Cosigners are often beneficial when asking for a loan. This is just as true when it comes to student loans. Having a cosigner for a student loan can make the difference between being approved for the loan and being denied. However, many students wonder when they need a cosigner – for example, do they need one for every single loan? When, exactly, does a student need to have a cosigner? The following discusses when having a cosigner for a student loan will be the most beneficial.

It is true that quite a lot of student loans do not require a cosigner. For instance, when a student feels out the Free Application for Federal Student Aid, or FAFSA, form, the loans for which he or she is approved often do not require a cosigner. More common and popular loans such as Stafford Loans and Perkins Loans do not normally require a cosigner either. So when, then, does a cosigner become necessary?

Sometimes federal student aid is not sufficient to meet the requirements of a student’s financial needs. In those such cases, the student may find that he or she needs to apply for private loans – i.e., personal student loans – in order to supplement his or her financial aid package and better meet his or her financial needs for college. It is in these cases that a cosigner is most often necessary.

If a student has to apply for personal student loans but does not meet certain requirements, such as a set, continuous rate of employment, a set credit score, or a set credit history, he or she will almost definitely require a cosigner in order to apply for the loan. If a student is unemployed with insufficient savings of his or her own, then a cosigner is also required. Private loans, particularly when they are acquired from banks and credit unions, almost always require a cosigner. Basically, any time a student does not have a good credit history or credit score, or if he or she is unemployed, then he or she will greatly benefit by having someone cosign the loan.

International students – students living outside of the United States who wishes to attend a college or university in the United States – are quite often completely out of luck when it comes to qualifying for federal student aid. However, international students can receive private loans and various other forms of non-federal financial aid if he or she has someone in the United States willing to act as a cosigner for his or her loan. In order to qualify as a cosigner in these particular cases, a person must be a United States citizen or have a green card. A good credit score is also a requirement.

If a student does not wish to have a cosigner for a student loan, then he or she should try to get the most out of federal student loans, so that having a loan cosigned is not necessary. Otherwise, it is important to understand that having a qualified cosigner can never hurt one’s chances when it comes to being approved for a student loan.

By: Gary Marjani

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The United States population is undoubtedly diverse. In the last 20 years, there were huge increases in the percentage of women, immigrants, and people from various ethnic groups and different cultural backgrounds. Fifty percent of America’s workforce is now of another ethnicity or culture! In some areas of California, multicultural workers comprise 70 percent of the workforce. In Oxnard, or Santa Ana, California, Laredo, Texas, El Paso, Texas, and other U.S. Cities, multicultural workers account for 90 percent of the workforce. There are staggering increases-700- 900%-of multicultural populations in Tennessee, Georgia, Iowa, and other places.

For government and corporations to be competitive, innovative, and to secure and keep a market share, it is imperative to recruit, engage and retain a diverse workforce. Building a diverse workforce brings the energy and the creativity to the workforce. An environment of inclusion, where people feel valued and integrated into a company’s mission and vision regardless of their cultural backgrounds will lead to greater productivity. The dimensions of diversity are used as resources for success and growth by government and corporations.

To be able to create a diverse pool of candidates, a company has to go to where the candidates are.

Colleges historically have large numbers of women and people from different cultural, ethnic and racial backgrounds.

Career days at middle and high schools in racially diverse areas is another outlet to discuss the benefits of working for your organization and your industry-get people interested in the field before they go to college.

Suppliers and vendors that champion diversity should be encouraged and are likely to help funnel a steady number of high-qualified and diverse candidates.

An internal system that informs employees of available positions would help spread the word and attract new candidates. The hiring process would need to be simplified to encourage new prospective employees.

It goes without saying that hiring should be based on qualifications and not on comfort level. But it is easier said than done. Humans tend to empathize with those they feel close to, those that resemble themselves. This notion needs to be understood intellectually, but also be practiced daily in the field.

The definition of effective leadership qualities needs to be reviewed. One has to be mindful of biases about other cultures, communication styles, and decision-making processes to not interfere with a recruiting and the hiring decision.

One way for an organization to develop an in-house diversified pool of talent is to continually mentor people who are from different cultural or ethnic backgrounds and to incorporate ideas from other cultures to solve problems and be more innovative.

The recruiting process is the gateway to the company. Conducting interviews with a diverse panel will encourage other perspectives, and lend for better interaction with candidates. The recruiting teams who have been trained in diversity and inclusion awareness are willing to go beyond their comfort zone to attract the best candidates.? Diversity training will mitigate and reduce the impact that biases and stereotypes have on the work environment. Cross-cultural communication training helps staff work well together and be more effective. Outside recruiters hired by any company should not only have a positive track record, but also have a diverse workforce themselves.

A carefully designed media, public relations and advertising strategy is imperative for an organization to attain diversity and sustain a diverse work force.

Diversity should be part of the mission statement and should be prominently displayed. New diversity initiatives, internal changes made regarding diversity and diversity goals that have been met by an organization should be widely communicated to identify the company as a good place to work. Recruits will look for alternative employers when companies do not state and show a high value for diversity.

Relationships with ethnic community leaders and community organizations will generate good will and demonstrate that the company values the community as a source for hiring future employees. Also, potential qualified candidates will not shy away or be intimidated, but will be motivated to apply and pursue careers in companies and organizations perceived to be a “friend of the community.”

Advertising in ethnic media not only allows an organization to communicate directly (and at a reduced cost)with a targeted demographic, but it also brands the company as a friend of the community. It makes it tangible, attainable and encourages candidates and their influencers to be more receptive towards it as a potential employer.

Relationships with diversity-related organizations like African American student unions, Hispanic and Latino student organizations, and Asian-American university scholars, as well as with ethnically diverse professional associations and organizations, such as Asian MBA and Hispanic Chamber of Commerce can be invaluable tools to communicate with a professional and diverse population. Ultimately it will lead to an increase flow of qualified and diverse candidates walking through the company’s front door. Don’t let your biases exclude excellent candidates.

By: Mostapha Saout

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