Question:I need a 30K student loan and my brother needs 20K. If she cosigns for me, will she still be able to cosign for him? My loan is conditionally approved already and he is getting ready to apply for his. Also, he already has one loan originally for 25K but the balance is only 3K and will be paid off with his new loan. She is afraid that cosining for me will prevent her from cosigning for him. Any advice or do you know where I can research this further?
Answers:
It's possible that it could affect her ability to cosign for your brother. Once she signs your loan, she will have $30k in debt, which will affect her debt to income ratio - a factor lenders look at when considering whether to lend money. It's impossible to say one way or another without knowing your Grandma's specific circumstances. Probably a good idea to contact the lender and discuss the situation with them.
Here's more info on the debt to income ratio:
http://www.salliemae.com/before_college/... This article contents is post by this website user, EduQnA.com doesn't promise its accuracy.
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