July 2025
College and Career Planning Guidance by Granite Edvance: July Edition
Student loans. The term itself would imply these are the responsibility of none other than the student. In some cases that is entirely true. Federal student loans are the sole responsibility of the student borrower, and while these federal loans are an extension of credit, no prior credit history is necessary to receive them. Those federal student loans come as part of the financial aid packages offered by schools. However, there is often a remaining “gap” between the cost to attend a college and the financial aid being offered.
That’s where credit-based private loans may come in. This is also where responsibility on a student loan also commonly changes. Why is that? Because to be eligible for a private student loan, an undergraduate student will almost always need a cosigner with acceptable income and credit history.
Cosigning a student loan – What it means for you
1. Approvability
The majority of private student loan lenders recognize the risk associated with lending large sums of money to a young person with limited income and credit history. Due to this risk, including a cosigner can greatly increase the odds for approval.
2. Pricing
The inclusion of a cosigner can also assist in yielding a better interest rate. Lenders recognize the benefit of having two parties associated with a loan and the increased likelihood of repayment.
3. Liability
Cosigning does not come without it owns risks and responsibilities. By cosigning, you are assuming equal responsibility for repayment of the loan and also assuming equal impacts if the loan is not repaid according to its terms, including negative credit reporting. Some private student loans offer a co-signer release after a certain number of on-time payments, which relieves the co-signer of this liability.
Be sure to understand the loan terms and obligations when cosigning, and research any cosigner release terms so you are empowered to make the best decision for you and your student.
Thank you,
From your partnership team at Granite Edvance
Rich Neilsen, Lending Products & Partnerships Manager
Carol Cray, Community Outreach Manager
John Flanders, Chief Strategy & Lending Officer
Granite Edvance Corporation, located in Concord, New Hampshire is the nonprofit higher education student loan product partner of New Hampshire Postal Credit Union. In partnering with Granite Edvance, NHPCU is able to connect customers to responsible student loan products designed to meet their unique needs. In addition to the student loan products featured below, Granite Edvance provides college and career planning resources to New Hampshire students and families.
Granite Edvance Student Loan Program:
This loan program is intended for undergraduate and graduate students currently enrolled in school and seeking additional funding after exhausting all other financial aid resources. The student acts as the primary borrower but may require a cosigner to meet eligibility requirements. Eligible borrowers must be a NH resident or enrolled at least half-time at a NH-based Title IV degree-granting institution.
Features:
Fixed interest rates
Deferred, interest-only, or immediate repayment
Interest rate discount for enrolling in automatic debit
No upfront fees or prepayment penalties
Cosigner Release available
Loan Minimum: $2,001
Loan Maximum: Up to the Cost of Attendance minus any financial aid accepted
Loan origination support from local student loan experts
Quick and easy online application process – including finding your rate in under 3 minutes!
Click here for more information: www.graniteedvance.org/nhpcu/private
Private student loans are intended to supplement, not replace, federal and institutional financial aid options. Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) and to consult their post-secondary institution’s financial aid office to discuss all available options.
EdvestinU Refinance Loan Program:
This loan program provides existing student loan borrowers the option of combining multiple student loans into a new loan with the potential of reducing your interest rate(s) and/or lowering your monthly payment(s). Eligible loans include federal and private student loans used for attendance at a Title IV degree-granting institution.
Features:
Fixed rates
Interest rate discount for enrolling in automatic debit
No upfront fees or prepayment penalties
Multiple repayment terms available
Cosigner Release available
Loan minimum: $7,500
Loan maximum: $200,000
Ability to refinance Federal Parent PLUS loans
Loan origination support from local student loan experts
Quick and easy online application process – including finding your rate in under 3 minutes!
Click here for more information: www.edvestinu.com/nhpcu/refi
Refinancing a federal loan means forfeiting the benefits associated with federal loans. We encourage you to speak with your federal loan servicer and research the options before choosing to refinance a federal student loan.
For more information or to schedule an in-office appointment to discuss the programs, please contact Granite Edvance’s friendly and knowledgeable loan counseling team.
855-887-5430
loansupport@graniteedvance.org
3 Barrell Court
Concord, NH 03301
Granite Edvance Student Loan and EdvestinU are loan products of Granite Edvance Corporation and may be funded by Granite Edvance Corporation NMLS ID# 1527348, www.nmlsconsumeraccess.org or Bank of Lake Mills, member FDIC. Subject to credit approval and underwriting guidelines. Bank of Lake Mills does not have an ownership interest in Granite Edvance. Neither Granite Edvance nor Bank of Lake Mills is affiliated with the school you attended or are attending.