Co-signers
Applying with a qualified student loan co-signer is a good way to meet Monticello
Student Loan eligibility requirements. With a strong co-signer, the likelihood of
getting a fast approval on a private college loan goes way up. And unlike other
private student loans, you won't be turned down because your family income
is "too high" or your co-signer "has too much money."
Co-signer Frequently Asked Questions
How can I apply for a private college loan without a co-signer?
To apply without a co-signer, you need to satisfy three conditions:
- You must have been continuously employed for at least 2 years. You will still need
a co-signer unless you satisfy creditworthiness requirements and have sufficient
income to repay our loan. You will need to provide a current pay stub or a letter
from your employer to verify your current income.
- You must be a U.S. citizen or permanent resident who has resided in the U.S. for
the previous two years.
- You must have at least 21 months of credit experience and a satisfactory credit
history.
Do most student applicants have a co-signer?
Yes. Most applicants need one.
Will having a co-signer help?
Yes. With a strong co-signer, the likelihood of a fast approval and a check mailed
directly to you in about a week goes way up — even if you, the primary borrower,
don't have an established credit history, and even if you've had credit problems
in the past. A co-signer with excellent credit could also lower your loan rates
and fees. In addition, a co-signer release benefit is available to borrowers who
make their first 48 payments on time and who elect to make automated payments.1
Does having a qualified co-signer ever hurt my chances?
No. Unlike other student loans and grants, you won't be turned down because a parent
or another co-signer "has too much money."
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