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Can they garnish the co-signer if the student does not pay for the loan?
Wiki User
∙ 15y ago
It's a definite possibility.
Legalities would vary greatly depending on the loan type and other circumstances.
Wiki User
∙ 15y ago
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Can student loan garnish your pay and your taxes at the same time?
Yes, of course.
If a student loan is paid in full by the student does the cosigner have to pay the like amount also?
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
Would your parents have to pay off your Wells Fargo student loan if they are a cosigner and you default?
If your parents are willing to be a cosigner, they may want to check into the new Wells Fargo Student Loans for Parents. With this, they would be fully responsible for repayment of the loan.
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
Can social security take your check if you are a co-signer on a student loan?
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
What legal options does a cosigner have on a student loan when the student disappears?
The same options as anyone else who owes a valid debt they do not want to pay. Virtually no options except for repaying the loan amount.
Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
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.
Im a cosigner on a loan need to get my name off and file a civil suite on the primary person?
If you are a cosigner on a Federal Student loan, then the only way to get your name off the debt is to get the primary borrower to consolidate the student loan in only his/her name. This will remove you from the debt. If it's not a student loan, you are stuck. You can file a civil suit regardless, though. It has nothing to do with the loan papers. You signed them and if the other person is not paying, you are next in line for the collection agency. If the civil suit is because the person is not paying the loan, it's not a civil suit. You can't have the person pay YOU so you can pay the loan. They have to pay the loan and if they don't, you are just as responsible as if it was your loan to begin with. Never co-sign!
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
How can an International student get a student loan without a cosigner?
It is possible to get student loans without cosigner by an international student, as currently there are various types of loans available for this purpose. International student loans are capable of bearing all the educational expenses related with a student and with a long repayment period.
