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How to Find a Cosigner for Your Student Loan?

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May 16, 2023


What’s Inside

Pursuing higher education from prestigious universities in India or abroad is a goal that many people chase. Suppose you, too, plan to study further by enrolling in any of the top national or international colleges and universities. In that case, a student loan can make it easier for you to fund this life goal. Before you apply for this credit facility, however, you may be wondering how to find a cosigner for a student loan.

A cosigner is essentially an individual who agrees to take on the responsibility of repaying the loan alongside the primary borrower. Generally, private lenders may expect borrowers to include a cosigner in the application to reduce the overall risk involved. So, who can be a cosigner and how to find a cosigner for international student loans? Let’s find out.

Decoding What it Takes to be a Cosigner for a Student Loan

Student borrowers generally do not have any source of income at the time of availing of the loan. The possibility of securing a steady source of income right after the course is completed is also uncertain. For this reason, private student loan lenders require a cosigner to take on the responsibility of repayment along with the student borrower. 

Typically, a cosigner must be a creditworthy adult with a steady source of income and a high credit score. By reducing the risk the lender takes, a cosigner makes it easier for the student borrower to qualify for the credit facility. 

4 Tips on How to Find a Cosigner for Your Student Loan

If you are planning to obtain a loan to fund your education, here are some tips on how to find a cosigner for your student loan.

Start by Asking Your Immediate Family

Your best bet is to ask your parents or other immediate family, like an uncle or an older sibling with a good credit history. These people know you personally, so they are more likely to help you out and place their trust in you. 

Then, Move on to Your Extended Social Circle

If you are unable to seek help from your immediate family for various reasons, you can consider approaching people in your extended social circle. This may include friends, a mentor, or any other adult who knows you well enough. However, remember that you are asking a huge obligation of them. 

Know What to Say to Them

Whether it is your friends, family or any other adult you’re acquainted with, cosigning on a student loan is a major financial obligation. You will have to let them know that you understand the risks of cosigning and have a repayment plan once you finish your education. This will help allay their fears about the possibility of you defaulting on the loan. 

Be Cautious of Finding a Cosigner Online 

If you cannot find a cosigner among the people you know, you can consider online services that help you hire a cosigner. However, you must be wary here and ensure you only use legitimate services. 

Instant Loans: An Easier Alternative if You Need Additional Funds 

Now that you know how to find a cosigner for international student loans and loans obtained for higher studies within India, you can proceed to fund your education easily. However, if you need additional funds to meet the costs of further education, you can check if you are pre-approved for an instant personal loan instead. 

Fi Money provides such instant loans that arrive directly in your account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakhs).

Frequently Asked Questions

Is it possible to find a cosigner online? 

If you’re not sure how to find a cosigner for a student loan, you may want to look for a solution online. However, although some online facilities today allow you to find a cosigner for a loan, it is advisable to ask a family member, a friend or someone who knows you well to do the cosigning. 

How do I find someone to cosign a loan?

The first step to understanding how to find a cosigner for a student loan is to be clear about why you need a cosigner. Explain this to the friend, relative or acquaintance you intend to have as your cosigner.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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How to Find a Cosigner for Your Student Loan?


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