Comments on: Guide to Removing a Cosigner from a Student Loan (Cosigner Release)

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Wed, 05 Jun 2024 02:49:06 +0000

In reply to H. Kruse. That sounds like a really tough situation. I don't have any easy answers, but hopefully I can help you get a little bit of clarity on the situation. The FAFSA is used to qualify for federal student loans. Federal student loans don't have cosigners. The debt is either in the name of the student, or in the case of a Parent PLUS loan, the loan is the sole legal responsibility of the parent. Is it possible you cosigned a private loan in addition to filling out the FAFSA? Might you have borrowed a Parent PLUS loan? If you suspect the debt might be a federal Parent PLUS loan, you can look up the laon information in the federal database. Mohela services both private and federal student loans. That said, they should also be able to tell you what loans are in your name in their system and the status and loan type of each loan.

By: H. Kruse

H. Kruse — Tue, 04 Jun 2024 23:01:48 +0000

Before my son made his final choice to drop out of college (with less than a year remaining), he asked me to fill out FAFSA. He received a couple of Mohela Loans. Now he is full time employed with his step-father’s company and makes nearly $100K annually.
I did not know FAFSA was making me a co-signer. I am a retired public school teacher who moved to another state to continue teaching. I can’t get him to make any payments and I can’t afford them.

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Mon, 14 Aug 2023 13:51:31 +0000

In reply to Fernando. Once the loan is paid in full, it should fall off of your credit report. Typically, lenders report this information on a monthly basis. If you need something urgent for a mortgage application or something similar, you can contact Sallie Mae and they should be able to provide you a paid-in-full letter.

By: Fernando

Fernando — Sun, 13 Aug 2023 13:50:15 +0000

Sallie Mae contacted me (cosigner) after account was 63 days late. Since I have no contact with person, I paid account in full since the person didn’t meet Sallie Mae cosigner release requirements per representative. As the cosigner, can I get student loan removed from my credit report now that the loan is paid in full?

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Fri, 23 Dec 2022 14:34:50 +0000

In reply to Ken Clark.

That sounds like an awful situation.

Unfortunately, there really are not any protections for consigners in your situation. Navient will likely tell you that if your sister doesn’t pay, then you will have to.

The cosigner release usually requires a borrower to have made timely payments for at least a year and to be able to pass a new credit check.

By: Ken Clark

Ken Clark — Thu, 22 Dec 2022 22:02:18 +0000

I cosigned a loan for my sister in 2006. The first payment was made in 2008. there is now more money owed that the amount of the original loan due to untimely payment from my sister. she and her husband choose not to pay on time. My sister and husband now say they will not pay any more and I need to get a new loan to cover or continue to pay Navient. My sister and her husband can afford the payments, yet they choose not to pay for personal reasons. My sister has a habit of not paying for her loans and leaving the cosigner hanging, repeatedly. She has been unable/unwilling to make 12 months of payments on time for the full amount of the payment due. Six consecutive years she has told me this 12-month plan for my release. My intention is to file suit against her but are there any other options to get me released. Is there another way aside from going to court?
My sister is on disability and social security but takes home around $4k/month and her husband is retired DHS and is now a private investigator. They have the money but are spiteful.