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Hello everyone. I haven't been able to find a clear answer to my question. This question is for those who had someone co-sign on their student loan. Did your co-signer see any effect on their credit report as far as being able to obtain their own loans or their credit score getting lower?
I ask this because I am asking my father-in-law to cosign a pharmacy school loan (alternative loan) for me, but he is concerned that it would affect his credit in such a way that he would not be able to get a loan if he needed to. The loan amount that he would co-sign for would be $19,220, and it would be deffered for the four years that I would be in school. Also, the loan has an option of taking him off as co-signer after two years of on-time payments. I called SunTrust (the people that I will get my loan with) and two different people told me that it would not have a negative effect on his credit. He called SunTrust and spoke with the same person twice, and the guy said that it would have a negative effect on his credit and that he would not be able to get his own loan for 6 years.
Does anyone have any insight?
Thanks!
I ask this because I am asking my father-in-law to cosign a pharmacy school loan (alternative loan) for me, but he is concerned that it would affect his credit in such a way that he would not be able to get a loan if he needed to. The loan amount that he would co-sign for would be $19,220, and it would be deffered for the four years that I would be in school. Also, the loan has an option of taking him off as co-signer after two years of on-time payments. I called SunTrust (the people that I will get my loan with) and two different people told me that it would not have a negative effect on his credit. He called SunTrust and spoke with the same person twice, and the guy said that it would have a negative effect on his credit and that he would not be able to get his own loan for 6 years.
Does anyone have any insight?
Thanks!