Co-sign Student Loans for Sallie Mae

Unfortunately, I don't think you will be able to remove the negative remark from your credit until the loan is paid. Sallie Mae will either contact you or the main applicant to recover the loan balance.

Since you said the loan is from six years, I believe it's going to fall from your credit in the next year as per the FCRA laws.

Orake is right, the only way to correct it on your credit report is when it is paid off or being paid on. Unfortunately that is a risk people take when they co-sign for a loan for somebody else. I'm sorry to hear this happened to you.

Do you know when they defualted on the loan? The time period for it dropping off your report would start after their last payment. If the loan was taken out six years ago, but they just defualted 1 year ago, you would still have it on your report for the next 6 years.

If you don't know the date of default, you should find out. That may affect how you want to go about handling this. If it is set to drop off soon, it may be best to wait it out. If it's going to be a long time, you may have to try to get in touch with the person and try to collect, or pay it off yourself which would suck, but clear up the credit report.

FCRA rules for student loans are way different than those of normal consumer debt. I will assume this is a private loan since federal ones do not require a cosigner. The SOL for credit reporting will run for 7 years from the date of default. The date that the loan was borrowed has nothing to do with reporting.

Also, Sallie Mae will file a judgement against you and the borrower. Do what you can to find the borrower quickly or you are going to end up paying thru the nose for this debt.

Nice site!

I co signed loans for my son. He still needs one more course to graduate
He is unable to pay his loans and received a forebariance
Now my credit has been harmed they have put that I have late payments of over 150 days
Can I get this off my report? I receive 6 calls a day from different states demanding immediate payment and threat of collection agency

Nope. As a cosignor, you have the same responsibility as the student for payment and credit reporting. He sounds like he is close to defaulting....avoid this at all costs!!

I co signed my brother's loan over 10 years ago. He has been on time paying it. Can I get me name off of his loan?

Not unless there is a provision for a cosignor release in the prom note. If there is nothing in note, then nothing can be done.

I don't know if they still offer it, but some private loan consolidation programs used to have terms that the co-signer will be released if the borrower is on time with payments for the first 2 years.

Again, that would be written into the prom note.

I thought i had cosigned for my son on his salliemae loan. It is now showing up on my brothers credit report. Our social security numbers are one digit apart. A typing error when filling out loan. What do I do to get it switched in my name.

Call and talk to salliemae??

So I just hit default on my private student loan, my mom was the co-signer can my mom get aa mortgage loan so we can pay it off?

She will probably have difficulty getting any funding with this on her credit.