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

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Answered 2011-04-20 19:40:45

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.

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I 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.

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bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them

Pay the loan off and then collect payments from the person you cosigned for.

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.

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

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

The only option is for the loan to be refinanced without the particpation of the present cosigner.

The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)

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.

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.

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.

The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.

If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.

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. 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.

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.

when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan

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