A cosigner (frequently a parent or relative) is someone who agrees to sign onto your loan with you. Having a cosigner with a strong credit score can help you qualify for loans you may not qualify for on your own.

Typically, the better your cosigner’s credit score, the lower your interest rate will be. Having a cosigner with excellent credit is a great way to ensure you get the best rate on your private loans for college.

By signing onto the loan, your cosigner is ultimately responsible for making payments should you be unable to do so. Make sure your cosigner understands the responsibility they are taking on before they cosign.