Many lenders require that you designate a cosigner for your loan if you cannot demonstrate responsible past borrowing and do not have personally established credit through verifiable earnings. For those students wishing to study in the U.S., the important distinction is that your cosigner does not have to be a U.S. resident. If a cosigner is required and you default on your loan payments, your cosigner will assume responsibility for your loan and make payments on your behalf. Your cosigner must have an established credit history and sometimes collateral, provide personal financial information on your loan application, and cosign your application.
Be sure to review all terms and conditions to determine the cosigner requirements of every lending institution that you interact with.
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