Why do banks require a co signer on a deferred student loan when you may remove them after 18-24 mo?
I am not eligible to receive a student loan by myself because of my young credit of only about a year even tho I have an excellent score.
I am not able to have my parents cosign for me because they are coming out of bankruptcy a little over a year out and have re established their score. but the loan companies and banks say it needs to be 2 years. I recently transfered to a very expensive school. I did receive a scholarship, but it doesn’t quite cover the cost, which including housing is around 40k per year. I have excellent grades deans and presidents list every quarter of my 3 year length college career.
But what I really do not understand is how on a deferred student loan you are required to have a co-signer when they can be removed as your co signer after 18- 24 months.
This does not make much sense to me and if anyone has any kind of alternative ideas comments or solutions I would appreciate everything I can get my hands on.
Thank you