SECTION 22.182. Requirements of Cosigner

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(a) A cosigner shall:
(1) be at least 21 years of age or older;
(2) have a regular source of income;
(3) have received a favorable evaluation of his/her credit report; and
(4) reside in the United States or a U.S. territory and be a U.S. citizen or permanent resident of the United States.
(b) A spouse may not act as the cosigner for the student.
(c) Cosigners are guarantors of payment and not of collection; it is not necessary for the Board Staff to demonstrate that the borrower is insolvent before it may pursue collection against the cosigner.

Source Note: The provisions of this §22.182 adopted to be effective January 1, 2023, 47 TexReg 8983

                    
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