Having a co-signer can lead to a lower interest rate on repaying the loan, but according the the Consumer Financial Protection Bureau beware of the following:
- The co-signer will have to repay the loan if you don't.
- Changes in your co-signer's behavior may cause your loan to default, making your entire balance due all at once.
- Such changes may include filing for bankruptcy or even death.
To avoid a surprise default, co-signers or students with co-signers should look into getting a "co-signer's release"