You have probably noticed the term вЂњcosignerвЂќ popping up everywhere if you have been looking into international student loans at all. Precisely what is a cosigner? Unfortuitously, a cosigner is much more than simply a 2nd signature on your application for the loan.
In the usa, the word cosigner relates to an additional party that will be in charge of the repayments in the event that debtor is not able to repay the mortgage. It really is added protection for the financial institution that offers them a 2nd individual to pursue when they try not to get re payment.