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.
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.
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%.
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.
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.
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