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You co-signed for a student loan Can you be removed as co-signer?
Wiki User
∙ 13y ago
Generally, no. However, you must ask the lender or lenders if you are shopping for a loan. In many cases, the lender will not remove a co-signer until the loan is paid due to the high default rate on student loans.
Another Perspective
I have had a student line of credit with a co-signer, and depending on your lending institution (mine was a common bank) when its time to repay the loan, a co-signer can be removed as early as 6 months in to the repayment process if the primary loan owner has made 6 months worth of payments and can show 6 months of continuous income. Not all banks do things the same. I suggest asking these questions to different lending institutions.
Wiki User
∙ 13y ago
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How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
I have a student loan through Sallie Mae that my mother-in-law-to-be had cosigned on However when we got the statements only her name was listed on the loan Can this loan be transferred to me?
If it's a Parent PLUS loan, no. She's the borrower, not a cosigner.
Can the cosigner of a student loan be removed from the loan if the student did not use the loan for its intended purpose And the student did not finish college and is not paying the loans?
NO you have s secondary obligation for the note, not the money or how it was or was not used.
What happens when the signer of a car loan passes away and there is a cosigner as well?
The Cosigned assumes full responsibility of the loan.
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
What is cosigned?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
How can a cosigner be removed from the loan?
The only option is for the loan to be refinanced without the particpation of the present cosigner.
What is a creditworthy cosigner for a private student loan?
a secured loan
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Your Grandpa cosigned your student loan The loan was private He recently passed away Can you get the loan discharged?
No dude you are stuck.
Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?
The cosigner I believe but check with the loan issuers it's in the details.
