My child is planning on taking a student loan on his account. I would want to co-sign it but my credit score is pretty low. Would it still be possible to co-sign? If not, is there anything similar I can do?
Normally, credit card companies require a cosigner to have a high credit score, so you may not be able to get approved as a cosigner. Another method you can do is provide collateral for the student loan. If the loan isn’t paid back, the lender may repossess any collateral that you put up. This is definitely a risky method and could cause the lost of cars, houses, and other important assets.
Cosigner generally requires a high credit score to be approved as a cosigner. But, you can provide collateral for student loans and if the loan amount is not paid, then the lender has the power to repossess collateral.