Although a cosigner is not necessary or required to apply, a cosigner may increase the likelihood of approval and may result in a better interest rate.*
Applying for a private student loan without a cosigner may be more
expensive in the long run because your interest rate may end up being higher
than the one you might have otherwise received if you had applied with a cosigner.
If you have no credit history or a low credit score, applying with a cosigner may
help you get approved for a loan you would not otherwise qualify for on your own. It may
be difficult to be approved for a private student loan if you have no credit
history.
Responsibilities of a cosigner
Cosigners are equally responsible for paying back your private student loan.
Their credit will be affected if payments are not made on time.
For student loans disbursed within the current academic year, the student borrower may request that the cosigner be released after 36 consecutive, on-time payments of principal and interest. The student borrower must meet Chase's minimum credit criteria and other established cosigner release eligibility requirements, in order to establish the capacity to repay the loan on his or her own, at the time of the request for cosigner release. The student borrower is solely responsible for repayment of the loan after the cosigner is released.
*Important Information: Private loans, like the Chase Select loan, can be used when federal loans, scholarships, grants and other forms of financial aid are not sufficient to cover the full cost of education.
Chase Select loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student's enrollment at a Chase Select-participating school. Either the student or cosigner applicant must have a qualifying Chase account or loan relationship in order to be eligible for a Chase Select loan.
Chase currently services its Chase Select loans and does not sell them to another lender.
