A Guide on WHO to Ask, and HOW

Like many people, you may be having difficulty obtaining a loan to fund your education. One option to consider is finding a co-signer who can help you obtain an alternative loan. This guide outlines what you need to know and how to approach family or friends who support your education and career goals.

• A co-signer is needed when a lender requires an additional individual to be responsible for a loan.
• Co-signing often helps the borrower obtain the funds that otherwise they would not be qualified to borrow.
  
• A co-signer is responsible for re-payment of a loan in the event that the borrower does not make payments.
• Who you ask and how you ask is critical.

The suggestions below can help if you need or are considering a co-signer. Ask the right people, give a clear, honest message about your goals, and know that your Student Financial Aid officer will assist you as you explore your options.

Who do you ask to co-sign?

Start with family
These are the people who are most likely going to be willing to take responsibility for you because they care about you and want you to realize your goals.

Are there friends who can help?
Consider lifelong friends who have known you, your talents, skills, and ambitions and will take pleasure in giving you a helping hand.

Options to consider
Below are people you may consider approaching to co-sign for you so that you can further your education:

• Parents/Step-parents
• Distant relatives who may have similar interests or experience in the field in which you are choosing to study
• Family friends
• People who have been like parents to you (a friend’s parents, for example)
• Godparents or sponsors
• A friend who is interested in your cause
• A friend who is more established than you and understands your desire to move forward in life
• Friends from church, fraternal organizations or clubs of which you are a member
• Friends who have a vested interest in your success (fiancé or family of fiancé)
• Friends with similar interests as you and your field of study
• An employer, boss, or worker
• A local entrepreneur in the same field you wish to study
• A local philanthropist