Who Would Most Likely Be a Cosigner on Some Student Loans?
A cosigner for student loans is typically a creditworthy adult, often a parent or guardian, responsible for ensuring timely repayment and meeting minimum income criteria, like INR 30,000.
by Sai V
Published Oct 26, 2023 | Updated Oct 26, 2023 | ๐ 1 min read
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Who Would Most Likely Be a Cosigner on Some Student Loans?
A cosigner for student loans is typically a responsible adult, such as a parent, guardian, grandparent, or spouse, who is creditworthy and willing to assume the duties of timely loan repayment. In the case of private student loans, only one person can cosign.
To qualify as a cosigner, an individual must have a minimum monthly income, often at least INR 30,000, although lenders may consider co-applicants with lower salaries. Cosigners play a crucial role in sharing the burden of loan repayment and are legally bound by a contract to ensure timely and full repayment of the loan.
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