What can we do if my husband co-signed for private student loans for my daughter and she has defaulted?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What can we do if my husband co-signed for private student loans for my daughter and she has defaulted?
She went to school for 2 years and then failed out. She has $50,000 in debt and is not being responsible for her student loan debt. Is there any way we can get our name off these loans? Sallie Mae is awful to deal with and my daughter is dragging her feet in doing anything to refinance or look for a loan that does not require a co-signer.
Asked on April 21, 2014 under Business Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
No, there is no way to remove your name off the loans unless Sallie Mae agreed to let you off--and they won't, since that would deprive them of a responsible party to pay off the loan. Furthermore, your daughter would also have to agree to let you off the loan, and it's unlikely she will, because that would leave solely responsible. The loan documents are a contract; as with any contract, they cannot be modified (such as to release you from your obligations) without the consent or agreement of *all* parties to the contract. You may have to pay the loan (to avoid collections action and damage to your credit), then sue your daughter to recover your losses.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.