Your questions answered:

  1. What is a cosigner?
  2. Who needs a cosigner?
  3. Who can be a cosigner?

Do students need a cosigner? Cosigners are great.

If someone with a good credit history is a cosigner, a Union Federal Private Student Loan is more likely to be approved. A cosigner could be an eligible parent, guardian, friend, etc.

What is a cosigner?

A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent, or other person, who will bear the same legal responsibility for the loan as the student.

Who needs a cosigner?

A cosigner is needed to qualify when a student doesn't have a substantial credit history, income or cannot be approved on their own. Adding a creditworthy cosigner may help them qualify and also obtain a lower interest rate.

How can a cosigner apply for a Union Federal private student loan?

Applying as a cosigner takes as little as 15 minutes. Either the cosigner or the student can begin the application and then invite the other person to apply from within the application. The cosigner can apply during the same application session as the student or in a separate session through electronic invitation by the student.

What makes a good cosigner on a loan?

A good cosigner:

  • Has a substantial credit history
  • Does not have any serious negative items on their credit report
  • Meets their credit obligations on time
  • Is not over burdened with debt
  • Has a steady employment and/or income sufficient to meet debt obligations

Can a cosigner be released from the loan?

The cosigner can be released from liability after the first 36 initial, consecutive principal and interest payments are made on time.11 The borrower must meet credit criteria on their own at that time. In the event the student borrower dies or becomes permanently disabled, the loan can be forgiven with proper documentation and the cosigner won't be responsible for repayment.11

Am I eligible?

A Union Federal Private Student Loan can help pay for books, lab fees, and other expenses. Eligibility requirements for the student:

  • Be enrolled at least half-time at a title IV eligible institution in a degree-granting program
  • Be the legal age of majority, or at least 17 years of age at the time of application if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence1
  • Have a good credit record, with no student loan defaults or bankruptcies
  • Have positive income, or a creditworthy cosigner with positive income
  • Be a U.S. citizen or permanent resident, unless you are an eligible international student applying with an eligible cosigner who is a U.S. citizen or permanent resident alien. The Union Federal Private Student Loan is not available to students or cosigners whose permanent residency state is Iowa or Wisconsin.

Cosigners are great.

If someone with a good credit history is a cosigner, a Union Federal Private Student Loan is more likely to be approved. A cosigner can be an eligible parent, guardian, friend, etc.

Application checklist.

Use this checklist to help you prepare to complete the online application process.

  • Personal information (name, Social Security number, date of birth)
  • Address (mailing address and permanent address)
  • Phone number(s)
  • Email address
  • Personal reference (name, address, phone)
  • School information (name of school, cost of attendance, grade level, expected graduation date)
  • Loan information (amount needed and when)
  • Income information for the cosigner or student (on a cosigned loan, income is not required of the student but is of the cosigner; for a student applying on their own, income is required of the student)
  • Payoff Documentation (only required for students opting to refinance student loans6) - learn more about the In-School Refinance Option

Contact Us.

Contact Us

To speak with a Union Federal Private Student Loan Specialist:

866.513.8445

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