Quick Answer: Sallie Mae cosigner release typically requires paying off the existing loan and replacing it with a new one, as most lenders don’t have processes to simply substitute cosigners mid-loan. The current cosigners can contact Sallie Mae directly to explore options, but approval would likely require the replacement cosigner to have equal or better credit than the current parties.
“Dear Steve,
One of my student loans has a co-signer(s) – Sallie Mae (non-relatives)
I haven’t pay this loans because of financial hardship so they have been paying for me.
Each weekday I send one short email: one money story that caught my attention, why it might matter to you, and one manageable thing you can do with it. A couple of minutes, and a dad joke.
In the latest issue (Oct 9): Does Financial Literacy Make Financial Sense?
Free. I sell nothing. Unsubscribe any time.
Can Sallie Mae remove these co-signers from my student loan and put another person instead? I asked before and Sallie Mae told me that there is nothing I can do to remove their names from my loan.
The Daily Money Brief — Free, at 10 AM
Money you may be owed, scams to dodge, and the fine print decoded — the consumer money news that affects your wallet, every weekday.
They have been told that I can request this change but I doubt it…. Is this true?
JoAlice”
Dear JoAlice,
They can certainly request the change but I would seriously doubt it will happen. In order to replace the co-signer, most likely the loan would be to be paid off and replaced with a new loan or Sallie Mae would have to approve of a suitable co-signer with equal or better credit to replace the current party responsible. I’m not even sure if Sallie Mae has such a process for that.
You’ve got nothing to lose by letting your current co-signers try to work this out with Sallie Mae directly.
Please post your responses and follow-up messages to me on this in the comments section below.
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
