7.40% Fixed	Undergraduate and Graduate	VISIT ISL
	1.04% to 11.44% Variable 3.34% to 12.78% Fixed	Undergraduate and Graduate	VISIT EARNEST
	1.20% to 11.59% Variable 3.31% to 11.99% Fixed	Undergraduate and Graduate	VISIT ELFi
¹Variable interest rates start from 4.12% APR to 10.98% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR. Click here for important information. Terms, conditions, and limitations apply.

College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.