Question 1 of the Financial Aid Fun Contest Released!

July 2nd, 2014 by Bryanna Davis

question 122481648Financial Aid Fun Contest: Question 1

Deadline: July 9th at 3pm EST

International Student Loan and International Student have combined forces during the month of July to bring you three great chances to win $100! Yesterday the Financial Aid Fun contest was announced and today question 1 of the Financial Aid Fun Contest released! All you need to do is find the correct answer to the question (you can find help here), then post the correct answer either to this blog or one of the following:

International Student Facebook
International Student Twitter
International Student Loan Facebook
International Student Loan Twitter

If you submit the correct answer you’ll be entered into the drawing to win $100! You only have until July 9th at 3pm EST to submit your answer, so make sure you post your answer as soon as possible!

The question you must correctly answer is:

What is a co-signer?

Time is limited so start searching now and post your answer before the deadline. If you aren’t the winner this week make sure you come back next week. There will be a new question posted, meaning a new chance to win $100!

WINNER UPDATE:

If you missed the announcement of the winner for the first question- here he 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.”

Congrats Islam! For those who did not win, don’t worry, just answer our next question for a chance to win!

 

11 Comments

  1. aabroo ahmad says:

    Co-signer is a person who executes an agreement or any document in the concert of another person.

  2. Lucy says:

    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.

  3. Arpit Sancheti says:

    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.

  4. Aliou Ciss says:

    A third party to a loan who provides a guarantee that a loan will be repaid. The guarantee by the cosigner reduces the risk that the lender will lose the money he/she has distributed to the borrower. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it. A cosigner may be an institution, but is often a relative or friend of the borrower, especially for personal loans. Persons with little or poor credit history sometimes cannot receive a loan without a cosigner.

  5. Justine Ongom says:

    A co-signer is a person who has the equal liability with another when they borrow a loan.

  6. Joshua Ugwuegbu says:

    In general terms, co-signing refers to executing an agreement or other document in concert with another, and should not be confused with ” counter-signing”, which refers to the act of executing a document as an agent in behalf of another, such as a corporation or other legal person, or as an attorney-in-fact on behalf of one’s principal.
    Co-signing often involves a promise to pay another person’s debt arising out of contractif that person fails to do so. Conversely, co-signing may involve taking on a joint, or joint-and-several, obligation to pay a debt, regardless of whether or not the other co-signer fails to do so. In the first instance the co-signer’s obligation may be in the nature of a guaranty, while in the second instance the co-signer’s obligation might be described as that of a co-debtor. As with any contract, the decision to co-sign is a personal and business decision made by the co-signer in his or her considered judgment, and if a co-signer dies, the co-signer’s obligations transfer to his or her estate.

  7. Jennet Nedirmammedova says:

    A co-signer is the guarantor of a person (international student) who borrows the money and he is also as a guarantor of contract which was filled by an international student and a loan company, saying if the student won’t be able to pay money then the guarantor is going to pay, as he took a responsibility for it. A co-signer is also known as a surety. That where the word co-signer comes, since the student is signer of a contract, and when when we use co meaning as a partner or a fallback in case Student fails to pay his loans.

  8. Jennet Nedirmammedova says:

    A co-signer is the guarantor of a person (international student) who borrows the money and he is also as a guarantor of contract which was filled by an international student and a loan company, saying if the student won’t be able to pay money then the guarantor is going to pay, as he took a responsibility for it. A co-signer is also known as a surety. That where the word co-signer comes, since the student is signer of a contract, and when when we use co meaning as a partner or a fallback in case Student fails to pay his loans. Co-signer needs to meet at least 3 main requirements, which are being a US citizen or to have a permanent resident; having a good credit, so the hire the credit the higher the chance to be approved for a loan for an international student; and the last one is co-signer should have lived at least 2 years in the US.

  9. Jose Vargas says:

    For a lender, determining whether a borrower will be anle to pay back a loan along with its interest becomes a difficult task mainly due to the limited access to financial history, especially for international students seeking loans. A cosigner is a person who agrees to pay the loan plus the interest if the borrower is not able to pay and they are legally held responsible for this loan. He or she must be a US citizen or permanent resident who has had a good credit record for the last 2 years. Cosigners are of great benefit to borrowers because they noticeably increase the chance of getting the loan approved, and they can reduce the interest rate the borrower has to pay, not to mention how much more trustworthy they make the borrower in the eyes of the lender.

  10. Prakriti gautam says:

    A co- signer is someone who guarantees that if the borrower cannot pay back the loan , then they will be legally responsible to pay back the debt.

  11. Phumlani Fortune Nxumalo says:

    how would he/she pay them back

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