Co-Signer of a Student Loan

By

MelissaF

She would have to refinance her loans to get him off as a co-signer. If she is not approved, I would strongly recommend getting a life insurance policy on her. That way if something were to happen, the loan would be covered and your husband would not be stuck with the loan. My brother is going throw the same issue right now. My mom can't get off as a co-signer so we is getting a life insurance policy to cover my mom in the case something bad happens.

By

linex_4

He remains a co-signer until she refinances the loan which I would ask him to encourage her to do.

By

WeeWillie

If her husband has a good credit rating the lender would probably approve it, but it would depend entirely on the lender and your daughter and husband. There should have been an understanding to that effect when the loan was taken out. There are many new obligations upon getting married and they might not be prepared to take over for a while.

By

Deeli

I would contact a manager at the financial institute(s) and ask them whatever ways are possible of how to get co-sign responsibility relinquished. I would ask the questions before the marriage occurs so you can get the wheels moving on it.

By

Lilac

No.

By

Suntydt

foxrun41 didn't answer your question. Getting married does not however release your husband as a co-signer. Now, if she consolodates her loans with those of her husband THAT would relinquish your husband from responsibility. Consolodating the loans of her and her spouse would make their joint loan payments less permonth. Of course he needs to have loans before they can consolodate.

By

foxrun41

I think your husband is stuck to repay the loan. That is the reason for a co-signer. If the first party (his daughter) has poor or no credit history then the lender wants a co-signer to satisfy his risk that the loan will be repaid. Makes no difference whether she graduates or not, money is owed the lender and has to be paid back. Talk to the lender but I am sure your husband is on the hook for the loan. Too bad the daughter is not taking her responsibility seriously.

My husband is the co-signer of his daughter's student loan. He's been paying on it for years because she refuses to. She is not in school any more, nor did she graduate.