Endorsers, Co-signers & Co-makers
Find out the responsibilities you have as an endorser, co-signer or co-maker.
Co-signers
As a co-signer, you and the borrower share the responsibility of repaying the loans you signed for.
If you made a commitment that you would assist someone by paying their student loans if they are unable to do so, you are most likely a co-signer. As a co-signer, you are equally responsible for paying back the loan.
NOTE: A co-signer is commonly referred to as an endorser.
Do you know the status of your loans?
It is important that you stay up to date on the status of the loans you signed for. We provide you with your own unique 10-digit number to manage your account. We encourage you to sign up for an online account so you can view your loan details at any time and ensure that the loan remains in good standing.
Account Access
Creating an online account is easy, and lets you:
- Make a payment
- View the payment status
- Check the balance and other loan details for your loans
- Update your personal information
Sign up for Account Access today!
What Happens if the Borrower Doesn't Make Payments?
If the borrower fails to make monthly loan payments when they are due, the loan will become delinquent. Depending on the agreement you have with your lender, delinquency can result in both you and the borrower being negatively reported to the consumer reporting agencies. Therefore, it is important that you ensure either you or the borrower are making payments when they are due.
Co-signer Release
Depending on the lender of your private education loan, your loan program may allow for the co-signer to be released from their responsibilities after meeting certain requirements. The requirements are specific to your loan program and may vary by lender.
Examples of co-signer release requirements may include, but are not limited to:
- Making a certain amount of timely consecutive payments. Your lender may define what timely payments are.
- The number of timely monthly payments will depend on your lender. They usually range anywhere from 24-48 payments.
- Lump sum payments generally count as one qualifying payment for co-signer release. You must make consecutive, monthly payments in order for payments to count towards the co-signer release number of payments counter.
- Using forbearance prior to applying for co-signer release may disqualify you or restart the qualifying payment counter. An electronic payment (via Direct Debit) may be necessary prior to requesting a co-signer release.
Determine your eligibility for co-signer release. Or, contact us to request a form; our customer service representatives can help you apply for co-signer release, if eligible.
Deferment and Forbearance Options
The borrower may be able to make a request to temporarily postpone making payments under certain circumstances. If the borrower applies for a forbearance or deferment, you may have to apply as well, depending on the terms of promissory note/credit agreement, determined by your lender. If you are unsure of your lender's requirements or what options are offered, view the potential deferment and/or forbearance options for which your loan may qualify. Or, contact us for details.
NOTE: Using deferment or forbearance may affect your eligibility for co-signer release, depending on your lender.
What Do I Do if an Individual Associated With My Account is Now Deceased?
Please contact us. We are here to assist you with any questions/concerns you may have during this difficult time.
Have Questions?
Visit the Co-signer FAQ
Endorsers vs. Co-makers
What is the difference?
Endorser
If you made a commitment that you would assist someone by paying their student loans if they are unable to do so, you are most likely an endorser. As an endorser, you are secondarily responsible for paying back the loan.
NOTE: An endorser is commonly referred to as a co-signer.
Learn more about being an endorser.
What happens if the borrower doesn't make payments?
If the primary borrower fails to make monthly loan payments when they are due, the loan will become delinquent. Delinquency can result in both you and the borrower being negatively reported to the consumer reporting agencies. Therefore, it is important that you ensure either you or the borrower are making payments when they are due.
Deferment and Forbearance Options
The borrower is able to make a request to temporarily postpone making monthly payments under certain circumstances. This does not require any action or approval from you. There are certain circumstances where you may also make a request to postpone payments. Contact us for your available options.
Co-maker
If you and another person each had your own loans and you made a commitment to combine your loan debt and pay back your loans together, you are most likely a co-maker of a joint Consolidation Loan. You may also be a co-maker if you agreed to pay back a parent PLUS loan with another person prior to 2000.
As a co-maker, you are equally responsible for paying back the loan for the entire life of the loan.
Learn more about being a co-maker.
What happens if we don't make payments?
If you fail to make monthly loan payments when they are due, the loans will become delinquent and both of you may be negatively reported to the consumer reporting agencies. Therefore, it is important that you are making payments when they are due.
Deferment and Forbearance Options
You are able to make a request to temporarily postpone making monthly payments under certain circumstances. However, when applying for either a deferment or forbearance, both of you must each apply and qualify for a deferment or forbearance in order to postpone payments.
- If you would like to apply for a deferment or forbearance, both of you must apply. You may apply for different deferment or forbearance types
- The approved dates of the deferment or forbearance will depend on the eligibility for both of you as only the overlapping eligible time will be applied
NOTE: You can also determine if you are an endorser or co-maker by referencing the type of promissory note you signed.
Do you know the status of your loans?
Regardless if you are an endorser or co-maker, it is important that you stay up to date on the status of the loans you signed for. We provide you with your own unique 10-digit number to manage your account. We encourage you to sign up for an online account so you can view your loan details at any time and ensure that the loan remains in good standing.
Account Access
Creating an online account is easy, and lets you:
- Make a payment
- View the payment status (i.e. Up-to-date vs Past Due)
- Check the balance and other loan details for your loans
- Update your personal information
Sign up for Account Access today!
What Do I Do if an Individual Associated With My Account is Now Deceased?
Please contact us. We are here to assist you with any questions/concerns you may have during this difficult time.
