Comaker Responsibilities
A comaker has combined loans with another person and shares responsibility for the loan. Both borrowers should:
- Understand loan agreements. Read the Master Promissory Note (MPN) to make sure you understand loan terms and payment requirements.
- Ensure payments are made on time. Submit each payment according to the repayment schedule (or before), even if one of you:
- Does not graduate.
- Takes longer than expected to finish his or her education.
- Isn't happy with the education or training received.
- Contact Aspire Resources Inc. promptly if either of you has difficulty making payments. Friendly loan counselors are available to help you find assistance that meets your needs.
- Let Aspire know if anything changes.
- Update your address, telephone number(s) and email address by logging in to your account.
- Call Aspire to update the borrower's contact information.
- If you are delaying payments through forbearance or deferment and your or the borrower's situation changes, contact Aspire.
| If... |
Then... |
| You miss payments or send them late |
The loan may be reported as delinquent to national consumer reporting agencies, which may impact your credit score. You may be unable to qualify for other types of loans in the future. |
| The loan is reported as delinquent to consumer reporting agencies |
The information may remain on your and the borrower's credit reports up to seven years. |
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