Students applying for a VSAC private education loan are required to obtain a credit approved cosigner.
- A cosigner has the same responsibilities for repayment of the loan as the student; the cosigner is equally liable for the debt.
- If a borrower is unable to pay, the cosigner is expected to make payments, including any late or collection fees.
- Each month, both the borrower and cosigner receive a bill statement and are reported to the national credit bureaus.
- Both the borrower and cosigner must sign all paperwork.
- Cosigner release is available upon request to qualified borrowers; borrowers must meet VSAC’s credit criteria after 48 months of active repayment.