[rolfgostoso]

I have a question regarding student loan default. I have been asked to be a co-signer on a private student loan for an international student, but so far nobody has been able to tell me what is the worse that can happen in case the student dont pay the debt and leave the country (cause he cannot stay after his studies are over), and I cannot assume the debt. Can i be sued, go to jail, have my money taken away from me in the US and abroad? Please let me know if you can guide me in this matter. Thank you.

[Mr. Knowitall]

If you cosign, you can be held liable for every penny of the balance, interest, and fees permitted by the loan contract in the event of a default by the student borrower. You can't go to jail simply for not paying a private debt.

[rolfgostoso]

thank you for your answer. I have another question. Would they do that to the international student first before charging me for the debt? can they seize my money abroad as well?

[sherifftutu]

It will be difficult to go abroad and collect default loans. If you have doubts about this student, do not sign the loan but most international students are hardworking and honorable and will usually pay back loans.

[hfinkel]

The lender is lazy. If the student does not repay the debt, they will contact you for payment. They won't care at that point where the student is. They will make no further attempt to contact them if they locate you, establish communication with you. They will proceed to obtain payment soley from you.

If you fail to repay, then they will proceed a collections process on the both of you. If the student has left the county, the student will be absent and uneffected by the process. You, however, will be present and subject to the consequences of the collection process.