Many private student lenders require a cosigner for student loans if the student doesn’t have good credit or steady income. Cosigners accept responsibility for repaying the loan if the borrower doesn’t repay it. So, you need to find a cosigner who trusts you and is willing to put their finances at risk for you. Often, this will be a parent or guardian.
The lender will look at the cosigner’s credit in addition to yours when making a lending decision. The better the cosigner’s credit, the better the impact they’ll have on your loan’s terms. If you have good credit or a source of income, lenders may not require a cosigner, but you may still be able to secure a lower interest rate by finding a cosigner with excellent credit."