Is there a way to get out of a co-signed school loan clean with out having to pay anything?
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Is there a way to get out of a co-signed school loan clean with out having to pay anything?
I was in a 9 year relationship which ended abruptly without any warning. I had cosigned on some school loans because my ex fiancee at the time could not qualify for a loan on her own. Due to her inability to fulfill her obligations she failed to make payments, and I have collectors now coming after me threatening to sue if the debt obligations was not met. I had asked to be released from the contract and was told I would have to pay a lump sum of $14,000. Is there a legal way to get out of this or something the other party can do so I can be removed cleanly?
Asked on May 8, 2012 under Bankruptcy Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, there is no way to be removed from the loan or liability for it unless the lender or creditor voluntarily agreed to release you--and there is no reason they would do that, since it would deprive them of a person to collect from. In co-signing the loan, you became as liable for the loan as your then-fiance.
You could, however, sue your ex-fiance--the beneficiary of the loan--for the payments he should have been making; you have to pay the loan yourself, to avoid legal action and damage to your credit rating, but you may be able to obtain compensation. You should meet with an attorney to discuss your options.
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