topic Re: how old can a co signer be? in Student Loans

how old can a co signer be?

LindaLu — Sat, 14 Jun 2008 02:03:53 GMT

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?

Re: how old can a co signer be?

Anonymous — Sat, 14 Jun 2008 02:48:52 GMT

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.

Re: how old can a co signer be?

LindaLu — Sat, 14 Jun 2008 15:05:46 GMT

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...

Re: how old can a co signer be?

Anonymous — Sun, 15 Jun 2008 16:04:54 GMT

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.

Re: how old can a co signer be?

Anonymous — Fri, 20 Jun 2008 00:12:15 GMT

Since your PLUS loan was denied, your daughter is entitled to additional $4000 in unsub loans.

Re: how old can a co signer be?

Anonymous — Thu, 26 Jun 2008 17:38:04 GMT

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