What’s the difference between a Student and a Borrower when applying for a student loan?
Tuesday, February 2nd, 2010 at
1:11 am
xtinct2 asked:
Isn’t it implied that the student is the one borrowing the money?
Why would I as a student apply for a loan for someone else??
thanks
)
Isn’t it implied that the student is the one borrowing the money?
Why would I as a student apply for a loan for someone else??
thanks
)
Tagged with: Apply For A Loan • Applying For A Student Loan • Borrowing Money
Filed under: Credit
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PARENTS are also eligible to take out loans for their children and sometimes the schools will go in and apply for a loan for a student.
The Student, of course, would be you. The borrower could be you, your parents, or co-signer. The borrower does not necessarily mean “you” the “student.” If your parents are helping you, or if you have a co-signer to help you get the loans…then they are the “borrowers.”
Parents can borrow money for their children to attend school. Also, there may be a co-signer who is a borrower with the student but not the student.
As above said, you are just the primary recipient of the loan. But the borrower could be different person in many cases, and banks are always looking for who is responsible for the payback…