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 17% more likely to be approved.1
- Students could receive a lower interest rate on their loan.
- 23% of Climb students used co-borrowers.2
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?
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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.