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The debt from any co-signed loans will also remain on your credit report as an open obligation until the debt is repaid (or written off in the event of a default). 4 Tips for Protecting Yourself as a Co-Signer on a Student Loan So should you co-sign on a student loan? You can never predict the future and unfortunate circumstances can derail even the best-intentioned and responsible student borrower. If you do decide to co-sign on a loan (or any other loan for that matter) make sure you clearly understand what your responsibilities are and under what circumstances you would be expected to take over the note: 1) Have a firm understanding with your primary borrower about the repayment plan -- you may even want to consider putting a signed written agreement in place between the two of you -- and stay in contact with the lender to make sure that the monthly loan payments are being received on time and as agreed. If your primary borrower misses a payment date contact her or him immediately to discuss the problem.
This new improved income based repayment plan is only for borrowers who have no loans from before 2008. Further those with loans in default will not qualify for income based repayment unless they first rehabilitate those loans. If you are interested in seeing if your loans qualify for income based repayment or income contingent repayment please visit student aid dot gov. Unfortunately none of these programs do anything to deal with private loans a growing problem currently at around $200000000000.00 (Two Hundred Billion) or around 16% of the total student loan debt. One of the options that students can take advantage of to pay for their tuition fees are student loans without co-signer. Sadly there are so many students out there without the relevant information on the best way to apply for these loans.
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As such most of the applications for student loans without co-signers end up not being approved which mean more problems in financing their education. Actually students can apply for both private loans and loans supported by the federal institute. Steps to follow to qualify for the loans First of all when thinking about student loans without co-signer it is essential that you read and thoroughly comprehend the eligibility form before you fill out the required details. This provides some insights on how to convince the lender of student loans without co-signer to avail the loan to you by showing that you are certainly qualified for the loan. After reading your form you will be in a position to explain precisely all the requirements as per the forms specifications.
Here are some resources to get you started: FastWeb Scholarship Search College Board Fund Finder Scholarships.com LLC and Scholarship Search Sites Owned by Education Lenders scholarship central Award Database Next Student Scholarship Experts Broke Scholar College Data Wintergreen/Orchard House Scholarship Database College NET Mach25 and College View scholarship directory. 5. Military Student Aid is another valuable resource that offers exceptional scholarship opportunities: US Armed Forces Recruiting Programs Financial Aid for Veterans and their Dependents Veterans and the FAFSA HEROES Act of 2003 Books about Military Scholarships and Financial Aid for Veterans. Additional information can be found in the Education section of the Military.com web site.