student loan debt
Date: Tue, 11/02/2010 - 04:42
My son took out a student loan one year back. The total loan amount is $70,000. i have co-signed for the loan. Am I liable to pay off the loan should he defaults on it?
Yes you are liable...as a cosignor of the loan you take on the s
Yes you are liable...as a cosignor of the loan you take on the same liability as your son.
if you no longer want to responsible, you may want to see if you
if you no longer want to responsible, you may want to see if your son can get a loan in his name to payoff the old loan. That is the only way that your name will be removed from the debt.
He is not going to get an unsecure $70k loan....just aint going
He is not going to get an unsecure $70k loan....just aint going to happen. He couldnt qualify for the private loan by himself and they are easier to get than consumer loans.