signing as a guarantor

Can a person who has availed of a housing loan become a guarantor to an educational loan.If yes what will be the adverse consequences

I'm not sure about the first part.

But, if you become a guarantor for A, you will have to pay if A defaults on the loan. If you dont pay, you could be sued. That is the main "adverse consequence".

Originally posted by: T.

I'm not sure about the first part.

But, if you become a guarantor for A, you will have to pay if A defaults on the loan. If you dont pay, you could be sued. That is the main "adverse consequence".

I have the exact same thing to say as Tanaz !!

No, you cannot be a gaurantor of a Education Loan if you are at default on your house loan. Even if you are willing to sign as a gaurantor for someone; that person's loan will be rejected by the govt. or bank whereever this student is getting the loan. Any lending instituition will check your credit history in order for you to be a garantor because gaurantor simply means that you will be responsible for the loan payment if the main applicant cannot make any payments.
I am just try to reply bases on little information you provided. However there are lots of other factors involved in the qualification of a student loans and the criteria for qualification does vary from one lending instituion to other and also from country to country.

Originally posted by: abhijit shukla

I don't know what you mean by 'availed' but even if a person qualifies to sign, he/she should consider not only how much he/she can trust the other person to pay the loan but also be prepared to pay up if the person getting the loan dies or gets disabled or gets imprisoned or fails to get the license to work or fails to finish the college. Prepare for the worst. I signed as a guarntor for a cousin and I was prepared for an outcome where we would have had to cough up $30K (fortunately she paid hers on time) in any of those eventualities.

is guarantor the same thing as co-signer?

I agree with Abhijit...watch out when you agree to cosign with a person...it should be someone you know well and trust and who can really pay back the loan, otherwise God-forbid something should happen to them, then you'll have to take up their loan!

This is why even for my student loans I didn't use my parents as cosigners..b/c i don't want to burden them with my infinite debt in case something happens to me or whatever..

I have no idea but I think everyone summed it up. 😊