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The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.

Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.

Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.

Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.

Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

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โˆ™ 2011-03-18 22:42:08
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โˆ™ 2011-03-18 22:42:08

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.

Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

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Q: When is co signer required to take over student loan payments?
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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.


Can a co-signer call for payment in full if the loan is not being paid?

The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.


How do you take a name off car loan when the other signer is in prison?

You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.You can't get your name off a car loan. In fact, if the primary borrower isn't making the payments the lender will go after you for payment. That was the reason the lender required a co-signer. You promised to pay if they didn't and you signed the loan.


Can you get a loan if you are a co signer for a student loan?

If you have a good enough income to qualify since the student loan is considered your loan.


Can a co-signer be relieved of responsibility on a student loan after a few months?

Only if your student loan agreement has a "co-signer release" clause that permits a co-signer's name to be removed after such a short period of time and/or a specified number of consecutive on-time monthly payments. Usually co-signer releases will be considered after 24-48 consecutive monthly payments and that the borrower's credit is good enough. There may be other restrictions as well. If there are extenuating circumstances to request an earlier release, check with your lender.


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

The other signer is responsible.


Can you protect yourself from being liable if you are a co signer?

No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.


Student loan signer?

That's the borrower.


Can a co-signer on a student loan get that discharged?

No.


Why is a co-signer necessary?

A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.


How do you get a co signer off your loan if you have bad credit?

In the US, the only way to get a co-signer off your student loan is to pay off the loan perhaps by consolidating the loan.


Can the lender take to me to court if I am just a cosigner for my friend and he could not pay the remainder of his car loan?

Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.


How can you get a student loan without a co signer?

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


Does cosigner have to pay back loan if original signer dies?

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.


Can a college student get a car loan?

Yes, provided they fill the criteria for the loan. Additional info:Anyone over the age of 18, with a good credit history and a job can get a car loan, if the lender feels their income is sufficient to pay the monthly payments, as well as their other monthly expenses. Just being a college student in itself would not be a disqualifying factor in being approved for the loan.In some cases though, the bank may require a co-signer on the loan, which means the co-signer will be responsible for the payments if the borrower defaults on the loan.


What is a subsidized student loan?

A subsidized student loan is a loan in which the interest payments are subsidized. In general terms there is no interest added to the loan until it comes due for payment. A non-subsidized loan requires interest payments during the time a student is in school


How long does a co signer stay on a student loan?

As long as the loan is in force (until the loan is paid off)


What is student loan forgiveness?

Student Loan Forgiveness is when a student can't pay a loan that he owes and so the government has money to pay for that loan if he/she is unable to make the payments on it.


Can the cosigner of a student loan be removed from the loan after the student finishes college and has a job and the ability to repay on his own?

No, a co-signer is legally and equally obligated until the loan is paid in full or until the loan is refinanced w/o the original co-signer being a party to the action.


What is a student loan calculator?

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.) If You need this calculator visit this site http://www.finaid.org/


Can you defer your student loans while in part time employment?

You can defer your student loan payments while in school. Typically student loan payments are not deferred due to employment status.


You co-signed for a student loan Can you be removed as co-signer?

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 PerspectiveI 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.


What is a subsidized loan?

A subsidized student loan is a loan in which the interest payments are subsidized. In general terms there is no interest added to the loan until it comes due for payment. A non-subsidized loan requires interest payments during the time a student is in school


How can you finance to study in the US as an international student without a co-signer?

Hello I Am BinhPhan i have been searching for a co-signer to help me apply for an international student loan to study business administration in the UK or US and i don,t known how to get a co- signer andis it possible to get a loan without a co-signer. Thanks for your Gesture Michael


Can a cosigner of a student loan be removed and replaced by another person?

a co-signer can not be simply "substituted" . A new loan must be structered with the primary and the new co-signer, then the first loan would be paid off.