Adding a co-borrower to an application is not required but can increase the student's chances of getting approved!
- Applications with a co-borrower are 24% more likely to be approved.
- Students could receive a lower interest rate on their loan.
- 35% of Climb students used co-borrowers.
Co-borrower FAQs
What is a co-borrower?
- A co-borrower is someone who agrees to sign onto the loan alongside the borrower. If the
student borrower is unable to make payments on the loan, the co-borrower is responsible for
making payments.
Who can be a co-borrower?
- Anyone can be a co-borrower; a spouse, friends or family. However, it’s important
they know what that responsibility is.
What does a co-borrower need to understand?
-
Co-borrowers must also understand their role in supporting the borrower in getting a loan. When co-borrowers sign onto a loan they will become responsible for the repayment if the borrower is unable to make the payments themselves.