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Apparition

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Stupid question probably but do medical school loans need to be cosigned?

Thanks.
 

Cold Penguin

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Apparition said:
Stupid question probably but do medical school loans need to be cosigned?

Thanks.


It really depends on the lender and the type of loan programs, but in general, you do need one or two cosigners. However, if you have a good credit, your lender may waive that requirement. Also be aware that having a bad credit could force you to lose your accpetance, but this is the extreme worst case scenario. You should contact your school's financial aid office. Don't just call the office and ask whoever picks up the phone, but make an appointment with a counselor and talk to him or her in person.
 

Apparition

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Cold Penguin said:
It really depends on the lender and the type of loan programs, but in general, you do need one or two cosigners. However, if you have a good credit, your lender may waive that requirement. Also be aware that having a bad credit could force you to lose your accpetance, but this is the extreme worst case scenario. You should contact your school's financial aid office. Don't just call the office and ask whoever picks up the phone, but make an appointment with a counselor and talk to him or her in person.

Thanks for your response. I was under impression that only private loans need a cosigner. Does this apply to federal loans as well?
 

SanDiegoSOD

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Apparition said:
Thanks for your response. I was under impression that only private loans need a cosigner. Does this apply to federal loans as well?


No. Our Federal loans are cosigned by Uncle Sam :D
 

Doctor Bagel

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SanDiegoSOD said:
No. Our Federal loans are cosigned by Uncle Sam :D

Yep. And with the federal GradPlus loan, you probably won't need a co-signer, either, unless you have huge blackmarks on your credit within the past five years. With private loans, you shouldn't need one if your credit is good and established. If not, you might need one or want one to get a lower interest rate.
 
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