Brian from Nomad Credit explains that the cosigner on an international student’s education loan needs to be aware of the serious responsibility that they may have.
- If the international student is able to pay back the education loan or study loan on time, then the cosigner would bear no responsibility.
- However, if it becomes the case where the international student is unable to pay back the education loan, the cosigner would be liable for the balance of the loan.
- The lender or bank will likely make the cosigner pay back the loan or take ownership of a cosigner’s assets to make the loan whole.
- When finding a cosigner, it is definitely important to think about what kind of responsibility they are taking on and if they are willing and able to do so.
Whether you have a cosigner or not, Nomad Credit is a great option for international students on an F1 visa or J1 visa to search for the financial products they need. We can help H1B visa holders find what they may need, too. For those international students needing an education loan or study loan to help fund their studies in the US, please visit us at nomadcredit.com. We also can help you find student medical insurance options. We are more than happy to help and if you have any questions about international student loans, please email us at firstname.lastname@example.org.