Private state college consolidation loans are highly competitive but still relatively easy to have approved. It is necessary to go through a credit check for this type of consolidation and, in some instances, have a cosigner or co-borrower to guarantee that your loan will be repaid. In many cases, the co-borrower is relieved from repayment after a period of consecutive, on time loan payments. The cosigner’s credit will have to be checked and approved before the loan is given. Having a cosigner gives you the benefit of being able to avail considerably lower interest rates due to their established, good credit rating.
The requirements for being a co-borrower include:
- US citizenship with a valid Social Security Number and US mailing address
- Permanent residency with USCIS documentation
- Be of legal age (18-21 typically is the range)
- Have a good credit history that includes some time period of borrowing and repaying
- Have no bankruptcies in the past seven years
- Have no student loan default in their history
- Have no excessive delinquencies on loans, no liens, no charge-offs, no judgments
- Be willing and able to sign the loan documentation (if they are unable or unwilling to do so you will need to star a new application with a new cosigner)
