Personal Finance
Loans
Student Loans and Financial Aid
Money Management

Who is responsible if 2 people co-signed a student loan which the student defaulted on?

222324

Top Answer
User Avatar
Wiki User
2011-09-13 18:20:22
2011-09-13 18:20:22
Who pay's a defaulted studentThe student is responsible and if judgment is granted then they take money either from their pay check's or their income tax will be held for payment until debit is payed. So the student has either garnessment of wages or tax return's.....

In the US, a cosigner can be removed from a loan if the original borrower consolidates his/her loans in only their name. To get help with the consolidation of defaulted loans, click on the link at the bottom of this text box.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

No ... you will need to pay the entire 'financed amount' that includes the interest charged. One needs to call the student loan people and get a 'payoff amount' from them first.

User Avatar

You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.

User Avatar

The Student Loan People is an agency that specializes in student loans. They are located in Kentucky. They work with people getting student loans, collections and repayments of student loans.

User Avatar

DNA is responsible for the differences in people.

User Avatar

It can make you responsible or it can lead to you being irresponsible. The key is accepting that as a student, part of your responsibiliy is to complete homework assignments on time. Those who do that become responsible and those who don't become irresponsible. The habits, whether good or bad, can and do follow people throughout their lives.

User Avatar

What is responsible for the differences in people

User Avatar

People to People Student Ambassador Program's motto is 'Promoting peace through understanding'.

User Avatar

A very high percentage both in Canada and the U.S. I live in Canada (don't think the U.S. is much different when it comes to student loans) and the loan is difficult to pay off. Presently, our government is going to make it easier for students to loan money. Most parents can't afford to pay all the expenses that a student requires, and, if a government is smart, they will come to realize that students can't work 1 - 3 part-time jobs to pay for college (books and tuition is becoming more expensive every year) study, and be expected to retain good health. It's stupid! I know several young people in my town and they would rather work 2 - 3 jobs than take out a student loan. If the student is a very good student, then I feel the government should kick in SOME financial help free of charge to get that student the best education possible. Sounds like I'm from Russia, but that's how they do it. In Russia the student could be from a wealthy family, but the student could be as bright as a bag of nails, but another student from an average to poor family could be highly intelligent and the government will pay for their education. Makes sense to me. I did go to University for a short time and found that there were a lot of "bench warmers" sitting there killing time. I knew students that were like this and either they eventually quit or their parents paid their way through. My opinion only, but, dead wood should be kicked out and those that are serious get good education without having a debt for the rest of their lives. If you can get away without a student loan try. Only use it as a last resort. Check into it and see what it will cost you in the long run. It's a shame to see the waste of a beautiful mind! Good luckMarcy In the U.S. the percentage of defaulted student loans is much lower than most people believe. Defaulted loans reached their highest peak in 1990 at 22.4% when the government allowed loans to be used at almost any institution that even vaguely resembled a form of educational purpose. The percentage of defaulted federal student loans in 2003 through 2005 averaged 4.9%.

User Avatar

Many people are not responsible because their parents never gave them tasks to be responsible for, so they never learned responsibility.

User Avatar

Everyone has different DNA, which is responsible for creating the differences in people.

User Avatar

The people who run the rainforests are the people who are responsible for the protection of rainforests. The people like WIRES are responsible for the animals (fauna) contained within the rainforest.

User Avatar

If farmers defaulted on loans, they would be sold into slavery tin other city-states.

User Avatar

The people responsible for fire arms safety are the people who are handling the fire arms.

User Avatar

There is a selective interview process with the assigned teacher leaders before a student can be accepted to travel with People to People Student Ambassador itineraries.

User Avatar

Barack Obama is responsible for the people of the USA

User Avatar

The responsible are the people who lives on the past!

User Avatar

Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.

User Avatar

The National Student Loan Data System or NSLDS is a government agency that can help people facing student loan debts. Federal Student Aid can also help.

User Avatar

The Swiss Guard is responsible for the pope's safety.

User Avatar

no, people and experience, and (in some cases) falure make people more responsible.

User Avatar

If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.

User Avatar

They aren't responsible for the whole nation. They only are responsible to the people who elect them in their districts.

User Avatar

Learn to be responsible and research it yourself istead of asking people who may not even know the answer. You are a disgrace as a Dever School student and as a fifth grader.

User Avatar

it depends if your responsible enough. people are all different


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.