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piggybacking to avoid student loan cosigner.

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longclimbback
Regular Contributor

piggybacking to avoid student loan cosigner.

Is it possible for a student to piggyback off they're parents good credit so that the student can get a student loan without a cosigner? I didn't know if making her an authorized user to 6-7 cards with 45k in limits, 10 year history would give her a score so that she could qualify on her own. Thanks.
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SCF
Valued Contributor

Re: piggybacking to avoid student loan cosigner.

Improving her score may help, but student loan lenders also look at income and, if they review the file manually, will still see that the student has limited experience with credit on their own.  It's fairly unusual for a undergraduate with no income of their own to get private loans with no co-signer.  An older student with their own income has a much better chance.

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