Private Sudent Loan cosigner question

Date: Sun, 07/11/2010 - 09:43

Submitted by anonymous
on Sun, 07/11/2010 - 09:43

Posts: 202330 Credits: [Donate]

Total Replies: 2

Private Sudent Loan cosigner question

I have private loans which I am paying on time so that's not the problem. The problem is a couple years ago I had a couple late payments so my credit is dinged and so is my co-signer (which I understand that it won't go away). Is there a way to get my co-signer off my loans? Or is he stuck being attached to me until the loans are paid off?

Nope....not unless you find a way to refinance the loan yourself

Nope....not unless you find a way to refinance the loan yourself which in this economy is next to impossible. Some lenders do or did have cosignor release after 24 on time payments...think sallie mae...and they had to be the first 24 payments after your grace period. The rules were very specific.

lrhall41

Submitted by SOAPLADY on Sun, 07/11/2010 - 10:11

( Posts: 17315 | Credits: )

There is no way a cosigners' name can be taken away from a loan.

There is no way a cosigners' name can be taken away from a loan. As per law, a cosigner has equal obligation for the loan until the loan is paid off or refinanced by the primary borrower.

The law states that the cosigners' name can only be removed from the loan if the primary borrower's credit score has improved so that he/she qualifies to refinance the loan. Proper negotiation with the lender may help you to get a new loan to pay off the old loan.

But, the current economic situation has made it impossible to refinance a loan. Instead, try to pay off your loan so that your cosigner can also be free.

lrhall41

Submitted by paulcahill80 on Mon, 07/19/2010 - 04:55

( Posts: 2359 | Credits: )