A cosigner shares responsibility for a loan, helping borrowers qualify but risking their credit if payments aren’t made. Know the risks before signing!
Question: Dear Steve, I was the oldest of 3 children, my parents did NOT go to college and are themselves very young and have never had much money to do smart or dumb things with it. I had a troublesome senior year and was determined as an 18-year-old to get out of dodge (Upstate NY) …
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 …
Question: Dear Steve, I currently have a private student loan with Navient for $12.000, for which my bother is the co-signer. I have been paying the minimum for over 6 years, and I have never been behind on a payment. After doing the math, I already paid off this loan 2 times over. The situation …
Question: Dear Steve, Hi I’m 37 years old and have over 100,000 dollars in private student loans that my sister co-signed with me on she passed away a long time ago and I have noticed that after defaulting on the student loans for over ten years the loans do not show up on my credit …
Question: Dear Steve, It took my son 6 years to get a BA degree. By the 5th year, I ran out of money so I co-signed a private loan for him. For the past 4-5 years, I pay on this loan diligently every month because he refuses to the pay the loan or give me …
Question: Dear Steve, Asking this for a dear friend who co-signed her son’s student loan and now he has defaulted on the loan. She was unaware. Her son supposedly consolidated other loans but states he “thought” this one was included. Well, it wasn’t. She is greatly distressed. She can’t get any real answers from her …
Question: Dear Steve, Co-signed a student loan for someone back in 2009-2010 for about 25,000. Forgot all about the loan but got a letter from Transworld yesterday saying I need to pay $47,000 (interest 7.4%) within 30 days to dispute it or will be considered a valid debt. Currently, they are not reporting to credit …
Question: Dear Steve, I co-signed on my ex-girlfriend’s student loan. The loan is now in collections. I am in the process of trying to qualify for a home loan, and the student loan is showing up on my credit report. Is there any way I can be released as a co-signer on this student loan? …
Question: Dear Steve, My son has dual US/UK citizenship. He has been offered an entry level, low paying, position in the UK. My husband co-signed for him, but we will also be moving to the EU within two years. How should my son handle repayment of his Sallie Mae student loans if he is moving …
Question: Dear Steve, I was the co-signer for a student loan for my daughter. I made the last payment in June 2014. The loan has been sold several times. I live in Maryland and a collection agency who bought the loan is trying to sue me. I haven’t been officially served but it’s been filed …