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Regular Contributor
LindaLu
Posts: 191
Registered: ‎06-13-2008
0

how old can a co signer be?

I filed bankruptcy last year so I can't co sign for my daughter's student loan....My dad will co sign but he is 81!!!  will this be approved being you do not start paying for a student loan for 4 1/2 years?
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bailey05
Posts: 2
Registered: ‎06-13-2008
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Re: how old can a co signer be?

Theoretically the answer is yes - your dad can cosign the loan provided he is "creditworthy". I assume this is a PLUS loan? However, lenders can impose credit criteria that is stricter (it is THEIR money after all) than what is required by federal regulations. So I would check with the lender you have selected first to see if they have any age criteria. If that lender won't do the loan, check with some others. There are lots of lenders to make those loans...and you can find out some of those from the financial aid office at your daughter's school.
Regular Contributor
LindaLu
Posts: 191
Registered: ‎06-13-2008
0

Re: how old can a co signer be?

thanks bailey!!!  yes my dad is credit worthy...and I believe this is a plus loan...she got the 2 student loans available at the university but needs a little more...this would be through that sally maye right?  and is it also where she doesn't pay back until she graduates?  I am new to this...
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: how old can a co signer be?

They can not legally discriminate based on age- period
 
The loan will continue to accrue interest if it is in repayment or deferred.
 
The interest rate on this loan is not going to be low- so I would try to make at least intrest only payments even in deferment.     
Frequent Contributor
LynnInMN
Posts: 465
Registered: ‎06-13-2008
0

Re: how old can a co signer be?

Since your PLUS loan was denied, your daughter is entitled to additional $4000 in unsub loans. 
Ex-Financial Aid Officer

Ex-Student Loan Collector
Established Contributor
jesslyn
Posts: 945
Registered: ‎06-13-2008
0

Re: how old can a co signer be?

My grandmother was 80 when she first co-signed my grad school loans with Access Group.

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