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Im confused about the terms “Co-borrower” and “Cosigner”. Whats the difference?

April 26, 2017co-borrower confused Cosigner difference terms

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Im confused about the terms “Co-borrower” and “Cosigner”. Whats the difference?

1 Answer

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A Co-borrower is an additional borrower whose income contributes to qualifying for the loan and who, along with the borrower, is jointly and primarily responsible for repaying the debt. Co-borrowers are responsible for the entire amount of the loan, regardless of their obligation to the original, underlying loans that are being consolidated. Please read the Loan Terms and Conditions for additional information. A Cosigner guarantees payment of a debt. Borrowers who do not meet the income and/or credit requirements will be required to have an eligible Cosigner. Please read the Loan Terms and Conditions and Cosign er and Joint Cosigner Rights and Responsibilities for additional information.