Student Loans

What Will Happen After the 2020 Election to My Cosigned Student Loans?

Written by Steve Rhode


Dear Steve,

My son has federal and personal student loans. I cosigned for the loans.

If some of the new ideas for student loan forgiveness or whatever happens after the 2020 elections, do you have any thoughts on how the cosigner will be affected?



Dear Elaine,

Excellent question.

I can only give you an answer based on historical observations. Nobody has a crystal ball when it comes to government.

I think the entire idea of full student loan forgiveness that some Democratic candidates are promoting is an extreme longshot. I doubt it would happen. It’s a nice sound bite but it would take both Congress and the administration to make that happen.

If we have a shift in administration to a Democratic Congress and president then I think there is a better chance of seeing some bankruptcy reform to allow for the discharge of private student loans, as it used to be.

I would expect a new Department of Education under that government configuration to clarify the guidance of the discharge of federal student loans.

However, it takes quite a bit of time to turn around a government ship. It will take some time fora new administration to unwind all of the unfriendly policies that have been initiated under the current Trump administration.

As far as rules regarding cosigners, the one issue that really needs a resolution is the tragedy surrounding old spousal federal student loan consolidations where a divorced spouse is still on the hook for the loans of an ex.

Outside of that, I don’t forecast anything radical happening for a standard cosigner.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

See also  My Son Fraudulently Signed My Name to His Student Loans. - Bob

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


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