Can A Cosigner Be Removed From A Student Loan

Q: Can a cosigner be removed from a student loan? I have cosigned a student loan for a now ex boyfriend, and I need to be released from any of his financial situations. So first, can a cosigner be removed from a student loan? Second, how do I start the process of being removed as a cosigner on this student loan?

A: The question of “can a cosigner be removed from a student loan?” the answer is “yes”, but how you have to go about doing this is where it becomes problematic for most. For those of you out there considering becoming a cosigner for someone’s student loan, you MUST understand that a cosigner is LEGALLY obligated to pay back the loan should the original borrower fail to do so.

How can a cosigner be removed from a student loan?

a.) You can pay off the student loan in full yourself, and then have the borrower pay you back. This is one way to ensure nothing negative happens to your credit.

b.) If the borrower can make 2-3 years of consecutive on time payments (depending on the student loan terms) the borrower may request to have the cosigner removed from the student loan (and in some cases the borrow will have to also meet established credit criteria).

Probably not the answers a cosigner would like to hear to the question of “how can a cosigner be removed from a student loan?” but unfortunately those are the two basic options you have. With that being stated, you should ALWAYS contact the lender of the student loans to see what options you may have for your specific situation. In the meantime, if you are the cosigner of a student loan, you need to keep a close watch on that situation. If the borrower begins to miss payments, you must make the payments to avoid negatively affecting your credit.