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When does Sallie Mae Drop the Co-signer on a Loan?

Date: Wed, 07/15/2009 - 22:21

Submitted by anonymous
on Wed, 07/15/2009 - 22:21

Posts: 202330 Credits: [Donate]

Total Replies: 10

When does Sallie Mae Drop the Co-signer on a Loan?


When I first signed as a cosigner on a loan for another person the contrract stated that the cosigner could be released from the loan after two consecutive years of payment of the loan without missing any payments?

In looking at the latest loan information I couldn't see any reference to this standard. When does Sallie Mae normally release the cosigner from a Sallie Mae student loan?

Thanks.


I was told the same thing - that the co-signer would WOULD BE released after 24 months of on payments on the loan. I asked for documentation and never received any, was just told it was the policy. Not much to go on but to hope it is, as the 24 month just went by.


lrhall41

Submitted by anonymous on Sat, 01/09/2010 - 08:27

( Posts: 202330 | Credits: )


I just got my application for release from a SallieMae loan denied because regardless of 24 on-time, in-full payments and the good standing of the account the borrowers credit still leaves him as a risk. I just spoke to their Customer Service department and was told it's not "just 24" it's the FIRST 24 so if the first payment was in any way delinquent, your eligibility for release is null. One kind soul took pity on me and gave me an address to write to. If it helps anyone here it is:

Sallie Mae
PO Box 9500
Wilkes-Barre, PA 18773-9500
Fax: 570-200-6259


lrhall41

Submitted by anonymous on Wed, 03/24/2010 - 06:09

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In the same boat. Was told CONSECUTIVE by the rep on the phone. Asked for a manager and read what is on the website "The primary borrower must not have an education loan 90 days or more delinquent in the past 24 months." The manager retracted and said you just need 24 payments. Push them a little, a lot of the people that work for them don't know what they're talking about.


lrhall41

Submitted by anonymous on Mon, 01/03/2011 - 10:52

( Posts: 202330 | Credits: )