Answer Question One To Win $100!
Posted on July 2nd, 2014 by Bryanna DavisIf you haven’t already heard, we are teaming up with International Student Loan during the month of July to help you understand international student loans and give you a chance to put up to $300 in your pocket! During the month of July we will release three questions- and we are releasing the first one today!
How Do You Win?
Answer question one to win $100! Give us the right answer to the question below and you will be entered to win. You can post the correct answer as a comment on this blog below or through our Twitter and Facebook page. Please post the correct answer before July 9th at 3pm EST. If your correct answer is received after 3pm on July 9th you will not be eligible to enter the $100 drawing. The winner will be announced on July 10th through our social media platforms, including this blog.
Answer This Question: What is a co-signer?
And the Winner of $100 is: Islam Taher
“A cosigner is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt. In other words, the cosigner is taking on a huge responsibility for the international student loan or study abroad loan since they are being asked to accept the responsibility of paying back the total loan amount plus any interest.”
Need A Tip?
If you’re not sure what a co-signer is, we are happy to give you some help! If you visit here you can find out!
Tell us the correct answer to our very first question in the Financial Aid Fun contest and you’ll be entered to win $100!
July 7th, 2014 at 6:07 pm
A Co-Signer is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt.
July 7th, 2014 at 8:31 pm
A co-signer is someone who agrees to sign a loan with the student because the student might not match the citizen or credit criteria required. The co-signer meets all the requirements and therefore helps the student obtain the loan, however the co-signer is also going to be responsible to payback for the loan if the student is unable to.
July 8th, 2014 at 4:24 am
A co-signer is a person( Can be a parent, close family member or friend) who can assure the lender that they will repay the amount which has been taken by other person.
Eg. X want to take a loan of 1000 USD from a bank, the bank asked for a co-signer. So Y turns up as co-signer to repay if X cannot repay it. This will assure the bank to give a loan to X
July 8th, 2014 at 6:18 am
co-signer is a person or an obligor is a person who becomes obligated under any commercial paper such as a promissory note or a check by signing the instrument in conjunction with the original obligor, thereby promising to pay it in full.in addition the co-signer 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 determines the rights of the co-signer.
July 8th, 2014 at 4:20 pm
A co-signer is an (credit worthy) individual that signs as a guarantor that your loan will be repaid. Basically you are using their credit status/rating to acquire a loan and they are saying that they will pay if you do not.
July 8th, 2014 at 4:52 pm
A co-signer is a person or a guarantor that sign a document,receipt or an agreement before it could be legal. for instance,the signing of a statement by a lawyer(who stands as the guarantor),that a particular person would be able to perform a particular result(for example,if a trader does not have the money to purchase a car but his willing to pay back in a months time the lawyer act as a co-signer to the agreement).
July 8th, 2014 at 7:54 pm
What is a co-signer? A co-signer is a person who volunteers and guarantees to a creditor that if the debtor cannot repay his loan, they will have full responsibility in paying the debt back. It’s a huge responsibility for the co-signer because they are taking on a debt that is not theirs.
July 9th, 2014 at 4:23 am
A co-signer is a person who guarantees that if the borrower cannot pay back the loan he will be legally responsible to pay back the debt. Infact a co-signer holds a great responsibility on behalf of the borrower. Usually international students are asked to arrange for a co-signer before taking loan from any organisation. So a co-signer plays a part of witness as well.