(a) A cosigner shall:(1) be at least 21 years of age or older;(2) have a regular source of income;(3) have received a favorable evaluation of his/her credit report; and(4) reside in the United States or a U.S. territory and be a U.S. citizen or permanent resident of the United States.(b) A spouse may not act as the cosigner for the student.(c) Cosigners are guarantors of payment and not of collection; it is not necessary for the Board Staff to demonstrate that the borrower is insolvent before it may pursue collection against the cosigner.