If you're a student with little or no credit history, it may be difficult for you to qualify for a loan without a creditworthy cosigner. That's particularly true now, as lenders tighten their credit criteria.

But there's good news: Having a creditworthy cosigner has many benefits, including the possibility of substantial savings on your total loan cost.

A creditworthy cosigner may give you

• A greater chance of getting approved for your loan
  When you apply with a cosigner, Sallie Mae^® considers the income and credit histories of both you and your cosigner. A cosigner with a long history of good credit may be able to help overcome if you have a limited credit history and enable you to qualify for the loan.
• The possibility of a lower interest rate
  The more creditworthy the cosigner, the greater potential there is for you to receive a lower interest rate on your loan. And a lower interest rate can mean significant savings over the life of your loan.
• An opportunity to establish a credit history
  Having a good credit history can help you get favorable rates on a car, a home, and other purchases after you graduate.

Responsibilities of a cosigner

• Fill out the application. Both a student and a cosigner can apply together by clicking one of the apply links on this page.
• The cosigner is equally responsible for the loan obligation.

Cosigning a loan is a major responsibility. But it does not necessarily have to be for the duration of the loan. Sallie Mae offers a cosigner release option for your private student loan, freeing the cosigner (if the release request is accepted by Sallie Mae) from additional responsibility for the loan.

Applying with a cosigner is easy

• Are you and your cosigner ready to apply? Apply now.
• Do you have an application in process and need to add a cosigner? Follow these steps (PDF, 300MB).

Cosigner release

The release of a cosigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments, must meet age of majority requirements and meet underwriting requirements when the request for the cosigner release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

For Sallie Mae's private higher education loan programs, the cosigner release option is available upon successful completion of the borrower's education.