Does it matter who cosigns?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Derekj032
Posts: 35
Joined: Sun Jan 02, 2011 2:45 pm

Does it matter who cosigns?

Postby Derekj032 » Wed Mar 23, 2011 8:02 pm

I heard that if you use a consignor for the gradplus loan that you can use pretty much anyone, regardless of their credit history. My friend told me that he had his sister cosign and she had worse credit then him. Can anyone else verify if this is true?

Derekj032
Posts: 35
Joined: Sun Jan 02, 2011 2:45 pm

Re: Does it matter who cosigns?

Postby Derekj032 » Sun Mar 27, 2011 12:51 pm

No one has used a co-signor with less then stellar credit?

molazapuku
Posts: 102
Joined: Sun Sep 12, 2010 6:11 pm

Re: Does it matter who cosigns?

Postby molazapuku » Sun Mar 27, 2011 2:43 pm

I ran a direct gradplus loan check at studentloans.gov (I used WUSTL...not all schools participate) and was absolutely amazed that they said "you're approved". I have bad credit and didnt even need to appeal let alone get a co-signer. If they said yes to me then it would have to be borderline "it doesn't matter who signs."

I know its not really an answer to your question, I am curious as well if someone else has some input.

sarahh
Posts: 610
Joined: Wed Sep 08, 2010 2:36 pm

Re: Does it matter who cosigns?

Postby sarahh » Mon Mar 28, 2011 3:12 pm

Yes, it does matter. Why would they require you to get a co-signer because of bad credit and then not care about the credit of the co-signer? Although remember, PLUS loans are a bit different from regular loans. There is no minimum credit score requirement. You just cannot have an adverse credit history, which is defined as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a federal student loan debt during the five years preceding the date of the credit report.




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