Student loan default impact on co-signer

Most likely not. You voluntarily took on the cosignor responsiblity.

I co-signed on a student loan for my niece with Salliemae in 2003 and Wells Fargo in 2004. Since my niece graduated she has refused to pay the loans. She let Well Fargo go into default. Her mother finally paid off Salliemae and I made an agreement to pay Wells Fargo ( in Default) but not the full amount owed. Wells Fargo agreed to the amount. My question to anyone is does this affect my credit score negatively because I did not pay the full amount? My credit was already affected by the loan going into default. Also if I can be a help to anyone out there, please do not co-sign. I did not think that my niece nor my own sister would leave me to pay these loans on my own. Yes my sister paid the Salliemae loan, but it took her 3 years to agree to it. Total cost of these loans (34,000). I did take my niece to court and won for the payments that I had made, however it is not an automatic payment. You have to submit more paperwork to have her pay, monies, etc garnished.

Making payments on a default will do nothing to help your credit....the status will remain as defaulted.

My sister asked me to co-sign for my niece to go to school. The original note was for $5K. I agreed but never received any paperwork. She said she did it electronically. Well they are late on payments and I have received a bill that shows the loan was for $8k. I never signed anything, what can I do?

The loan was probably for $5000 but it starts accruing interest on day one and generally the interest is higher than federal loans. So more than likely the difference is interest and late fees.

The bill states the initial loan was for $8K not the $5K I agreed to. I never signed anything. Do you normally get loans of this size through Sallie Mae without signing anything?

my sister is in default on her student loan - I have offered to pay the bank if they will only bill me on it. they say they cannot without her premission - is that no priceless. since I cannot get her to do anything at all - how do I get them to at least send me the damn bill before my credit is ruined?

Student loans in default will generally dont send bills.

Are you the cosignor?? Is this a private loan?

Another troll. A...student loans are NEVER sold to junk debt buyers or collectors. B....with student loans an attorney will be able to little to nothing except cost the borrower money. And they student loan attorneys NEVER drop the case. Why? The case is a win win situation for the lender. The borrower/cosignor signs a promissory note agreeing to the terms including "balance in full one demand".

My divorce decree states that my ex husband is responsible for paying for his own educational loans. We lived in a community property state while he was in school and I am a cosigner. The larger of the two loans is a private loan and is on a graduated repayment plan that doubles next month. To protect my own credit, I agreed to have the payment deducted from my bank account each month. He isn't paying his student loans or his child support and this is costing me a lot more than I can afford to spend. If I stop paying and am served with a lawsuit, can I respond with a copy of my divorce decree and his location and have them go after him or am I stuck paying for his debts?

Nope. The divorce decree means nothing to the student loan holder. You can however take your ex to court yourself and sue him for non payment.

My husband co-signed 3 student loans for his (wife at the time). She travelled with the money and with another man. They divorced. She has other student loans that he's not on. She left my husband for the teacher at the school she ended up at. She will not pay her debts nor honor to have the school loans put in her name and not hold him liable for the debt as stated in their divorce. The amount is approxiametly $85,000. Please help! What recourse do we have?

Your husband will have to haul her back to court for not honoring the divorce agreement.

She cannot have them put in her own name...that wont happen. But the judge will make her pay them. Otherwize your husband will be held liable.

Several years before we were married my wife cosigned a student loan for her brother. He has recently gone into default and the collections people are calling.

As her current husband will I get dragged into this?

Probably not. You were party to the debt of your own free will.

Dear SoapLady, In 1988, I cosigned a law loan with Sallie Mae of $12,500 for a person on my faculty. (big mistake) I never paid anything on the loan and she paid as little as possible, with the result that in June of 2008, the loan was about to go into default at $17,000. At that point Sallie Mae agreed to accept $9,500 from me to settle the account. I have a letter from the debt collection agency confirming this fact and Sallie Mae also has a record of my June 2008 payment.
However, Sallie Mae never closed the account (I found this out by chance from a form mailing.) After two months of my nagging them, they finally closed the account in November of 2009. During that time about $1200 of interest had accumulated. I realize I will get stuck with the cancellation of debt as income. And also that I will never get any credit for the $9,500 paid, because it was credited to 2008.
My question is: Why should I pay my tax rate x the $1200 accumulated through Sallie Mae's error? Underpaying taxes is not a solution, nor, unfortunately, is suing Sallie Mae. They made a federal tax error themselves and will not want to admit it. I know this amount is not much in the big scheme of things, but it is the last straw! Could I ask the Feds if they want an amended return for 2008?
Thanks for any ideas,
Suzanne