A cosigner is an individual that has a legal obligation to make payment on a primary borrower’s loan. Should the primary borrower fail to pay, the cosigner is responsible for the loan.
All lenders require borrowers to sign a promissory note. A promissory note is a legal document that includes the terms of the loan. It's also an agreement that the loan will be paid back to the lender.
Many student loan lenders require student borrowers to have a cosigner. This is usually because the student may not have established credit yet. Student loan cosigners are often parents, guardians, or another family member.
A cosigner will have access to loan information, like the status of the loan. If you have any questions regarding cosigner responsibilities, don’t hesitate to reach out.