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Co-signer question

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Manager
Joined: 01 Apr 2008
Posts: 145
Schools: Chicago Booth 2011
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12 Apr 2009, 20:33
I have a few friends who are willing to be my co-signer (I'm international,) however they are concerned about the size of the loan. Hence, one of my friends inquired if it would be possible for me to take out several separate loans, and get co-signers for each loan. E.g. If I'm going to borrow the full cost of attendance (say $150K), instead of taking out one large loan, I took out three$50K loan and got three separate co-signers.

Is this doable? Is it advisable? Has anyone done it before?
Intern
Joined: 09 Jan 2009
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Schools: Darden, Haas, Smith, Wharton, Stanford and HBS
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13 Apr 2009, 10:46
yes that is doable (and advisable i might add since your individual co-signer would be in hook for smaller amount).

One of my friends did it couple of years ago and it seems to work out just fine..
Current Student
Joined: 28 Feb 2008
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Location: New York, Paris
Schools: Wharton '11
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13 Apr 2009, 10:56
All I want to say, is that you have great friends and you should cherish them. Co-signing a loan is not an small easy step and it is very nice of them! You should be very happy to have friends like that
Re: Co-signer question   [#permalink] 13 Apr 2009, 10:56
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