Re: Co-Signer On TERI Loan
You should always consider and understand the impact carefully before cosigning your child's loan. A cosigner is equally liable for loan repayment along with the borrower. If your child is unable to make payments on the loan, you will be responsible for payment. If you don't have the money to make the payments, your credit profile will be damaged, along with your child's.
You might want to continue making payments so your credit does not get damaged & try suing your step-daughter for repayment. Collecting might be a problem though -- you did co-sign to be responsible for the loan. There is no agreement in the loan papers that the borrower will repay the co-signer. Hopefully, now that she has graduated as a RN she will start making payments.
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