The cosigner shares the same responsibilities as the borrower for the loan. This includes ensuring on-time monthly payments. That means as the cosigner, you may experience the same positive impact on your credit score as the borrower for making on-time monthly payments but will likely face the same negative credit impact for late or missed payments.
Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites (and this website) is best-suited for your particular circumstances. Therefore, you may want to consult with an expert (financial adviser, school financial aid office, etc.) before making financial decisions that may be discussed on this website.