Originally Posted by buckminsterfullerene

Just to get the loan you have to prove that you are enrolled in a school by submitting a bill with the name of the student and the name of the school, a class schedule with your name and that of the school. You monthly payments start about a month after you get the loan so its not one of those loans that you start paying off 6 months after you graduate.

The primary difference between this and any other kind of loan is that its not intended to tuition assistance, that is what lower interest rate and more stable federal loans exists, this is sort of intended for everything else, though it could be used to cover tuition. They charge you the prime interest rate, right now at 3.25%, plus the interest rate that is based on the credit score of the co-signer in this case, so it is not that cheap, furthermore, it is variable, and the interest rate could go as high as they decide, there is no limit to how high the interest may be for this loan, that is a major disadvantage and almost a sticking point before I submitted a signed document that I agree to the terms.

After you do this, and according to the description by the OP of this thread, your cosigner get the money and it could be used for whatever you want, just as long as you continue on making the monthly payments on time.

The information that you have to provide is very limited, basically just satisfy that you are currently enrolled when you apply for this loan, the rest is up to the cosigner, in fact they won't even allow you to see the progress of the loan without the cosigner's approval, it essentially goes to them, I just found that funny when I called them one time.