Cosigner


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Cosigner

An obligor—a person who becomes obligated, under a Commercial Paper, such as a promissory note or check—by signing the instrument in conjunction with the original obligor, thereby promising to pay it in full.

The cosigner may be held equally responsible for the payment of the debt or may be required to pay only upon the failure of the original obligor to do so, depending upon state law and the terms of the agreement that also determine the rights of the cosigner.

Cosigner is synonymous with the term comaker.

See: comaker
References in periodicals archive ?
The CFPB report includes a borrower who made 36 consecutive on-time payments, asked for her cosigner to be released from the private loan, and was denied because several payments--to her surprise--were counted as late due to the payment processing delay.
Smith did not notice that the papers named her as the primary noteholder--not as a cosigner for Treadway.
The $14 million New York University Federal Credit Union reported that its student card program would not face much impact from the new law-primarily because the CU already asked for a cosigner for student cards.
Given typical credit requirements, most students choose to apply with a cosigner - usually a parent or relative - and lending decisions are based on the credit worthiness of the student and their cosigner.
Interest Repayment Option: Under this option a student,often with the assistance of a cosigner, pays only the monthly accruing interest while in college.
The collateral supporting the bonds consists of 75% Federal Family Education Loan Program (FFELP) loans and 25% private loans, of which 90% were originated with a cosigner.
A student borrower must meet established FICO credit score requirements in order to secure a loan without a cosigner.
Borrowers approved with a qualified cosigner can receive an interest rate as low as 1 percentage point below prime.
The program also includes a national program generally available to other graduate students and undergraduate students who, alone or with a cosigner, meet certain credit underwriting criteria.
Shareholders can anticipate a joint announcement with the letter of intent cosigner later today.
Students can borrow up to $25,000 annually, with funds disbursed directly to the student and cosigner, if any.