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What happens if co-signer of a student loan dies?


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Answered 2009-07-30 17:48:05

The other signer is responsible.

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your left with the full bill as there is nobody else to charge


no you do have to have a cosigner with good credit in order to get a student loan.


Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.


In some cases a cosigner may not be needed for a student loan. Check with your college's financial aid office.


Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"


AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.


No. Your co-signer promised to pay if you didn't pay. You must repay the loans.


The cosigner I believe but check with the loan issuers it's in the details.


Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


Most Loans Have An Insurance On The Person The Loan Is Made Out To. Check This Out, Get A Copy Of The Contract. If There Is Life Insurance AOn The Person That You Cosigned For, Then The Loan Should Be Paid Off By Insurance On Loan GOOD LUCK


It is very possible to get a student loan with no cosigner and only 1 year of employment. The best solution would be to apply for a federal stafford loan.



It is possible to obtain a Student Loan without a Cosigner if you apply through a Government Loan Program. One such Program is the Stafford Loans. You do not need an Income or Credit History to receive a loan.


SallieMae.com offers loans to sophomore or higher college students with out a cosigner.


You may want to consider a federal student loan as these types do not require a cosigner.




Most private student loans applicants are required to have a cosigner, especially undergraduates or students who don'tt have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. By signing, the cosigner agrees to be fully responsible for repaying the loan if the student does not fulfill his or her obligations.


I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.


form_title=Student Loan form_header=Finance your future will the help from a student loan. Find a service that will help you apply and qualify. Who is the student loan for? = () Me () Family Member () Other Do you have a cosigner?= () Yes () No Do you have financial aid? Or have you applied for it?= () Yes () No



You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is effectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that.


The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.


They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


The parent borrower of a PLUS loan sometimes thinks they are the cosigner, when they are actually the non-student borrower. This misconception would not exist if they had actually read the loan agreement, and they are still severally liable for the keeping their part of the contract.Being the student or not being the student does not necessarily determine whether or not you're a "cosigner" or a borrower, you need to read and understand what you're signing.



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