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Can co-signing a car loan affect your chance to get a student loan? |
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Answer
Only your previous federal loan history affects your ability to get most federal student loans.
For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision.
Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
First answer by Lloyd Royer. Last edit by Studentloanguy. Contributor trust: 39 [recommend contributor]. Question popularity: 193 [recommend question]
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