Can you remove a co-borrower from your student loan after you become eligible to sign the loan yourself?

You must have an established and positive credit history, an acceptable debt-to-income ratio, and a minimum income of $12,000 to qualify for a private student loan. Because of these eligibility requirements, most students will need a cosigner in order to qualify. Even if you have an established credit history, you may still want to consider having a cosigner for your private student loan.

Having a cosigner may help your chances for loan approval, help you secure a lower interest rate, and help speed the loan decision process. Note: Cosigners are only needed for private student loans, not federal student loans. An adult who meets certain credit and citizenship requirements can cosign a private student loan.

A cosigner doesn’t have to be a relative; he or she can be anyone who meets the general eligibility requirements. First, you’ll need to apply for a private student loan. After we’ve gathered all your information, you’ll receive an application number – be sure to save it.

Give your cosigner your application number, and he or she can apply to cosign using that number. As a cosigner, you agree to assume equal responsibility for repaying the loan. As a result, the loan obligation becomes part of your credit history, including any late payments the borrower makes.

In order to more fully understand your responsibility, you should be sure to obtain copies of all important papers related to the loan. Note: After the student makes the first 24 consecutive monthly payments on time and meets certain credit requirements, he or she can request to remove you as a cosigner from the loan. A cosigner should have a good credit history and steady income.

The student must already have applied for a Wells Fargo private student loan. At the end of the application, he or she received an application number; you will need to get that number from student. If he or she did not save the number, please have the student call us at 1-800-378-5526.

Yes, in some cases a co-signer can be released from student loan responsibility. The student borrower can request that his or her co-signer be released once the student has made all of the first 24 consecutive monthly payments on time and meets certain credit requirements. Student borrower must be a U.

S citizen to be eligible for co-signer release. In addition, a co-signer can be released in the event of the student beneficiary's death or a total and permanent disability. Contact us for more details.