Does a federally guaranteed student loan for a 19-year-old have to be co-signed?
No, federal student loans, either Stafford or Direct, do not need co-signers. At one time it was required to have a co-signer if the student borrower was under 18 at the time he or she signed the promissory note, but that was changed several years ago. You do, however, have to provide the complete names, addresses, phone numbers, and relationships to you of two persons to serve as references. These persons cannot live at the same address as one another. The purpose is not for them to bear responsibility to pay the loan off, but to provide a means of alternative contact to you for the lender, servicer, or guarantor during the life of the repayment period.
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This entry was posted on Saturday, March 28th, 2009 at 8:56 pm and is filed under guaranteed student loans. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.
I have never heard of anyone having to have it signed. If you use an approved lender, you should be the only one who has to sign your guarantee.
Good Luck!
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May 20th, 2009 at 3:18 am
Depends on the lender, but no it does not need to be cosigned.
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May 20th, 2009 at 3:29 am
No, federal student loans, either Stafford or Direct, do not need co-signers. At one time it was required to have a co-signer if the student borrower was under 18 at the time he or she signed the promissory note, but that was changed several years ago. You do, however, have to provide the complete names, addresses, phone numbers, and relationships to you of two persons to serve as references. These persons cannot live at the same address as one another. The purpose is not for them to bear responsibility to pay the loan off, but to provide a means of alternative contact to you for the lender, servicer, or guarantor during the life of the repayment period.
References :
I am a college financial aid counselor of 23 years experience.
May 20th, 2009 at 3:43 am