Becoming a student loan cosigner on a private student loan is different from a Parent PLUS Loan or other forms of federal student aid. Private lenders usually ask for a credit check on a cosigned loan and may have different credit requirements than federal loans.
While federal loan student loan options don’t always cover the full costs of attendance, a private lender can help cover any leftover amounts. Federal loans tend to have a maximum borrowing amount, while a private student loan may offer a larger loan amount.
Some private lenders provide an extended grace period or deferment, giving the student more time to start paying off the loan. Because a cosigned loan means both you and the student are financially responsible for the loan amount, any missed payments may impact your credit score.