[davidnyc]

My question involves collection proceedings in the State of: NY

I am a co-signer for 2 student loans held by Sallie Mae. The borrower has 6 loans is repaying all but the 2 co-signed loans. Basically she is sticking me with the payments. A representative at Sallie Mae realized this after payments I had been making had been transferred by the borrower to the non co-signed loans. I was advised by a representative at Sallie Mae to get a co-signer release. I was told that if I made 24 consecutive payments of P&I that I would be eligible to be released from my obligation. I was instructed to auto debit from my bank account to ensure no payments would be late. After 18 months I noticed the monthly amount had decreased. I called Sallie Mae to learn that the borrower applied for a forbearance, paying interest only. I asked how this would affect my standing to satisfy the co-signer release and I was shocked to learn that I never was eligible and I was misinformed by the Sallie Mae representative. Also I learned that the release can only be requested by the borrower who would never agree becasue she would loose her free payments from me. What recourse do I have?

[aaron]

You can sue the person for whom you cosigned.

[carolmd]

DavdNYC

We too were told by Salie Mae that with a 24 month history of on-time payments they would release us from our daughter's student loan. Once the 24 months were up, they then told us that we were misinformed and that she did not have 24 months of on-time payments. We kepy track with our on-line accont but they still would not release because they told her that she did not have enough assets for a lone on her own. I wish they would get their story straight or at lease send their employees all to the same training class because we are always getting different answers.

Then again, the last person you expect to default on a loan is your own child.