If a co-signer of a student loan is stuck making payments, how can this money be recovered from borrower?

Similar questions: co signer student loan stuck making payments money recovered borrower.

I can't believe how many people think you can just "take your name off a loan. " That would literally mean that you signed and agreed to a specific obligation, and now you just want to bail out of your half of the deal. Of course the lender isn't obligated to let you do that!

The right answer is to sue the person you co-signed for. While it may depend partially on any discussions/agreements you had with the borrower at the time you co-signed, I think this is likely to be a strong case. Both the borrower and the co-signer are responsible to the loan company for the repayment, but I think it would be pretty clear to a judge in this case that the borrower also has a responsibility to the co-signer to be the person who is ultimately responsible for the debt.

If she doesn't sign an "agreement" I believe and agree it may be time to "Sue"....What are your thoughts with this arrangement........ katydidy 4 months ago .

I didn't know that some loans include an option to release a cosigner, but that would be enforceable if it's in there from the start. The incentive for the borrower to pay is to avoid being sued by both the cosigner and the lender and having their credit ruined.

Thanks, for your input...Now, how do I go about Suing her when she lives in another state....we are on opposite coast lines....? katydidy 4 months ago .

Well, I'm not a lawyer, but my understanding is that in most cases you will have to travel to their state and file the lawsuit there. The travel alone could end up costing you more than the amount in dispute, and I don't think they are required to reimburse travel expenses even if you win. It's definitely frustrating.

This may sound a little crazy, but the only idea I have would be to first file the lawsuit in their state (you can probably do that much by mail) and then try submitting your case to the various court TV shows (People's Court, Judge Mathis, etc. ). If they do accept it, I think they will pay to fly you both to the studios. However, if that didn't work, you would be back to deciding whether to drop the suit or pay for the travel to prove your point.

Did the borrower live in your state when the loan was taken? There may be some situations where you can file the lawsuit locally and force the borrower to come to you, although I'm not sure I have the expertise to say for sure whether or not that would apply to you.

If this is bothering you, ask the borrower to officially have the loan transferred into their name now. Let them know it's a burden. I co-signed for a very large chunk of student loans.

They're in my name but the former student is making very large payments and, in the end, it will benefit my credit rating.

As far as credit ratings, by the borrower not making payments, this is or will adversely affect my credit, thus I am making the payments to date...So, as I said , thanks again for the input.... katydidy 4 months ago .

I transferred and combined the student loans I'd cosigned on for two sons. I'm pretty sure this student can take over full responsibility for the loan. If you co-signed for loans you agreed to make payments if the student could not so I doubt very much you could sue for the money.

You are responsible if they don't pay. I wouldn't naysay the possibility of transferring the loan back to the student before I looked into the possibility. This person may agree to take over the loan itself.

Then you'd be free of it.

Thanks for continuing to respond and letting me know of the possibility for transferring the loan....I checked on the website, and it looks as if there might be a chance of this....thanks so much for your input. I feel abit more at ease now..... katydidy 4 months ago .

I could have opened a financial aid advisors office at one point in history. Loans, scholarships, no interest scholarship Loans, grants, competitions, merit based study abroad grants - holy cow. It was a full time job.

Good luck. I never got stuck. It must be tough.

Do I have legal recourse against the ex student of a defaulted student loan. I'm the co signer. " "How can a loan become hazard for a company?

Is the risk mostly the burden borrower or the loaner of the money? " "i have no credit but can I get a loan without a co signer but with a downpayment instead? Or do I need a co signer" "these people called me about student loan my wife owes.

They said if she doesn't start making payments they will put it on" "Does taking out a government loan for college help or hinder the student borrower? " "MY EX DIED AND LEFT ME ON A BOAT LOAN AS A CO SIGNER AM I RESPONSIABLE FOR PAY IT I DONT HAVE THE MONEY" "Where can I get a student loan without co-signer? " "I am a co-signer on a Sallie Mae student loan.

The principal borrower is not making payments. When I make the payments.

Do I have legal recourse against the ex student of a defaulted student loan. I'm the co signer.

These people called me about student loan my wife owes. They said if she doesn't start making payments they will put it on.

My ex died and left me on a boat loan as a co signer am I responsiable for pay it I don't have the money.

I am a co-signer on a Sallie Mae student loan. The principal borrower is not making payments. When I make the payments.

Thanks for continuing to respond and letting me know of the possibility for transferring the loan....I checked on the website, and it looks as if there might be a chance of this....thanks so much for your input. I feel abit more at ease now..... katydidy 49 months ago.

Thanks for continuing to respond and letting me know of the possibility for transferring the loan....I checked on the website, and it looks as if there might be a chance of this....thanks so much for your input. I feel abit more at ease now..... katydidy 54 months ago.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.