Extended Inclusion of Co-Applicants: Why is it So Important?
When seeking a student loan, numerous students (often) need the assistance of a co-applicant. Traditionally, this requirement has been confined to immediate family members, such as parents. However, Propelld adopts a more inclusive stance: it broadens the pool of potential co-applicants to encompass a greater variety of family members. This policy not only facilitates access to necessary financial support for students, but it also makes the application process more manageable for families.
We believe in extended families. So, your siblings, your father’s siblings, your mother’s siblings and their parents can be considered as co applicants.
Why Are Co-Applicants Necessary?
A co-applicant serves as a guarantor who shares the responsibility of repaying the loan. For students who may not have a steady income or credit history, co-applicants provide lenders with additional assurance that the loan will be repaid. Co-applicants, especially those with stable financial backgrounds, can also help secure better interest rates and terms.
Limitations of Traditional Lenders
Many traditional lenders limit the role of co-applicants to parents or guardians. This can be a hurdle for students who don’t have immediate family members with the financial stability to act as co-applicants. It also ignores the extended family support that many students receive, especially in cultures where extended families play an important role.
Propelld’s Inclusive Approach to Co-Applicants
Who Can Be a Co-Applicant with Propelld?
Propelld understands that family dynamics can vary, and that extended families often provide support beyond immediate parents. That’s why Propelld allows a broader range of family members to serve as co-applicants, including:
- Siblings
- Father’s siblings
- Mother’s siblings
- Grandparents (from both paternal and maternal sides)
Why This Matters?
This extended inclusion makes it easier for students to secure loans, even when their parents may not be in a financial position to co-sign. It also acknowledges the importance of extended families in providing financial and emotional support, something that is especially prevalent in many cultures around the world.
Benefits of Including Extended Family as Co-Applicants
By allowing extended family members to act as co-applicants, Propelld opens up more opportunities for students to access education funding. This means:
- Higher chances of loan approval: More potential co-applicants mean a higher likelihood of finding someone financially suitable.
- Better loan terms: With a financially stable co-applicant, students may secure loans at better interest rates.
- Reduced stress: Knowing that other family members can step in to support makes the loan process less stressful for students and their immediate family.
How Propelld Stands Out?
Flexibility in Loan Applications
Unlike traditional lenders that follow rigid guidelines, Propelld takes a more flexible approach. By extending the inclusion of co-applicants, Propelld makes it easier for students from diverse family backgrounds to access loans. This is especially beneficial for students who may not have traditional family structures but still receive support from extended relatives.
A Culturally Inclusive Policy
Propelld’s extended co-applicant inclusion is especially important in cultures where the extended family plays a critical role in decision-making and financial support. This policy allows students from these backgrounds to access loans without being limited to immediate family members.
Propelld’s extended inclusion of co-applicants is a game-changer for students seeking financial support for their education. By allowing siblings, aunts, uncles, and grandparents to step in as co-applicants, Propelld offers a more inclusive, family-friendly approach to student loans. This flexibility ensures that students from all kinds of family structures can access the financial support they need to pursue their education without unnecessary hurdles.
