Question: Dear Steve, I cosigned a private student loan for one child, and my wife cosigned a private student loan for another child, and we have been making minimum payments on both loans for over ten years so it wouldn’t impact our credit scores because the kids aren’t paying them. No late payments on either. … Read more
Question: Dear Steve, My daughter started college in 2004. I cosigned her private loans for 2004 and 2005 for $10,000 each then I stopped cosigning. She went on her own from there. She has been unable to pay and went int default a few times. I keep trying to get her to deal with her … Read more
Question: Dear Steve, I have a private student loan from Navient (signature loan) since 2004. I have a cosigner on the loan. The loan qualifies for total and permanent disability discharge and Navient forward me the application for this private student loan after denying it exists for a while. I have to physicians fill the … Read more
Question: Dear Steve, I have been released as a cosigner on a loan by Navient since July. The person I consigned the loan for received the letter of release and sent me a copy. She has called Navient a second time to send a letter directly to me. The second request was made over a … Read more
Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding high rates of consumers are being rejected for co-signer release on their private student loans, based on its review of industry practices. The Bureau uncovered problematic industry practices that may be disqualifying some consumers from securing a co-signer’s release from their … Read more
Private student loans are bad news all by themselves but when you add in a co-signer, things can get very financially messy. Co-signers think they are doing a nice thing for their relative or child when they co-sign. They think they are helping to further the persons education and give them a hand-up in life. … Read more
Sample Letter on How a Borrower Can Release a Co-Signer You may use the sample letter on the next page to ask your loan servicing company for more information about how to release a co-signer. How to use this sample letter: Read the background below. Fill in your information on the sample letter and edit … Read more
“Dear Steve, My previous wife and I have a consolidated loan with Direct Loan Services. When I log in it shows loan A which is mine for about 39,000 and then loan B which is hers for about 13,000. I have been paying the monthly payment on it since they keep sending me the statments … Read more
