Question

6 of 10
what is the difference between a parent loan and a loan that your parents or guardians cosign with you?
a cosigned loan means that your parents or guardians are witnesses to your signing. they only have responsibility on parent loans.
the responsibility of a parent loan is solely on them but a cosigned loan means you share the responsibility.
they are the same. the co - signatures are needed on both to prove you are related.

Explanation:

• For a parent loan, the parents/guardians are the sole borrowers (so responsibility is on them). For a cosigned loan, both the student (or borrower) and the cosigner (parent/guardian) are responsible for repaying the loan.
• The first option is incorrect as cosigners aren’t just witnesses—they’re liable. The third option is incorrect as parent loans and cosigned loans have different liability structures, not the same.

Answer:

The responsibility of a parent loan is solely on them but a cosigned loan means you share the responsibility.