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Can I Really Get My Co-Signer ReleasedFrom My Sallie Mae Loan? – Robert

By on August 19, 2014

“Dear Steve,

I have about $25K in private student loan debt from Sallie Mae, I have been making payments since 2008, always on time. My mother is the co-signer, she is retiring soon and would like her name removed from being the co-signer or for me to pay it off….unfortunately I do not have the money to pay it off, thus would like to try to get her name removed from the co-signer position.

Are there any ways to go about getting my mother removed from being to co-signer of the loan? If so, how would you recommend I go about doing this…Thanks in advance for any advice to arm myself with before I approach Sallie Mae.

Thank-you,

Robert”

Dear Robert,

Technically, yes you can.

According to Sallie Mae a co-signer can be released. Here is what they say about it.

“To qualify for cosigner release, the borrower must have successfully completed school, made 12 consecutive on-time principal and interest payments for Smart Option Student Loan or Career Training Smart Option Student Loan (other Sallie Mae private loan products may have different minimum on-time principal and interest payment requirements, please contact us for details at 1-888-272-5543), meet age of majority requirements, and meet the underwriting requirements when the request for cosigner release is processed. The borrower’s account must remain current until the request for the cosigner release is processed. The borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.”

A very important part to keep in mind is to make sure your Sallie Mae payments remain on time while your application is being considered. Falling behind will result in a big “NO.”

Now, all of that being said it is not unusual for me to hear from people who have struggled to jump through a bunch of hoops to try and get the co-signer released. If you’ve tried and have found yourself still not able to get this resolved then I would suggest you file a complaint with the Consumer Financial Protection Bureau (CFPB). You can do that here. The CFPB does look into every complaint so at least it can help your case get some extra attention.

READ  I'm So Stressed Being a Sallie Mae Cosigner. I Want to Be Removed. - Ronda

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About 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.

3 Comments

  1. Bruce LaRoche

    July 17, 2015 at 9:09 am

    My mom co-signed for her grand daughter (Anna) and then Anna got pregnant and then married. She has not finished her law degree and is temporarily taking time with the baby. My mom is 80 and is afraid that they will come after her. She barely has enough to live on. I contacted Sallie Mae the other day and they told me about the Release….BUT they did not say that the degree needed to be completed (although a copy of your diploma is requested as part of the filing). They also told me that it did not matter who paid the loans during the 12 month period prior to the Release being granted. Reading the comment from HereWeGo on this website, I am hesitant to have my mom send in a money order for 12 months (totaling $7,200) without a guarantee that a Release would be granted. Any advice you can offer would be greatly appreciated.

  2. HereWeGo

    September 8, 2014 at 9:31 pm

    Good luck with that. I’ve tried several times to have co-signer released from my Sallie Mae loans. I’ve paid over $30,000 on them, always on time, and have proof that my co-signer never paid a penny towards my loans. The answer from Sallie Mae is always “No”.

  3. Mr Carlos

    August 20, 2014 at 7:31 am

    Do you need a loan and you been turn down by the bank here is a chance for you to get a new loan from oyr company. For more information kindly contact us via: supperbizfinance@gmail.com

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