Student Loan Game Plan
Cosigner's Guide to Successful Borrowing
As a cosigner, you are taking on a serious financial obligation. Use the information in the following screens as a game plan to help your borrower prepare for repayment and avoid default.
Your Responsibilities as a Cosigner
As a cosigner, you bear a heavy responsibility.
|Your borrower cannot make payments
||You will be required to take over payments until the borrower can resume payment.
|Your borrower misses payments or is late making payments
||You and the borrower may not qualify for future loans and the loan may be reported to national consumer reporting agencies.
|The loan is reported as delinquent to consumer reporting agencies
||The information may remain on your and the borrower's credit reports up to seven to ten years.
Take action now: Select Next to see common reasons borrowers fail to repay their student loans and ways you can help your borrower succeed financially during and after college.