“Cosigner” means:
1. Any person who is liable for the obligation of another without compensation, regardless of how the person is designated in the contract or instrument with respect to that obligation, including, without limitation, an obligation under a private education loan extended to consolidate a borrower’s pre-existing private education loans. The term includes any person whose signature is requested as a condition to grant credit or to forbear on collection.
2. As used in this section, the term does not include a spouse of a person described in subsection 1 whose signature is needed to perfect the security interest in a loan.