Is it possible to be approved as a cosigner for a private student?
Is it possible to be approved as a cosigner for a private student loan if you are unemployed? More than 90% of private student loans to undergraduate students and more than 75% of private student loans to graduate students require a creditworthy cosigner. This is usually because the student cannot, on their own, satisfy credit criteria. In most cases, the loan is being made on the strength of the cosigners satisfaction of credit criteria, not the students. Credit criteria include more than just a review of the credit history or credit scores. Credit criteria also include having income above a minimum threshold and having a minimum duration of employment. Someone who is currently unemployed or only recently re-employed is unlikely to qualify as a creditworthy cosigner. Perhaps, if the individual is independently wealthy with high net worth, they might qualify as a creditworthy cosigner. But, they are unlikely to be approved as a cosigner through automated underwriting.