It’s no secret that the cost of college has been on the rise in recent years, making it difficult for many students to afford without taking out loans. If you’re not able to get a loan on your own, you may need a cosigner. Here are the top five student loan cosigners.
Cosigner taking over a student loan.
Minsky said a cosigner faces credit consequences if the primary borrower misses payments or is habitually late. A cosigner could accept overpayments in order to preserve their credit.
Student loan cosigner suing the primary borrower.
One potential choice is to file a lawsuit against the principal borrower to recoup the money used to make loan payments on their behalf. The court will then determine whether to award the cosigner damages and, if so, how much.
Remove a cosigner from your student loan discover.
Discover originated loans do not provide an option for cosigner release. The cosigners are liable for the duration of the loan.
A student loan cosigner release.
Once the requirements of the lender are satisfied, a cosigner release enables you to remove a cosigner from your student loan, enabling you to assume full responsibility for the debt.