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We Cosigned for Some Student Loans for a Friend. How Do We Get Released? – Michael

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My wife co signed for some student loans for a friend a few years back. Now that we are married it has come back to haunt us both personally and financially. The bank and student had originally told my wife that she could be let out of the co sign. Now sallie may says no. The student is willing to cooperate in anyway to get us released.

My question is: How do we get released from this loan. Is there someone I can hire to consult us? I am looking for someone to help the student consolidate her loan and get my wife released. There is paperwork from sallie may that says she is allowed to be released from some of the loans provided the student pays 24 consecutive payments, however when she called they refused. She has no one else to cosign another loan. Who or what can we do? I think the only answer is to have the student consolidate, but I need to find someone that can help us with this process in having Sallie may keep their word on the loans they promised to release the co signer from and also to consolidate the rest of the loans getting my wife off as co signer. I am willing to pay for that. We are in the NYC area.

Thanks so much.

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17 Comments

  • What if you KNOW that the original signer’s spouse works but she won’t submit the information to Sallie Mae? They don’t make enough to make a full payment; however, they could make it on the reduced payment plan. Sallie Mae opted to garnish MY husband’s wages before hers because she won’t admit he works. Isn’t there some law against that? She’s in California, so by law, his income is counted as hers as well.

    • As far as I’m aware, the lender is not required to exhaust all means necessary to go after the beneficiary if they think the cosigner is an easier target.

      You’d have to discuss your specific situation with an attorney licensed in your state.

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