Minnesota Administrative Rules
Agency 201 - Higher Education Office of Minnesota
Chapter 4850 - SUPPLEMENTAL STUDENT LOANS
Part 4850.0026 - COSIGNER
Universal Citation: MN Rules 4850.0026
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Cosigner required. A borrower must have a creditworthy cosigner when a loan is approved. The cosigner must be either a United States citizen or a permanent resident.
Subp. 2. Cosigner duties. A cosigner is jointly and separately responsible for making loan payments, including principal, interest, and other loan-related charges. A cosigner must:
A. permanently reside in the United States;
B. be at least 24 years of age or, if a borrower's sibling or stepsibling, at least 18 years of age; and
C. agree to have information released to a consumer credit reporting agency as described under part 4850.0012, subpart 4.
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